年内首只"1元退市"的B股或将要来了。 6月9日晚间，*ST凌云B（900957）发布关于收到拟终止公司股票上市的事先告知书的公告，因公司连续20个 交易日的每日股票收盘价均低于1元，已经触及终止上市条件，上交所将对公司股票作出终止上市的决定。公 司同日公告，公司股票将自明日（6月10日）起停牌。 值得注意的是，历史上，B股退市的情形不多，因股价连续20个交易日低于1元人民币而退市的B股更少。 或成年内首只"1元退市"B股 6月9日晚间，*ST凌云B发布关于收到拟终止公司股票上市的事先告知书的公告。 公告称，公司于2025年6月9日收到上海证券交易所下发的《关于拟终止上海凌云实业发展股份有限公司股票上 市的事先告知书》。根据上述事先告知书，截至2025年6月9日，公司已连续20个交易日的每日股票收盘价均低 于1元，根据《上海证券交易所股票上市规则（2025年4月修订）》（以下简称《股票上市规则》）第9.2.1条的 规定，公司股票已经触及终止上市条件。上交所将根据《股票上市规则》第9.1.10条、第9.2.7条等规定，对公 司股票作出终止上市的决定。 历史上，B股退市的情形不多，因股价连续20个交易日低于1元人 ...

Core Viewpoint - Sichuan Road and Bridge plans to acquire 100% equity of New筑交科 and related assets and liabilities from New筑股份 to enhance its bridge technology and market capabilities [1] Group 1: Acquisition Details - The acquisition aims to strengthen the synergy between bridge component business and construction operations, optimize supply chain management, and improve cost control [1] - New筑股份 is a subsidiary of Sichuan Road and Bridge's controlling shareholder, Shudao Investment Group, and focuses on rail transit, bridge components, and photovoltaic power generation [1] - The transaction is expected to constitute a major asset restructuring and related party transaction, without changing the actual controller [1] Group 2: Financial Performance - In Q1 2025, Sichuan Road and Bridge won 77 projects worth 34.681 billion, a year-on-year increase of 18.87% [1] - In the infrastructure sector, the company secured 35 projects totaling 30.456 billion, up 27.95% year-on-year [1] - For Q1 2025, the total revenue was 22.986 billion, reflecting a 3.98% year-on-year growth, while the net profit attributable to shareholders was 1.774 billion, a 0.99% increase [1]

Fundraising Plan - The company plans to raise a total of up to RMB 5.825 billion through a private placement of A shares, with the net proceeds allocated to various projects totaling approximately RMB 78.4 billion [1][2] - If the actual net proceeds are less than the planned investment amount, the company will adjust the funding priorities and amounts based on project progress and funding needs, with any shortfall covered by self-raised funds [2] Background and Purpose of the Issuance - Hydropower is increasingly important under the national "dual carbon" strategy due to its low cost, renewability, and strong peak regulation capabilities, contributing to economic development and green transformation [2][3] - The projects funded by this issuance are located in Southwest China, which has abundant hydropower resources, accounting for about 70% of the country's total, and are essential for the "West-to-East Power Transmission" strategy [3][4] Feasibility Analysis of Fundraising Projects - The RM Hydropower Station, with a designed capacity of 2.6 million kW and a total investment of approximately RMB 58.4 billion, is a key project that aligns with national energy development strategies and will provide stable, clean energy [5][6] - The TB Hydropower Station, with a designed capacity of 1.4 million kW and a total investment of approximately RMB 20 billion, is crucial for supporting the economic development of Yunnan Province and alleviating energy supply tensions in rapidly developing areas [7][9] Impact on Company Operations and Financial Status - The fundraising projects align with national policies and industry trends, enhancing the company's competitive advantage and market position, with significant economic benefits expected from the completed projects [11][12] - The issuance will strengthen the company's capital structure, increase total assets and net assets, and improve financial stability, although short-term returns may decline until the projects are operational [12][13] Conclusion of Feasibility Analysis - The board of directors believes that the fundraising plan is necessary, aligns with relevant policies, and has a promising market outlook, contributing to the company's long-term sustainable development and enhancing core competitiveness [13]

