Core Viewpoint - The company, Guangda Environment, has officially initiated its "back to A-share" listing process, which is expected to enhance its financing channels and improve its valuation due to higher average valuations in the A-share market compared to the Hong Kong market [1][2]. Summary by Sections Company Announcement - Guangda Environment's board has approved a preliminary proposal to issue RMB shares and list them on the Shenzhen Stock Exchange, contingent on market conditions, shareholder approval, and necessary regulatory approvals [1]. - The initial plan proposes to issue no more than 800 million A-shares, which would account for 11.52% of the company's expanded share capital post-issuance [1]. Market Context - The "back to A-share" listing is expected to further broaden the company's financing channels and optimize its capital structure, as A-share listed companies in the environmental sector generally have higher valuations than their Hong Kong counterparts [2]. - According to Bloomberg data, the average valuation for A-share environmental waste-to-energy companies is projected at 13.4 times PE for 2025, compared to 9.2 times PE for Hong Kong companies, indicating a 46% valuation premium for A-shares [2]. Operational Performance - Guangda Environment has successfully operated 159 waste-to-energy projects with a design capacity exceeding 50 million tons per year, leading to continuous growth in waste processing and electricity generation [2]. - The company has achieved positive free cash flow since 2024, driven by refined operations and increased cash returns from its heating and steam supply business [2]. International Expansion - The company is actively expanding its environmental energy projects in overseas markets, particularly in Central Asia, with two waste-to-energy projects in Uzbekistan, totaling a design capacity of 3,000 tons per day [2][3]. - Future market focus includes Indonesia, Vietnam, and Central Asia to enhance its overseas project reserves [3]. Financial Outlook - The company maintains a "buy" rating with a target price of HKD 5.80, corresponding to a projected PE of 10 times for 2025, and offers an attractive dividend yield of 5.1% for 2026 [3]. - Profit forecasts for the company are projected at HKD 3.57 billion, HKD 3.79 billion, and HKD 3.98 billion for the years 2025, 2026, and 2027, respectively [3].

SDICSI 2025 年 11 月 21 日 光大环境 (257.HK) 公司启动回 A 上市，利好价值重估 光大环境近期发布公告，公司董事会已批准可能进行发行人民币股份及人民币股 份在深交所上市的初步建议；建议发行人民币股份需取决并受限于市场情况、股 东大会的批准以及必要的监管批准。公司"回 A 上市"正式启动，如果成功上 市，公司融资渠道进一步拓宽，A 股环保-垃圾焚烧发电股份估值较港股高，利 于公司估值提升。我们维持盈利预测，目前股价对应 2026 年股息率 5.1%，具吸 引力。我们维持"买入"评级，维持目标价 5.80 港元（按同业比较法估值）对 应 2025 年 10 倍预测 PE。 报告摘要 政策支持下，光大环境"回 A 上市"进程正式启动。今年 6 月 10 日，中共中央 办公厅及国务院办公厅发布《关于深入推进深圳综合改革试点深化改革创新扩大 开放的意见》其中提出健全金融服务实体经济的激励约束机制，允许在香港联合 交易所上市的粤港澳大湾区企业，按照政策规定在深圳证券交易所上市。光大环 境是政策发布后，第一家公告拟发行人民币股份并于深交所上市的港股上市公 司。根据光大环境公告，公司董事会已批准 ...

Group 1 - The company Xuelang Environment (SZ 300385) announced the receipt of a patent certificate from the National Intellectual Property Administration of China for a "solid waste pyrolysis and melting integrated treatment system" [1] - As of January to June 2025, the revenue composition of Xuelang Environment is as follows: waste incineration power generation accounts for 54.98%, industrial waste treatment 27.15%, steel industry 17.38%, and other industries 0.49% [1] - The current market capitalization of Xuelang Environment is 2.2 billion yuan [1]

证券代码：300867 证券简称：圣元环保 圣元环保股份有限公司投资者关系活动记录表 | | √特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活 | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 广发证券股份有限公司：陈龙、荣凌琪 | | 及人员姓名 | | | 时间 | 2025 年 11 月 20 日 | | 地点 | 南安垃圾焚烧发电厂； | | | 全资子公司南安市圣元环保电力有限公司会议室 | | 上市公司接待 | 1、董事会秘书 陈文钰 | | 人员姓名 | 2、证券事务代表 何玖玖 | | | 公司董事会秘书陈文钰首先向本次调研人员简要 | | | 介绍了公司主要业务布局、发展战略以及 年三季 2025 | | | 报相关情况。 | | 投资者关系活 | 调研人员就公司情况进行提问，董事会秘书就提问 | | 动主要内容介 绍 | 一一进行解答。本次调研交流主要内容如下： | | | 问 1：公司 2025 年三季报较去年同期增长超过 | | | 1 ...

