Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [5][11]. Core Views - The report highlights the introduction of the "Ecological Environment Monitoring Regulations," which will enhance the automation, digitalization, and intelligence of ecological monitoring systems starting January 1, 2026 [15][17]. - The public utility and environmental sectors have seen a decrease in fund holdings, with a total market value of 49.695 billion yuan, down 29.64% from the previous quarter [2][17]. - The report emphasizes investment opportunities in the renewable energy sector and comprehensive energy management, particularly in the context of carbon neutrality [27]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 2.42% and the environmental index by 2.71% [14][29]. - Within the electricity sector, coal-fired power increased by 2.09%, hydropower by 2.00%, and renewable energy generation by 3.08% [30]. Important Policies and Events - The "Ecological Environment Monitoring Regulations" were signed into law, aiming to establish a modern ecological monitoring system [15][17]. - A significant achievement in nuclear fuel conversion was reported, marking a milestone in thorium-uranium fuel technology [16]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional electricity companies such as Shanghai Electric due to stable profitability [3][27]. - The report suggests investing in leading renewable energy firms like Longyuan Power and Three Gorges Energy, as well as high-quality offshore wind power companies [3][27]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [3][27]. - High-dividend hydropower stocks like Yangtze Power are recommended for their defensive attributes [3][27]. - In the environmental sector, companies like China Science Instruments and Shandong High Energy are highlighted for their growth potential [27]. Key Company Earnings Forecasts and Investment Ratings - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and 0.62 yuan for 2025 [5]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.76 yuan for 2024 and 0.81 yuan for 2025 [9]. Fund Holdings Analysis - As of Q3 2025, the public utility and environmental sectors had 122 stocks heavily held by funds, a decrease of 4 from the previous quarter [2][17]. - The electricity sector accounted for 55 of these stocks, with a total market value of 42.276 billion yuan, down 30.82% from the previous quarter [17]. Environmental Sector Insights - The water and waste incineration industries are entering a mature phase, with improved free cash flow and declining risk-free rates [27]. - The domestic waste oil recycling industry is expected to benefit from the EU's SAF blending policy [27].

Core Insights - The environmental governance sector saw a slight increase of 0.43% on November 11, with Beijiete leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Environmental Governance Sector Performance - Beijiete (300774) closed at 18.37, up 12.56% with a trading volume of 273,300 shares and a transaction value of 485 million [1] - Fulongma (603686) closed at 35.10, up 10.00% with a trading volume of 1,199,400 shares [1] - Qingshuiyuan (300437) closed at 19.00, up 8.02% with a trading volume of 857,600 shares [1] - Other notable performers include *ST Kaise (300899) up 6.26%, Feima International (002210) up 6.10%, and Che Jin Co. (688701) up 4.87% [1] Capital Flow Analysis - The environmental governance sector experienced a net inflow of 166 million in main funds, while retail funds saw a net outflow of 23.13 million [2] - Fulongma had a main fund net inflow of 743 million, representing 18.47% of its total [3] - Feima International recorded a main fund net inflow of 164 million, accounting for 8.90% of its total [3]

Core Viewpoint - Yunda Environmental's stock price has shown significant growth this year, with a year-to-date increase of 25.17% and a recent surge of 34.94% over the past 60 days, despite a slight decline of 2.05% on November 11 [1] Company Overview - Yunda Environmental, established on June 30, 1994, and listed on November 1, 2000, is located in Chongqing and specializes in energy-ecological integration, including air pollution control, industrial and municipal water treatment, hazardous waste management, and soil remediation [1] - The company's main revenue sources are: flue gas desulfurization and denitrification (57.93%), environmental engineering (18.66%), catalyst sales (11.67%), water treatment operations (10.50%), and other (0.91% and 0.32%) [1] Financial Performance - For the period from January to September 2025, Yunda Environmental reported a revenue of 2.936 billion yuan, a year-on-year decrease of 5.16%, and a net profit attributable to shareholders of 56.0255 million yuan, down 36.60% year-on-year [2] - The company has distributed a total of 849 million yuan in dividends since its A-share listing, with 21.8629 million yuan distributed over the past three years [3] Shareholder Information - As of October 31, 2025, Yunda Environmental had 46,000 shareholders, a decrease of 0.69% from the previous period, with an average of 16,977 circulating shares per shareholder, an increase of 0.69% [2] - The sixth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.956 million shares, an increase of 2.6329 million shares from the previous period [3]