Group 1 - The company plans to conduct a major asset sale, issue shares, and pay cash to acquire assets, along with raising supporting funds [8][18][19] - The major asset sale involves selling 100% equity of Chuanfa Maglev and other related assets to Sichuan Shudao Rail Transit Group, and selling 100% equity of Xinjian Transportation Science and Technology to Sichuan Road and Bridge [8][18] - The company intends to issue shares and pay cash to acquire 60% equity of Shudao Clean Energy from Shudao Group, which will become a controlling subsidiary post-transaction [8][9][18] Group 2 - The transaction is subject to approval from the shareholders' meeting and regulatory bodies, including the Shenzhen Stock Exchange and the China Securities Regulatory Commission [3][19] - The final transaction price for the assets will be based on evaluations conducted by qualified institutions and approved by relevant authorities [10][18] - The company aims to optimize its business focus by exiting the maglev and bridge component sectors, concentrating on clean energy generation [18][19] Group 3 - The company will raise supporting funds through issuing shares to no more than 35 specific investors, with the total amount not exceeding 100% of the transaction price for the asset acquisition [13][14] - The funds raised will be used for cash payments, taxes, intermediary fees, and to support the construction of Shudao Clean Energy projects [14][18] - The issuance of shares will be priced at no less than 80% of the average trading price over a specified period prior to the pricing date [10][11][14]

证券代码：002616 证券简称：长青集团 去年以来生物质燃料的竞争有所减少，市场燃料供应相对充 足，同时项目也通过拓展外料场加大了燃料储备，以上因素叠 加使得采购价格有所下降。 3.如何看待生物质供热未来的成长空间？ 公司看好生物质热电联产这个发展方向，同时政策层面 上，国家也支持"有序发展生物质热电联产，因地制宜加快生 物质发电向热电联产转型升级"。近年来，国家高度重视环保， 取缔自建小锅炉，迫使相关企业纷纷转向集中供热产业园区。 从景气度上看，公司供热客户主要集中在食品、造纸、化工等 需求相对稳定的行业。 债券代码：128105 债券简称：长集转债 广东长青（集团）股份有限公司投资者关系活动记录表 编号：2025-0605 | |  特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | 2025 年 6 月 5 日上午（线上调研）： | | | 国信证券、兴全基金等 13 位投资者 | | | 2025 年 ...

证券研究报告 | 2025年06月09日 公用环保 202506 第 2 期 优于大市 国家能源局组织开展新型电力系统建设第一批试点工作，2025 年 4 月工业级混 合油（UCO）出口量价双升 市场回顾：本周沪深 300 指数上涨 0.88%，公用事业指数下跌 0.13%，环 保指数上涨 0.46%，周相对收益率分别为-1.01%和-0.42%。电力板块子 板块中，火电下跌 0.97%；水电下跌 1.47%，新能源发电下跌 0.45%；水 务板块上涨 0.16%；燃气板块上涨 1.18%；检测服务板块上涨 0.98%。 重要事件：国家能源局组织开展新型电力系统建设第一批试点工作。要求聚 焦新型电力系统有关前沿方向，依托典型项目开展单一方向试点，依托 典型城市开展多方向综合试点，探索新型电力系统建设新技术、新模式， 推动新型电力系统建设取得突破。坚持重点突破；坚持因地制宜；坚持 创新引领，鼓励采用新技术、新模式；坚持全程管理，做好试点项目的 申报优选、组织实施、效果评估、推广应用等全过程管理。提出了关于 构网型技术、系统友好型新能源电站、智能微电网、算力与电力协同、 虚拟电厂、大规模高比例新能源外送、新一代煤 ...

Core Viewpoint - The "Photovoltaic + Fishery" model developed by Jiangsu Academy of Agricultural Sciences represents an innovative approach to integrate renewable energy generation with aquaculture, addressing land resource constraints while promoting sustainable development and rural revitalization [1][5]. Group 1: Innovation and Development - The "Photovoltaic + Fishery" model combines photovoltaic power generation with modern aquaculture, allowing for efficient use of water surfaces without compromising ecological functions [1][2]. - The research team collaborates with leading renewable energy companies to establish a green production system for aquaculture, focusing on optimizing resource utilization and disease prevention [2][5]. Group 2: Technical Standards and Guidelines - A set of technical standards has been established for the construction of photovoltaic fishery ponds, covering site selection, planning, and construction processes [3]. - The standards emphasize the importance of operational maintenance and training to ensure the long-term stability of photovoltaic fishery systems [3]. Group 3: Future Prospects - The innovative model is being promoted across Jiangsu, with plans to deepen cross-disciplinary research and develop sustainable, low-carbon growth models for different regions [5].

