据公司披露的投资者关系活动记录表显示，本次调研活动类别为特定对象调研，于2026年1月8日（周 四）上午10:00~11:30举行，地点涵盖公司展厅、生态环境大数据应用中心及公司会议室。参与调研的 机构及人员包括申万宏源证券王璐、常洪雨、朱赫，以及宁银理财有限责任公司邹婧嫔。 调研核心要点直击 登录新浪财经APP 搜索【信披】查看更多考评等级 河北先河环保（维权）科技股份有限公司（以下简称"先河环保"）于2026年1月8日接待了申万宏源证 券、宁银理财有限责任公司两家机构的特定对象调研。公司董事、副总经理、董事会秘书时若栋出席接 待，双方就环保监测行业增量机会、竞争格局、应收账款管理及未来发展方向等核心议题展开深入交 流。 调研基本情况 在业务发展方向上，先河环保明确将深化数智化转型。公司计划加大在人工智能、行业大模型及物联网 感知技术等前沿领域的研发投入，通过构建更精准的算法模型和自动化管理平台，提升从数据采集、分 析预警到决策执行的全程智能化水平，最终为客户提供更高效、可靠的智慧环保解决方案。 实际控制人旗下资产注入：暂未披露相关计划 对于"实际控制人旗下其他公司是否存在注入预期"的问题，公司明确表示"截 ...

Group 1 - The company, LIGONG NENGKE (SZ 002322), announced a share buyback plan, with a total of approximately 12.21 million shares repurchased, accounting for 3.22% of the total share capital, with a total transaction amount of about 161 million yuan [1] - The highest transaction price for the repurchased shares was 14.42 yuan per share, while the lowest was 11.72 yuan per share [1] - As of the report, the market capitalization of LIGONG NENGKE is 4.6 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of LIGONG NENGKE is as follows: software accounts for 46.4%, environmental protection monitoring accounts for 30.18%, and power monitoring equipment accounts for 23.28%, with other businesses making up 0.14% [1]

另一方面，控制权的稳定亦为ST先河的发展奠定了坚实基础。今年7月，公司创始人李玉国向现任董事 长姚国瑞实控的智新达能转让5.84%股份，完成过户后智新达能持股比例增至12.94%，成为控股股东。 姚国瑞通过间接持股及一致行动安排实际控制公司表决权达15.37%，控制权进一步巩固。在9月的业绩 说明会上，公司表示将聚焦主营业务，培育多元化增长引擎。 12月4日晚间，环保监测龙头企业——ST先河（300137.SZ）发布重磅公告，公司股票将于12月5日停牌 一天后，于12月8日开市起正式撤销其他风险警示，证券简称恢复为"先河环保"，股票交易日涨跌幅限 制保持20%不变。截至12月4日收盘，先河环保股价报8.04元/股，总市值达43.14亿元。 对此，专业人士指出，此次成功"摘帽"，标志着公司历时一年的合规整改取得实效，叠加稳健的经营业 绩与稳定的控制权结构，先河环保有望开启发展新篇章。 2024年11月，ST先河股票被实施其他风险警示。全景网了解到，为消除合规风险，公司于2025年2月完 成前期会计差错更正及追溯调整，聘请利安达会计师事务所出具专项审核报告，并严格履行信息披露义 务。截至2024年11月，行政处罚 ...

Group 1 - The company ST Xianhe announced that its stock will be suspended from trading on December 5 and will resume trading on December 8, with the stock name changing from "ST Xianhe" to "Xianhe Environmental" [2] - The company received an administrative penalty notice from the Hebei Securities Regulatory Bureau on November 8, 2024, indicating that its 2022 annual report contained false records, leading to a risk warning on its stock starting November 12, 2024 [2] - The company has developed into a comprehensive service provider in environmental monitoring, management, and governance, offering products and services such as ecological environment monitoring and big data analysis [3] Group 2 - For the first three quarters of 2025, ST Xianhe reported revenue of 628 million yuan, a year-on-year increase of 4.71%, and a net profit attributable to shareholders of 5.5342 million yuan, up 2.68% year-on-year [4] - As of December 4, the stock price of ST Xianhe was 8.04 yuan per share, with a market capitalization of 4.3 billion yuan [4]

