证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 环保 两地政策共振，固废处理迎发展良机 浙桂两地加码固废治理，环保产业链迎来新风口 1）浙江省"十五五"工 业固废规划出炉，以"减量化、资源化、无害化"为核心，要求到 2030 年 工业固废产生强度控制在 0.2 吨/万元，综合利用率保持 98.0%以上，危 废填埋量占比压减至 5.0%以内。举措上，源头实施产生强度与总量"双 控"；过程推进大宗固废规模化消纳及新兴固废高值化利用；监管端通过 数字化改革实现全过程闭环管理。有利于固废处理行业发展，推荐关注惠 城环保、伟明环保等。2）广西印发《强龙头育链主行动方案》，以"绿色 化"为产业发展的核心方向，明确提出将现代绿色化工和绿色建材作为重 点支柱产业进行培育，优先支持链主企业及其产业链关键项目建设。直接 利好循环经济产业，推荐关注惠城环保等。 当周碳交易行情：本周（2.24-2.27）全国碳市场综合价格行情为：最高价 81.0 元/吨，最低价 80.5 元/吨，收盘价较上周五上涨 2.3%。本周挂牌协 议交易成交量 4.8 万吨，成交额 387.6 万元；大宗协议交易成交量 ...

公司工业混合油提炼技术行业领先，2025年前三季度工业级混合油销售量达2.26万吨，提油率超7%， 远高于行业平均水平。湖南其他地市饮食习惯与长沙趋同，餐厨垃圾市场还存在广阔空间。军信股份凭 借核心技术优势，叠加政策利好及区位饮食习惯，具备大幅提升工业混合油产量的优势条件，工业混合 油业务有望成为其业绩增长的新亮点。 军信股份凭借海外市场的规模化布局、餐厨垃圾业务的产能释放，成长属性愈发凸显。近年来，公司实 施"并购+分红+回购"的价值管理组合拳，不仅成功并购仁和环境，还披露了2亿元至3亿元的回购计 划，并发布长期分红规划且近三年平均派息率超70%。军信股份正逐渐成为兼具长期投资价值与短期业 绩弹性的优质标的，未来发展值得期待。 （文章来源：证券日报） 本报讯近日，湖南军信环保股份有限公司（以下简称"军信股份"）再次传来喜讯，其下属公司与吉尔吉 斯斯坦内阁、奥什市政府正式签署奥什市垃圾科技处置项目投资协议与特许经营协议，项目规划垃圾处 理总规模2000吨/日，初期将建设850吨/日的垃圾科技处置发电站，投资约9500万美元，这既是军信股 份深耕"一带一路"的重要成果，更是公司国际化战略落地的又一里程碑。 海外 ...

2月23日晚，ST京蓝公告称，1月23日至2月13日期间，公司股票价格涨幅为86.90%，短期内价格涨幅较大，公司业绩未发生重大变化，但近期公司股票价 格严重脱离公司业绩情况，投资者参与交易可能面临较大风险，如未来公司股票价格进一步异常上涨，公司可能申请停牌核查。请广大投资者理性投资， 注意投资风险。 Wind数据显示，2月13日，ST京蓝涨停，股价报3.14元/股，总市值为90亿元，该股15个交易日内（1月26日—2月13日）收获12个涨停。 推荐阅读 在公告中，ST京蓝还提示了多重风险。其中包括：控股股东业绩补偿逾期及新增补偿风险、业绩预告大额亏损的风险、流动性风险、行业及市场风险、 控股股东高比例股权质押风险、中科鼎实历史业绩补偿未落实风险、资产重组承诺履行风险。 控股股东业绩补偿逾期及新增补偿风险方面，公告显示，根据公司2023年重整期间与控股股东云南佳骏签署的《重整投资协议》，云南佳骏承诺在剔除中 科鼎实合并报表范围内对公司合并利润表数据的影响或贡献因素情况下，公司2024年度扣非后归母净利润不低于3000万元。经核算，公司2024年在剔除中 科鼎实影响后的扣非后归母净利润为-2208.51万元，触 ...

