证券研究报告·公司深度研究·环境治理 武汉天源（301127） 环保为源，能源、数字、装备打造新成长 2025 年 07 月 03 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,947 | 1,985 | 2,766 | 3,488 | 4,076 | | 同比（%） | 53.05 | 1.96 | 39.34 | 26.10 | 16.85 | | 归母净利润（百万元） | 282.73 | 333.24 | 500.20 | 608.81 | 749.05 | | 同比（%） | 39.91 | 17.87 | 50.10 | 21.71 | 23.04 | | EPS-最新摊薄（元/股） | 0.42 | 0.49 | 0.74 | 0.90 | 1.11 | | P/E（现价&最新摊薄） | 40.50 | 34.36 | 22.89 | 18.81 | 15.29 | [Table_Tag] ...

昨日A股 5月29日，A股三大指数集体上涨，截至收盘，沪指涨0.70%，深成指涨1.24%，创业板指涨1.37%，北证 50指数涨2.73%。全市场成交额12134亿元，较上日放量1795亿元。全市场超4400只个股上涨。板块题 材上，无人驾驶、创新药、移动支付板块领涨；贵金属、食品板块跌幅居前。 盘面上，移动支付概念领涨，无人驾驶概念掀涨停潮，可控核聚变概念反复活跃。创新药概念涨幅居 前，黄金概念跌幅居前。 | 名称 最新点位 | 涨跌幅 | | --- | --- | | 上证指数 3363.45 | +23.52(0.7%) | | 深证指数 10127.2 | +123.93(1.24%) | | 2012.55 创业板指 | +27.17(1.37%) | | 日期:5月29日 制图:21投资通 | | 隔夜外盘 纽约股市三大股指5月29日上涨。截至当天收盘，道琼斯工业平均指数比前一交易日上涨117.03点，收 于42215.73点，涨幅为0.28%；标准普尔500种股票指数上涨23.62点，收于5912.17点，涨幅为0.40%；纳 斯达克综合指数上涨74.93点，收于19175.87点，涨幅为0 ...

重要的消息有哪些 5月30日（周五）申购提示 新股方面，影石创新申购代码787775，发行价47.27元/股，申购上限0.65万股。 投资有风险，申购需谨慎。 3．中办、国办印发《关于健全资源环境要素市场化配置体系的意见》，深化资源环境要素市场化配置 改革。意见提出，到2027年，碳排放权、用水权交易制度基本完善，排污权交易制度建立健全，节能市 场化机制更加健全，资源环境要素交易市场更加活跃、价格形成机制更加健全，推动资源环境要素畅通 流动、高效配置，充分释放市场潜力，对实现相关资源环境目标的支撑作用有效增强。 4．财政部拟第三次续发行2025年超长期特别国债（二期）。本次续发行国债为30年期固定利率附息 债。本次续发行国债竞争性招标面值总额710亿元，不进行甲类成员追加投标。本次续发行国债票面利 率与之前发行的同期国债相同，为1.88%。本次续发行国债的起息日、兑付安排与之前发行的同期国债 相同。 5．5月29日，浙江省经济和信息化厅发布，浙江省制造业高质量发展（数字经济发展）领导小组办公室 关于印发《关于促进智算云创新发展的实施意见（2025—2027年）》（以下简称《意见》）的通知。 《意见》提到总体目 ...

2．5月29日，外交部发言人毛宁主持例行记者会。有记者就美国决定取消中国留学生签证一事提问。毛宁表示，美方以意识形态和国家安全为借口，无理取消中国 留学生签证，严重损害中国留学生的合法权益，干扰两国正常人文交流。中方对此坚决反对，已向美方提出交涉。美方这一政治性、歧视性做法戳穿了美国一贯标 榜的所谓"自由开放"谎言，只会进一步损害美国的自身国际形象和国家信誉。 3．中办、国办印发《关于健全资源环境要素市场化配置体系的意见》，深化资源环境要素市场化配置改革。意见提出，到2027年，碳排放权、用水权交易制度基 本完善，排污权交易制度建立健全，节能市场化机制更加健全，资源环境要素交易市场更加活跃、价格形成机制更加健全，推动资源环境要素畅通流动、高效配 置，充分释放市场潜力，对实现相关资源环境目标的支撑作用有效增强。 4．财政部拟第三次续发行2025年超长期特别国债（二期）。本次续发行国债为30年期固定利率附息债。本次续发行国债竞争性招标面值总额710亿元，不进行甲类 成员追加投标。本次续发行国债票面利率与之前发行的同期国债相同，为1.88%。本次续发行国债的起息日、兑付安排与之前发行的同期国债相同。 5．5月29日 ...

