融券方面，顺控发展11月21日融券偿还500.00股，融券卖出4800.00股，按当日收盘价计算，卖出金额 6.56万元；融券余量3.72万股，融券余额50.85万元，超过近一年90%分位水平，处于高位。 11月21日，顺控发展跌3.19%，成交额7113.68万元。两融数据显示，当日顺控发展获融资买入额834.47 万元，融资偿还677.48万元，融资净买入156.99万元。截至11月21日，顺控发展融资融券余额合计 7953.95万元。 融资方面，顺控发展当日融资买入834.47万元。当前融资余额7903.10万元，占流通市值的0.94%，融资 余额低于近一年40%分位水平，处于较低位。 截至9月30日，顺控发展股东户数2.91万，较上期增加0.15%；人均流通股21206股，较上期减少0.15%。 2025年1月-9月，顺控发展实现营业收入16.42亿元，同比增长23.06%；归母净利润2.09亿元，同比增长 2.01%。 责任编辑：小浪快报 分红方面，顺控发展A股上市后累计派现4.60亿元。近三年，累计派现3.05亿元。 机构持仓方面，截止2025年9月30日，顺控发展十大流通股东中，香港中央结算有限 ...

截至发稿，陈加荣累计任职时间16年337天，现任基金资产总规模5138.02万元，任职期间最佳基金回报 45.74%， 任职期间最差基金回报-4.97%。 11月20日，百川畅银涨5.48%，截至发稿，报14.05元/股，成交8131.26万元，换手率3.81%，总市值 22.54亿元。 资料显示，河南百川畅银环保能源股份有限公司位于河南省郑州市郑东新区如意西路如意河西二街楷林 大厦10楼，成立日期2009年4月2日，上市日期2021年5月25日，公司主营业务涉及垃圾填埋气发电。主 营业务收入构成为：电力43.93%，热力20.35%，其他19.00%，环卫及再生资源回收服务16.72%。 从基金十大重仓股角度 数据显示，招商基金旗下1只基金重仓百川畅银。招商稳兴混合A（010503）三季度持有股数2500股， 占基金净值比例为0.08%，位居第八大重仓股。根据测算，今日浮盈赚取约1825元。 招商稳兴混合A（010503）成立日期2021年2月5日，最新规模2399.66万。今年以来收益2.36%，同类排 名7452/8136；近一年收益2.62%，同类排名7426/8055；成立以来收益1.43%。 招商 ...

Company Situation - The company plans to issue no more than 80,000 shares on the Shenzhen Stock Exchange, which accounts for no more than 11.52% of the post-issue share capital (excluding the exercise of the over-allotment option), with an over-allotment option of up to 15% of the issuance amount [1] - The raised funds are initially intended for the development of the main business and to supplement general working capital [1] Comments - Given the higher valuation of environmental protection in the A-share market, the company's return to A-shares is expected to enhance its valuation and open up subsequent financing channels [1] - The upper limit of the share issuance corresponds to a pre-issue share ratio of 13.0% and a post-issue share ratio of 11.5% (both excluding over-allotment) [1] - Current A-share companies focused on waste-to-energy have a projected 2025E price-to-earnings ratio of 11 times or more, with price-to-book ratios above 1, some exceeding 2; in contrast, similar companies in the Hong Kong market have 2025E price-to-earnings ratios of only 6-7 times and price-to-book ratios of 0.2-0.5 times, indicating a significant A/H discount [1] - The company, as a leading player in waste-to-energy capacity, is expected to benefit from returning to A-shares, which may help improve its valuation level and facilitate future financing [1] Cash Flow and Dividend Outlook - The company is expected to see accelerated cash flow collection and solid dividends, indicating long-term investment value [2] - In the first half of 2025, the company's operating cash flow increased by 37.9% year-on-year to 2.97 billion HKD, benefiting from the expansion of non-electricity businesses, reduced capital expenditures, and improved management efficiency [2] - With the overall acceleration of renewable energy subsidy recovery in the second half of the year, cash flow performance is anticipated to continue improving [2] - The company aims to maintain stable operating cash flow while optimizing its debt structure and supporting moderate dividend increases [2] Profit Forecast and Valuation - The company maintains an outperform rating and profit forecasts of 4.27 billion HKD and 4.41 billion HKD for 2025 and 2026, respectively [2] - The current stock price corresponds to price-to-earnings ratios of 7.1 times and 6.9 times for 2025 and 2026, respectively, with a target price of 5.20 HKD, implying an upside potential of 5% [2] - The current stock price (as of November 14) corresponds to dividend yields of 5.2% and 5.4% for 2025E and 2026E, respectively, which remains attractive in the current low interest rate environment [2]

