Group 1 - Yunnan Yuxi Branch has supported private enterprises with a total of 516 million yuan in new loans by the end of the first quarter, becoming a strong backing for local private enterprise development [1] - The new generation of polyurethane boards produced by Yunnan Tianzhixing Energy-saving Building Materials Co., Ltd. has been used to upgrade over 30,000 mobile tobacco drying rooms in the province, showing initial success [2] - The polyurethane boards have a lower thermal conductivity, higher fire rating, and a lifespan extension of 30%-50% compared to traditional EPS foam boards [2] Group 2 - Yunnan Yifeng Refractory Materials Co., Ltd. has developed a patented product called "anhydrous mud," which significantly enhances material erosion resistance and sealing performance at high temperatures [3] - The company holds 16 utility model patents and supplies refractory materials to major steel groups, including Sichuan Dazhou Steel Group and Yunnan Yukun Steel [3] - The company received an 8 million yuan credit loan from the bank to ensure timely supply and upgrade production equipment due to increased raw material procurement [3] Group 3 - Yunnan produces 100,000 tons of blast furnace gas ash and zinc-containing waste annually, which poses environmental risks if not handled properly [4] - Yunnan Yimen Keyuan Industrial Solid Waste Comprehensive Utilization Co., Ltd. has transformed waste into valuable metals using "oxidation-reduction aggregation" technology [4] - The company received a 3 million yuan loan from the bank to acquire high furnace waste and has been supported for 20 years, recently receiving an additional 1.75 million yuan loan to enhance resource utilization and reduce energy consumption [4]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1200 | 0.1400 | -14.29 | 0.0500 | | 每股净资产（元） | 4.3 | 4.22 | 1.9 | 4.08 | | 每股公积金(元) | 3.22 | 3.24 | -0.62 | 3.29 | | 每股未分配利润(元) | 1.38 | 1.28 | 7.81 | 1.16 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 56.67 | 53.24 | 6.44 | 67.07 | | 净利润(亿元) | 2.8 | 3.37 | -16.91 | 1.23 | | 净资产收益率(%) | 2.60 | 3.22 | -19.25 | 1.15 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 105444.55万股，累计占流通股比： 43.49%，较上 ...

垃圾焚烧发电业务看，公司服务于国家"绿色发展"的生态环保战略，依托中国节能平台优势和多年科技 成果产业化的先进经验，专注于为政府和社会提供生活垃圾处理处置综合服务，形成以生活垃圾处理服 务收入和供电收入为核心的盈利模式；在垃圾焚烧工艺的基础上，公司积极谋求业务拓展，持续优化业 务结构，创造性地开展餐厨厨余废弃物、污泥、病死畜禽无害化处理等多种废弃物的协同性处置工作， 有效提升经济效益。 报告期内，公司科技创新步伐加快。全年研发投入1.69亿元，研发投入强度2.86%。全年新增国家级高 新技术企业3家，国家级专精特新"小巨人"企业1家，省部级专精特新中小企业2家，省部级创新型中小 企业6家，省部级制造业单项冠军企业1家、省部级研发平台2个；1家子公司获2024年度省部级技术发明 一等奖。国家重大科研项目高效推进，2项国家重点研发计划项目顺利通过验收，其余国家重点研发计 划项目及发改委关键技术攻关及产业化项目稳步推进。自主开发垃圾焚烧炉AI燃烧优化控制系统并在 下属垃圾发电厂应用，焚烧炉自动投用率、蒸发量稳定性等指标显著提升。2024年度公司主持或参与发 布技术标准6项。全年累计授权各类技术专利216项，其中发明 ...

