记者 吴卫群 雀鸟啁啾声中，晨练的市民沿着亲水步道慢跑，若非工作人员指引，无人能察觉脚下15米深处，每 天数万吨污水正经历着化浊为清的科技洗礼……这里便是与华为练秋湖研发中心隔河相望的上实环境西 岑污水处理厂。 上实环境西岑污水处理厂于今年初正式投入商业运行，总投资7.19亿元，占地44.85亩，出水水质执 行地表水准Ⅲ类标准，堪称全国出水标准最优的地埋式污水处理厂之一。 这一流线型"水立方"不仅标志着长三角生态绿色一体化发展示范区基础设施升级迈出关键一步，更 以科技赋能生态治理，为区域高质量发展和优质营商环境注入绿色动能。 步入这座花园式污水处理厂，全然感受不到传统污水处理设施的异味。高质量运行的背后，离不 开"AI+"智慧利器。连日来，污水处理厂技术人员依托"AI+智慧水务"的科技手段和覆盖生产全流程 的"数字孪生"智能管控系统，动态、实时、高效地调整运行参数，从而精准应对不断加码的污水处理需 求。 在曝气池区域，精准曝气结合纯氧曝气的曝气方式，能根据水质精准控制曝气量并使用纯氧代替部 分空气。传统污水处理厂风机轰鸣的场景在此消失，取而代之的是根据AI算法动态调节的曝气量。 "这就像给微生物投喂'定食'， ...

Core Viewpoint - The National Development Bank (NDB) is actively supporting green infrastructure projects, focusing on ecological protection and sustainable development in various regions of China [1][2][3][4][5][6][7]. Group 1: Green Infrastructure Projects - The NDB has financed the renovation and expansion of the Lanzhou Qilihe Anning Sewage Treatment Plant, which utilizes advanced treatment technology to ensure wastewater meets the Class A discharge standards [1]. - In the first four months of this year, the NDB issued over 250 billion yuan in green loans, emphasizing support for green infrastructure, clean energy, ecological protection, and pollution prevention [2]. - The NDB is committed to integrating ecological and environmental considerations into the entire lifecycle of infrastructure projects, including support for green transportation and waste management facilities [3]. Group 2: Renewable Energy Initiatives - The NDB is focusing on the development of new green low-carbon energy bases, providing long-term financing for clean energy projects and innovative storage technologies [4]. - In Xinjiang, the NDB is supporting the Huadian Mulei carbon dioxide compressed air energy storage project, which will be the largest of its kind globally, enhancing local renewable energy capacity [4]. Group 3: Ecosystem Protection and Restoration - The NDB is actively supporting ecosystem protection and restoration projects in key river basins, exploring mechanisms for realizing the value of ecological products [5]. - In Guangzhou, the NDB has facilitated the implementation of demonstration projects aimed at improving urban ecological environments and agricultural productivity [6]. Group 4: Innovative Financial Products - The NDB is innovating green financial products, such as sustainable development-linked loans, to promote water-saving irrigation practices in agriculture [7]. - The bank is also developing green financial bond products to attract social capital for green development initiatives [7].

Group 1 - The green tax system in Urumqi's Daban District is acting as a catalyst for enterprises to upgrade and explore new paths for green development, shifting from passive emission reduction to proactive pollution control [1] - Urumqi Bofeng Hengda Water Management Co., Ltd. has established a comprehensive service system for water resource protection and recycling, becoming a benchmark enterprise in the region [1][2] - The company has benefited from tax incentives, with over 330,000 yuan in tax reductions, which have been reinvested into advanced equipment and process upgrades [2] Group 2 - The company plans to continue investing in water supply network upgrades to enhance service quality and water resource recycling efficiency [3] - The Daban District Tax Bureau is actively providing tailored services to green enterprises, helping them understand and apply tax incentives effectively [3][5] - Goldwind Technology Co., Ltd. is implementing a compliance-driven management system to accelerate its low-carbon transformation and enhance its production capabilities [3][4] Group 3 - Goldwind's factory is equipped with a 2 MW wind turbine and a 403 kW integrated rooftop solar system, achieving 100% green electricity self-sufficiency [4] - The company has received significant tax benefits, including over 24 million yuan in tax reductions under the Western Development policy and 8.5 million yuan in VAT refunds, allowing for increased investment in zero-carbon factory construction [4] - The annual production of wind turbines reached 232 units, with sales exceeding 2.8 billion yuan, demonstrating the impact of compliance and policy support on business growth [4] Group 4 - The Daban District Tax Bureau is focusing on the needs of green enterprises and is building a "green enterprise label database" to enhance service mechanisms [5] - The bureau aims to guide more businesses towards ecological prioritization and green development through dynamic tracking and management [5]