Core Viewpoint - The renewable energy generation capacity in China has surpassed 2 billion kilowatts, marking a year-on-year growth of 58% [1][2]. Group 1: Renewable Energy Capacity - As of the end of April this year, China's renewable energy generation capacity reached 2.017 billion kilowatts, equivalent to nearly 90 Three Gorges power stations' total capacity [2]. - The combined installed capacity of wind and solar power has reached 1.53 billion kilowatts, exceeding that of thermal power [2]. - In 2024, China is expected to add 373 million kilowatts of renewable energy capacity, continuing a trend of over 300 million kilowatts added for two consecutive years [2]. Group 2: Global Position - China's share of the global new renewable energy capacity additions exceeds 50% [2].

Core Viewpoint - Long Jiang Business News reports that Xinjiang Li New Energy Co., Ltd. has announced a significant fundraising plan, aiming to raise over 1.8 billion yuan for wind power project construction and working capital supplementation [1] Group 1: Fundraising and Investment Plans - The company plans to issue up to 280 million A-shares, raising a total of 1.829 billion yuan, with 75.78% of the funds allocated to the "Li New Energy Santanghu 200,000 kW/800,000 kWh storage scale + 800,000 kW wind power project" [3] - The total investment for the Santanghu wind power project is 3.117 billion yuan, with 1.386 billion yuan coming from the current fundraising [3] - The company will also invest approximately 1.258 billion yuan in three independent storage projects, totaling an investment of 1.25 billion yuan [5][6] Group 2: Company Growth and Performance - As of the end of Q1 2025, the company's total assets reached 15.69 billion yuan, a year-on-year increase of 58.13% [7] - The total installed capacity of the company reached 2.234 million kW by the end of 2024, reflecting a year-on-year growth of 45.06% [2][7] - The company reported a revenue of 217 million yuan in Q1 2025, a 5.23% increase year-on-year, but a net loss of 9.364 million yuan, a decline of 166.51% [7]

Group 1 - The central government has issued opinions to enhance the market-oriented allocation system for resource and environmental factors, focusing on expanding the national carbon emission trading market's coverage and trading varieties [1] - The Ministry of Ecology and Environment has released a work plan for the carbon emission trading market, marking the operational phase of the market's expansion to include the steel, cement, and aluminum smelting industries [1] - The quality of greenhouse gas emission data is crucial for determining carbon emission quotas and compliance, serving as the foundation for the healthy development of the carbon market [1] Group 2 - The national carbon market's construction requires unified basic institutional rules, with common requirements identified across the power generation, cement, steel, and aluminum smelting industries regarding greenhouse gas emission data quality management [2] - Differences exist in data quality management requirements between the manufacturing industries (cement, steel, aluminum) and the public utility sector (power generation), particularly in accounting boundaries and emission sources [2][4] - The aluminum smelting industry includes additional greenhouse gases beyond carbon dioxide, while the cement and steel industries focus solely on carbon dioxide emissions [4] Group 3 - The measurement of key parameters in the expanded industries relies on calculating carbon content based on the lower heating value, differing from the direct measurement approach used in the power generation sector [3] - The cement and steel industries have higher requirements for detecting lower heating values, necessitating accredited testing institutions for sampling and analysis [3] Group 4 - As the carbon market expands, the number of enterprises and the scale of emissions covered will significantly increase, necessitating differentiated strategies for data quality management across industries [5] - Recommendations include developing tailored capacity enhancement plans for different industries, focusing on measurement, detection, and reporting processes [5][6] Group 5 - Emphasis on training and education for personnel involved in greenhouse gas emission data quality management is essential, with specialized training tailored to various roles within the industry [6][7] - Companies should prioritize data quality management as a key aspect of their operations, establishing internal mechanisms and responsibilities for carbon market compliance [7] Group 6 - The growth of the carbon market has led to the emergence of green low-carbon service industries, which require standardization and quality improvement to mitigate risks associated with service delivery [8] - The establishment of a third-party service market for carbon measurement and verification is crucial, along with the development of service standards and quality assessment mechanisms [8]