Market Overview - The environmental governance sector experienced a decline of 0.26% on November 10, with Hai Tian Co. leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Notable gainers in the environmental governance sector included: - Qing Shui Yuan (300437) with a closing price of 17.59, up 19.99% [1] - Fu Jie Environmental (688335) with a closing price of 23.56, up 7.53% [1] - Ai Bu Lu (301259) with a closing price of 35.60, up 6.14% [1] - Conversely, Hai Tian Co. (603759) saw a significant decline of 10.03%, closing at 14.36 [2] - Other notable decliners included: - Hui Cheng Environmental (300779) down 5.19% [2] - Re Shi Shang (603200) down 5.16% [2] Capital Flow - The environmental governance sector experienced a net outflow of 1.226 billion yuan from institutional investors, while retail investors saw a net inflow of 722 million yuan [2] - The sector's capital flow details indicate: - Yu He Tian (300815) had a net inflow of 73.64 million yuan from institutional investors [3] - Qing Shui Yuan (300437) had a net inflow of 56.09 million yuan from institutional investors [3] - Hai Xia Environmental (603817) had a net inflow of 39.01 million yuan from institutional investors [3]

Group 1 - The North Exchange 50 Index and the Specialized and Innovative Index will undergo adjustments on December 15, 2025, with the North Exchange 50 Index experiencing its fourth adjustment and the Specialized and Innovative Index its first adjustment [10][12][15] - The North Exchange 50 Index closed at 1,522.73 points, reflecting a weekly decline of 3.79%, while the Specialized and Innovative Index closed at 2,532.06 points, down 5.43% [31][32] - The report emphasizes the importance of focusing on high-quality stocks and technology growth within the North Exchange 50 components, particularly those that have undergone significant price adjustments [3][42] Group 2 - The report identifies potential new additions to the North Exchange 50 Index, including companies such as Kaifa Technology, Gobika, and Wantong Hydraulic, with a focus on their average market capitalization and trading volume [12][13] - The North Exchange Specialized and Innovative Index is expected to include companies like Star Map Measurement and Senxuan Pharmaceutical, highlighting their market performance and growth potential [15][16] - The report suggests that the North Exchange's valuation structure shows a significant number of companies with high P/E ratios, indicating a potential investment opportunity in undervalued stocks [21][36][41] Group 3 - The report indicates that the average P/E ratio for key sectors such as high-end equipment, information technology, and chemical new materials are 42.83X, 91.31X, and 48.18X respectively, suggesting varying levels of valuation across industries [36][41] - The North Exchange's market performance shows a decline in trading volume, with an average daily turnover of 230.88 billion yuan, down 20.36% from the previous week [26][30] - The report highlights the importance of monitoring companies with strong quarterly performance and reasonable valuations as the North Exchange approaches its index adjustments [42][43]

Core Viewpoint - Sanfeng Environment (601827) has shown a positive performance in the stock market, with a recent closing price of 8.89 yuan, reflecting a 5.21% increase from the previous week. The company is focusing on expanding its international business and enhancing its operational efficiency in the waste management sector, particularly in Southeast Asia and along the Belt and Road Initiative [1][2][3]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of approximately 4.155 billion yuan, with engineering construction business revenue of about 1.059 billion yuan and project operation business revenue of around 3.042 billion yuan [1][4]. - The gross profit from engineering construction was approximately 305 million yuan, while the gross profit from project operation was about 1.36 billion yuan [1]. - The company reported a net accounts receivable of approximately 2.45 billion yuan, accounting for 28.65% of current assets, which has decreased year-on-year [4][5]. Group 2: International Expansion - The company is actively pursuing international market opportunities, particularly in Southeast Asia, with a focus on waste-to-energy projects in Indonesia, where it has been selected as a supplier for an environmentally friendly waste conversion project [3][4]. - A specialized international business department has been established to coordinate the company's global expansion efforts, with offices set up in Thailand and Vietnam to facilitate local operations [2][3]. - The signing of a contract for waste incineration services in Macau marks a significant milestone in the company's international market expansion [2]. Group 3: Business Model and Strategy - The company's international business model primarily revolves around Engineering, Procurement (EP), leveraging its research and development capabilities to meet customized client needs [2][3]. - Various business models are employed in international markets, including system design services, complete equipment sales, design-build-operate (DBO), and international project investments [3]. - The company is considering mergers and acquisitions as a means of business development and expansion, having identified a substantial list of potential projects [4]. Group 4: Operational Efficiency - The company has seen a significant decrease in credit impairment losses due to provisions for bad debts, indicating improved financial health [5]. - The total steam sales reached 805,400 tons, representing a year-on-year increase of 15.49%, with expectations to exceed one million tons for the year [5]. - The company is enhancing its waste-to-energy projects to improve operational efficiency and is exploring the potential for comprehensive energy supply from waste incineration facilities [5].