摘要 光大环境 20251117 垃圾发电板块提质增效显著，突击端收入占比下降，补贴外电费和供热 收入增加，长期来看经营性现金流有上修空间，预计 2025 年三季度起 国补快速改善将进一步提升经营性现金流。 维护性资本开支占总资产比例极小（约 1-2%），不影响分红能力，板 块潜在分红能力可达 120%以上，而目前行业平均分红率约为 40%，表 明光大环境等公司分红提升空间巨大。 2024 年全板块经营性现金流接近 160 亿元，预计在无量增情况下，通 过国补改善和提质增效，经营性现金流可提升 20%以上至 200 亿元左 右，自由现金流保障性强。 光大环境港股估值为 0.6 倍市净率，静态股息率约 5%，随着国补改善、 提质增效和经营性现金流水平提高，估值具备上升条件，且分红能力在 当前水平上不会下降。 公司计划发行不超过 8 亿股人民币股份，占扩大后总股本的 11.52%， 用于主业发展和补充营运资金，不会对公司现金流价值造成影响，反而 为长期发展提供支撑。 Q&A 光大环境 A 股发行反映了垃圾发电行业哪些新的变化和趋势？ 光大环境 A 股发行反映了垃圾发电行业几个重要的新变化和趋势。首先，垃圾 发电行 ...

Summary of the Conference Call for Guangda Environment Industry and Company Overview - Guangda Environment is actively expanding its overseas market presence, particularly in Central Asia and Southeast Asia, with a focus on risk control and investment return rates [2][5][6] Key Points and Arguments Overseas Market Expansion - Guangda Environment has signed projects in Uzbekistan with a total investment of 1.08 billion RMB, expected to be operational by mid-2027, holding an 88% stake [2][5] - The company is also exploring potential projects in Vietnam, Malaysia, Indonesia, and the Middle East [2][5] Investment Return Rates - The target Equity Internal Rate of Return (IRR) for overseas projects is set at no less than 10%, with some projects in Vietnam achieving over 15% IRR [2][6] - The new projects in Uzbekistan are projected to have an IRR close to 12% [2][6] Financial Performance - Financial expenses significantly decreased from 3.23% to 2.72% year-on-year, attributed to interest rate reductions and the replacement of high-interest loans, totaling nearly 24.4 billion RMB [2][14] - Free cash flow turned positive for the first time in 2024, reaching 4.04 billion RMB, with 2 billion RMB in the first half of 2025, a significant year-on-year increase [3][17] Dividend Policy - Despite a 24% decline in 2024 earnings, the company maintained a stable dividend policy, with an increase of 1 cent per share [3][18] - The dividend payout ratio is expected to rise from 42% to 45% [3][18] Capital Expenditure Plans - Capital expenditures for 2025 are projected between 3.5 billion to 4.5 billion RMB, with 30%-40% allocated for overseas projects [3][21] Collaboration and Market Competition - Guangda Environment collaborates with other companies to avoid price competition in overseas markets, particularly in Central Asia [7][8] - The competitive landscape for Chinese companies in overseas markets is intense, leading to price competition that could affect profitability [8] Technology and Project Efficiency - The company’s waste-to-energy projects often exceed internal estimates for waste and power generation, particularly in Vietnam due to high electricity demand [9][10] - The proprietary grate furnace technology allows for flexible scale adjustments, enhancing competitiveness across different regions [10] Challenges and Future Outlook - The IDC business is progressing, with potential projects in Hangzhou, but overall profitability from this segment is not expected to be significant [11] - The company remains cautious about future earnings due to various economic factors, including currency fluctuations and the competitive landscape [19] Investor Engagement - Guangda Environment plans to organize investor visits to key projects in Shenyang and Dalian to showcase operational strengths and profitability [24] Other Important Considerations - Key factors affecting future performance include exchange rate losses, impairment provisions, and capital expenditures, particularly for overseas projects [25]

