Core Viewpoint - The report highlights significant growth in the environmental protection industry, particularly in the sanitation equipment and lithium battery recycling sectors, driven by increasing demand for new energy vehicles and rising lithium prices [1][3][7]. Industry Overview - Sanitation Equipment: In the first ten months of 2025, sales of new energy sanitation vehicles increased by 61.32%, with a penetration rate rising by 6.33 percentage points to 18.02%. Total sanitation vehicle sales reached 60,675 units, a year-on-year increase of 4.61%, with 10,931 units being new energy vehicles, marking a 63.32% increase [1][7]. - Lithium Battery Recycling: The price of lithium carbonate has risen, improving profitability. As of November 21, 2025, the weekly price of lithium carbonate was 92,400 (up 8.4% week-on-week), with cobalt and nickel prices at 405,000 and 116,700 respectively [1][7]. Investment Recommendations - Key Recommendations: Companies such as Hanlan Environment, High Energy Environment, Green Power Environmental Protection, and others are highlighted as key investment opportunities [2][4][5]. - Suggested Focus: Attention is drawn to companies involved in carbon monitoring and CCER asset appreciation, as well as those engaged in plastic recycling and energy-saving projects [3][4]. Financial Performance - Solid Waste Sector: The sector showed a 12% increase in net profit for the first three quarters of 2025, with a gross margin improvement of 2.7 percentage points. Free cash flow reached 13.3 billion, up 28% year-on-year [5][6]. - Water Sector: The water sector is expected to see a significant improvement in free cash flow, with a projected increase in dividend payout ratios as cash flow stabilizes [6]. Market Trends - Carbon Emission Quotas: The Ministry of Ecology and Environment has implemented a carbon emission quota scheme for the steel, cement, and aluminum industries for 2024 and 2025, which is expected to enhance the demand for carbon monitoring equipment [3][4]. - Price Adjustments: Recent price adjustments in water services in major cities are anticipated to support revenue growth and improve investment returns [6].

Core Viewpoint - Wuhan Holdings successfully issued a second phase of technology innovation perpetual corporate bonds with a total scale of 1 billion yuan, aimed at repaying various interest-bearing debts and supporting the company's "technology + capital" dual-driven strategy [2][3]. Group 1: Bond Issuance Details - The bond issuance consists of two varieties, with a total scale not exceeding 1 billion yuan, completed by November 19, 2025 [3]. - The first bond type, "Wukong KY03," has an actual issuance scale of 500 million yuan, a final coupon rate of 2.10%, and a subscription multiple of 2.52 times, with a term of 2+N years [3]. - The second bond type, "Wukong KY04," also has an actual issuance scale of 500 million yuan, a final coupon rate of 2.25%, and a subscription multiple of 2.08 times, with a term of 3+N years [3]. Group 2: Financial Implications - The funds raised will primarily be used to repay various interest-bearing debts, providing long-term stable financial support for technology research and development, industrial upgrades, and capital operations [3]. - The bond issuance is a significant step in implementing the company's "technology + capital" dual-driven strategy, effectively reducing the company's debt-to-asset ratio and optimizing its capital structure [3][4]. - Compared to traditional financing methods, the issuance of perpetual bonds alleviates short-term repayment pressure and enhances the company's financing capabilities in the capital market [3][4]. Group 3: Company Background - Wuhan Holdings is a leading regional water service enterprise, engaged in wastewater treatment, water supply, and tunnel operation [2]. - The company has been extending its water and environmental protection industry chain and expanding into the national water service market [2].

中国光大水务(01857)发布公告，何咏紫女士因其他事务而辞任公司联席公司秘书，自2025年12月1日起 生效。 陈佩贞女士已获委任为公司联席公司秘书，以接替何女士，自2025年12月1日起生效。于其获委任后， 陈女士将与关咏蔚女士共同出任公司联席公司秘书。 ...

格隆汇11月24日丨华立股份(603038.SH)公布，为进一步开拓新疆地区智慧水务业务，实现超滤水处理 装备及智慧水务软件平台打入新疆市场。公司膜滤事业部下属公司江苏诺莱智慧水务装备有限公司(以 下简称"江苏诺莱")拟采取"参股+膜滤装备销售"模式，与其联营公司新疆河润忆源水处理科技有限公司 (以下简称"新疆河润忆源")签署设备采购安装合同，新疆河润忆源拟向江苏诺莱采购合同设备、技术服 务和质保期服务，合同总金额暂定为5,928.47万元。 ...