Core Insights - Bixing IoT Technology and Baidu Netcom Technology have established a product co-creation partnership to promote AI-enabled smart water quality monitoring [1] - The collaboration aims to develop an innovative product called "Water Station Smart Control AI Decision-Making Brain," transitioning from AI tools to AI-driven operations [1] - The product leverages Baidu's Wenxin large model and PaddlePaddle deep learning platform, combined with Bixing IoT's industry experience, to provide intelligent solutions for enhancing water quality monitoring [1] - Additionally, both parties have developed a vertical large model for ecological monitoring named "Bixing Smart Vision," supporting the digital transformation of the environmental protection industry [1] - The companies plan to deepen their collaboration to further advance the application of AI technology in the environmental protection sector [1]

Water Quality - The overall water quality rate for the 345 national and provincial monitoring points in the province reached 99.7%, an increase of 0.3 percentage points year-on-year [1] - Among the monitoring points, 49 were classified as Class I (14.2%), 198 as Class II (57.4%), 97 as Class III (28.1%), and 1 as Class IV (0.3%) [1] - The average concentrations of ammonia nitrogen, chemical oxygen demand, and total phosphorus decreased to 0.117 mg/L, 9.82 mg/L, and 0.058 mg/L, representing year-on-year declines of 3.45%, 0.22%, and 2.08% respectively [1] Air Quality - The average PM2.5 concentration in the province was 26.8 µg/m³, a year-on-year decrease of 6.6%, with a good air quality day rate of 88.4%, up by 1.6 percentage points [2] - Significant differences in PM2.5 concentration improvements were observed among 21 cities, with notable reductions in Zigong (20.4%), Ya'an (17.9%), and Yibin (15%), while increases were seen in Aba Prefecture (23.5%), Deyang (5.4%), and Guang'an (3.4%) [2] - The best air quality was reported in specific counties such as Baoxing County in Ya'an, Pingwu County in Mianyang, and others, while declines were noted in Suining, Guangyuan, and Bazhong [2]

Core Viewpoint - The integration of advanced manufacturing and modern service industries is essential for accelerating the construction of a new development pattern in China, as highlighted by the release of the "Beijing Model" for industry integration at the 2025 Service Trade Fair [1][4]. Group 1: Integration Models - Xiaomi Group exemplifies a "software service + hardware manufacturing + ecological chain collaboration" model by creating platforms for supply chain information integration and collective procurement, enhancing the synergy between manufacturing and service sectors [1]. - China Railway Signal & Communication Corporation (CRSC) showcases an "intelligent manufacturing + testing and verification + engineering services" model, providing comprehensive lifecycle services for rail transit systems [1]. - Beijing Foton Motor Company demonstrates a "complete vehicle manufacturing + aftermarket services" model, extending its business from manufacturing to high-value-added aftermarket services through smart vehicle networking [2]. - Kanglong Chemical (300759) illustrates a "research and development + customized production" model, offering integrated drug development services across the entire process from discovery to clinical development [2]. - Baipusais (301080) employs a "testing + customized production" model, providing tailored production of pharmaceutical products based on advanced analysis methods [2]. - Xuedilong (002658) focuses on an "equipment R&D + manufacturing + system solutions" model, offering comprehensive solutions in environmental monitoring and carbon management [2]. Group 2: Advanced Technologies and Services - Shanshu Technology adopts an "artificial intelligence + (management, manufacturing) decision-making" model, applying decision science and optimization techniques to enhance production and operational efficiency [3]. - JD Logistics integrates "smart logistics + intelligent factories," collaborating with manufacturing firms to optimize supply chain management and reduce costs [3]. - BGI Electronics promotes a "chip R&D + manufacturing + services" model, fostering collaboration across the semiconductor industry to enhance domestic technology capabilities [3]. - Huajiang Culture introduces a "design + flexible customization + sales" model, creating a complete cultural product industry chain through innovative production lines [3]. Group 3: Policy and Future Directions - Beijing has identified eight key areas for the integration of industries and has established five national pilot enterprises and 67 municipal pilot enterprises to explore new integration models [4]. - The release of the "Beijing Model" is expected to serve as an effective demonstration, promoting deeper integration across various sectors and enhancing the overall ecosystem for industry integration [4].