Core Insights - The Barueri Waste-to-Energy Plant in Brazil is nearing completion, aiming to address local waste management issues while generating clean energy [1][2] - The project is a collaboration between China Electric Power Construction Group Shandong Electric Power Construction First Engineering Co., Ltd. and China Energy Engineering Group Northwest Electric Power Design Institute Co., Ltd. [1] - The plant is designed to process 870 tons of solid waste daily and has a capacity of 19.1 megawatts, expected to be operational by 2027 [1][2] Group 1 - The Barueri Waste-to-Energy Plant is one of the first in Brazil and Latin America, located approximately 30 kilometers from São Paulo, a major commercial hub [1] - The project utilizes advanced Chinese waste incineration technology, ensuring that emissions meet environmental standards through multi-stage purification processes [2] - The plant aims to provide a dual solution for environmental management and clean energy supply, addressing the increasing waste management pressures in Brazil [2] Group 2 - There is significant potential for cooperation between Brazil and China in the field of green energy, leveraging Brazil's abundant resources and China's experience in large-scale applications [3] - The project reflects a growing trend towards sustainable waste management solutions in Brazil, moving away from high-pollution methods like open burning [2][3]

Group 1 - The core viewpoint of the news is the construction of the Barueri waste-to-energy plant in Brazil, which aims to address the city's waste management issues while providing electricity to the local community [1][3] - The Barueri waste-to-energy plant is one of the first in Brazil and Latin America, covering an area of approximately 37,000 square meters [1] - The project is being jointly constructed by Shandong Electric Power Construction First Engineering Company and the Northwest Electric Power Design Institute of China Energy Engineering Group [1] Group 2 - The project officially entered the installation phase in July this year and is expected to be operational by 2027 [3] - The plant is designed to process 870 tons of solid waste daily and has a capacity of 19.1 megawatts [3]

Summary of Junxin Co., Ltd. Conference Call Company Overview - **Company**: Junxin Co., Ltd. - **Industry**: Waste management and energy generation Key Points Business Expansion and Projects - Junxin Co., Ltd. is making progress in expanding its overseas market, with a garbage treatment project in Bishkek, Kyrgyzstan, expected to commence operations by the end of the year, processing 1,000 tons of waste daily [2][3] - The company has also secured reserve projects in Almaty, Kazakhstan, and other locations in Kyrgyzstan, laying a foundation for future growth [2][3] Financial Performance - The company reported a nearly 50% increase in net profit for the third quarter, primarily due to the consolidation of Renhe Environment, contributing a net profit of 178 million RMB [2][5] - The rise in industrial mixed oil prices, currently around 7,100-7,200 RMB per ton, accounts for approximately 20%-25% of total revenue [2][5] Operational Efficiency - Junxin Co., Ltd. is enhancing its power generation efficiency by upgrading technology, increasing the capacity of its generator units from 25 MW to 33 MW [2][7] - The company aims to optimize integrated technology in new projects to further improve power generation efficiency [2][7] Cash Flow and Receivables - The company demonstrated strong cash flow performance, accelerating national subsidy collections to 81.5 million RMB in the third quarter [2][8] - However, there has been an increase in credit impairment losses due to receivables from budget-exceeding portions, with remaining national subsidy receivables around 110 million RMB [2][8] Government Subsidies and Financial Strategy - Junxin Co., Ltd. plans to apply for additional electricity subsidies from the government by the end of the year to compensate for the cancellation of national subsidies and delays in provincial subsidies [2][9] - The company aims to maintain a dividend payout ratio of no less than 50% while supporting overseas expansion and high dividend yield strategies through a planned Hong Kong listing [3][16] Future Growth Drivers - Key growth drivers include the gradual release of reserve projects, internal efficiency improvements, new business trials, and potential revenue from data centers and new heating projects [18] - The company is focusing on heavy asset expansion in Central Asia, Southeast Asia, and the Americas, while exploring light asset and technology output opportunities [17] International Projects and Investment Criteria - Junxin Co., Ltd. has signed an investment agreement in Kazakhstan and is negotiating operational agreements and pricing details [11] - The company prioritizes projects in politically stable regions with good relations with China and considers local economic conditions and competition levels when selecting overseas projects [23] Technology and Market Position - The company holds a competitive edge in operational efficiency, including increased power generation and environmental management, compared to overseas firms [24] - Junxin Co., Ltd. is also exploring the potential for co-burning industrial waste in overseas markets, where regulations are less stringent [15] Dividend Policy - The company plans to maintain its dividend payout at an average level consistent with previous years, with adjustments based on annual cash flow and capital expenditure [24] This summary encapsulates the key insights from the conference call, highlighting Junxin Co., Ltd.'s strategic initiatives, financial performance, and future growth prospects in the waste management and energy generation industry.