2025.05. 29 5月29日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 中科星图：被暂停参加军队物资工程服务采购活动 中科星图公告称，军队采购网于2025年5月28日发布公告，海后采购和资产管理局根据军队供应商 管理相关规定，自2025年5月28日起暂停公司参加全军物资工程服务采购活动资格。暂停事由：公 司在参加项目编号：2024-JH01-F2101采购活动中，涉嫌存在违规失信行为。知悉被暂停采购资格 后，公司内部高度重视，就存在违规处理决定形成原因开展内部核查并积极准备申诉，预计该事项短 期内将对公司的经营产生一定影响。目前公司整体经营情况正常，在暂停日期前已签订的相关合同仍 在正常执行。该事项不属于行政处罚，未触及《上海证券交易所科创板股票上市规则》规定的重大违 法强制退市情形。 光洋股份：终止购买银球科技100%股权等事项 股票复牌 光洋股份公告称，公司原计划通过发行股份及支付现金方式购买宁波银球科技股份有限公司100%股 权并募集配套资金。由于交易相关方未能就本次交易方案达成一致意见，经审慎研究并协商一致，决 定终止筹划本次交易事项。公 ...

新股方面，影石创新申购代码787775，发行价47.27元/股，申购上限0.65万股。 重要的消息有哪些 5月30日（周五）申购提示 理想汽车：一季度净利润6.47亿元同比增加9.4% 投资有风险，申购需谨慎。 合兴股份：公司目前未涉及无人驾驶物流车相关业务 1．5月29日，商务部新闻发言人何咏前就"近期中美双方经贸团队是否又进行了磋商"的相关问题回应表 示，中美日内瓦经贸会谈以来，双方利用多双边场合，在多个层级就经贸领域各自关切保持沟通。近期 中方围绕美方在半导体领域滥用出口管制措施等做法，多次与美方进行交涉。中方再次敦促美方立即纠 正错误做法，停止对华歧视性限制措施，共同维护日内瓦高层会谈共识。 2．中办、国办印发《关于健全资源环境要素市场化配置体系的意见》，深化资源环境要素市场化配置 改革。意见提出，到2027年，碳排放权、用水权交易制度基本完善，排污权交易制度建立健全，节能市 场化机制更加健全，资源环境要素交易市场更加活跃、价格形成机制更加健全，推动资源环境要素畅通 流动、高效配置，充分释放市场潜力，对实现相关资源环境目标的支撑作用有效增强。 3．财政部拟第三次续发行2025年超长期特别国债（二期）。 ...

Group 1: Company Announcements - Small Commodity City has won the land use rights for 569 million yuan to build the Yiwu Market Hangzhou project, with a total estimated investment of 1.099 billion yuan [2] - Zhongke Star Map has been suspended from participating in military material engineering service procurement activities due to alleged violations, which may impact its operations in the short term [3] - China State Construction has recently secured three major projects totaling 8.23 billion yuan, accounting for 0.4% of its audited revenue for 2024 [6] - Shandong Highway plans to issue company bonds not exceeding 8 billion yuan to optimize its financing structure [8] - Fengmao Co. intends to invest no more than 1.5 billion yuan to establish an auto parts production base in Jiaxing, with an expected annual output value of 1.5 billion yuan after reaching production [10] Group 2: Financial Transactions - Baobian Electric is transferring 90% of its subsidiary's shares for 137 million yuan, which will help optimize resource allocation [4] - Yi Hua Tong plans to terminate its fundraising project for the fuel cell comprehensive testing and evaluation center, which will not adversely affect its R&D and business operations [9] - Yi Wei Communication intends to invest 100 million yuan to establish a wholly-owned subsidiary focused on investment activities and IoT technology services [11] Group 3: Contracts and Agreements - Pinggao Co. has signed a contract worth 397 million yuan for computing power resource services with Shenzhen Yuanmai Cloud Computing Technology Co., Ltd. [1]

