登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000652 证券简称：泰达股份 公告编号：2025-38 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 √否 一、主要财务数据 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况 □适用 √不适用 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不存在将《公开发行证券的公司信息披露解释性公告第 ...

Group 1: IPO and Stock Market Activities - Stone Technology is considering an IPO in Hong Kong to raise up to $500 million, with discussions still in the early stages [1] - Bersi and Outdoor Sports Group has submitted a listing application to the Hong Kong Stock Exchange, with CICC and CITIC Securities as joint sponsors [1] - Hunan Mingming Henmang Commercial Chain Co., Ltd. has filed for an IPO, projecting a retail sales volume of 55.5 billion RMB in 2024 [2] - Unigroup plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange, considering the interests of existing shareholders [3] - Sais Group has submitted an IPO application to the Hong Kong Stock Exchange [4] Group 2: Financial Performance Reports - Lao Feng Xiang reported a Q1 net profit of 613 million RMB, down 23.55% year-on-year, with revenue of 17.52 billion RMB, a decrease of 31.64% [16] - Yunnan Baiyao achieved a Q1 net profit of 1.935 billion RMB, up 14% year-on-year, with revenue of 10.841 billion RMB, a slight increase of 0.62% [17] - Focus Media reported a Q1 net profit of 1.135 billion RMB, an increase of 9.14% year-on-year, with revenue of 2.858 billion RMB, up 4.7% [18] - Qingdao Beer posted a Q1 net profit of 1.71 billion RMB, up 7.08% year-on-year, with revenue of 10.446 billion RMB, a growth of 2.91% [19] - Hainan Airport reported a Q1 net profit of 100 million RMB, down 54.09% year-on-year, with revenue of 1.09 billion RMB, a decrease of 8.61% [20] - Semir Apparel reported a Q1 net profit of 214 million RMB, down 38.12% year-on-year, with revenue of 3.079 billion RMB, a decrease of 1.93% [21] - Ugreen Technology achieved a Q1 net profit of 150 million RMB, up 47.18% year-on-year, with revenue of 1.824 billion RMB, an increase of 41.99% [22] - Lianyungang reported a Q1 net profit of 22.7943 million RMB, down 48.01% year-on-year, with revenue of 609 million RMB, a decrease of 4.18% [23] Group 3: Investment and Financing Activities - Semiconductor engineering intelligent system company "Zhi Xian Wei Lai" completed several hundred million RMB in Series A financing [27] - Guopei Chuang (Suzhou) Education Technology Co., Ltd. completed 10 million RMB in Pre-A financing, focusing on AI core technology development [28] - Hangzhou Oxygen Yiju Environmental Technology Co., Ltd. completed 8 million RMB in angel round financing for technology upgrades [29] - Nanjing Dahei Niu Information Technology Co., Ltd. completed 20 million RMB in angel round financing for product development [30] Group 4: Industry Trends and Developments - Google reported that using AI in administrative work could save an average of 122 hours per year for UK workers, potentially leading to significant economic benefits [12] - Shein has raised prices in the US market by up to 377% in response to new small parcel tariffs [13] - OpenAI is enhancing ChatGPT to allow users to purchase products directly through the platform [15]

Market Overview - The market experienced adjustments with Hong Kong stocks slightly down by 0.04% and trading volume decreasing to 169 billion [1] - The impact of high tariffs is evident, with a significant reduction in agricultural imports from the US to China and an increase in Brazilian soybean shipments to China [1] - US retail is facing inventory crises due to high tariffs, leading to cautious purchasing behavior among merchants [1] Company Performance - Pop Mart (09992) has seen strong demand in the US market, with long queues for new product releases and a gross margin expected to exceed 75% [2] - The company is shifting some production to Vietnam, aiming for 10% of production by 2024 to mitigate tariff risks [2] - Jin Feng Technology (02208) reported a net profit exceeding expectations, with a revenue of 9.472 billion yuan, a year-on-year increase of 35.72% [5] Industry Trends - The Chinese cultural export is gaining traction, as evidenced by the popularity of Pop Mart's products abroad, reflecting a positive shift in global perceptions of Chinese brands [3] - The banking sector is seeing increased investment, with major state-owned banks performing well amid low interest rates [4] - The energy sector is opening up to private enterprises, allowing them to invest in various energy projects, which is seen as a win-win situation [4] Regulatory Developments - The Chinese government is tightening regulations on the sale of key infrastructure, particularly ports, to protect national interests [7] - The US Department of Transportation has relaxed safety requirements for autonomous vehicle development, which may benefit companies like Nastec (01316) [6] Medical and Pharmaceutical Sector - Four Seasons Pharmaceutical (00460) has received approval for its "Youthful Needle," marking a significant breakthrough in its aesthetic medicine segment [11] - The company's aesthetic medicine sales increased by 65.4% year-on-year, driven by new product recognition and global expansion efforts [12]