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 绿色动力 25Q1 业绩超预期，固废板块提分 红+提 ROE 核心逻辑验证 增持（维持） [Table_Tag] [投资要点 Table_Summary] 风险提示：政策推广不及预期，财政支出低于预期，行业竞争加剧。 2025 年 04 月 28 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 行业走势 -17% -13% -9% -5% -1% 3% 7% 11% 15% 19% 2024/4/29 2024/8/27 2024/12/25 2025/4/24 环保 沪深300 相关研究 《政策明确碳市场扩容节奏，持续关 注稳健运营&自主可控&再生资源主 线 》 2025-04-22 《国网发布 2025 年第 1-3 批国补清 单，持续关注稳健运营&自主可控&再 生资源主线 》 2025-04-15 东吴证券研究所 1 / 33 请务必阅读正文之后的免责声明部分 重点推荐：瀚蓝环境， ...

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 行业走势 绿色动力 25Q1 业绩超预期，固废板块提分 红+提 ROE 核心逻辑验证 增持（维持） [Table_Tag] [投资要点 Table_Summary] 风险提示：政策推广不及预期，财政支出低于预期，行业竞争加剧。 2025 年 04 月 28 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn -17% -13% -9% -5% -1% 3% 7% 11% 15% 19% 2024/4/29 2024/8/27 2024/12/25 2025/4/24 环保 沪深300 相关研究 《政策明确碳市场扩容节奏，持续关 注稳健运营&自主可控&再生资源主 线 》 2025-04-22 《国网发布 2025 年第 1-3 批国补清 单，持续关注稳健运营&自主可控&再 生资源主线 》 2025-04-15 东吴证券研究所 1 / 33 请务必阅读正文之后的免责声明部分 重点推荐：瀚蓝环境， ...

Core Viewpoint - Zhongshan Public Utility Group Co., Ltd. reported a significant increase in revenue and net profit for the fiscal year 2024, indicating strong financial performance and growth potential in its core business areas [1][3]. Financial Performance - The total operating revenue for 2024 reached 5.678 billion yuan, a year-on-year increase of 9.22% [2][4]. - The net profit attributable to shareholders was 1.199 billion yuan, reflecting a 24.02% increase compared to the previous year [2][3]. - The net profit after deducting non-recurring gains and losses was 1.188 billion yuan, up 30.06% year-on-year [3][4]. - Basic and diluted earnings per share both stood at 0.82 yuan, a 24.02% increase from 0.66 yuan in 2023 [2][4]. Business Segments - The water service segment generated 1.438 billion yuan, accounting for 25.32% of total revenue, with a growth of 7.43% [4]. - The solid waste segment saw a revenue increase of 32.00%, reaching 762.81 million yuan [4]. - The engineering segment contributed 3.008 billion yuan, representing 52.98% of total revenue, with a growth of 9.49% [4]. - The renewable energy segment experienced a substantial growth of 77.13%, generating 10.42 million yuan [4]. Profitability and Ratios - The company's net profit margin improved from 19.10% to 21.33%, while the gross profit margin decreased to 18.90% [5]. - The weighted average return on equity was reported at 7.08%, showing an improvement in profitability [6]. - The debt-to-asset ratio increased to 45.01%, indicating a rise in leverage [6]. Cash Flow and Shareholder Returns - Cash acquisition capability declined, with the cash collection rate dropping from 78.22% to 72.45% [8]. - The company announced its first special dividend plan, proposing a distribution of 514 million yuan to shareholders, reinforcing its commitment to investor returns [8].

本报记者丁波上海报道 由上海企业与高校联合研发的"飞灰炉内低碳协同减量和无害化处理工 艺"（以下称FAST工艺）近日获生态环境部复函支持，正式迈入规模化推广阶段。这一技术属国际首创 且达国际领先水平，将有力助推上海"无废城市"建设实现"零填埋"目标。 焚烧发电现已成为生活垃圾处理的主流方向。然而，垃圾焚烧过程中会产生大量飞灰，因其含二噁 英与重金属等有毒有害物质，被列为危险废物。 国际上多数国家直接采用填埋方式处理飞灰。我国每年产生飞灰超1000万吨，当前，安全填埋仍是 最主要的处理方式，但大量占用土地资源，还存在污染扩散风险。 在长三角的江浙皖等省份，多将垃圾焚烧后的飞灰运往水泥厂，添加其他物质后入高炉加工，制成 水泥制品用于建筑行业。但随着国内水泥制品需求下降，飞灰的这一处理途径渐受阻碍。从处理工艺 看，即便满足环保要求，水泥行业仍是高耗能产业，飞灰加工成水泥制品对水、电消耗巨大，新兴固废 飞灰处理技术迭代势在必行。 自2022年起，上海环境 (集团)有限公司与同济大学启动飞灰资源化技术产学研联合工程化研究。 专项科研团队秉持"创新路径、工艺、技术"理念，推进生活垃圾焚烧飞灰资源化利用探索。历经两年多 攻 ...