11月20日，永兴股份跌0.19%，截至发稿，报15.67元/股，成交5045.37万元，换手率1.34%，总市值 141.03亿元。永兴股份股价已经连续9天下跌，区间累计跌幅7.5%。 责任编辑：小浪快报 资料显示，广州环投永兴集团股份有限公司位于广东省广州市越秀区流花路121号越秀国际会议中心南 塔10楼，成立日期2009年5月21日，上市日期2024年1月18日，公司主营业务涉及聚焦于垃圾焚烧发电业 务,并逐步拓展生物质处理业务。主营业务收入构成为：项目运营98.91%，其他(补充)1.09%。 从永兴股份十大流通股东角度 数据显示，工银瑞信基金旗下1只基金位居永兴股份十大流通股东。工银红利优享混合A（005833）三 季度增持160.63万股，持有股数675.13万股，占流通股的比例为2.81%。根据测算，今日浮亏损失约 20.25万元。连续9天下跌期间浮亏损失857.41万元。 工银红利优享混合A（005833）成立日期2018年12月25日，最新规模49.23亿。今年以来收益12.96%， 同类排名5205/8136；近一年收益15.3%，同类排名4654/8055；成立以来收益49.38%。 工 ...

每经AI快讯，博盈特焊（SZ 301468，收盘价：39.17元）发布公告称，2025年11月19日，博盈特焊接受 青骊投资等投资者调研，公司董事、副总经理、董事会秘书刘一宁等人参与接待，并回答了投资者提出 的问题。 2024年1至12月份，博盈特焊的营业收入构成为：垃圾焚烧发电占比68.46%，其他占比31.54%。 截至发稿，博盈特焊市值为51亿元。 每经头条（nbdtoutiao）——爱泼斯坦案文件解密倒计时，美国会"秒过"法案直通特朗普，引爆两党"极 限撕扯" （记者 王晓波） ...

Core Insights - The overall performance of companies in the environmental protection industry is strong, with significant profit growth and cash flow improvement observed in waste incineration and biofuel sectors [1] Waste Incineration Companies - Major waste incineration companies reported significant growth in net profit for Q3, with notable increases from Junxin Co. (+47.6%), Huanlan Environment (+28.1%), Yongxing Co. (+25.6%), and others [2] - Key factors for profit growth include project commissioning, asset acquisitions, improved capacity utilization, and expansion into heating services, contributing an additional profit of approximately 80 yuan per ton of waste [2] - Cash flow from operating activities for waste incineration companies improved due to increased capacity and government subsidy repayments, with Green Power's Q3 subsidy repayments being particularly favorable [2] Water Companies - Profitability among water companies showed significant variation in Q3, with notable declines in net profit for Chuangye Environmental (-10.4%) and Shou Chuang Environmental (-78.4%), while others like Hongcheng Environment (+2.1%) and Chongqing Water (+2.7%) experienced growth [3] - The sharp decline in Shou Chuang Environmental's profit was primarily due to a one-time investment gain from the sale of a Singapore company in the previous year [3] Biofuel Companies - Biofuel companies experienced substantial profit growth in Q3, driven by rising export prices and sales volume, with UCO export prices increasing by $150-$200 per ton compared to the previous year [4] - Companies like Shangaohuan Energy and Langkun Technology reported significant profit increases, with Shangaohuan achieving a net profit of 0.1 billion yuan in Q3, up from a loss of 0.2 billion yuan in the same period last year [4] - The SAF segment also saw profitability improvements, with Jiaao Environmental turning a profit of 0.5 billion yuan in Q3, attributed to increased sales volume and prices [5] Investment Recommendations - The report suggests focusing on waste incineration companies with high dividends and growth potential, such as Guangda Environment, Huanlan Environment, Yongxing Co., and Junxin Co. [6] - Biofuel companies benefiting from overseas carbon reduction policies, including Shangaohuan Energy, Jiaao Environmental, and others, are also recommended for investment [7] - High dividend assets in the water sector, such as Beikong Water Group and Yuehai Investment, are highlighted as potential investment opportunities [7]

