机构：东吴证券 研究员：袁理/陈孜文 事件：2025 年11 月14 日，公司公告董事会批准可能进行发行人民币股份及将该等人民币股份在深交所 上市的初步建议。 固废龙头现金流价值持续凸显，理性拓展海外高质量项目，价值重估正当时！ 1）资本开支理性，审慎拓展海外项目，保障高质量增长：公司严选项目回报，资本开支可控，25 年在 乌兹别克斯坦新增2 个垃圾发电项目，合计3000 吨/日，总投资约22 亿元人民币，光大环境持股88%， 与当地政府合作有保障。此外，公司在泰国、印度等承接设备采购、设备供货等轻资产服务，计划在印 度尼西亚、越南、中亚等国家和地区设立代表处，建立并完善海外项目储备池。2）国补回收加速+财 务费用下降，分红提升空间大：24 年公司自由现金流首次转正，24 年还原后真实的经营性现金流净额 89.1 亿元人民币，资本开支48.7 亿元人民币，自由现金流40.4 亿元人民币，同比增加43 亿元人民币。 24 年公司每股股息23 港仙（同比+5%），分红比例42%（同比+11pct）。25H1 资本开支降至15.4 亿元 人民币，自由现金流20 亿元人民币，每股股息15 港仙（同比+7%），分红比例 ...

Core Points - The company announced the establishment of joint ventures in Uzbekistan for waste-to-energy projects, marking a strategic expansion in the renewable energy sector in Central Asia [1][2] - The registered capital for each project company (A and B) is set at $29.6 million, with the ownership structure being 88% for the company, 10% for Maxsus, and 2% for China Railway 17th Bureau Group [1] - This initiative aligns with the company's international strategy to develop renewable energy infrastructure in emerging markets and meet the growing demand for waste-to-energy solutions [2] Group 1 - The joint ventures will be located in the Fergana and Namangan regions of Uzbekistan [2] - The establishment of these joint ventures is expected to strengthen the company's market position and provide sustainable returns to shareholders [2] Group 2 - The company aims to capitalize on the increasing demand for waste-to-energy solutions in the international market [2]

Group 1 - The core viewpoint of the article is that Everbright Environment (00257) is expanding its renewable energy business in Central Asia by establishing joint ventures for waste-to-energy projects in Uzbekistan [1][2] - The joint ventures will consist of Project Company A and Project Company B, each with a registered capital of $29.6 million, funded by China Everbright International, Maxsus, and China Railway 17th Bureau Group [1][2] - After establishment, China Everbright International will hold 88% equity in both project companies, while Maxsus and China Railway 17th Bureau Group will hold 10% and 2% respectively [1][2] Group 2 - The projects will be located in the Fergana and Namangan regions of Uzbekistan, marking a strategic expansion for the group in the renewable energy sector [2] - This initiative aligns with the company's international strategy to develop renewable energy infrastructure in emerging markets and capitalize on the growing demand for waste-to-energy solutions [2] - The board believes that this expansion will strengthen the company's market position and is expected to provide sustainable returns to shareholders [2]

Core Viewpoint - The announcement indicates that Everbright Environment (00257.HK) is expanding its renewable energy portfolio in Central Asia by establishing joint ventures for waste-to-energy projects in Uzbekistan, aligning with its international strategy to meet the growing demand for waste-to-energy solutions [1] Group 1: Joint Venture Formation - The company has signed a shareholder agreement with Maxsus and China Railway 17th Bureau Group to establish joint ventures, Project Company A and Project Company B, for waste-to-energy projects in Uzbekistan [1] - Project Company A and Project Company B will be located in the Fergana and Namangan regions of Uzbekistan, respectively [1] Group 2: Strategic Expansion - The formation of these joint ventures marks a strategic expansion of the company's renewable energy business in the Central Asian region [1] - This initiative aligns with the company's strategy to develop renewable energy infrastructure in emerging markets and capitalize on the increasing demand for waste-to-energy solutions [1] Group 3: Market Position and Shareholder Returns - The board believes that this expansion will help solidify the company's market position [1] - The company anticipates that this move will provide sustainable returns for its shareholders [1]

