兴全合远两年持有混合A（011338）基金经理为吴钊华。 12月25日，青达环保涨5.19%，截至发稿，报27.55元/股，成交5871.53万元，换手率1.76%，总市值 34.22亿元。 资料显示，青岛达能环保设备股份有限公司位于山东省青岛市胶州市胶北办事处工业园达能路3号，成 立日期2006年10月9日，上市日期2021年7月16日，公司主营业务涉及节能降耗、环保减排设备的设计、 制造和销售。主营业务收入构成为：光伏项目41.34%，干式除渣系统20.52%，低温烟气余热深度回收 系统17.26%，全负荷脱硝工程10.62%，湿式除渣系统8.12%，其他1.92%，其他(补充)0.12%，脱硫废水 零排放系统0.10%。 从青达环保十大流通股东角度 数据显示，兴证全球基金旗下1只基金位居青达环保十大流通股东。兴全合远两年持有混合A （011338）三季度新进十大流通股东，持有股数169.03万股，占流通股的比例为1.36%。根据测算，今 日浮盈赚取约229.88万元。 兴全合远两年持有混合A（011338）成立日期2021年4月27日，最新规模18.68亿。今年以来收益 30.57%，同类排名3013/ ...

Core Viewpoint - Qingda Environmental Protection experienced a decline of 4.21% in stock price on November 21, with a trading volume of 58.82 million yuan, indicating potential market volatility and investor sentiment concerns [1] Financing Summary - On November 21, Qingda Environmental Protection had a financing buy amount of 5.46 million yuan and a financing repayment of 6.51 million yuan, resulting in a net financing buy of -1.05 million yuan [1] - The total financing and securities lending balance as of November 21 is 237 million yuan, which accounts for 6.93% of the circulating market value, indicating a high level of financing activity compared to the past year [1] - The company had no securities lending activity on November 21, with a lending balance of 0 shares, suggesting a lack of short-selling interest [1] Business Performance - As of September 30, Qingda Environmental Protection reported a total revenue of 1.47 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 91.13% [2] - The net profit attributable to shareholders for the same period was 124 million yuan, showing a significant increase of 267.14% year-on-year [2] Shareholder Information - As of September 30, the number of shareholders for Qingda Environmental Protection increased to 4,404, a rise of 0.87% from the previous period [2] - The average circulating shares per shareholder is 28,207, which is a slight increase of 0.07% [2] - The company has distributed a total of 83.12 million yuan in dividends since its A-share listing, with 66.08 million yuan distributed over the past three years [3]

数据显示，兴证全球基金旗下1只基金位居青达环保十大流通股东。兴全合远两年持有混合A （011338）三季度新进十大流通股东，持有股数169.03万股，占流通股的比例为1.36%。根据测算，今 日浮盈赚取约277.21万元。 兴全合远两年持有混合A（011338）成立日期2021年4月27日，最新规模18.68亿。今年以来收益 22.17%，同类排名3715/8138；近一年收益23.11%，同类排名3587/8055；成立以来亏损12.43%。 11月19日，青达环保涨6.04%，截至发稿，报28.80元/股，成交6537.05万元，换手率1.89%，总市值 35.78亿元。 资料显示，青岛达能环保设备股份有限公司位于山东省青岛市胶州市胶北办事处工业园达能路3号，成 立日期2006年10月9日，上市日期2021年7月16日，公司主营业务涉及节能降耗、环保减排设备的设计、 制造和销售。主营业务收入构成为：光伏项目41.34%，干式除渣系统20.52%，低温烟气余热深度回收 系统17.26%，全负荷脱硝工程10.62%，湿式除渣系统8.12%，其他1.92%，其他(补充)0.12%，脱硫废水 零排放系统0.10% ...

Group 1 - The core viewpoint of the news is that Qingda Environmental Protection has shown significant financial growth, with a notable increase in revenue and net profit for the first nine months of 2025 [2] - As of November 14, Qingda Environmental Protection's financing balance reached 227 million yuan, accounting for 6.92% of its market capitalization, indicating a high level of financing activity [1] - The company reported a revenue of 1.47 billion yuan for the period from January to September 2025, representing a year-on-year growth of 91.13% [2] Group 2 - The company has distributed a total of 83.12 million yuan in dividends since its A-share listing, with 66.08 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased to 4,404, reflecting a 0.87% rise compared to the previous period [2] - The top ten circulating shareholders include a new entrant, Xingquan Huan Yuan Two-Year Holding Mixed A, holding 1.69 million shares, while Huaxia Stable Growth Mixed has exited the top ten [3]