董事会亦欣然宣布，陈佩贞已获委任为公司联席公司秘书，以接替何咏紫，自2025年12月1日起生效。 于其获委任后，陈佩贞将与关咏蔚共同出任公司联席公司秘书。 格隆汇11月24日丨中国光大水务(01857.HK)宣布，何咏紫因其他事务而辞任公司联席公司秘书，自2025 年12月1日起生效。 ...

11月24日，舜禹股份涨5.04%，截至发稿，报14.38元/股，成交2931.00万元，换手率2.69%，总市值 23.61亿元。 资料显示，安徽舜禹水务股份有限公司位于安徽省合肥市长丰县双凤开发区淮南北路8号，成立日期 2011年9月8日，上市日期2023年7月27日，公司主营业务涉及主营业务包括二次供水和污水处理业务。 主营业务收入构成为：污水处理50.28%，二次供水48.99%，其他(补充)0.72%。 从舜禹股份十大流通股东角度 截至发稿，王颖累计任职时间8年284天，现任基金资产总规模49.04亿元，任职期间最佳基金回报 45.53%， 任职期间最差基金回报-8.42%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，中信保诚基金旗下1只基金位居舜禹股份十大流通股东。中信保诚多策略混合(LOF)A （165531）三季度新进十大流通股东，持有股数64.42万股，占流通股的比例为0.83%。根据测算，今日 浮盈赚取约44.45万 ...

每经AI快讯，深水海纳（SZ 300961，收盘价：14.83元）11月23日晚间发布公告称，持股5%以上股东 安义深水投资合伙企业（有限合伙）持有深水海纳水务集团股份有限公司股份1045万股（占公司总股本 比例为5.89%），计划在自本公告披露之日起十五个交易日后的三个月内（即2025年12月15日至2026年 3月14日）以集中竞价交易方式减持公司股份合计不超过约177万股（占公司总股本比例为1%）。鉴于 公司部分董事、高级管理人员及其他人员通过安义深水间接持有公司股份，公司部分董事、高级管理人 员及其他人员计划在自本公告披露之日起十五个交易日后的三个月内（即2025年12月15日至2026年3月 14日）以通过大宗交易的方式受让其本人通过相关安义深水间接持有的公司股份约232万股（占公司总 股本比例为1.3102%）。本次持股方式变更系公司部分董事、高级管理人员及其他人员拟将其间接持有 的公司股份变更为直接持有，系为了更加严格地履行股份锁定承诺，且公司部分董事、高级管理人员及 其他人员就其持有的公司股份所作出的限售承诺不会发生变化；计划进行的持股方式变动不会导致公司 控股股东或实际控制人发生变化，不触及 ...

港股午间收盘，恒生指数跌2.07%，恒生科技指数跌3.11%。港股科技ETF（159751）跌2.32%，恒生港 股通ETF（159318）跌1.86%。板块方面，酒店和度假村REIT、水务板块涨幅靠前；生命科学工具、生 物科技板块跌幅靠前。个股方面，汇聚科技跌10.16%，赣锋锂业跌10.23%；友宝在线涨9.4%，趣致集 团涨4.03%。 ...

Group 1 - The company held its 29th meeting of the 5th Board of Directors on November 19, 2025, via communication voting, with all 9 directors participating [2][3] - The board approved the proposal to increase the state-owned exclusive capital reserve, which will involve an application for 119.84 million yuan for the renovation of old water supply pipelines in Nanning [13][12] - The board also approved modifications to the insider information registrant system and the board secretary work system, with unanimous support from all directors [5][7][6] Group 2 - A temporary shareholders' meeting is scheduled for December 8, 2025, to discuss the approved proposals [9][16] - The meeting will utilize both on-site and online voting methods, with specific timeframes for participation [18][20] - Shareholders must register for the meeting by December 5, 2025, and can delegate their voting rights through a written authorization [26][28]

Core Viewpoint - Greentown Water (SH 601368) announced the convening of its 29th meeting of the fifth board of directors on November 19, 2025, via telecommunication voting, discussing the proposal to amend the company's board secretary work system [1] Company Summary - For the first half of 2025, Greentown Water's revenue composition is as follows: sewage treatment accounted for 64.06%, water supply for 33.88%, engineering construction for 1.39%, other businesses for 0.46%, and testing services for 0.21% [1] - As of the report date, Greentown Water has a market capitalization of 4.6 billion yuan [1]