根据公告，公司加大存量垃圾的协同处置力度，累计掺烧存量垃圾超80万吨，垃圾焚烧发电项目的产能 利用率显著提升。公司主要生产指标也同步向好，垃圾焚烧发电项目垃圾进厂总量为535.83万吨，垃圾 焚烧发电量25.76亿度，上网电量22.05亿度。推动公司业绩提升。 同时，公司为周边工业企业提供蒸汽合计8.83万吨，供热业务规模保持增长。同时，公司推动供热管网 向周边工业片区延伸覆盖，移动储能供热项目在多个项目投入运营，未来供热业务增长可期。公司下属 循环经济产业园具备绿色电能综合应用的载体优势，有着与新产业、新业态战略融合发展的巨大潜力。 本报讯 （记者李雯珊见习记者张美娜）8月27日，广州环投永兴集团股份有限公司（以下简称"永兴股 份"）发布2025年半年度报告，公司2025年上半年实现营业收入20.65亿元，同比增长12.60%；实现归属 于上市公司股东的净利润4.61亿元，同比增长9.32%。公司业绩持续保持稳健增长势头，盈利能力得到 持续提升。 根据公告，公司在智慧电厂多场景应用、SNCR液态高分子脱硝工艺、新一代移动储能供热设备等技术 的研发及实践上持续投入，取得多项技术和应用成果，结合公司精细化管理实 ...

报告期内，公司在智慧电厂多场景应用、SNCR液态高分子脱硝工艺、新一代移动储能供热设备等技术 的研发及实践上持续投入，取得多项技术和应用成果，结合公司精细化管理实施，有效提升了公司核心 业务的运行效率。 此外，上半年公司完成了2024年度利润分配，派发现金红利5.4亿元，每10股获派现金红利6.0元(税 前)，分红比例为65.81%，持续兑现分红承诺，向投资者提供合理回报。 在复杂的市场环境下，永兴股份展现出强大的业务韧性，公司核心业务为长期稳定健康发展提供稳定支 撑，为投资者带来可预期的稳健收益。 报告期内，公司加大存量垃圾的协同处置力度，累计掺烧存量垃圾超80万吨，垃圾焚烧发电项目的产能 利用率显著提升。公司主要生产指标也同步向好，垃圾焚烧发电项目垃圾进厂总量为535.83万吨，垃圾 焚烧发电量25.76亿度，上网电量22.05亿度。推动公司业绩提升。 公司为周边工业企业提供蒸汽合计8.83万吨，供热业务规模保持增长。同时，公司推动供热管网向周边 工业片区延伸覆盖，移动储能供热项目在多个项目投入运营，未来供热业务增长可期。公司下属循环经 济产业园具备绿色电能综合应用的载体优势，有着与新产业（300832） ...

中金发布研报称，光大环境(00257)上半年营业收入同比下降8%，纯利跌10%，派息同比增7%至0.15港 元，派息比率达42%。该行预期，光大环境今明两年的资本开支保持稳健，但随着中亚、东南亚地区的 垃圾焚化项目拓展，海外业务资本开支占比或会有所提升。该行维持集团的盈利预测，续予"跑赢行 业"评级，又认为虽然集团中期盈利下滑，但自由现金流稳健，因此上调集团今年股息预测至0.25港 元，同比增长10%，并提升目标价8%至5.2港元。 ...

这一模式也给其他城市提了个醒，深圳的经验表明，大件垃圾治理需跳出单纯市场逻辑，转向"政府主 导+技术赋能+全民参与"的综合治理。否则低值回收物必然无人问津，迫使居民承担高额清运费。另 外，管理上也得注重可行性和居民参与性。例如，有的城市虽推出过相关政策，但需居民先将大件垃圾 自行运送至指定的个别处理点，这不禁让人哭笑不得。当然，深圳模式也还有提升空间，例如目前"深 分类"平台仅限物管预约，个人用户还需依赖物管中转。而对于流动人口，如搬家频繁的租户群体，临 时投放点或应急热线还需加强。 瑕不掩瑜，从"付费代扔"到"免费回收"，深圳通过制度创新与技术应用，正在将大件垃圾这一"城市痛 点"转化为"治理亮点"。其核心启示在于，通过城市公共服务兜底来解决低值垃圾问题。这一模式不仅 提升了市民获得感，更推动了循环经济发展和碳中和目标实现。未来，若能进一步开放个人服务渠道、 强化数据驱动，相信市民的体验感可能会更好。 最近深圳正在试着破解这一民生"槽点"。当地将大件垃圾处理纳入各区财政预算，通过政府采购第三方 服务实现免费收运。例如，坪山区2025年投入51.36万元专项经费，覆盖全区床垫、沙发等废旧家具的 处理。全市设立 ...