风险提示：项目进展不及预期；行业竞争加剧；政策转向风险；应收账款风险。 核心观点： 公司营收下滑主要系无机固废业务收缩，亏损受饲料毛利率下降及费用增加影响，经营性现金流大幅改 善。2024 年，公司实现营业收入2.78 亿元，同比下降，主要系公司为规避垫资和坏账风险，主动收缩 了无机固废处理服务业务，而生物发酵饲料业务收入实现2.17 亿元，同比增长10.19%。归母净利 润-0.57 亿元，扣非后归母净利润-0.60 亿元，主要原因系：1）受下游畜牧行业调整及大宗饲料原料 （如豆粕）价格下跌影响，公司生物饲料产品价格下调，同时前期高价酒糟原料库存导致成本未同步下 降，毛利率下滑；2）新产能投建导致费用增加；3）无机固废业务回款延长，计提信用减值损失增加 715.34 万元。经营活动产生的现金流量净额为0.53 亿元，同比增长379%，主要系收入结构优化及应收 账款催收取得一定成效。2025 年一季度，公司实现营业收入0.63 亿元，归母净利润0.01 亿元，同比下 滑幅度较2024 年好转。 生物发酵饲料业务销量逆势增长，新产能逐步投放。分业务看，白酒糟生物发酵饲料业务实现收入2.17 亿元，同比增长10% ...

Investment Rating - The industry investment rating is "Positive" and is maintained [11]. Core Insights - The environmental sector's public fund holdings have slightly decreased, with a current allocation ratio of 0.23%, down by 0.02 percentage points from the previous quarter [6][18]. - The environmental industry is currently in a low allocation state, with a benchmark ratio of 1.04% [6][18]. - The report highlights a market shift towards high-performing stocks, particularly in waste incineration, which are favored by public funds due to their stable growth and strong performance [8][35]. Summary by Sections Fund Holdings Overview - As of Q1 2025, the total market value of the top ten holdings in the environmental sector is approximately 7.108 billion yuan, accounting for 0.23% of all disclosed fund products [2][6]. - A total of 316 fund products are heavily invested in 152 environmental companies, representing 4.18% of all disclosed fund products [6][18]. Key Companies and Performance - The leading companies by heavy fund holdings include: - Weiming Environmental: 1.313 billion yuan - Huace Testing: 1.015 billion yuan - Hanlan Environment: 950 million yuan - Longjing Environmental: 813 million yuan - Juguang Technology: 749 million yuan - Xingrong Environment: 456 million yuan [7][28]. - The companies with the highest proportion of fund holdings relative to their total market value include Juguang Technology (10.1%), Dadi Ocean (8.0%), Longjing Environmental (5.1%), Hanlan Environment (4.9%), and Huace Testing (4.7%) [30]. Investment Strategy - The report suggests a moderately optimistic outlook for 2025, particularly for waste incineration and water assets, emphasizing the importance of companies like Hanlan Environment, Xingrong Environment, Weiming Environmental, and others [8][35][36]. - The report identifies multiple catalysts for growth, including advancements in waste management, testing services, and renewable resources, recommending a focus on companies like Guodian Measurement and Zhuoyue New Energy [9][38][39].

绿色动力（601330）公告，2025年第一季度营收为8.28亿元，同比增长2.90%；净利润为1.85亿元，同 比增长33.21%。 ...