Group 1 - The garbage incineration power generation project in Bishkek, Kyrgyzstan, has been completed and inaugurated, with over 200 participants from China and Kyrgyzstan attending the event [2] - The project aims to address waste management issues, promote electricity production, create job opportunities, improve the ecological environment of Bishkek, and contribute to ensuring electricity supply for residents [4] - The project is invested and operated by Hunan Junxin Environmental Protection Co., Ltd., which is committed to ensuring safe, stable, and environmentally friendly operations while fulfilling social responsibilities [6] Group 2 - The project started in August 2024, with a planned waste processing capacity of 3,000 tons per day, while the current capacity is 1,000 tons per day [6] - The annual electricity generation from the project is approximately 146 million kilowatt-hours, with an expected annual carbon reduction of 100,000 tons [6]

针对前三季度净利润增长明显的原因，公司解释称，今年以来通过积极应对市场挑战，聚焦内功打磨， 强化全业务条线提质增效，推进全流程精细化管理，在实现收入稳定的基础上，营业成本和费用显著减 少，其他收益有所增加，盈利能力得以持续提升。 投资者活动基本情况 中节能环境保护股份有限公司（以下简称"中节能环境"）于2025年12月23日举行分析师会议，接待了东 方财富分析师林祎楠的调研。本次活动在节能大厦8层会议室举行，时间为当日9：00—10：00，公司证 券事务代表易田、王钰茹出席并与机构就公司经营情况、业务发展等问题进行了交流。 投资者关系活动主要内容 在本次调研中，机构重点关注了公司分红政策、海外业务进展、前三季度业绩变动及项目注入等问题， 公司相关负责人逐一作出回应。 关于股东回报，公司表示高度重视市值管理及股东回报，2025年已完成2024年度权益分派和2025年半年 度权益分派，未来将持续加强相关工作，具体分红方案将根据实际经营情况决策。 海外业务方面，公司指出当前海外市场机会与风险并存，正积极探索市场拓展的同时，将风险管控放在 重要位置。 在项目整合方面，机构问及控股股东旗下13个垃圾焚烧发电项目的注入计 ...

Core Viewpoint - Chinese waste incineration power generation companies are increasingly expanding into Southeast Asia to find waste, driven by the growing demand for modern and environmentally friendly waste disposal methods in the region [1] Industry Overview - The waste incineration power generation industry in China is substantial, with over 1,000 incineration plants and a daily processing capacity exceeding 1.1 million tons [1] - Southeast Asian countries such as Vietnam, the Philippines, and Indonesia, which have traditionally relied on landfills, are showing a rising demand for waste incineration as a more modern and environmentally friendly waste management solution [1]

Investment Rating - The report maintains a "Positive" investment rating for the environmental sector [4]. Core Insights - The environmental sector has shown resilience, with a 0.3% increase in the sector's performance, outperforming the broader market [4][11]. - The report highlights the ongoing expansion of waste-to-energy companies in Southeast Asia, particularly in Vietnam, Thailand, and Indonesia, where waste management issues are significant [5][19][25]. - The Vietnamese government aims to increase waste recycling and processing, with a target of 95% by 2030, while currently, only 10% of waste is incinerated [21][22]. - Thailand's waste management is heavily reliant on landfills, with over 70% of waste sent to landfills, and the government plans to increase waste-to-energy capacity significantly by 2037 [25][26]. - Indonesia faces severe waste management challenges, with only 9-10% of waste processed properly, prompting government initiatives to expedite waste-to-energy project approvals [27][28]. Summary by Sections Market Performance - As of December 19, the environmental sector rose by 0.3%, outperforming the Shanghai Composite Index, which remained flat [4][11]. Industry Dynamics - The report discusses the release of the 2025 energy-saving and carbon reduction technology equipment directory, which includes over 350 technologies aimed at improving energy efficiency [32]. - The report notes the government's push for clean and efficient coal utilization, indicating a shift towards higher value products in the coal industry [33]. Waste-to-Energy Market in Southeast Asia - Vietnam generates significant waste, with 63% currently landfilled and only 10% incinerated. The government has set ambitious waste management goals [19][21]. - Thailand's waste generation is increasing rapidly, with a focus on enhancing waste-to-energy capacity as part of its renewable energy development plan [25][26]. - Indonesia's government is actively working to improve waste management, with plans to streamline project approvals for waste-to-energy facilities [27][28]. Investment Recommendations - The report suggests that the environmental sector, particularly waste management and recycling, is expected to maintain high growth due to government policies and market reforms. Key companies to watch include Huanlan Environment, Xingrong Environment, and Hongcheng Environment [5][51].