Group 1 - Pinggao Co., Ltd. signed a service contract worth 397 million yuan with Shenzhen Yuanmai Cloud Computing Technology Co., Ltd. for providing computing power resources, including equipment rental and software platform usage, with a contract period from August 1, 2025, to July 31, 2030 [1] - Yiwei Communication plans to invest 100 million yuan to establish a wholly-owned subsidiary, Shanghai Yiwei Intelligent Technology Development Co., Ltd., focusing on IoT technology research and AI application software development, aiming to enhance overall competitiveness [2] - Guangyang Co., Ltd. announced the termination of the planned acquisition of 100% equity in Yinqiu Technology, with its stock resuming trading on May 30, 2025, after being suspended since May 19, 2025 [3] Group 2 - ST Pioneer announced the removal of other risk warnings, changing its stock name to Pioneer New Materials, with trading resuming on June 3, 2025, after a one-day suspension [4] - Shuanglin Co., Ltd. plans to raise no more than 1.5 billion yuan through a private placement to fund projects related to rolling ball screws, joint modules, and high-precision CNC grinding machine expansion [5] - China State Construction obtained three major projects with a total value of 8.23 billion yuan [8]

Group 1: Resumption of Trading - Guangyang Co., Ltd. has terminated its plan to acquire 100% equity of Ningbo Yinqiu Technology through the issuance of shares and cash payment, leading to the resumption of its stock trading [1] Group 2: Equity Transfer, Buyback, and Private Placement - Shipu Testing plans to transfer a total of 9.5% of its shares to Zhongyiren Fund at a price of 20 yuan per share [2] - Qingniao Fire Protection has repurchased and canceled 12.2592 million restricted shares [2] - Tigermed has canceled 3.9225 million repurchased shares [3] - Shuanglin Co., Ltd. intends to raise no more than 1.5 billion yuan for projects related to rolling screw and joint module industrialization, high-precision CNC grinding machine expansion, and advanced technology research and application center construction [3] Group 3: External Investment and Daily Operations - Pingao Co., Ltd. has signed a contract for computing power resource services worth 397 million yuan [4] - Yiwei Communication plans to establish a wholly-owned subsidiary with an investment of 100 million yuan, focusing on artificial intelligence application software development [5] - Longjing Environmental Protection intends to acquire 20% equity of Jitai Intelligent for 75.075 million yuan [6] - Tianwei Video Technology has signed a data center service agreement with a client [7] - Fengmao Co., Ltd. plans to invest no more than 1.5 billion yuan to build an auto parts production base in Jiaxing [8] - ST Pioneer will have its stock delisted from other risk warnings starting June 3, 2025, with its stock name changing from "ST Pioneer" to "Pioneer New Materials" [8] - Maiwei Bio has received approval for the marketing of its product, Mai Li Sheng® [8] - Guangbai Co., Ltd. has completed the business registration of its duty-free goods company [9] - Zhuhai Guanyu has been selected by SAIC Volkswagen as a designated supplier for low-pressure lithium batteries [9] - Ningbo Fubang plans to transfer assets related to its aluminum profile business for 26.4579 million yuan [9] - Rongchang Bio has completed the issuance of H-shares [10] - Tebao Bio has received approval for the marketing of its growth hormone injection [10] - Zejing Pharmaceutical has received approval for the marketing of its drug, Hydrochloride Gikaxin [10] - Fengqian Technology has received record approval from the China Securities Regulatory Commission for its overseas H-share issuance [10] - Haida Group plans to distribute at least 30% of its average net profit in cash from 2025 to 2027 [10]

5月29日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 【品大事】 中科星图：被暂停参加军队物资工程服务采购活动 中科星图公告称，军队采购网于2025年5月28日发布公告，海后采购和资产管理局根据军队供应商管理 相关规定，自2025年5月28日起暂停公司参加全军物资工程服务采购活动资格。暂停事由：公司在参加 项目编号：2024-JH01-F2101采购活动中，涉嫌存在违规失信行为。知悉被暂停采购资格后，公司内部 高度重视，就存在违规处理决定形成原因开展内部核查并积极准备申诉，预计该事项短期内将对公司的 经营产生一定影响。目前公司整体经营情况正常，在暂停日期前已签订的相关合同仍在正常执行。该事 项不属于行政处罚，未触及《上海证券交易所科创板股票上市规则》规定的重大违法强制退市情形。 移为通信：拟1亿元对外投资设立全资子公司 移为通信公告，公司拟使用自有资金1亿元对外投资设立全资子公司上海移为智能科技发展有限公司， 子公司经营范围包括以自有资金从事投资活动、物联网技术服务等。 合兴股份：公司目前未涉及"无人驾驶物流车"相关业务 合兴股份公告称，公司股票连续三个交易日内日 ...