Group 1 - The project located in Changjiang Li Autonomous County is focused on the comprehensive recycling of tailings, with a processing capacity of 5 million tons per year, and is currently 70% complete, aiming for completion and commissioning by the end of April this year [1][2] - The total investment for the project is 450 million yuan, covering an area of approximately 137 acres, and will feature a high-standard, modern, intelligent, and clean solid waste comprehensive utilization processing workshop [2] - Upon completion, the project is expected to generate an annual output value of 400 million yuan and contribute over 50 million yuan in tax revenue, while also driving upstream and downstream supporting industries by over 100 million yuan, thus promoting high-quality economic development in Changjiang [2]

Company Overview - Hunan Junxin Environmental Protection Co., Ltd. (Junxin) has submitted a listing application to the Hong Kong Stock Exchange, with CICC and CITIC Securities as joint sponsors, marking its second attempt to list [1] - Junxin specializes in comprehensive waste treatment and resource utilization solutions, including investment, management, and operation of green energy projects [1] - The Changsha Environmental Industry Park, where Junxin operates, is one of the largest comprehensive environmental parks in China [1] Business Development - In 2024, Junxin signed a service concession agreement with local authorities in Kyrgyzstan to develop a green energy project in Bishkek, with Phase I expected to commence operations by December 2025 [3] - The company has also signed investment agreements for similar projects in Osh and Issyk-Kul regions of Kyrgyzstan, and a memorandum of understanding for a project in Almaty, Kazakhstan [3] - Junxin aims to expand its business in Central Asia and continue seeking opportunities in regions with high potential [3] Market Position - According to Frost & Sullivan, Junxin's Changsha waste-to-energy project ranks fourth in daily processing capacity among all solid waste incineration projects in China, and it ranks first in average electricity generation per ton of waste [3] - Junxin's Changsha transfer project is ranked first in the country for waste transfer and treatment, while its kitchen waste project ranks third in daily processing capacity [3] Strategic Focus - Junxin plans to maintain its market leadership by focusing on core business areas, enhancing green technology capabilities, expanding overseas markets along the Belt and Road Initiative, improving operational efficiency through technological innovation and digital transformation, and strengthening talent development [4] Financial Performance - Revenue for the years ending December 31 for 2022, 2023, and 2024, as well as for the nine months ending September 30, 2025, were RMB 1.548 billion, RMB 1.837 billion, RMB 2.411 billion, and RMB 2.115 billion respectively [5] - Gross profit for the same periods was RMB 865.4 million, RMB 940.1 million, RMB 1.0007 billion, and RMB 1.2086 billion respectively [6] - Net profit for the same periods was RMB 587.5 million, RMB 652.8 million, RMB 686.2 million, and RMB 825.3 million respectively [7] Industry Overview - Solid waste is categorized into five types: municipal waste, general industrial solid waste, construction waste, hazardous waste, and agricultural waste [9] - The market for waste-to-energy and kitchen waste resource utilization is expanding, becoming a significant part of the green energy sector [9] - China's municipal waste generation is projected to grow from 235.1 million tons in 2020 to 260.6 million tons in 2024, with a rapid increase in waste incineration processing capacity [10] Future Market Trends - The demand for waste treatment capacity is expected to increase significantly, with a projected compound annual growth rate of 7.0% for waste incineration processing from 2025 to 2029, reaching an additional 308.5 million tons by 2029 [12]