证券日报网12月17日讯兴蓉环境（000598）在12月17日回答调研者提问时表示，截至目前，公司运营及 在建的供水项目规模约430万吨/日、污水处理项目规模逾480万吨/日、垃圾焚烧发电项目规模为12000 吨/日。 ...

光大环境(00257)逆市涨超5%，截至发稿，涨5.2%，报5.06港元，成交额1.78亿港元。 值得注意的是，光大环境近期启动回A上市。天风证券（601162）表示，公司在A股发行后，AH溢价率 可能非常之高，或存在带动公司H股估值进一步提升的可能。该行指出，考虑未来中亚、东南亚的一些 国家可能持续有垃圾焚烧需求，我们认为，本次发行可以为公司的后续出海提供更充足的资金储备。持 续看好中国垃圾焚烧产业出海。 消息面上，11月29日，乌兹别克斯坦纳曼干州垃圾焚烧发电项目正式启动，该项目由中国光大国际有限 公司负责实施。此前费尔干纳州的项目已经开工建设。根据项目规划，光大环境将在纳曼干州投资 1.415亿美元。该厂设计日处理垃圾达1500吨，年处理量达54.7万吨，每年生产2.275亿千瓦时电力，计 划于2027年投产。 ...

Core Viewpoint - The company, Guangda Environment, has officially initiated its "back to A-share" listing process, which is expected to enhance its financing channels and improve its valuation due to higher average valuations in the A-share market compared to the Hong Kong market [1][2]. Summary by Sections Company Announcement - Guangda Environment's board has approved a preliminary proposal to issue RMB shares and list them on the Shenzhen Stock Exchange, contingent on market conditions, shareholder approval, and necessary regulatory approvals [1]. - The initial plan proposes to issue no more than 800 million A-shares, which would account for 11.52% of the company's expanded share capital post-issuance [1]. Market Context - The "back to A-share" listing is expected to further broaden the company's financing channels and optimize its capital structure, as A-share listed companies in the environmental sector generally have higher valuations than their Hong Kong counterparts [2]. - According to Bloomberg data, the average valuation for A-share environmental waste-to-energy companies is projected at 13.4 times PE for 2025, compared to 9.2 times PE for Hong Kong companies, indicating a 46% valuation premium for A-shares [2]. Operational Performance - Guangda Environment has successfully operated 159 waste-to-energy projects with a design capacity exceeding 50 million tons per year, leading to continuous growth in waste processing and electricity generation [2]. - The company has achieved positive free cash flow since 2024, driven by refined operations and increased cash returns from its heating and steam supply business [2]. International Expansion - The company is actively expanding its environmental energy projects in overseas markets, particularly in Central Asia, with two waste-to-energy projects in Uzbekistan, totaling a design capacity of 3,000 tons per day [2][3]. - Future market focus includes Indonesia, Vietnam, and Central Asia to enhance its overseas project reserves [3]. Financial Outlook - The company maintains a "buy" rating with a target price of HKD 5.80, corresponding to a projected PE of 10 times for 2025, and offers an attractive dividend yield of 5.1% for 2026 [3]. - Profit forecasts for the company are projected at HKD 3.57 billion, HKD 3.79 billion, and HKD 3.98 billion for the years 2025, 2026, and 2027, respectively [3].