Group 1 - Beijing's Development and Reform Commission has announced the "Beijing West Action Plan" focusing on key projects for 2025, including 95 major projects such as the Shougang Ski Jump and the renovation of the Shougang Park service trade fair venue [1] - The plan emphasizes the development of "Two Parks and One River," which includes the Garden Expo Park, Shougang Park, and Yongding River, aiming for coordinated development and ecological integration [1][2] - The initiative aims to enhance the region's industrial transformation by leveraging local resources and promoting the integration of culture, commerce, and tourism [2] Group 2 - The plan includes significant infrastructure improvements, such as enhancing transportation and public services, and constructing new educational and healthcare facilities to meet community needs [3] - Environmental sustainability is a key focus, with efforts to strengthen ecological protection and improve water quality, alongside initiatives to create a garden city and promote ecological product value realization [3]

证券代码：601200 证券简称：上海环境 公告编号：临 2025-0019 上海环境集团股份有限公司 （注：与总和产生差异是因四舍五入时有尾差造成） 公司 2025 年第一季度累计污水处理总量为 7,267.01 万吨，日均处理量为 80.74 万吨。以上数据源自公司的生产经营统计，未经审计，仅供投资者及时了 区域 累计发电量 （万度） 上网电量 （万度） 上网电价 （元/度） 已结算电量 （万度） 江苏省 7,070.99 6,143.80 0.65 6,036.83 山东省 14,106.77 12,387.04 0.65 12,215.44 福建省 11,287.77 9,522.15 0.65 7,771.28 河南省 6,578.90 5,633.67 0.65 5,633.67 安徽省 2,672.94 2,278.08 0.65 2,213.26 山西省 9,296.05 7,947.95 0.51~0.65 7,942.41 四川省 7,336.97 6,213.31 0.65 6,199.52 浙江省 15,421.86 13,047.70 0.65 12,889.62 上海市 57,31 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - As of April 25, 2025, the issuance of special refinancing bonds for replacing hidden debts has reached 80% of the 2 trillion yuan quota, indicating strong momentum in debt replacement efforts. The environmental sector, particularly in government-related debts, is expected to benefit significantly from this policy shift, which is supported by a more proactive fiscal policy in 2025 [2][4][15] Summary by Sections Background - Since November 2024, local debt replacement has accelerated, with a total of 2 trillion yuan in debt limits set for replacement from 2024 to 2026. The central government has emphasized the need to resolve local government debts and accelerate payments owed to enterprises [4][14] Progress - By April 25, 2025, a total of 1.59 trillion yuan in special refinancing bonds has been issued, all aimed at replacing hidden debts. The issuance has significantly increased compared to previous years, with 2025 showing a marked acceleration in bond issuance [5][25][28] Investment Logic - The debt replacement strategy is expected to provide substantial benefits to companies with receivables from government entities. Two investment strategies are recommended: 1. Value Side: Focus on sectors with large receivables and low risk, such as waste incineration and water operations, which are likely to see reduced bad debt risks and improved cash flow [7][41] 2. Elasticity Side: Target leading companies in water, waste incineration, and environmental services that have a high proportion of government receivables and are significantly impacted by credit impairment losses [7][41]

