2025年以来，创业环保坚持以"三新""三量"为抓手，"战略引领、深化改革、经营创效、科技赋能、风 险防控"等工作取得显著成效，公司运行稳中向好。 数据显示，2025年1-9月，创业环保实现营业收入34.47亿元，同比上升1.70%；净利润7.02亿元，同比上 升3.59%；扣非净利5.98亿元；经营现金流净额为5.21亿元。其中，第三季度贡献营收12.69亿元，较上 年同期增长8.36%；净利润2.95亿元，同比增长2.22%；扣非净利2.01亿元。 交流会上，问及绿电业务未来发展情况，创业环保代总经理张健表示，公司目前以分布式光伏发电、用 户侧储能和新能源供冷供热业务为核心，作为战略新业务方向重点培育，此类战略新业务在盈利能力、 经济附加值、投资回收期等方面，与基础水务业务形成互补，旨在优化公司整体业务结构。 11月20日下午，创业环保（600874）（600874.SH）2025年第三季度业绩说明会在全景路演成功举办。 创业环保代总经理张健、创业环保总会计师聂艳红、创业环保董事会秘书齐丽品、创业环保 董事王永 威、创业环保董事安品东、创业环保独立董事薛涛出席本次说明会。 谈及中央生态环境保护督察进驻天津 ...

随着绿色低碳清洁能源技术的持续迭代，新质生产力将为低碳转型发展提供更强劲的支撑。 受新一轮科技革命与产业革命的双重影响，中国经济社会发展的内外部环境均出现深刻变革，高质量发 展推进与现代化体系构建面临考验。绿色发展是高质量发展的核心要义，新质生产力本身就是绿色生产 力。一方面，能源低碳转型正通过四大方向加速推进：能源结构的清洁低碳化重构、终端用能方式的全 面电气化转型、新型电力系统的落地建设及绿色金融市场的规范发展，这些方向恰好构成新时代新质生 产力的核心动能、重点领域与关键赛道；另一方面，新质生产力以科技创新为核心突破口，随着绿色低 碳清洁能源技术的持续迭代，将为低碳转型发展提供更强劲的支撑。二者不仅在理论上具有协同特征， 也在实践推进过程中面临诸多挑战。立足这一现实背景，本文将系统梳理并分析新质生产力与能源清洁 低碳转型的内在关联机制及面临的挑战，并提出具有针对性的政策建议。 能源清洁低碳转型催生新质生产力 能源清洁低碳转型主要通过以下三大渠道推动新质生产力的形成与发展。 1.以提升能源利用效率为内生动力的技术创新催生新质生产力。 提升能源利用效率是达成清洁低碳转型目标的前提与基础，而节能仍是当前实现碳减 ...

停牌数日后，11月18日晚间华蓝集团（301027）披露筹划公司控制权变更事项进展。经公司向深圳证券 交易所申请，公司股票也将自2025年11月19日（星期三）上午开市起复牌。 此前，华蓝集团于2025年11月13日收到公司实际控制人雷翔、赵成、吴广意、钟毅、莫海量、邓勇杰以 及李嘉的通知，其正在筹划公司控制权变更相关事宜，该事项可能导致公司控制权和实际控制人发生变 更。 华蓝集团是一家以工程设计、国土空间规划业务为核心，以工程总承包管理与工程咨询等业务为延伸的 综合型工程技术服务企业。 华蓝集团认为，本次交易系栩桐投资对上市公司内在价值的认可，以及对上市公司长期投资价值的判 断。栩桐投资拟利用相关运营管理经验，把握行业发展机遇，优化上市公司管理及资源配置，助力上市 公司发展，进一步提高上市公司核心竞争力。 传统业务方面，该公司着重挖掘存量市场，如城市更新业务。另外，公司积极拓展业务范围，于2023年 收购了广西华蓝水电工程设计有限公司，开展水利相关的建设工程设计及咨询等业务。 新业务方面，华蓝集团结合"双碳"目标，重点发展分布式光伏发电、合同能源管理类业务，成立了广东 华蓝能源开发有限公司（下称"华蓝能源" ...