Core Viewpoint - Hunan Junxin Environmental Protection Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, revealing significant risks such as fluctuating gross margins, high customer concentration, and overloading of projects, necessitating careful assessment of its sustainability [1] Business Model - Junxin Environmental's main business includes waste incineration power generation, comprehensive waste treatment, municipal waste transfer, and kitchen waste resource utilization, with a daily processing capacity of 10,600 tons for incineration projects [2] - The company primarily operates under BOT, TOT, BOOT, and BOO models, with BOT contributing 60.2% of revenue as of mid-2025 [2] Financial Performance - Revenue has grown from 1.548 billion yuan in 2022 to 2.411 billion yuan in 2024, with a compound annual growth rate of 23.3%, and 2.115 billion yuan achieved in the first nine months of 2025 [3] - Net profit increased from 588 million yuan in 2022 to 686 million yuan in 2024, with a significant 48.7% year-on-year growth in the first nine months of 2025 [3] - Gross margin fluctuated from 55.9% in 2022 to 41.5% in 2024, rebounding to 57.1% in the first nine months of 2025, while net margin showed a similar V-shaped trend [4] Revenue Composition - In 2024, construction service revenue surged by 144.7% to 837 million yuan, becoming the largest revenue source, while core business electricity sales revenue declined from 42.7% in 2022 to 29.2% in the first nine months of 2025 [5][6] Customer and Supplier Concentration - Customer concentration is extremely high, with over 99% of revenue derived from government agencies and the State Grid, posing risks related to government financial conditions and policy changes [6] - Supplier concentration has increased, with the top five suppliers accounting for 31.0% of total purchases in 2025, raising supply chain disruption risks [7] Project Operations - Several projects are operating beyond legal capacity limits, which may lead to increased maintenance costs and potential environmental penalties [8] Financial Challenges - Trade receivables have increased significantly, with turnover days extending from 105.7 days in 2022 to 250.4 days in 2025, indicating cash flow pressures [9] - The capital structure has improved, with the debt-to-equity ratio decreasing from 53.4% in 2022 to 33.7% in 2024, but refinancing pressures may arise with overseas project expansions [9] Shareholding Structure - The controlling shareholders hold over 64% of the company, leading to potential governance risks related to related-party transactions and family control [10] Management and Compensation - The chairman's salary is 9.29 million yuan, which may raise concerns among shareholders regarding compensation levels [11] Related Transactions - The company has receivables from related parties amounting to 6.446 million yuan, with a provision for impairment of 341.6 thousand yuan [12] Industry Comparison - Junxin Environmental's gross margin is 5-8 percentage points lower than the industry average, and its trade receivables turnover days are significantly longer than peers, indicating weaknesses in accounts receivable management [13]

Core Viewpoint - Zhongke Environmental Protection (301175) is actively expanding its business in commercial aerospace collaboration, overseas market development, new project launches, technological innovation, and institutional attention [1] Business Progress - The company's subsidiary, Mianyang Zhongke, signed a cooperation framework agreement with Sichuan Xingji Hongluo Aerospace Power Co., Ltd. to collaborate on green low-carbon energy applications, specifically in the area of biogas production from kitchen waste to support aerospace power [2] Project Advancement - The company has signed a memorandum of cooperation for a municipal solid waste incineration power generation project with the governments of Uzbekistan's Andijan and Yangiyul cities. It has also been shortlisted as a supplier for environmentally friendly waste-to-energy projects in Indonesia, with plans to promote equipment sales and heavy asset investments in Southeast Asia and Central Asia. The Yuxi project is set to commence operations in May 2025, with other ongoing projects expected to be operational in 2026 and subsequent years. Through acquisitions of projects in Jinzhou and Guigang, the company's total capacity will increase to 20,900 tons per day [3] Product Development Progress - The company's self-developed "multi-effect integrated flue gas purification technology for waste incineration" has been included in the "National Encouraged Major Environmental Protection Technology Equipment Catalog (2025 Edition)," which can reduce operating costs and enhance emission standards, and has been demonstrated in some projects [4] Institutional Perspectives - Recent research by institutions such as Caixin Securities and Xinhua Fund has focused on the company's "green energy optimization" strategy and its expansion in heating services. Over the past 90 days, some institutions have given an upgrade rating [5] Company Status - A specific shareholder, Fucheng Haifutong Asset Management, plans to reduce its holdings in November 2025. Additionally, the company has committed to a cash dividend ratio of no less than 60% of net profit attributable to the parent company from 2024 to 2028, with an interim dividend already implemented in the first half of 2025 [6]

Group 1 - The APEC meeting in Guangzhou highlighted China's advancements in green development, particularly through the Fushan Circular Economy Industrial Park, which is the largest solid waste treatment facility in the country [1] - Takayuki Niikura, APEC's project manager, expressed admiration for the scale of the facility and its dual function as a waste treatment center and a tourist attraction, suggesting it as a model for other APEC economies [1] - Niikura noted the significant changes in China since his last visit 25 years ago, particularly the widespread adoption of electric vehicles and bicycles, indicating China's leadership in replacing fossil fuels with renewable energy in transportation [2]

