徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 丨证券研究报告丨 公司研究丨点评报告丨洪城环境（600461.SH） [Table_Title] 2025H1 点评：归母业绩同比增 0.68%，资本开 支显著下行 报告要点 [Table_Summary] 洪城环境 2025H1 实现归母净利润 6.09 亿元，同比增长 0.68%；其中 2025Q2，公司实现归母 净利润 2.77 亿元，同比减少 1.56%。污水处理业务保持稳健增长，燃气接驳、工程业务下滑拖 累收入和毛利。2025H1 公司资本开支为 4.35 亿元，同比大幅减少（上年同期 11.1 亿元），利 于维持高分红比例。期待公用事业市场化改革持续推进，利于公司盈利性保障和现金流改善。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 洪城环 ...

风险提示：市场有风险，投资需谨慎。 万邦达属于环保行业，业务涵盖工业水处理、固废处理等领域，同时涉及医废处理、PPP模式等概念。 公司总部位于北京，是创业板上市公司。 资金流向方面，8月20日主力资金净流出1462.82万元，近五个交易日累计净流出3340.79万元。 截至2025年8月20日15时，万邦达股价报6.50元，较前一交易日下跌0.06元，跌幅0.91%。当日开盘价为 6.53元，最高触及6.55元，最低下探至6.38元，成交量为14.18万手，成交额0.92亿元。 ...

Group 1 - The stock price of Huakong Saige is reported at 3.95 yuan, down 0.09 yuan from the previous trading day, with a trading range of 4.22 yuan to 3.85 yuan, resulting in a volatility of 9.16% [1] - The total trading volume for the day was 1,133,200 hands, with a transaction amount of 449 million yuan, and a turnover rate of 11.26% [1] - Huakong Saige operates in the environmental protection industry, focusing on water treatment and solid waste management, and is involved in sponge city construction projects [1] Group 2 - The number of transactions for Huakong Saige increased by 585.39% compared to the previous period, ranking among the top in the market [1] - The stock was included in a list of stocks with significant increases in both transaction volume and number of transactions [1] - In terms of capital flow, there was a net outflow of 7.2355 million yuan from Huakong Saige, accounting for 0.18% of its circulating market value, while the cumulative net inflow over the past five trading days was 75.4995 million yuan, representing 1.9% of its circulating market value [1]

Group 1 - The stock price of Zhonghuan Environmental Protection closed at 6.70 yuan on August 18, 2025, down 0.45% from the previous trading day, with a trading volume of 102 million yuan [1] - Zhonghuan Environmental Protection's main business includes wastewater treatment and solid waste management, making it one of the important environmental protection companies in Anhui Province [2] - A specific shareholder, Anhui High-tech Jintong Anyi Equity Investment Fund, plans to reduce its holdings by up to 15.0583 million shares, accounting for 3.55% of the company's total share capital, due to funding needs and the impending expiration of the fund's operating period [2] Group 2 - On the same day, the net outflow of main funds for Zhonghuan Environmental Protection was 1.2059 million yuan, but over the past five days, the overall main fund showed a net inflow of 25.5921 million yuan [2]

Group 1 - The stock price of Junxin Co., Ltd. reached 14.29 yuan as of August 13, 2025, with an increase of 0.70% from the previous trading day [1] - The opening price on the same day was 14.20 yuan, with a highest point of 14.33 yuan and a lowest point of 14.14 yuan, resulting in a trading volume of 0.97 billion yuan and a turnover rate of 3.34% [1] - Junxin Co., Ltd. operates in the environmental protection sector, focusing on solid waste treatment and waste-to-energy projects, and is a significant player in China's environmental industry [1] Group 2 - On August 13, Junxin Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation and CITIC Securities as joint sponsors, indicating a move to expand financing channels and promote business development [1] - On the same day, the net outflow of main funds for Junxin Co., Ltd. was 1.8361 million yuan, with a cumulative net outflow of 11.6602 million yuan over the past five days [1]

Group 1: Key Insights on Zhongshan Public Utilities (000685) - Zhongshan Public Utilities is a public utility platform under the Zhongshan State-owned Assets Supervision and Administration Commission, focusing on three main businesses: water services, solid waste management, and renewable energy [12][14] - The company has a water supply capacity of 2.65 million tons per day, with a market share of 94%. A potential water price adjustment of 20%-30% could increase net profit by approximately 120-180 million RMB, representing a 10%-15% increase compared to 2024 [12][14] - The solid waste management segment is expanding through acquisitions, with a projected capacity of 6,120 tons per day by 2025 [12][14] - The renewable energy segment is being developed through joint ventures and funds, with approximately 500 MWp of distributed solar power projects currently in operation or under construction [12][14] - The company holds a 10.55% stake in GF Securities, which is a significant source of profit. The estimated net profit for 2024 is 1.199 billion RMB, with investment income from GF Securities contributing 1.008 billion RMB, accounting for 84% of total profit [12][14] Group 2: Insights on New Tibet Railway Company - The New Tibet Railway Company was recently established with a registered capital of 95 billion RMB, fully owned by the China National Railway Group [13][25] - The railway project aims to create a convenient transportation route from Xinjiang to Tibet, covering approximately 2,000 kilometers and is expected to have a construction contract value of around 90.2 billion RMB [13][25] - The establishment of the New Tibet Railway Company is anticipated to accelerate the construction of the railway, which has been in planning since 2008 [13][25] - The project is expected to significantly increase demand for engineering machinery and rail transit equipment, benefiting companies such as XCMG, SANY, and China Railway Construction Corporation [26][25] Group 3: Insights on Bond Market and Tax Regulations - Following the new VAT regulations, the implied tax rate for bond interest is expected to be significantly lower than 6%, with estimates ranging from 0.7% to 3.2% for various types of bonds [11][9] - The bond market is anticipated to remain supported in the short term, but the potential for significant gains may be limited due to various market factors [11][9] - The government is expected to maintain a loose monetary policy to mitigate fiscal costs and enhance tax revenue effectiveness, which may provide short-term support for the bond market [11][9]