Core Viewpoint - Zhonghuan Environmental Protection (300692.SZ) focuses on water environment governance, waste incineration power generation, solid waste resource treatment, and renewable energy business, utilizing various investment models such as BOT, BOO, and PPP [1][2] Group 1: Business Overview - The company has a waste treatment capacity of 3,500 tons per day and a hazardous waste disposal capacity of 75,000 tons per year [1] - The company has implemented distributed photovoltaic power generation systems at its facilities, with a total installed capacity of 9.59 MW from 12 photovoltaic projects that have achieved grid connection by the end of 2024 [1] Group 2: Investment and Operations - The company participates in the investment, construction, and operation of municipal solid waste incineration power generation and solid waste resource projects across the country [1]

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - The target price of Jinlang Convertible Bond 02 on the first - day of listing is expected to be between 117 - 121 yuan, and investors are advised to actively subscribe. The estimated first - day conversion premium rate is in the range of 37% - 42% [3][18]. - The estimated first - day new bond lottery winning rate is around 0.0094% - 0.0134% [4][19]. 3. Summary According to the Directory 3.1 Jinlang Convertible Bond 02 New Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Jinlang Convertible Bond 02 is priority placement and online issuance. The bond and issuer ratings are both AA. The issuance scale is 1.677 billion yuan, the initial conversion price is 89.82 yuan, the conversion parity on October 20, 2025, is 85.04 yuan, the pure bond value is 97.94 yuan. The game terms are normal. The bond has high issuance scale, good liquidity, acceptable rating, and good bond floor protection [2][14]. 3.1.2 New Bond Initial Listing Price Analysis - The company focuses on the distributed photovoltaic power generation field, with two core businesses: photovoltaic inverters and distributed photovoltaic power generation. The funds raised from this issuance will be used for multiple projects such as distributed photovoltaic power station projects, high - voltage high - power grid - connected inverter new construction projects, etc., which can optimize the company's capital structure and enhance its competitiveness [3][17]. - The target price of Jinlang Convertible Bond 02 on the first - day of listing is expected to be between 117 - 121 yuan, with an estimated conversion premium rate of 37% - 42% [3][18]. 3.1.3 Convertible Bond New Bond Lottery Winning Rate Analysis - The estimated first - day new bond lottery winning rate is around 0.0094% - 0.0134%. Assuming the old shareholder placement ratio is 33% - 53%, the scale available for the market is 788 million - 1.123 billion yuan. Based on the assumption of 8.38 million online valid subscriptions, the lottery winning rate is calculated [4][19]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Up - and - Downstream Situation - The company focuses on the distributed photovoltaic power generation field, with photovoltaic inverters and distributed photovoltaic power generation as its two core businesses. The raw materials mainly include electronic components, structural parts, and auxiliary materials. The procurement cost of raw materials is affected by factors such as commodity prices. The company's main customers are photovoltaic power generation system integrators, EPC contractors, etc. The downstream market demand is affected by policies, energy goals, etc. [20][21]. 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed a growth trend, with year - on - year growth rates of 77.8%, 3.59%, 7.23%, and 13.09% respectively. The main income sources are inverter product sales and distributed photovoltaic power generation business income. The comprehensive gross profit margin remained stable, and the net profit margin fluctuated. The company's R & D expenses showed an upward trend, and the period expenses also increased. The accounts receivable remained stable, and the accounts receivable turnover rate was relatively high. The net profit attributable to the parent company changed significantly, and the profitability declined [24][27][29]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of the end of 2024, the company's equity structure was relatively dispersed. The top two shareholders held a combined 32.86% of the shares, and the top ten shareholders held a combined 53.72%. The controlling shareholder is Wang Yiming, and the actual controllers are Wang Yiming, Wang Junshi, and Lin Yibei. The company has 9 domestic first - level subsidiaries, 1 overseas first - level subsidiary, and 6 other enterprises directly or indirectly controlled by the controlling shareholders and actual controllers [43]. 3.2.4 Company's Business Characteristics and Advantages - The company has brand advantages, having won many awards and having its products applied in many landmark projects. It has technology R & D advantages, with a strong R & D team and multiple R & D platforms. It also has industry - leading advantages, being recognized as a national manufacturing single - champion enterprise and having its products play important roles in the photovoltaic power generation system [46][47]. 3.2.5 Allocation of Funds Raised in This Issuance - The company plans to issue convertible bonds to raise up to 1.677 billion yuan. The funds will be used for six projects: a distributed photovoltaic power station project (354 million yuan), a high - voltage high - power grid - connected inverter new construction project (333 million yuan), a medium - and large - power hybrid energy storage inverter new construction project (291 million yuan), a Shanghai R & D center construction project (248 million yuan), a digital and intelligent improvement project (99 million yuan), and supplementing working capital (351 million yuan) [12][48].