Core Insights - Qingda Environmental Protection experienced a slight decline of 0.18% on October 9, with a trading volume of 56.38 million yuan [1] - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 1.186 billion yuan, a year-on-year growth of 130.76%, and a net profit of 108 million yuan, up 351.78% [2] Financing and Trading Activity - On October 9, Qingda Environmental Protection had a financing buy-in amount of 9.21 million yuan, with a net financing buy of 3.25 million yuan, indicating strong investor interest [1] - The total financing and securities lending balance for the company reached 208 million yuan, accounting for 5.88% of its market capitalization, which is above the 90th percentile of the past year [1] Shareholder and Dividend Information - As of June 30, the number of shareholders increased by 14.44% to 4,366, while the average number of circulating shares per person decreased by 12.62% to 28,188 shares [2] - Since its A-share listing, Qingda Environmental Protection has distributed a total of 83.12 million yuan in dividends, with 66.08 million yuan distributed over the past three years [3]

Investment Rating - The report does not specify an investment rating for the company [1] Core Views - The company achieved significant revenue and profit growth in the first half of 2025, with total revenue reaching 1.186 billion yuan, a year-on-year increase of 130.76%, and net profit attributable to shareholders of 108 million yuan, a year-on-year increase of 351.78% [1][2] - The growth is attributed to stable performance in traditional core businesses and new revenue from photovoltaic projects, with the latter contributing 490 million yuan [2] - The company is increasing its R&D investment, with R&D expenses amounting to 39.48 million yuan in the first half of 2025, a year-on-year increase of 65.94% [2] - The company is actively integrating AI technology with traditional equipment, aiming for a data-driven transformation in thermal power plants [2] - The company is also investing in a 120 MW fish-solar complementary project, which is the first large-scale green hydrogen production project in Shandong Province [2] - The report anticipates accelerated flexibility upgrades in coal power, which may benefit the company [2] Financial Summary - The company’s projected revenue for 2025-2027 is 1.731 billion yuan, 2.169 billion yuan, and 2.607 billion yuan, with growth rates of 31.7%, 25.3%, and 20.2% respectively [2][4] - The projected net profit for the same period is 201 million yuan, 256 million yuan, and 300 million yuan, with growth rates of 116.4%, 27.5%, and 17.0% respectively [2][4] - The gross margin is expected to stabilize around 33% over the forecast period [4] - The report provides earnings per share (EPS) estimates of 1.62 yuan, 2.06 yuan, and 2.42 yuan for 2025, 2026, and 2027 respectively [4]

Core Viewpoint - Qingda Environmental Protection (688501.SH) has experienced a significant surge in performance due to the successful delivery of its new projects, particularly the 120MW fish-solar complementary project in Jiaozhou City, which has positively impacted its financial results in Q1 2025 [1][3]. Financial Performance - In Q1 2025, the company achieved an operating income of 619 million yuan, representing a year-on-year increase of 317.43% [1][3]. - The net profit for the same period was 68.71 million yuan, up 990.26% year-on-year, while the net profit excluding non-recurring items reached 67.92 million yuan, marking a 1067.48% increase [1][3]. - From 2021 to 2024, Qingda's operating income grew from 628 million yuan to 1.314 billion yuan, and net profit increased from 55.89 million yuan to 92.97 million yuan, maintaining positive growth throughout [2]. Project Development - The 120MW fish-solar complementary project is the first large-scale green electricity hydrogen production project in Shandong Province, which has successfully completed grid connection and is expected to generate approximately 162 million kWh annually, reducing carbon dioxide emissions by about 160,000 tons each year [5]. - The company has made significant progress in the construction of new projects, particularly in low-temperature flue gas waste heat recovery systems, slag removal systems, and zero discharge systems for desulfurization wastewater [2]. Market Performance - Qingda Environmental Protection's stock has been well-received by investors, with the share price rising from a low of 13.53 yuan per share on February 18 to a high of 27 yuan per share on April 28, reflecting a year-to-date increase of 99% [1]. Innovation and Technology - As of the end of 2024, the company has accumulated 72 invention patents, 129 utility model patents, and 45 software copyrights, demonstrating its strong technological capabilities [5]. - The company is actively advancing hydrogen energy development, having established a hydrogen technology testing center and focusing on the research and development of hydrogen production and storage technologies [4].