（原标题：河内市与法国机构商讨环境污染治理合作） 西提议双方合作开展东南亚地区研究项目（SEACAI），以增强空气污染监测、预报和溯源能力。 该项目预计2026年启动，为期4年，第一阶段将在越南河内等地安装4座空气质量监测站。IRD将协助河 内开展预报与污染源分析，为政策制定提供科学依据，同时加强科研合作、数据与科学资料共享，并为 有关项目寻找国际赞助资金。 越通社11月7日报道，河内市人委会副主席阮孟权于11月6日会见法国研究发展院（IRD）驻越代表 处首席代表西尔万·乌伊永（Sylvain Ouillon），探讨双方在河内空气监测与污染减缓领域开展合作的可 能性。 阮对此表示欢迎并强调，该项目具有高度科学性和实践性，符合河内可持续发展方向。随着城镇化 进程加快，河内正面临空气污染、交通、基础设施及化石能源等多方挑战，需要基于现代科技的高效国 际合作方案。目前，河内正多措并举提升城市管理质效并改善人民生活，努力实现2030年前公交车全部 转为纯电动；鼓励私人交通工具和客运车辆转向清洁能源；并逐步在全市范围内建立低排放区域。在此 背景下，SEACAI 项目切实可行、契合实际且具有较高应用潜力。河内希望与IRD ...

Core Viewpoint - Shanghai Xiba announced that two of its executives, Pan Yangyang and Su Wei, are under investigation by the China Securities Regulatory Commission (CSRC) for suspected short-term trading, but this will not significantly impact the company's daily operations [1]. Company Information - Shanghai Xiba primarily serves industries such as petrochemicals, metallurgy, automotive electronics, papermaking, civil and public construction, water pollution control, data centers, and new energy batteries [3]. - Pan Yangyang, born in 1987, holds a bachelor's degree in engineering from Nanjing Forestry University and has been with the company since May 2008, currently serving as a supervisor and deputy general manager of the Advanced Materials Division [3]. - Su Wei, born in 1981, also holds a bachelor's degree in engineering and has been with the company since May 2005, currently serving as the vice president and general manager of the Air Liquid Cooling Equipment Division [3]. Financial Performance - In the first three quarters of the year, Shanghai Xiba achieved total operating revenue of 354 million yuan, a year-on-year decrease of 5.52% [4]. - The net profit attributable to the parent company was 119 million yuan, reflecting a year-on-year increase of 146.80% [4]. - The net profit after deducting non-recurring gains and losses was 31.96 million yuan, a year-on-year decrease of 29.86% [4]. - The net cash flow from operating activities was 40.48 million yuan, showing a year-on-year increase of 1565.85% [4].

Core Insights - The stock price of Fuzhijie Environmental Protection has increased by 153.64% year-to-date, with a recent decline of 0.33% over the last five trading days and a 28.00% drop over the last 20 days [1] - The company reported a revenue of 201 million yuan for the first nine months of 2025, representing a year-on-year growth of 49.84%, and a net profit of 2.43 million yuan, up 115.94% year-on-year [2] - Fuzhijie Environmental Protection has a market capitalization of 3.09 billion yuan and a trading volume of 27.42 million yuan as of November 7 [1] Company Overview - Fuzhijie Environmental Protection, established on November 18, 2011, and listed on August 17, 2020, specializes in providing sludge dewatering, drying, and waste gas purification technology and services for urban and industrial wastewater treatment plants [2] - The company's revenue composition includes high-end solid-liquid separation equipment (78.74%), spare parts and maintenance (12.12%), waste gas purification technology (3.94%), operational services (2.95%), dual-carbon comprehensive services (1.54%), and energy-saving and carbon-reduction technology equipment sales and services (0.71%) [2] - As of September 30, the number of shareholders increased by 49.32% to 6,437, while the average circulating shares per person decreased by 33.03% to 22,997 shares [2] Dividend Information - Fuzhijie Environmental Protection has distributed a total of 162 million yuan in dividends since its A-share listing, with 119 million yuan distributed over the past three years [3]

Core Insights - The stock price of Yuanda Environmental has increased by 16.40% year-to-date, with significant gains in recent trading periods [1] - The company reported a decrease in revenue and net profit for the first nine months of 2025 compared to the previous year [2] Financial Performance - As of September 30, 2025, Yuanda Environmental achieved a revenue of 2.936 billion yuan, a year-on-year decrease of 5.16% [2] - The net profit attributable to shareholders was 56.0255 million yuan, reflecting a year-on-year decline of 36.60% [2] Stock Market Activity - On November 6, 2023, the stock price reached 15.12 yuan per share, with a trading volume of 213 million yuan and a turnover rate of 1.84% [1] - The company has seen net inflows of 9.6573 million yuan from main funds, with significant buying activity from large orders [1] Shareholder Information - As of September 30, 2025, the number of shareholders was 47,600, a decrease of 1.08% from the previous period [2] - The average number of circulating shares per shareholder increased by 1.09% to 16,404 shares [2] Dividend Distribution - Since its A-share listing, Yuanda Environmental has distributed a total of 849 million yuan in dividends, with 21.8629 million yuan distributed over the past three years [3] Business Overview - Yuanda Environmental, established on June 30, 1994, focuses on energy-ecological integration, including air pollution control, water treatment, and waste management [2] - The company's revenue composition includes 57.93% from desulfurization and denitrification, 18.66% from environmental engineering, and 11.67% from catalyst sales [2]