Core Viewpoint - The article discusses the efforts and progress made in the ecological restoration and transformation of abandoned mines in Fushun City, particularly focusing on the West Open-pit Mine and its integration with cultural, sports, and tourism development [1][2]. Group 1: Project Overview - The West Open-pit Mine is being transformed into a multi-functional area that will host the "15th Winter" snow sports events, specifically the snowboard big jump project, aiming to create a core area for the integration of professional sports, large events, and deep tourism [1]. - The project includes the establishment of an ecological park and the implementation of comprehensive ecological restoration and reclamation efforts in the mining area [1]. Group 2: Achievements and Recognition - The achievements in the ecological restoration of the West Open-pit Mine have been recognized, highlighting its historical significance in national energy supply and its current innovative approaches to ecological governance and transformation [1][2]. - The local government has been commended for its proactive exploration of combining ecological restoration with cultural, sports, and tourism development, as well as the utilization of renewable energy [1]. Group 3: Future Directions - The restoration of abandoned mines is emphasized as a long-term and systematic project that requires continuous ecological governance efforts to enhance geological stability and environmental quality [2]. - The importance of integrating ecological governance with industrial development and promoting a circular economy is stressed, along with the need for ongoing research and policy recommendations to address key challenges in comprehensive mine management [2].

Group 1: Investment Insights on Bank Preferred Shares - Bank preferred shares dominate the preferred stock market, with a total issuance of 58 shares raising 908.66 billion yuan, of which bank preferred shares account for 92.35% [5][6] - As of September 16, 2025, there are 31 existing preferred shares with a total scale of 705.88 billion yuan, of which 28 are bank preferred shares totaling 701.15 billion yuan [5][6] - Investment in bank preferred shares should adopt a defensive strategy considering "redemption risk," especially in a declining interest rate environment where banks may redeem high fixed-rate preferred shares to refinance at lower costs [8][7] Group 2: Waste-to-Energy Industry Insights - In Q3 2025, the waste-to-energy sector saw 32 projects awarded with a total investment of approximately 2.3 billion yuan, with 75% of these projects focused on upgrading existing facilities rather than new constructions [10][11] - The price of waste cooking oil in China reached a three-year high, with the average price for northern waste oil recorded at 7,374 yuan/ton, reflecting a 3.23% increase month-on-month [12][13] - The tightening supply and demand dynamics are expected to support further price increases in the future, benefiting companies with raw oil resources [13][12]