央视新闻客户端消息，市场监管总局日前对外发布《关于公用事业领域的反垄断指南（征求意见稿）》， 面向社会公开征求意见。公用事业，是为社会公众生产生活提供必需的普遍性商品或者服务的一系列行业 的统称，包括供水、供电、供气、供热、污水处理、垃圾处理、广播电视、公共交通等行业，多数具有自 然垄断环节。 从市场监管部门查处案件情况来看，公用事业领域滥用市场支配地位行为多发，特别是在供水、供气、供 电、供热等行业。指南征求意见稿指导公用事业经营者准确理解行为边界。那么，指南征求意见稿将如何 增强公用事业领域反垄断执法的科学性、针对性和有效性？ 中国人民大学法学院教授、国务院反垄断反不正当竞争委员会专家咨询组成员孟雁北认为，《指南》构建 了我国公用事业领域体系化的反垄断监管制度。 由于公用事业具有公共性、地域性、政策性等特点，垄断行为的类型、表现和损害都呈现一定的特殊性。 《指南》对公用事业领域垄断行为的认定，在原则适用反垄断一般分析框架的基础上，有针对性地作出了 规定。 《指南》明确指出，经营者没有法律法规依据，以保障安全为由，实施滥用市场支配地位行为的，不能认 定为正当理由，除非经营者能够证明该行为为保障安全所必需。孟 ...

Core Points - The State Administration for Market Regulation has released a draft guideline on antitrust measures in the public utility sector, seeking public feedback [1][2] - The public utility sector includes essential services such as water, electricity, gas, heating, sewage treatment, waste disposal, broadcasting, and public transportation, which often exhibit natural monopoly characteristics [1][2] - The draft aims to clarify the basic principles of antitrust enforcement in the public utility sector, detailing the analysis and identification of monopolistic behaviors to promote compliance and healthy development [2] Summary by Category - **Antitrust Guidelines** - The draft guideline provides detailed considerations for identifying abusive market dominance behaviors, including unfair pricing, refusal to deal, and tying arrangements [1] - Specific attention is given to limiting trading practices, such as requiring customers to purchase services exclusively from designated providers [1] - **Sector Characteristics** - The public utility sector is characterized by its public nature, regional focus, and policy implications, leading to unique types and manifestations of monopolistic behavior [2] - The guideline aims to establish a long-term regulatory mechanism to ensure the sustainable and healthy development of the public utility sector [2]

Group 1 - The transformation of the mining area in Luzhu Town, Fuyang District, has led to the establishment of a new ecological economy, with a focus on sustainable development and environmental restoration [1][2] - The introduction of the circular economy industrial park in Luzhu Town since 2018 has attracted various technology companies, enhancing resource recycling and reducing operational costs for businesses [2] - The Luzhu Town circular economy industrial park has gathered nine enterprises, achieving an industrial output value of 685 million yuan in the first half of the year [2] Group 2 - Companies like Fulu Environmental Technology and Sheneng Environmental Protection are leading in recycling technologies, focusing on the regeneration of materials from waste, thus contributing to pollution reduction and economic benefits [3] - The successful implementation of the "green cycle" approach in Fuyang has proven to be economically viable and environmentally beneficial, with aspirations for further enhancement of the region's ecological landscape [3]