华骐环保2025年3月25日披露了《关于控股股东的一致行动人减持计划的预披露公告》，公司控股股东 的一致行动人刘光春、兰萍出具了《关于股份减持计划的告知函》。持有公司股份3,346,426股（占本公 司总股本比例2.53%）的股东刘光春和持有公司股份264,000股（占本公司总股本比例0.20%）的股东兰 萍计划自减持计划公告披露之日起15个交易日后的3个月内以集中竞价交易方式合计减持本公司股份不 超过1,321,300股，即减持比例不超过公司总股本的1%。通过集中竞价交易方式减持，在任意连续90个 自然日内减持股份数量不超过公司股份总数的1%。 华骐环保于2021年1月20日在深交所创业板上市，发行数量为2065万股，发行价格为13.87元/股，保荐 机构为国元证券股份有限公司，保荐代表人为朱焱武、刘依然。 上市首日，华骐环保盘中最高报53.45元，为上市以来最高点。 华骐环保本次募集资金总额为2.86亿元，扣除发行费用后，募集资金净额为2.37亿元。华骐环保最终募 集资金比原计划少1.13亿元。华骐环保于2021年1月14日披露的招股说明书显示，公司拟募集资金3.50亿 元，1.20亿元用于马鞍山城镇南部 ...

Summary of the Conference Call for Guangda Environment Industry Overview - Guangda Environment is the largest waste-to-energy operator in China, holding approximately 16% market share in 2023, significantly ahead of competitors [2][4] - The waste-to-energy sector is characterized by a land-grabbing nature, where early positioning in quality locations can yield higher electricity prices [10] Company Performance and Financials - The environmental energy segment contributed 52% of the company's revenue, 96% of EBITDA, and 97% of net profit in 2024, indicating it as the core profit source [2][4] - The company experienced a rapid capacity expansion from 2010 to 2020, with a capacity growth rate of 30%, particularly through the PPP model from 2016 to 2022 [2][7] - In 2024, operational revenue is expected to account for 64% of total revenue, with the energy and environmental segment contributing 61% [2][14] - The overall operational cash flow is approximately 8.9 billion HKD, with a pure cash flow of about 7 billion HKD [2][14] Cash Flow and Dividends - The waste-to-energy industry is projected to achieve positive free cash flow in 2024, improving from a negative 400 million HKD in 2023 to a positive 600 million HKD [3] - The dividend payout ratio has steadily increased to 34%, up by 7 percentage points year-on-year [3] - Long-term free cash flow is estimated at around 2 billion HKD, which exceeds the total dividends for 2024, indicating sustainability even without subsidies [15][18] Market Position and Competitive Advantage - Guangda Environment's single project capacity is approximately 900 tons per day, above the industry average, with a power generation efficiency of 330 kWh per ton, reflecting high operational efficiency and technological advantages [9] - The company maintains a strong market position in waste-to-energy, with a market share of 16%, while its wastewater treatment segment holds about 3% market share [6][4] Challenges and Future Outlook - The green environmental segment, including agricultural biomass power generation and hazardous waste treatment, faces challenges due to reduced demand and profitability [12][13] - The water business is expected to perform steadily, with a gross margin of about 42%, close to the industry average, benefiting from improved local fiscal conditions and potential increases in residential water prices [11] - Future focus areas include the Hunan region, which is anticipated to become a key area for expansion, with a projected market share of 9% [10] Investment Considerations - The company's current PE ratio is approximately 6.8, with a dividend yield of 6.5%, indicating strong long-term investment value [18] - Despite fluctuations in public fund holdings, southbound capital has been increasing, suggesting long-term investment interest [17]

本周，萧山进入两会时间。会场内外 "加强生态环境保护""推动绿色低碳转型" 的呼声，与满城绿 意交织成人与自然和谐共生的美好图景。 今年是"绿水青山就是金山银山"理念提出20周年，也是"双碳"目标提出5周年。萧山区政府工作报 告提出，高质量实施美丽萧山行动，健全生态环境治理长效机制，正是对 "绿水青山就是金山银山"理 念与"双碳"目标的生动践行。 美丽萧山是一个经济、产业、环境、资源等多种要素相融合的"有机生命体"，也是牵涉广泛环环相 扣的系统工程。从污水零直排的"地下革命"到蓝天保卫战的"云端治理"，从减污降碳的产业转型到现代 社区的共富实践，萧山区以系统思维打破生态治理的"单点困局"，将美丽萧山建设视为有机整体，提升 形成生态空间山清水秀、生产空间绿色低碳、生活空间宜居宜业的生态新格局，绘就生态发展的立体画 卷。 蜀山街道知章村 湘湖 瓜沥镇梅林村"低碳乡村"新模式 碧水映城 水韵萧然泽民生 绿水逶迤去，青山相向开。初夏的湘湖，只此青绿最动人。近日，萧山水生态治理再传捷报——连 续八年斩获全省治水最高荣誉"大禹鼎"，今年也是萧山第二次夺得"大禹鼎"金鼎。 十一年治水路、八度"问鼎"，萧山的水生态治理早已超 ...