Core Insights - The report highlights significant profit growth in municipal environmental companies, particularly in waste incineration power generation and biofuel sectors, driven by capacity expansion and improved operational efficiency [1][5] Waste Incineration Power Generation - Major waste incineration companies reported substantial profit increases in Q3, with notable growth in net profits for companies like Junxin Co. (+47.6%), Hanlan Environment (+28.1%), and Yongxing Co. (+25.6%) [1] - Key factors for profit growth include the commissioning of new projects, asset acquisitions, and enhanced capacity utilization through methods like co-firing aged waste [1][2] - The average profit increase from heat supply per ton of waste is approximately 80 yuan [1] Cash Flow Improvement - Waste incineration companies experienced growth in net cash flow from operating activities, attributed to increased capacity and government subsidy repayments [2] Water Utilities - Water utility companies showed mixed profit results in Q3, with notable declines in net profits for Chuangye Environmental (-10.4%) and Shou Chuang Environmental (-78.4%), while others like Hongcheng Environment (+2.1%) and Chongqing Water (+2.7%) reported growth [3] - The significant drop in Shou Chuang's profits was primarily due to a one-time investment gain from the previous year [3] Biofuels - Biofuel companies saw substantial profit increases in Q3, driven by rising raw material prices and improved sales [4][5] - UCO export prices rose by 16.7%-22.2% year-on-year, benefiting companies like Shangaohuan Energy and Langkun Technology, which reported significant profit recoveries [4] - Despite a decline in biodiesel export sales due to EU anti-dumping duties, companies like Zhuoyue New Energy managed to achieve profit growth through cost control and new production lines [4] - SAF sales volume increased significantly, with prices rising by 42.16%, leading to profitability for companies like Jiaao Environmental [5] Investment Recommendations - The report suggests focusing on waste incineration companies with high dividends and growth potential, such as Guangda Environment, Hanlan Environment, Yongxing Co., and Junxin Co. [6] - It also recommends biofuel companies benefiting from overseas carbon reduction policies, including Shangaohuan Energy and Jiaao Environmental [6] - For the water sector, high-dividend assets like Beikong Water Group and Yuehai Investment are highlighted [6]

Core Viewpoint - Yongxing Co., Ltd. achieved a net profit attributable to shareholders of 284 million yuan in Q3 2025, representing a year-on-year growth of 25.61%, aligning with expectations [1] Group 1: Financial Performance - The company continues to experience high growth, with a further increase in gross profit margin quarter-on-quarter [1] - The profit increment from waste heat utilization is estimated at approximately 80 yuan per ton of waste [1] Group 2: Strategic Developments - The company has established a steam supply agreement with several local groups, which is expected to enhance heating capacity in the second half of the year, laying a foundation for profit improvement [1] - As the only waste-to-energy enterprise in Guangzhou, the company is well-positioned to benefit from the national green development initiatives for data centers [1] Group 3: Industry Outlook - The National Development and Reform Commission's action plan emphasizes reducing PUE and increasing the share of green electricity, which aligns with the company's operational focus [1] - Guangzhou's data center planning aims for 600,000 cabinets by 2025 and 800,000 by 2027, indicating potential for accelerated collaboration with service providers and subsequent profit growth [1]

Group 1: Public Utilities and Environmental Protection - The profitability of waste incineration power generation companies has significantly increased, with net profits for major companies like Junxin Co. (+47.6%), Hanlan Environment (+28.1%), and Yongxing Co. (+25.6%) showing substantial growth in Q3 2025 [7][12] - The improvement in cash flow for waste incineration companies is attributed to capacity expansion, increased utilization rates, and enhanced heating services, with profit increments of approximately 80 yuan per ton of waste [8][12] - The biofuel sector has also seen a substantial increase in profitability, driven by rising prices for used cooking oil (UCO), which increased by 16.7%-22.2% year-on-year [10][12] Group 2: Infrastructure and Construction - In the first ten months of 2025, the broad infrastructure growth rate was slightly positive at 1.51%, while narrow infrastructure (excluding electricity) saw a minor decline of 0.10% [19][20] - Significant projects under the "14th Five-Year Plan" are expected to sustain investment resilience, including major constructions like the Yajiang Hydropower Station and the New Tibet Railway [19][20] - The construction sector is recommended to focus on high-dividend and low-valuation stocks, with companies like Sichuan Road and Bridge and Jianghe Group highlighted for their potential [21][22] Group 3: Media and Internet - Apple has introduced a partnership plan for mini-programs, reducing the revenue share for developers from 30% to 15%, which may enhance the growth of Tencent's mini-program ecosystem [24] - The collaboration is expected to drive traffic growth for WeChat, benefiting Tencent's advertising and gaming business [24] - The media industry is advised to focus on new channels and content directions, with a positive outlook on the ongoing industry recovery [34] Group 4: Specialty Materials - Global Pearl Pigments International has emerged as a leader in the pearl pigment industry, with a CAGR of 36.58% in revenue from 2017 to 2024 [35][36] - The company has strategically acquired international brands to penetrate the high-end market and plans to expand its domestic production capacity to approximately 48,700 tons [37][38] - The pearl pigment industry is characterized by high growth potential and low price sensitivity, making it an attractive investment opportunity [36][37]