Core Insights - The Chongqing Sanfeng Yulin Environmental Power Plant has transformed the perception of waste incineration facilities, showcasing a clean and intelligent approach to waste management [1][2] - The plant has achieved a 100% harmless disposal rate for municipal waste in Chongqing's central urban area since its commercial operation began in 2021 [1] - The facility processes waste through a highly automated system, minimizing human intervention and ensuring compliance with stringent environmental standards [1] Summary by Sections Facility Overview - The plant is responsible for waste disposal in Yubei, Jiangbei, and Liangjiang New Area, with operations starting from 2018 and commercial use from 2021 [1] - It features a cloud café at 79 meters high, providing a stark contrast to traditional perceptions of waste treatment facilities [1] Waste Processing Technology - Waste is transported in sealed trucks, weighed, unloaded, and processed through fermentation before being incinerated in a controlled manner [1] - The incineration process generates steam to drive turbines for electricity generation, with the plant capable of supplying 1.7 million kilowatt-hours of electricity daily, enough for 150,000 households [1] Environmental Impact - The facility employs advanced technology to control combustion temperatures and gas retention times, significantly reducing dioxin emissions [1] - Emissions from the plant are treated through multiple purification steps, ensuring they are well below EU standards [1][2]

Core Viewpoint - The company reported a robust revenue growth driven by the improvement in core business efficiency, with a revenue of 848 million yuan and a net profit of 196 million yuan for the first half of 2025, marking a 4% and 20% year-on-year increase respectively [2] Revenue and Profit Performance - In the first half of 2025, the company achieved an operating income of 848 million yuan, a 4% increase year-on-year, and a net profit attributable to shareholders of 196 million yuan, a 20% increase year-on-year [2] - The core business of municipal solid waste treatment saw a revenue of 691 million yuan, a 14.81% increase year-on-year, with a gross margin improvement of 1.27 percentage points to 52.57% [2] - The waste treatment volume reached 2.1363 million tons, a 10.07% increase year-on-year, and the heating supply volume was 877,500 tons, a 12.01% increase year-on-year [2] Strategic Initiatives - New operational and acquisition projects contributed significantly, with the Yuxi project achieving profitability in its first month of operation and the newly acquired Jinzhou project turning profitable in its first month post-acquisition [2][3] - The company is executing a "short-term reliance on green energy for optimization" strategy, with the green energy business as a core competitive advantage, achieving a heating supply volume of 877,500 tons, a 12.01% increase year-on-year [2] Expansion and Growth Drivers - The company is expanding its business footprint through both acquisitions and internal development, completing the acquisition of the Jinzhou project and successfully replicating the experience from the Shijiazhuang project [3] - The company has also acquired the Guigang project (1500 tons/day) and the Pingnan project (1200 tons/day) to strengthen its strategic presence in South China [3] - Ongoing projects include the Yuxi project, which commenced operations in May and achieved profitability in its first month, and the comprehensive construction of the Hengyang project [3] Financial Forecast - The company is expected to achieve operating revenues of 1.911 billion yuan, 2.173 billion yuan, and 2.442 billion yuan for 2025-2027, with year-on-year growth rates of 14.93%, 13.69%, and 12.37% respectively [3] - The net profit attributable to shareholders is projected to be 404 million yuan, 487 million yuan, and 550 million yuan for the same period, with year-on-year growth rates of 25.87%, 20.54%, and 13.04% respectively [3]

Group 1: Company Performance - The company achieved a net profit of 196 million yuan in the first half of 2025, representing a year-on-year growth of 19.83% [3] - The net profit, excluding share-based payments, was 227 million yuan, with a year-on-year increase of 23.03% [3] - Operating cash flow reached 298 million yuan, up 24.52% year-on-year [3] - Return on equity (ROE) stood at 5.37%, while the debt-to-equity ratio was 50.68% [3] Group 2: Business Strategy and Expansion - The company is focused on expanding its industrial heating capabilities and diversifying into mobile heating, residential heating, compressed air, and cooling sectors [3] - Key green energy centers are being developed in Zhejiang, Hebei, Sichuan, and Guangxi to strengthen competitive advantages [3] - The company is actively pursuing strategic partnerships with large chemical enterprises in the Ningbo project to enhance heating capacity [3] Group 3: Project Development and Financial Management - The company plans to invest approximately 540 million yuan in project construction and acquisitions in 2024, with an estimated total investment of 1-1.3 billion yuan for 2025 [9] - Financing will be structured with 30% from self-funding and 70% from project loans [9] - The company is exploring various financing options, including green bonds and project loans, to optimize its debt structure [8] Group 4: Tax and Subsidy Management - Several projects, including Jin Cheng, Hai Cheng, San Tai, and the newly launched Yu Xi project, are awaiting input tax deductions before benefiting from VAT refunds [6] - Once included in the national subsidy list, projects will recognize renewable energy subsidy income from the date of production [7]