Core Viewpoint - The Mianyang Taziba Wastewater Treatment Plant, operated by Beijing Enterprises Water Group, plays a crucial role in environmental protection and resource recycling in Mianyang, Sichuan, contributing to the ecological civilization and sustainable development of the region [1][3][8] Group 1: Plant Operations and Technology - The Taziba Wastewater Treatment Plant processes approximately 200,000 tons of wastewater daily, equivalent to the volume of 100 standard swimming pools [3] - The plant has implemented advanced technologies such as intelligent aeration and dosing, achieving automated operations without manual intervention [5] - The integration of IoT technology allows for real-time monitoring of equipment status, significantly reducing emergency incidents from 23 times per month to 1-2 times [5] Group 2: Environmental Education and Community Engagement - The plant serves as one of the first environmental education bases in Sichuan, promoting ecological awareness through public open days and various environmental activities [7] - Community members, including school groups, are invited to tour the facility, enhancing public understanding of wastewater treatment processes and their importance [8] Group 3: Commitment to Sustainable Development - The plant aims not only for compliance with discharge standards but also to ensure that every drop of water contributes to ecological cycles, aligning with the principle that "green mountains and clear waters are as valuable as mountains of gold and silver" [8] - The Taziba Wastewater Treatment Plant is committed to exploring more efficient and low-carbon wastewater treatment models, supporting Mianyang's vision of a livable ecological city [8]

天津创业环保集团股份有限公司 公司章程 （经 2025 年 5 月 27 日 2024 年年度股东会修订） 第一章 总则 目 录 第一条 为维护天津创业环保集团股份有限公司（简称"公司"）、公司股东 和债权人的合法权益，规范公司的组织和行为，完善中国特色现代企业制度，根 据《中华人民共和国公司法》（简称《公司法》）、《中华人民共和国证券法》 （简称《证券法》）《境内企业境外发行证券和上市管理试行办法》（证监会公 告〔2023〕43 号）、《上市公司章程指引》（证监会公告〔2025〕6 号，）、《上 市公司独立董事管理办法》（证监会令第 220 号）以及《香港联合交易所有限公 司证券上市规则》（主板）《上海证券交易所股票上市规则》等法律、法规和规 范性文件制定、修订本章程。 第二条 公司系依据原国家经济体制改革委员会于一九九三年五月十五日 发布的《股份有限公司规范意见》及有关法律、法规成立的股份有限公司。 公司经原天津市经济体制改革委员会于一九九二年七月二十日下发津体改 委字〔1992〕45 号文批准，以定向募集方式于一九九三年六月八日设立，于一 九九三年六月八日在天津市工商行政管理局注册登记，取得公司营业执照 ...

Core Points - The company will hold a 2024 annual performance briefing on June 3, 2025, from 15:00 to 16:00 [1][2] - The briefing will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [2][3] - Investors can submit questions from May 26 to May 30, 2025, for discussion during the briefing [2][3] Meeting Details - **Date and Time**: June 3, 2025, from 15:00 to 16:00 [1][2] - **Location**: Shanghai Stock Exchange Roadshow Center [1][2] - **Format**: Online interactive session [2] Participants - Key attendees include the General Manager, Chief Financial Officer, Board Secretary, and Independent Director [2] Investor Participation - Investors can participate online through the Shanghai Stock Exchange Roadshow Center on the day of the event [2][3] - Questions can be submitted via the Roadshow Center or through the company's email [3]

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental, GaoNeng Environment, and HongCheng Environment [5][36]. Core Insights - The report highlights the issuance of the "Beautiful Rivers and Lakes Protection and Construction Action Plan (2025-2027)" by the Ministry of Ecology and Environment and other departments, aiming for a 40% completion rate by 2027 and significant improvements by 2030 and 2035 [10][11]. - The report emphasizes the importance of industrial park wastewater treatment standards and the need for differentiated management based on the type of industrial park [23][35]. - The current macroeconomic environment, characterized by historically low interest rates, presents opportunities for high-dividend and growth-oriented assets in the environmental sector [2][36]. Summary by Sections Investment Views - The report discusses the "Beautiful Rivers and Lakes Protection and Construction Action Plan," which aims to enhance water ecological governance and attract social capital for joint management [10][22]. - It also mentions the release of technical guidelines for wastewater discharge standards in industrial parks, focusing on a classification management approach [23][35]. - The report suggests focusing on companies involved in environmental monitoring and treatment, such as JuGuang Technology and HongCheng Environment [22][35]. Market Performance - The environmental sector underperformed compared to the broader market, with a decline of 1.47% against a 0.57% drop in the Shanghai Composite Index [38]. - Notable stock performances include Shenwu Energy (+27.51%), Huicheng Environmental (+13.77%), and Anche Detection (+11.05%) [38]. Key Announcements - The report includes various announcements related to environmental policies and performance ratings of key industries in response to pollution control measures [49][50].