8月13日，贵州茅台（600519）发布了2025年半年度报告，公司上半年实现营业收入893.89亿元，同比 增长9.1%；实现归属于上市公司股东的净利润454.03亿元，同比提升8.89%；基本每股收益为36.18元/ 股。 资料显示，贵州茅台成立于1999年11月，主营业务是茅台酒及系列酒的生产与销售。 所属行业：食品饮料–白酒Ⅱ–白酒Ⅲ 伟星新材：上半年净利润2.71亿元 拟10派1元 8月13日，伟星新材（002372）发布了2025年半年度报告，公司上半年实现营业收入20.78亿元，同比下 降11.33%；实现归属于上市公司股东的净利润2.71亿元，同比下降20.25%；基本每股收益为0.17元/股。 公司拟向全体股东每10股派发现金红利1元（含税）。 资料显示，伟星新材成立于1999年10月，主营业务是各类中高档新型塑料管道的制造与销售。 所属行业：建筑材料–装修建材–管材 贵州茅台：上半年净利润454.03亿元 同比提升8.89% 建元信托：上半年净利润4028.97万元 同比增长13.36% 8月13日，建元信托（600816）发布了2025年半年度报告，公司上半年实现营业收入1.5亿元，同比 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][9]. Core Views - The environmental sector's revenue in 2024 is projected to decline by 0.6% to CNY 364.236 billion, with net profit decreasing by 14.7% to CNY 23.058 billion. However, in Q1 2025, the sector is expected to see a revenue increase of 3.5% to CNY 81.243 billion and a net profit growth of 3.8% to CNY 8.232 billion [3][21]. - The report highlights the impact of the new market-oriented pricing reforms for renewable energy in Shandong, aiming for full market integration by the end of 2025 [2][16]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the new energy industry chain and comprehensive energy management [41][42]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.00%, while the public utility index increased by 2.22%, and the environmental index rose by 2.93% [1][43]. Important Policies and Events - Shandong's new pricing reform aims for full market integration of wind and solar energy by 2025, with differentiated policies for existing and new projects [2][16]. Financial Overview of the Environmental Sector - In 2024, only the solid waste management and water treatment sectors showed positive growth, while the environmental equipment sector saw a decline of over 30% [3][21]. - The atmospheric governance sector reported a loss increase, while the comprehensive environmental governance sector shifted from profit to loss [21][24]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional electricity firms like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][41]. - The report suggests focusing on "utility-like investment opportunities" within the environmental sector, recommending companies like China Everbright Environment and Zhongshan Public Utilities [42][41]. Key Company Profit Forecasts and Investment Ratings - Several companies, including Huadian International and Longyuan Power, are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 [9][41].