Group 1: Company Performance and Financials - The company reported a net profit increase of 7.18 million compared to the same period last year, with a net profit attributable to the parent company increasing by 5.79 million [3] - The increase in operating income was 23.96 million, contributing to the overall profit growth [3] - The company is focusing on stabilizing existing business while actively expanding new business and improving accounts receivable recovery to enhance operational performance [3] Group 2: Research and Development Focus - The company is concentrating on innovations in hyperspectral, full-spectrum, and AI data technologies, aiming to develop a series of products and comprehensive solutions for ecological health and greenhouse gas monitoring [2] - Future R&D progress will be disclosed in the company's annual report, emphasizing the importance of technological innovation in maintaining commercial reputation [2] Group 3: Strategic Growth and Market Positioning - The company plans to enhance market expansion efforts, accurately grasp market trends, and develop scientific marketing strategies to increase market share [3] - There is a commitment to digital transformation in business applications, focusing on smart operations and industrial internet technologies to drive industry scale and performance growth [3] - The company is also exploring diversified growth engines while consolidating its core business [4] Group 4: Regulatory Compliance and Future Plans - The company has disclosed a correction of prior accounting errors and is in the process of applying to lift risk warnings in accordance with Shenzhen Stock Exchange regulations [3] - The company is monitoring national policies regarding market-oriented resource allocation reforms and will explore potential opportunities that align with its business strategy [4]

Economic Performance - Dongguan's GDP for the first half of 2025 reached 606.78 billion yuan, with a year-on-year growth of 4.8% [5] - The total import and export value in the first half of the year was 749.28 billion yuan, marking a year-on-year increase of 16.5%, leading among major foreign trade cities in Guangdong [5] - The acceleration of the transformation of old and new economic drivers is evident, particularly in high-tech industries [5] Public Health - Guangdong reported 2,940 new local cases of Chikungunya fever, with 3 cases in Dongguan [6] - Public health measures include wearing long sleeves and pants, and following the "three prevention" principles: eliminate standing water, kill mosquitoes, and prevent bites [6] Sports and Community Engagement - Dongguan launched a series of events to welcome the 15th National Games, emphasizing community fitness and engagement [3][7] - The event aims to integrate sports with consumption, culture, tourism, and intelligent manufacturing [7] Transportation Infrastructure - The Dongguan Metro Line 1 has officially started its empty test run, with plans for high-quality opening within the year [9] - The line will facilitate transfers with Line 2 and intercity lines, enhancing public transportation convenience [9] Environmental Management - The Dongguan Ecological Environment Bureau released environmental reports indicating that total phosphorus and ammonia nitrogen levels in the Songmushan Reservoir exceeded standards [18] - Air quality in the high-tech zone showed an improvement, with a good rate of 91.9%, up 0.3% from the previous year [18]

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental, Gaoneng Environment, and Hongcheng Environment [4]. Core Insights - The environmental monitoring industry is experiencing stricter entry standards, which is expected to benefit leading companies and improve service pricing, promoting a shift towards high-quality development [1][18]. - The establishment of the Sci-Tech Innovation Board's growth layer is designed to support unprofitable but technologically innovative companies, addressing financing challenges in sectors like membrane materials and carbon capture [1][19][28]. - The current macroeconomic environment features historically low interest rates, making high-dividend and growth-oriented assets attractive [2][30]. Summary by Sections Investment Views - New regulations for ecological environment monitoring institutions are being introduced to enhance market entry standards, focusing on technical capabilities and data integrity [10][18]. - The establishment of the Sci-Tech Innovation Board's growth layer aims to support technology-driven companies that are currently unprofitable but have significant potential [19][28]. - The environmental sector is positioned for a rebound as institutional holdings and valuations are at historical lows, suggesting a favorable investment environment [30]. Market Performance - The environmental sector underperformed the broader market, with a weekly decline of 1.11%, while the Shanghai Composite Index fell by 0.51% [3][34]. - Key sub-sectors showed varied performance, with monitoring and waste management sectors experiencing declines [3][34]. Industry News - Recent developments include the release of service pricing for ecological monitoring in Shanghai and investment guidance for hazardous waste disposal facilities in Zhejiang [46]. - New regulations on waste classification management are set to take effect in Shaanxi Province, promoting sustainable waste management practices [46]. Key Companies - Huicheng Environmental is focusing on hazardous waste projects and has made significant technological advancements, with expectations for revenue growth from new projects [32][33]. - Gaoneng Environment aims to become a leading environmental system service provider, benefiting from increased project orders due to regulatory changes [32]. - Hongcheng Environment is recognized for its stable growth and high dividend yield, with a strong focus on expanding its water treatment and waste management services [31][33].