11月20日，永兴股份跌0.19%，截至发稿，报15.67元/股，成交5045.37万元，换手率1.34%，总市值 141.03亿元。永兴股份股价已经连续9天下跌，区间累计跌幅7.5%。 责任编辑：小浪快报 资料显示，广州环投永兴集团股份有限公司位于广东省广州市越秀区流花路121号越秀国际会议中心南 塔10楼，成立日期2009年5月21日，上市日期2024年1月18日，公司主营业务涉及聚焦于垃圾焚烧发电业 务,并逐步拓展生物质处理业务。主营业务收入构成为：项目运营98.91%，其他(补充)1.09%。 从永兴股份十大流通股东角度 数据显示，工银瑞信基金旗下1只基金位居永兴股份十大流通股东。工银红利优享混合A（005833）三 季度增持160.63万股，持有股数675.13万股，占流通股的比例为2.81%。根据测算，今日浮亏损失约 20.25万元。连续9天下跌期间浮亏损失857.41万元。 工银红利优享混合A（005833）成立日期2018年12月25日，最新规模49.23亿。今年以来收益12.96%， 同类排名5205/8136；近一年收益15.3%，同类排名4654/8055；成立以来收益49.38%。 工 ...

Core Viewpoint - Several Chinese environmental companies, including Weiming Environmental, High Energy Environment, Qiaoyin Co., Chengfa Environment, and Teda Co., have been selected as suppliers for Indonesia's environmentally friendly waste-to-energy projects, marking a significant step for Chinese environmental technology in the international market [1][2]. Group 1: Project Overview - Indonesia plans to construct 33 waste incineration power generation projects with a total investment of approximately 91 trillion Indonesian Rupiah [1]. - The first batch of project tenders will cover seven regions, with individual project investments estimated between 25 trillion to 32 trillion Indonesian Rupiah, and a daily waste processing capacity of about 1,000 tons [2]. Group 2: Company Strategies and Preparations - Selected companies are actively preparing for the projects, focusing on technical standard alignment and project partnership selection [2]. - Weiming Environmental has invested around 400 million USD in Indonesia for a nickel project and has experience in local waste incineration projects, positioning itself well for rapid project implementation [2]. Group 3: Market Dynamics and Opportunities - The cancellation of local government subsidies for waste management has shifted revenue sources for waste incineration projects primarily to electricity sales, raising concerns about investment returns [3]. - Companies are adopting strategies to enhance power generation efficiency and explore diversified revenue streams, such as carbon trading and energy recovery [3]. Group 4: Southeast Asia Market Potential - Southeast Asia faces dual pressures of urbanization and energy transition, leading to a growing trend of waste incineration projects [5]. - The market for waste incineration in Southeast Asia is expected to grow at a compound annual growth rate of 15% to 25% over the next 5 to 10 years, with Indonesia being the largest market [5]. Group 5: Strategic Planning - Qiaoyin Co. aims to implement a "dual-wheel drive" strategy, focusing on both domestic and overseas markets while forming alliances with other industry players [6]. - Weiming Environmental plans to leverage its existing capabilities in environmental governance and equipment manufacturing to accelerate its presence in Indonesia [6].

Core Viewpoint - The company, Qiaoyin Co., Ltd. (002943.SZ), has been selected as a supplier for Indonesia's environmentally friendly waste-to-energy project, indicating recognition of its financial and technical capabilities by the Indonesian Sovereign Investment Fund [1] Group 1: Company Overview - Qiaoyin Co., Ltd. was established in 2001 and operates in urban and rural environmental integration services, sanitation engineering construction, and waste classification [1] - The company possesses comprehensive strengths in investment, construction, and operation of waste incineration power generation projects [1] Group 2: Project Significance - Being included in the supplier list for Indonesia's waste-to-energy project enhances the company's ability to export advanced waste treatment technology and management capabilities to Belt and Road countries [1] - This development is expected to expand the company's overseas waste incineration power generation market and improve its overall competitiveness and sustainable development capacity [1]