Core Viewpoint - China Electric Environmental Protection (300172.SZ) has signed a procurement contract for the EPC desalination system for the Shaanxi Coal Yulin Chemical 15 million tons/year coal quality clean and efficient conversion demonstration project with Donghua Engineering Technology Co., Ltd. The total contract amount is RMB 125.7 million (including tax) [1]. Group 1 - The contract is specifically for the first phase of the project, which includes the desalination water station and heat exchange station [1]. - The total contract value is RMB 125.7 million, indicating a significant investment in the project [1].

Core Viewpoint - China Electric Environmental Protection (300172) has signed a procurement contract worth 125.7 million RMB (including tax) with Donghua Engineering Technology Co., Ltd. for the first phase of the desalted water station and heat exchange station equipment in the Shaanxi Coal Yulin Chemical 15 million tons/year coal quality clean and efficient conversion demonstration project [1] Group 1 - The contract number for the procurement agreement is 202521-D1-U237-P001 [1] - The project involves the procurement of a complete set of desalted water systems [1] - The total contract amount is 125.7 million RMB, which is approximately 17.5 million USD based on current exchange rates [1]

Investment Rating - The report maintains a "Recommended" investment rating for the environmental and public utility sector [2] Core Insights - The environmental and public utility sectors have shown an upward trend, with the environmental index increasing by 1.59% and the public utility index by 0.89% [5][10] - The coal industry is experiencing a decline in production, with national raw coal output decreasing by 3.8%, 3.2%, and 1.8% in July, August, and September respectively [5] - The report highlights the introduction of new pricing regulations for transmission and distribution, encouraging the exploration of capacity pricing for cross-regional projects [8][50] - The report suggests focusing on investment opportunities in the power sector, particularly recommending companies like Guodian Power and Anhui Energy [5] Summary by Sections Key Event Interpretations - New transmission and distribution pricing regulations have been released, promoting capacity pricing for cross-regional projects [8] - The oil and gas extraction sector has been included in the carbon market, incentivizing methane reduction [9] Market Review - Both the environmental and public utility sectors have seen increases, with the environmental sector outperforming the market with a cumulative increase of 16.94% in 2025 [10] - The power sector has lagged behind, with a cumulative increase of only 2.43% [10] Key Data Tracking - As of November 28, 2025, the price of Qinhuangdao 5500 kcal thermal coal is 820 CNY/ton, remaining stable week-on-week [24] - The average price of LNG at the port is 10.94 USD/million BTU (4026 CNY/ton), down 4.42% from the previous week [37] - The weighted average electricity price in Guangdong reached a peak of 252.14 CNY/MWh on November 24, 2025, an increase of 10.7% [41] Industry Key Events - The Hebei Development and Reform Commission has issued a work plan for long-term electricity trading in 2026 [49] - The National Development and Reform Commission has published new pricing methods for cross-regional transmission projects [50]

王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 站玩人行业 证券分析师 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 申万宏源研究微信服务号 — 申万公用环保周报(25/11/24~25/11/28) 本期投资提示: 公用事亦 2025 年 12 月 01 日 相关研究 多地规范售电批零价差 欧亚 第12年 请务必仔细阅读正文之后的各项信息披露与声明 电力：广东发函规范售电批零价差。广东电力交易中心发布关于征求广东电力零售市场交易结算 有关事项意见的函（广东交易函〔2025〕11 号)。自 2026 年起，拟对各售电公司月度平均度电 批零差价高于差价收益上限 0.01 元/千瓦时的部分，按照 1:9 比例由售电公司与零售用户分享。今 年以陕西、安徽、四川、山东、新疆为代表的多个省区相继出台针对售电公 ...

Group 1 - The company, Green Power Environmental (01330), has issued its first medium-term note for 2025, with a total issuance size of RMB 500 million [1] - The funds raised from the issuance have been fully received as of November 28, 2025 [1] - The medium-term note, referred to as "25 Green Power MTN001," has a term of 3 years and an interest rate of 2.00% [1]

Group 1 - The core point of the article is that China Electric Environmental Protection (SZ 300172) has signed a procurement contract worth 125.7 million RMB for a desalination system as part of a large-scale coal-to-chemical project in Yulin, Shaanxi [1] - The contract is part of the first phase of the project, which aims to demonstrate efficient and clean conversion of coal [1] - As of the report, China Electric Environmental Protection has a market capitalization of 3.9 billion RMB [1] Group 2 - In terms of revenue composition for the year 2024, water environment governance accounts for 69.89%, solid waste disposal for 19.4%, flue gas governance for 8.41%, and other businesses for 2.29% [1]

Core Viewpoint - China Electric Environmental Protection (300172.SZ) has signed a procurement contract for the first phase of the desalination water station and heat exchange station equipment for the Shaanxi Coal Yulin Chemical 15 million tons/year coal quality clean and efficient conversion demonstration project, with a total contract value of RMB 125.7 million (including tax) [1] Group 1 - The contract is with Donghua Engineering Technology Co., Ltd. for the EPC desalination water system [1] - The project involves the production of olefins, aromatics, and deep processing [1] - The total contract amount is RMB 125.7 million, highlighting the scale of investment in clean energy technology [1]

Core Viewpoint - The company emphasizes that its stock price fluctuations are influenced by various factors, including market conditions and investor preferences, and it is committed to enhancing its market performance through strategic initiatives [1] Group 1: Company Strategy and Management - The company management places high importance on market value management, integrating it into the performance assessment system [1] - The company will continue to focus on its core business, improving operational efficiency and profitability [1] - The company is advancing its "12256" strategy to enhance overall value and market performance [1] Group 2: Governance and Disclosure - The company adheres strictly to the disclosure requirements of the stock exchange, confirming that there are no undisclosed matters related to shareholding changes [1] - The controlling shareholder's ownership ratio remains stable, and the board of directors holds a majority of seats, ensuring stable governance at both the shareholder meeting and board levels [1]

Core Viewpoint - The company has signed a procurement contract for the EPC desalination system for the Shaanxi Coal Yulin Chemical 15 million tons/year coal quality clean and efficient conversion demonstration project, with a total contract value of RMB 126 million (including tax) [1] Group 1 - The contract is with Donghua Engineering Technology Co., Ltd. [1] - The project involves the first phase of the desalination water station and heat exchange station facilities [1] - The total contract amount is RMB 126 million, which indicates a significant investment in the project [1]

Group 1 - The core point of the article is that Yongqing Environmental Protection (SZ 300187) held a temporary board meeting on December 1, 2025, to discuss a proposal for applying for credit limits from banks [1] - For the first half of 2025, Yongqing Environmental Protection's revenue composition was 74.62% from carbon neutrality business and 25.38% from environmental protection business [1] - As of the report date, Yongqing Environmental Protection has a market capitalization of 3.5 billion yuan [1]