Core Insights - The construction of the Barueri waste-to-energy plant in Brazil, a collaboration between Chinese companies, aims to address local waste management issues while providing clean energy [1][2]. Group 1: Project Overview - The Barueri waste-to-energy plant is one of the first in Brazil and Latin America, covering an area of approximately 37,000 square meters and is expected to be operational by 2027 [1]. - The plant is designed to process 870 tons of solid waste daily and has a power generation capacity of 19.1 megawatts [1][2]. Group 2: Technology and Environmental Impact - The plant utilizes advanced Chinese waste incineration technology, ensuring that emissions meet environmental standards through multiple purification processes [2]. - The project combines Chinese green technology with local needs, providing a dual solution for environmental management and clean energy supply [2]. Group 3: Future Prospects - There is potential for the waste-to-energy model to be expanded to other regions in Brazil, addressing the increasing pressure of waste management in urban areas [2]. - The collaboration between Brazil and China in green energy is seen as a significant area for future development, leveraging Brazil's rich green energy resources and China's experience in large-scale applications [3].

Summary of Yongxin Co., Ltd. Conference Call Company Overview - **Company**: Yongxin Co., Ltd. - **Industry**: Waste-to-energy sector Key Points and Arguments Financial Performance - Yongxin reported a 24% growth in Q3 2025, an increase of 15 percentage points compared to H1 2025, driven by stable operational factors and enhanced waste resource value, leading to cash flow growth [2][3] - For the first three quarters of 2025, revenue increased by 16% year-on-year, and net profit attributable to shareholders rose by 15% to 746 million yuan, with a weighted average ROE of 7.06% and a gross margin of 43.8% [2][7] - Q3 net profit growth was 24%, significantly higher than the 9.2% growth in H1 2025, attributed to improved capacity utilization from co-burning of aged waste [7] Industry Dynamics - The waste-to-energy industry has shown unexpected growth and dividend performance over the past two years, with Yongxin achieving a 66% actual dividend payout ratio [3] - The pricing model for waste incineration is case-by-case, and project returns are less affected by macroeconomic conditions due to the essential nature of waste treatment [3] Valuation and Market Perception - Yongxin's current PB ratio is approximately 1.3, lower than peers like Huanlan Environment and Green Power, primarily due to its low ROE [2][5][9] - The company has a high dividend payout ratio of over 60%, with a dynamic dividend yield of 3.6% [8] Growth Potential - Future growth is expected to be driven by heat supply transformation in 2026, with anticipated increases in waste volume and capacity utilization in Guangzhou [2][6] - The company has 35,000 tons of projects in hand, with 30,000 tons located in Guangzhou, where 18,000 tons are part of a phase two project not yet included in the national subsidy list, leading to undervalued earnings [10] - Yongxin's operational efficiency is expected to improve with the increase in co-burning of waste, projected to double the kitchen waste processing volume to approximately 1.4 million tons in 2025 [10] Future Cash Flow and Dividend Potential - Free cash flow is projected to reach 1.289 billion yuan in 2024, a 174% increase year-on-year, with further potential for dividend increases [8] - The theoretical dividend potential for 2025 and 2026 is estimated at 142% and 161%, respectively, with a commitment to maintain a dividend payout ratio of no less than 62% from 2023 to 2025 [8] Strategic Advantages - Yongxin's BOO model provides a longer operational term without the need to transfer assets to the government, giving it an advantage in contract negotiations [5] - The company is transitioning from power generation to heating to gain incremental revenue and reduce reliance on national subsidies, with significant room for growth in heating capacity [12] Conclusion - Yongxin is positioned to benefit from its advantageous location in Guangzhou, with ongoing improvements in operational efficiency, cash flow, and a commitment to high dividends, suggesting a strong investment opportunity [13]