Core Viewpoint - The China Low Carbon Index has shown significant growth, reflecting the performance of 40 representative companies in the low carbon economy sector, with a notable increase in its value over various time frames [1][2]. Group 1: Index Performance - The China Low Carbon Index closed at 6191.56 points, with a 4.90% increase over the past month, a 12.64% increase over the past three months, and a 9.68% increase year-to-date [1]. - The index is based on a starting point of 1000.0 points as of December 31, 2006 [1]. Group 2: Index Composition - The top ten weighted companies in the China Low Carbon Index include: - Sungrow Power Supply (7.05%) - Contemporary Amperex Technology (5.22%) - LONGi Green Energy (5.09%) - TBEA Co., Ltd. (4.87%) - China National Nuclear Power (4.32%) - Everbright Environment (4.24%) - Yangtze Power (4.15%) - Three Gorges Energy (4.09%) - Eve Energy (4.03%) - BYD Company (3.91%) [1]. - The index's market distribution shows that the Shanghai Stock Exchange accounts for 42.18%, the Shenzhen Stock Exchange for 36.73%, and the Hong Kong Stock Exchange for 20.51% [1]. Group 3: Industry Breakdown - The industry composition of the index includes: - Power Equipment (58.17%) - Utilities (27.13%) - Environmental Protection (8.05%) - Passenger Vehicles and Parts (3.91%) - Machinery Manufacturing (2.16%) [2]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表明，概不對因本公告全 部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 上海匯舸環保科技集團股份有限公司 CONTIOCEAN ENVIRONMENT TECH GROUP CO., LTD. （於中華人民共和國註冊成立的股份有限責任公司） （股份代號：2613） 海外監管公告 上海匯舸環保科技集團股份有限公司 董事長兼執行董事 周洋先生 中國上海，二零二五年八月二十六日 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條由上海匯舸環 保科技集團股份有限公司（「本公司」）作出。 茲載列本公司於全國中小企業股份轉讓系統有限責任公司網站刊登公告如下， 僅供參閱。 承董事會命 於本公告日期，本公司董事會成員包括(i)執行董事周洋先生、趙明珠先生、陳 志遠先生、舒華東先生及陳睿先生；及(ii)獨立非執行董事管延敏博士、朱榮 元先生及吳先僑女士。 汇舸环保 NEEQ : 874207 上海汇舸环保科技集团股份有限公司 2025 半年度报告 重要提示 七、未按要求披露的 ...

Market Performance - The Hang Seng Index rose by 1.9% to 25,829 points, gaining nearly 500 points and approaching the 26,000 mark[1] - The Hang Seng Technology Index increased by 3.1%, closing at 5,825 points[1] - Market turnover reached HKD 369.6 billion, indicating strong bullish sentiment[1] Sector Highlights - Major technology stocks led the market rally, with Baidu and NetEase both rising over 6%, while Alibaba and Kuaishou gained over 5%[1] - Real estate stocks performed strongly due to new policies in Shanghai aimed at optimizing purchasing limits and credit, boosting market confidence[1] - The automotive sector saw a significant rise, with Dongfeng Group's stock increasing by 54% following a restructuring announcement[4] Economic Indicators - New home sales in 30 major cities fell by 12.9% year-on-year, indicating a continued decline in the real estate market[3] - The average coal price dropped by 15.3% to HKD 149 per ton, impacting the coal sector's profitability[10] Policy and Market Outlook - The market is driven by expectations of interest rate cuts, supportive policies, and strong earnings, particularly in technology and cyclical sectors[2] - The Hang Seng Index's price-to-earnings ratio has recovered to nearly the 80th percentile of the past seven years, suggesting potential for further gains[2] Company Performance - WuXi Biologics reported a 16.1% increase in revenue to RMB 9.95 billion, with a 56.0% rise in net profit, driven by strong demand for antibody-drug conjugates[7] - Yancoal Australia saw a 61.2% decline in net profit to AUD 16 million, attributed to lower coal prices and logistical challenges[10]

Core Viewpoint - The article outlines the agenda for the upcoming research framework training hosted by Guotai Junan Securities, focusing on various sectors including advanced manufacturing, pharmaceuticals, and technology [12]. Group 1: Event Schedule - The training sessions are scheduled for August 18, 19, 25, and 26, from 9:00 AM to 5:40 PM [8]. - The agenda includes a variety of research topics such as non-metallic building materials, non-ferrous metals, public utilities, steel, construction engineering, and more [9][10]. Group 2: Research Topics - On August 25, the focus will be on cyclical sectors, including non-metallic building materials and steel research [9]. - On August 26, the sessions will cover pharmaceuticals, technology, and advanced manufacturing, with specific topics like biomedicine and overseas technology research [10]. Group 3: Additional Information - The training aims to provide insights and foster collaboration for future value creation [12]. - The content is intended for clients of Guotai Junan Securities' research services, emphasizing the importance of appropriate access to the information provided [13].