Core Insights - Beijing's Development and Reform Commission has outlined key initiatives for the implementation of the "Beijing West Action Plan (2022-2025)" by 2025, focusing on enhancing urban waterfront areas and infrastructure projects [1][2] Group 1: Key Focus Areas - The first focus area is the collaborative development of the Garden Expo Park, Shougang Park, and the Yongding River, aiming to create a vibrant waterfront area [2] - The second area emphasizes the acceleration of innovation in the Zhongguancun virtual reality industry park and the construction of the "5G+8K" ultra-high-definition demonstration park [2] - The third focus is on the protection and development of the Xishan Yongding River cultural belt, including the integrated operation of Wanping City, Museum Bridge, City Park, and Island [2] Group 2: Infrastructure and Public Services - The plan includes enhancing public services, such as expediting the construction of the subway Line 1 branch and improving transportation conditions in Shougang Park [2] - Projects like the construction of a supporting middle school in Yamenkou and the second phase of the Fuwai Hospital in the Xishan area are also prioritized [2] - The initiative aims to transform ecological advantages into developmental strengths, implementing water pollution prevention measures and creating demonstration areas for urban greenery [2] Group 3: Economic Growth Indicators - In the first quarter of 2025, the GDP growth of Shijingshan District reached 9%, while the GDP growth of Mentougou District was 5.8% [1]

Core Insights - The 26th China Environmental Expo was held in Shanghai, featuring 2,279 companies from 22 countries and regions, covering an exhibition area of 187,000 square meters [1] - Sinochem Environmental showcased its eight subsidiaries, emphasizing their core competencies in innovative technologies, products, and services across various environmental sectors [1][4] Group 1: Water Management - Sinochem Environmental Water (Jiangsu) Co., Ltd. highlighted the "Sinochem Environmental Yangzhou Huayu" project, which provides wastewater treatment services for over 40 enterprises in the Yangzhou Chemical Park, with a treatment capacity of 20,000 tons per day and 100% compliance with discharge standards [3] - The project incorporates photovoltaic green electricity for enhanced management efficiency and aims to create a smart water management system for digital transformation [3] Group 2: Soil and Resource Management - Sinochem Environmental Remediation (Shandong) Co., Ltd. focuses on sustainable solutions for saline-alkali land, integrating appropriate engineering techniques based on regional characteristics and land use [3] - The company aims to enhance the ecological value of saline-alkali land and achieve sustainable development through a comprehensive improvement technology system [3] Group 3: Waste Management and Recycling - Sinochem Environmental Technology Engineering Co., Ltd. presented initiatives for solid waste management reform, emphasizing source reduction and resource utilization [4] - The company showcased its capabilities in "green chemistry," "element cycling," "water cycling," and "soil health," providing innovative technologies, products, and services [4] Group 4: Innovation and Collaboration - Hangzhou Water Treatment Technology Research and Development Center Co., Ltd. introduced a selective nanofiltration membrane product that efficiently separates high-value metal ions from lithium brine, contributing to the low-carbon and green transformation of the membrane industry [4] - Sinochem Innovation (Beijing) Research Institute Co., Ltd. focused on technological innovation in water cycling, element cycling, and agricultural cycles, offering environmental consulting and training services [4] Group 5: Industry Engagement - The Sinochem Environmental booth attracted numerous leaders from the Chinese environmental industry, as well as international visitors from countries like Germany and Japan, fostering discussions on cutting-edge technologies and innovative solutions [5] Group 6: Future Commitment - Sinochem Environmental is committed to fulfilling its corporate mission, enhancing core competitiveness, and promoting green and low-carbon development to contribute to the construction of a beautiful China [7]

行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 证券分析师 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 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 2025 年 04 月 28 日 新能源装机首超煤电 欧美气价降至 近期新低 看好 ——申万公用环保周报(25/04/21~25/04/25) 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 电力：新能源装机历史性超越火电，清洁能源占比稳步提升。1-3 月我国新增发电装机容量达 8572 万千瓦，其中水电、火电、核电、风电、光伏装机新增容量分别为 213、925、0、1462、 5971 万千瓦，新能源新增装机贡献率达 86.7%。截至 ...