Group 1: SF Express (顺丰同城) / Logistics - The company achieved revenue of 10.236 billion yuan in H1 2025, a year-on-year increase of 48.81%, and a net profit of 137 million yuan, up 120.43% year-on-year [3][4] - The ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery orders, driving revenue to 5.779 billion yuan, a 43.11% increase year-on-year [4] - The company’s gross margin was 6.65%, slightly down by 0.23 percentage points, while the net profit margin improved by 0.44 percentage points to 1.34% [5][6] Group 2: China Everbright Environment (光大环境) / Environmental Governance - The company reported a revenue of 14.304 billion HKD in H1 2025, a decrease of 8% year-on-year, and a net profit of 2.207 billion HKD, down 10% year-on-year [8][9] - Operating service revenue increased by 5% to 9.943 billion HKD, accounting for 70% of total revenue, while construction service revenue fell by 49% [9][10] - The company’s gross margin improved significantly to 44.26%, up 5.53 percentage points year-on-year, and the net margin increased to 19.44%, up 0.84 percentage points [10] Group 3: Fenbi (粉笔) / Education - The company reported a revenue of 1.492 billion yuan in H1 2025, a decrease of 8.5% year-on-year, and a net profit of 227 million yuan, down 18.39% year-on-year [11][12] - The AI question-answering system is expected to become a new growth engine, with significant potential for revenue increase [13][14] - The company forecasts revenues of 2.525 billion yuan, 2.618 billion yuan, and 2.793 billion yuan for 2025-2027, with a "buy" rating [14] Group 4: HuiLiang Technology (汇量科技) / Advertising Marketing - The company achieved total revenue of 938 million USD in H1 2025, a year-on-year increase of 47%, and a net profit of 32.28 million USD, up 340% year-on-year [15][17] - The average daily advertising requests increased from over 200 billion in H1 2024 to over 300 billion in H1 2025, indicating strong client engagement [18] - The company forecasts revenues of 2.211 billion USD, 2.747 billion USD, and 3.301 billion USD for 2025-2027, with a "buy" rating [18] Group 5: Focus Media (分众传媒) / Advertising Marketing - The company reported total revenue of 6.112 billion yuan in H1 2025, a year-on-year increase of 2.43%, and a net profit of 2.665 billion yuan, up 6.87% year-on-year [20][21] - The gross margin improved to 68.3%, up 3.2 percentage points year-on-year, while the net margin reached 43.4%, up 2.3 percentage points [21][22] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a cash dividend ratio of 25.5% [20] Group 6: Tungsten Industry / Industry Research - The report highlights a tightening supply of tungsten due to regulatory constraints and declining ore grades, with limited new projects expected [27][28] - The demand for tungsten is projected to grow, driven by applications in hard alloys and the semiconductor industry, with significant projects like the Yarlung Tsangpo River hydropower project expected to boost demand [28][29] - The strategic importance of tungsten is increasing due to export controls and tariffs, leading to a potential revaluation of tungsten resources [29] Group 7: Great Wall Motors (长城汽车) / Passenger Vehicles - The company reported total revenue of 92.33 billion yuan in H1 2025, a year-on-year increase of 1%, and a net profit of 6.34 billion yuan, down 10.2% year-on-year [31][32] - The company’s Q2 2025 revenue reached 52.32 billion yuan, a year-on-year increase of 7.7%, with a significant increase in net profit [32][33] - The company forecasts revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan for 2025-2027, with a "buy" rating [34] Group 8: Dongfang Tower (东方铁塔) / Agricultural Chemical Products - The company achieved revenue of 2.148 billion yuan in H1 2025, a year-on-year increase of 8.51%, and a net profit of 493 million yuan, up 79.18% year-on-year [35][36] - The company’s Q2 revenue was 1.193 billion yuan, a year-on-year increase of 10.20%, with a significant increase in net profit [37][38] - The company forecasts revenues of 4.926 billion yuan, 5.145 billion yuan, and 5.372 billion yuan for 2025-2027, with a "buy" rating [39] Group 9: Yipule (易普力) / Chemical Products - The company reported revenue of 4.713 billion yuan in H1 2025, a year-on-year increase of 20.4%, and a net profit of 409 million yuan, up 16.4% year-on-year [42][43] - The company’s Q2 revenue was 2.703 billion yuan, a year-on-year increase of 26.4%, with a significant increase in net profit [43][44] - The company’s performance is driven by high-quality development and market investment [44]

Core Viewpoint - The announcement of the fifth batch of national public open units for environmental facilities and urban sewage and waste treatment facilities by the Ministry of Ecology and Environment marks a significant milestone for the company, showcasing its commitment to environmental responsibility and the "Two Mountains" concept [1] Group 1: Company Achievements - The company has successfully included 18 environmental projects in the national public open unit list, reflecting its dedication to the "open sharing" philosophy and its role as a leading environmental enterprise in China [1][2] - Since the second half of 2018, the company has opened 226 projects to the public, receiving approximately 220,000 visitors over three years, making it the earliest and largest enterprise in China to open environmental facilities to the public [2] - The "Urban Living Room" waste-to-energy project in Changzhou, Jiangsu, has been recognized as one of the "Top Ten National Environmental Facility Open Units," receiving high praise from the Ministry of Ecology and Environment [2] Group 2: Project Details - The 18 projects included in the latest public open unit list are as follows: 1. Tianjin Xiqing Waste-to-Energy Project 2. Hebei Zhangjiakou Waste-to-Energy Project 3. Heilongjiang Harbin Waste-to-Energy Project 4. Jiangsu Yixing Waste-to-Energy Project 5. Jiangsu Suzhou Waste-to-Energy Project 6. Jiangsu Rugao Biomass Direct Combustion Project 7. Jiangsu Danyang Waste-to-Energy Project 8. Zhejiang Ninghai Waste-to-Energy Project 9. Zhejiang Shengzhou Waste-to-Energy Project 10. Jiangxi Jiujiang Waste-to-Energy Project 11. Shandong Zhucheng Waste-to-Energy Project 12. Shandong Dongping Waste-to-Energy Project 13. Shandong Binzhou Development Zone Sewage Treatment Project 14. Henan Nanyang Waste-to-Energy Project 15. Henan Xinyang Waste-to-Energy Project 16. Henan Taikang Waste-to-Energy Project 17. Hunan Xiangtan Waste-to-Energy Project 18. Hunan Shaoyang Waste-to-Energy Project [3]