Core Viewpoint - China has made a significant policy adjustment regarding the value-added tax (VAT) refund system, becoming more cautious about refunds to improve policy guidance and efficiency [1][2]. Group 1: Policy Adjustments - The Ministry of Finance and the State Taxation Administration announced new VAT refund policies effective from September, focusing on specific industries [1][2]. - The adjustment aims to enhance the precision of tax policies and reduce the burden on tax administration [1][2]. Group 2: Industry-Specific Changes - The manufacturing, scientific research and technology services, software and information technology services, and ecological protection and environmental governance sectors will continue to enjoy monthly VAT refunds [3]. - Other sectors previously eligible for full refunds, such as wholesale and retail, agriculture, accommodation, and education, will now face new restrictions and reduced refund rates [3][4]. Group 3: Real Estate Sector - The real estate development sector will maintain its previous VAT refund policy, allowing eligible taxpayers to apply for a 60% refund on newly added VAT credits after meeting specific conditions [4][5]. - This policy aims to stabilize the real estate market and alleviate financial pressure on developers [5]. Group 4: General Industry Adjustments - For industries outside the specified sectors, a new threshold of 500,000 yuan for newly added VAT credits has been established, with a tiered refund rate of 60% for amounts up to 10 million yuan and 30% for amounts exceeding that [6]. - The new policy reflects a shift from broad-based tax reductions to more structured tax policies, addressing fiscal constraints and preventing tax fraud [6][7].

北交所日报 北交所日报（2025.08.25） 2025 年 08 月 25 日 核心观点 分析师 范想想 ：010-8092-7663 ：fanxiangxiang_yj @chinastock.com.cn 分析师登记编码：S0130518090002 相对沪深 300 表现图 2025-08-25 -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 北证50 沪深300 资料来源：iFinD，中国银河证券研究院 相关研究 1. 【银河北交所】2025 年度策略_并购重组助高质 发展，抓两新两重投资机遇 2. 【银河北交所】2024 中期策略_新质生产力赋能 北证，关注国央企投资价值 3. 【中国银河证券】Deepseek 冲击波：北交所_中 小企业的智能化赋能 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 资料来源：中国银河证券研究院 ⚫ 8 月 25 日，北证 50 涨跌幅为+0.23%，收于 1604.01 点。北证 50 指数 开盘点位为 1608.69 点，最高点位达 1618.66 点，最 ...

证券日报网讯津膜科技（300334）8月25日在互动平台回答投资者提问时表示，根据中国证券登记结算 有限责任公司最新提供的合并普通账户和融资融券信用账户前N名明细数据表，截至2025年8月20日， 公司的股东人数为16320户。 ...

Core Viewpoint - Bank of America Securities reports that China Everbright Environment (00257) experienced a 10% year-on-year decline in net profit for the first half of the year, but when excluding one-off items, the profit before tax (PBT) increased by 23%, significantly exceeding expectations [1] Financial Performance - Net profit decreased by 10% year-on-year [1] - Excluding one-off items, PBT increased by 23% [1] - Interim dividend increased by 1 Hong Kong cent, with a payout ratio of 42%, up 7 percentage points year-on-year [1] Investment Outlook - Bank of America maintains a "Buy" rating for China Everbright Environment, expecting an annual return of 6.5% [1] - Anticipation of upward potential in dividends [1] Earnings Forecast - Earnings per share (EPS) forecasts for 2025 to 2027 have been raised by 23% to 38% [1] - Adjustments reflect improvements in gross margins for waste-to-energy, green technology, and wastewater treatment businesses, along with reduced impairment losses and lower debt costs [1] Target Price Adjustment - Target price increased from HKD 4.5 to HKD 5.3 [1]

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Core Viewpoint - Bank of America Securities reports that Everbright Environment (0257.HK) experienced a 10% year-on-year decline in net profit for the first half of the year, but when excluding one-off items, the profit before tax (PBT) increased by 23%, significantly exceeding expectations [1] Financial Performance - The interim dividend increased by 1 cent, with a payout ratio reaching 42%, up 7 percentage points year-on-year [1] - The company is expected to achieve an annual return of 6.5%, which is considered attractive, with potential for upward movement in dividends [1] Earnings Forecast - Earnings per share forecasts for 2025 to 2027 have been raised by 23% to 38% to reflect improvements in gross margins from waste-to-energy, green technology, and wastewater treatment businesses, as well as reduced impairment losses and lower debt costs [1] - The target price has been adjusted from HKD 4.5 to HKD 5.3 [1]