Summary of Conference Call on Waste Management Industry in Southeast Asia Industry Overview - The Southeast Asian waste management market is experiencing significant demand growth, with a restructuring of the market currently underway [1] - The region faces a continuous increase in waste generation coupled with insufficient end-processing capacity, particularly in incineration rates [1] Key Insights - Chinese companies have accelerated their overseas expansion starting in 2023, leveraging cost and engineering capabilities to rapidly increase market share in Southeast Asia [2] - High electricity prices and disposal fees are enhancing profitability, although operational and policy risks must be monitored [2] - Under the assumption of a unified scale of 1,000 tons per day, optimistic scenarios suggest that project revenues in Southeast Asia could be approximately 1.8 to 2.7 times that of domestic projects, with profits ranging from 2 to 5 times domestic levels, and net profit margins potentially exceeding 25% [2] Financial Performance and Outlook - As overseas projects come online, international business is expected to become a core engine for smoothing domestic cycles and enhancing company performance [3] - The high returns in overseas markets also imply a more complex operational environment and policy negotiations, necessitating improved local management, risk hedging, and comprehensive operational capabilities [3] - The industry is witnessing a cash flow turning point, with over 90% of companies increasing dividend payouts due to robust cash flow [3] - Average waste disposal volume, power generation, and grid-connected electricity are projected to grow by 8%, 7%, and 8% year-on-year, respectively, in the first half of 2025 [3] - The industry is entering a capital expenditure contraction phase, with the proportion of under-construction capacity dropping below 10%, leading to a decline in financial costs and substantial cash flow improvement [3] Strategic Recommendations - Recommended companies to watch include: 1. Operators: Weiming Environmental, Junxin Co., China Everbright Environment, Hanlan Environment, China Tianying, Zhongke Environmental, Wangneng Environment, Green Power, etc. [4] 2. Equipment/Engineering Output: Sanfeng Environment [4] - Short-term strategies include heat transformation and collaborative disposal to extract existing profits, while long-term strategies focus on overseas contributions to performance elasticity and exploring new green energy monetization paths such as zero-carbon parks and integrated electricity solutions [3]

Investment Rating - The report maintains a rating of "Buy" for key companies in the environmental sector, including Huicheng Environmental and GaoNeng Environment [6]. Core Insights - The report emphasizes the integration of rural ecological environment governance with agricultural modernization, driven by the State Council's rural revitalization policy, which is expected to boost demand in wastewater treatment, waste disposal, and agricultural pollution prevention [10][12]. - The Guangdong province has issued a guiding announcement for hazardous waste utilization and disposal capacity construction for 2025, indicating a shift towards optimizing the structure of hazardous waste disposal, which will benefit companies focused on quality improvement in waste treatment [13][17]. - The environmental sector is currently experiencing low macroeconomic interest rates, making it an attractive investment opportunity, particularly for companies with strong cash flow and high dividend yields [2][18]. Summary by Sections Investment Views - The report highlights the release of the Central Committee and State Council's document on rural modernization, which aims to integrate ecological governance with agricultural development [10]. - The Guangdong announcement encourages investment in hazardous waste projects, focusing on resource utilization and high-end disposal [13]. - The environmental sector is positioned for a rebound as institutional holdings and valuations are at historical lows, suggesting a favorable investment environment [18]. Market Performance - The environmental sector outperformed the broader market, with a decline of only 0.18% compared to a 1.27% drop in the Shanghai Composite Index and a 3.28% drop in the ChiNext Index [23]. - Notable stock performances include Kairun Environment with a rise of 28.91% and Shuangliang Energy with an 18.22% increase, while Shenwu Energy saw a decline of 11.25% [23]. Key Companies - Huicheng Environmental is recommended for its strong position in hazardous waste projects and innovative technology in waste plastic recycling [20]. - GaoNeng Environment is highlighted for its comprehensive environmental system services and a robust pipeline of hazardous waste projects [20]. - Hongcheng Environment is noted for its consistent revenue growth and high dividend yield, making it an attractive investment option [18].