Group 1 - The stock price of GaoNeng Environment as of August 6, 2025, is 6.44 yuan, down by 0.05 yuan, representing a decline of 0.77% from the previous trading day [1] - The trading volume on that day was 228,961 hands, with a total transaction amount of 148 million yuan [1] - GaoNeng Environment specializes in the environmental protection industry, covering areas such as environmental remediation, solid waste treatment, and hazardous waste disposal [1] Group 2 - The company is headquartered in Beijing and holds a significant position in the environmental protection industry [1] - A third extraordinary general meeting of shareholders is scheduled for August 7, 2025, to review proposals for amending the external investment decision-making management system and electing the sixth board of directors and independent directors [1] - Shareholders can participate in voting either on-site or through online means [1]

公司在烟气治理市场积极布局，推进业务新领域拓展，承接了江苏瑞祥化工锅炉定连排能量回收、可克 达拉2x350MW静电除尘部分设备供货、吉林燃料乙醇3x220t/h锅炉超低排放改造、兰州新区2x350MW 脱硝工艺设备供货等烟气治理项目，新技术的推广稳步推进，进一步巩固了在传统电力行业的市场份 额。 报告期内，公司新承接合同额3.99亿元，其中：水处理2.94亿元，烟气治理1.05亿元;截至报告期末，公 司尚未确认收入的在手合同金额合计为32.91亿元，其中：水处理21.73亿元(含预估运营合同额8.88亿 元)、固废处理8.78亿元(为预估运营合同额)、烟气治理2.40亿元。 智通财经APP讯，中电环保(300172.SZ)披露2025年半年度报告，报告期实现营收3.15亿元，同比下降 10.70%;归母净利润5394万元，同比增长2.87%;扣非净利润4379万元，同比增长12.07%;基本每股收益 0.08元。 ...

Group 1 - The core viewpoint of the news highlights the recent large transaction involving Qidi Environment, where 656,000 shares were traded at a price of 2.20 yuan per share, representing a premium of 10.55% over the closing price of 1.99 yuan on the same day [1] - The transaction accounted for 1.64% of the total trading volume on that day, which was 88.19 million yuan, making it one of the highest premium cases in the large transaction market across Shanghai, Shenzhen, and Beijing [1] - On the same day, Qidi Environment's stock price slightly decreased by 0.50%, with a trading volume of 4.4485 million hands and a total market capitalization of 2.836 billion yuan [1] Group 2 - The company has reported a cumulative net loss exceeding 11 billion yuan over the past five years, with its stock price declining over 99% from its historical peak in 2015 [2] - As of July 2, the company's price-to-book ratio stood at 4.11 times, while the price-to-earnings ratio was -5.35 times, indicating significant financial distress [2] Group 3 - Qidi Environment operates in the environmental protection industry, with business segments including solid waste treatment, water management, and lithium battery sectors [1] - The company has disclosed a total litigation amount of 4.383 billion yuan and has 5.936 billion yuan in debts awaiting fulfillment, totaling over 10 billion yuan [1] - Due to failure to execute certain payments on time, the company has been listed as a dishonest executor by multiple courts [1]

Group 1: Contract and Revenue Insights - As of the end of 2024, the total amount of unrecognized revenue contracts is approximately 30.79 billion CNY for water treatment, 19.83 billion CNY for solid waste treatment, and 9.34 billion CNY for flue gas governance, totaling 60.96 billion CNY [2] - The engineering contract amount is 13.28 billion CNY with an implementation period of 1-3 years, while the operation contract amount is 17.51 billion CNY, aligned with the project concession periods [2] - The company has secured major nuclear power water treatment projects with a cumulative contract amount of about 3.63 billion CNY, reinforcing its market position [2] Group 2: Financial Management and Cash Flow - The company emphasizes maintaining stable cash flow and has implemented measures such as contract management and dynamic tracking of customer credit status to mitigate accounts receivable risks [3] - Strategies include centralized procurement to monitor equipment and raw material prices, optimizing internal management, and enhancing budget control to improve fund utilization efficiency [3] Group 3: Mergers and Acquisitions Strategy - The company focuses on both horizontal and vertical mergers, aiming to integrate quality enterprises with core technologies and market advantages to expand business scale [4] - Vertical mergers target upstream enterprises with new technologies and high-end environmental equipment to enhance overall competitive advantage [4] Group 4: Market and Trade Impact - The company is less dependent on overseas markets, particularly the U.S., due to the domestic focus of the environmental industry [5] - It has taken steps to diversify key raw material suppliers and assess the impact of trade policies on costs and delivery cycles [5] Group 5: Future Development and Industry Trends - The environmental industry is transitioning towards comprehensive management, with a focus on low-carbon technology and resource utilization [6] - The company plans to enhance market expansion, project operation, and technology development while maintaining a competitive edge [6] - Key strategies include project management through EPC models and lifecycle management to maximize asset value [7]