Core Insights - Dongyuan Venture Capital has successfully listed its investment project Nengzhiguang on the Beijing Stock Exchange, marking it as Ningbo's first A-share listing by 2025, increasing the number of listed companies in which Dongyuan has invested to eight [2] - The company has invested in over 30 enterprises across various sectors including advanced manufacturing, new energy, new materials, semiconductors, IT and software services, biomedicine, and energy conservation and environmental protection, demonstrating a preference for local enterprises and a long-term holding strategy [2][3] Company Overview - Established in May 2005 with a registered capital of 100 million yuan, Dongyuan Venture Capital is the first venture capital institution in Ningbo, with its equity structure showing that Ningbo Electronic Information Group holds 51.25% of the shares, followed by two state-owned enterprises [3] - The company has experienced significant growth, doubling its asset management scale since its inception, and has undergone three key phases: foundational exploration, industry focus, and platform operation [3] Investment Strategy - The decisive factor for investment decisions is the "scientific content" of the target enterprises, which has been a guiding principle since the company's early investments [3] - Dongyuan has adopted a "patient capital" approach, exemplified by its long-term investment in Jinlang Technology, which has yielded good returns for shareholders [4] - The company has shifted to a dual investment strategy since 2016, focusing on both early-stage and more mature projects, leading to successful investments in several notable listed companies [4] Market Positioning - Dongyuan Venture Capital strategically invests in industries before they experience significant growth, such as the solar energy sector, where Jinlang Technology achieved a market value of over 100 billion yuan shortly after its listing [7] - The company emphasizes the importance of understanding the target enterprises and their industries to capitalize on market opportunities effectively [7] Operational Challenges - The company faces challenges in exit strategies due to tightening IPO channels and a cooling primary market, which necessitates a focus on quality over quantity in investment decisions [7][8] - Dongyuan has developed internal standards for evaluating potential investments, considering factors such as the industry chain, local industrial support, and the characteristics of the founders [8] Future Outlook - Dongyuan plans to enhance its investment strategies by expanding long-term capital supply, innovating investment approaches, and improving exit mechanisms to strengthen the relationship between capital markets and quality enterprises [8]

Core Viewpoint - Jinlang Technology Co., Ltd. reported a revenue of 5.663 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 9.71%, and a net profit attributable to shareholders of 865 million yuan, up 29.39% year-on-year [2] Financial Performance - The company achieved a revenue of 5.663 billion yuan in the first three quarters of 2025, with a net profit of 865 million yuan [2] - Year-on-year growth rates for revenue and net profit were 9.71% and 29.39%, respectively [2] Business Segments - The core business of the company is the photovoltaic inverter segment, which is crucial for the efficiency and stability of photovoltaic power generation systems [2] - The company has focused on technological research and development, resulting in a series of proprietary core technologies [2] - The distributed photovoltaic power generation business is seen as a growth driver, allowing the company to transition from a core equipment supplier to a comprehensive energy solution provider [3][4] Market Position and Strategy - The company's inverters have market advantages in conversion efficiency and power quality, with a significant share in the domestic market and ongoing expansion into global markets [3] - The company has optimized its inverter product structure, increasing the proportion of high-tech and high-value-added products, including medium and large power inverters and energy storage products [3] Project Development - As of June 30, 2025, the company had a cumulative installed capacity of 1,329.52 MW in renewable energy power production, primarily in East, Central, and South China [4] - The company is actively developing and operating distributed photovoltaic power station projects across multiple provinces in China [4] Synergy and Growth Potential - The two core businesses of photovoltaic inverters and distributed photovoltaic power generation create a synergistic effect, enhancing the company's overall risk resistance and driving performance growth [4] - The company plans to raise 1.677 billion yuan through a convertible bond issuance to invest in various projects, including high-voltage large power inverters and energy storage inverters [4][5]

Core Viewpoint - The textile and apparel industry in Shishi City is undergoing a transformation towards green and intelligent development, supported by innovative electricity services that enhance the operational efficiency of enterprises [1]. Group 1: Electricity Service Innovations - The Shishi Power Supply Company has improved the electricity service process for enterprises in the Jinshang Intelligent Manufacturing Park, allowing companies to enjoy power supply services from the moment they enter the park, thus saving time and effort [2]. - A new cost-sharing mechanism for electricity connection has been implemented, significantly reducing the electricity costs for companies, with one company saving approximately 500,000 yuan [2]. Group 2: Green Energy Initiatives - The development of distributed photovoltaic systems is becoming a key method for companies in Shishi to promote green transformation, with the local power supply company providing clear guidelines and support for project registration and grid connection [3]. - The preparation time for project registration materials has been significantly reduced due to the detailed guidelines provided by the power supply company, enabling companies to create better implementation plans and lower overall costs [3]. Group 3: Smart Upgrade Support - The Shishi Power Supply Company has introduced a "dual manager system" for key projects, enhancing service quality and responsiveness to electricity demands, exemplified by a company that received a customized transformer capacity increase [4]. - The installation of a new 2000 kVA transformer for a company has reduced the electricity connection time by 40%, facilitating the smooth progress of their "5G smart factory" project [4].

Group 1: Market Activity - A total of 35 stocks were listed on the institutional leaderboard, with 19 stocks experiencing net buying and 16 stocks facing net selling [1] - The top three stocks with the highest net buying by institutions were Jinlang Technology (2.72 billion), Tianfu Communication (2.12 billion), and Deyue Shares (1.94 billion) [1] Group 2: Stock Performance - Jinlang Technology (300763.SZ) saw a price increase of 19.99% with 3 buyers and 1 seller [2] - Yinian Lithium Energy (300014.SZ) experienced a price rise of 16.59% with 3 buyers and 4 sellers [2] - Deyue Shares (605117.SS) had a price increase of 10.00% with 2 buyers and 1 seller [2] Group 3: Industry Developments - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a plan for the electronic information manufacturing industry for 2025-2026, focusing on high-quality development in the photovoltaic sector and regulating low-price competition [3] - Jinlang Technology specializes in the photovoltaic power generation sector, with core businesses in photovoltaic inverters and distributed photovoltaic power generation [3] Group 4: Solid-State Battery Progress - Recent advancements in solid-state batteries were reported by several companies, including Funeng Technology, which completed the first generation of sulfide all-solid-state battery samples [4] - Yiwai Lithium Energy announced the establishment of a production base for solid-state batteries, with the "Longquan No. 2" all-solid-state battery successfully produced [4] - XianDao Intelligent reported a net profit of approximately 740 million, a year-on-year increase of 61.19%, with a projected 30% of solid-state equipment orders expected by 2025 [4]

Core Viewpoint - The Fujian Provincial Development and Reform Commission has issued guidelines for the management of distributed photovoltaic (PV) power generation, emphasizing the integration of such projects into the grid based on capacity assessments and encouraging rural development through large-scale projects [1] Group 1: Guidelines for Distributed PV Integration - Local grid companies are required to follow the principle of "should connect, must connect, can connect early" when issuing grid connection opinions for distributed PV projects [1] - For already operational large commercial distributed PV projects that cannot meet self-consumption requirements due to significant changes in electricity load, a transition to centralized PV stations is allowed, provided that a load change explanation and connection adjustment plan are submitted [1] - Uncommissioned large commercial distributed PV projects are prohibited from applying for changes to centralized PV stations [1] Group 2: Assessment and Public Disclosure - Grid companies must conduct assessments of the grid connection capacity and enhancement measures for distributed PV projects in accordance with national and provincial regulations, and publicly disclose these assessments quarterly through platforms like the "State Grid" app [1] - The initiative "Thousands of Households in the Sunlight" aims to promote large-scale development of non-natural person household PV systems in rural areas while respecting farmers' rights and interests [1] - Grid companies are expected to timely upgrade distribution networks based on the scale of village development and provide quality grid connection services [1]