Core Viewpoint - Dalian Thermal Power's stock has experienced a decline of 5.06% year-to-date, with a recent drop of 2.06% on January 7, 2023, indicating potential challenges in market performance and investor sentiment [1]. Group 1: Stock Performance - As of January 7, 2023, Dalian Thermal Power's stock price is reported at 6.19 CNY per share, with a trading volume of 26.65 million CNY and a turnover rate of 1.06%, resulting in a total market capitalization of 2.504 billion CNY [1]. - The stock has seen a decrease of 1.90% over the last five trading days, but a slight increase of 3.34% over the past 20 days and a marginal rise of 0.32% over the last 60 days [1]. Group 2: Financial Performance - For the period ending September 30, 2025, Dalian Thermal Power reported an operating revenue of 380 million CNY, reflecting a year-on-year decrease of 6.32%, while the net profit attributable to shareholders was -113 million CNY, showing a year-on-year increase of 3.28% [2]. - The company has distributed a total of 186 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of December 31, 2025, the number of shareholders for Dalian Thermal Power is reported at 34,000, a decrease of 10.53% from the previous period, with an average of 11,899 circulating shares per shareholder, which is an increase of 11.76% [2]. - Notably, as of September 30, 2025, the second-largest circulating shareholder is the Nuoan Multi-Strategy Mixed A Fund, holding 2.5439 million shares, indicating new institutional interest [3].

转自：内蒙古日报 保障温暖过冬，努力不止于此。临河区还改建一级管网8.2公里，新建16座、改造8座换热站，更换二级 管网78公里、单元立管32.3公里、地沟管道23.2公里及排气阀5334台，有效解决老旧管道跑冒滴漏问 题；在两个小区安装1616台智慧户阀，实现户间水力平衡，改善顶楼、把边、底楼用户供热效果；通过 安装室温采集器并借助智慧供热平台分析研判，覆盖老旧小区及供暖薄弱区域，着力消除冷热不均现 象。 在乌拉特中旗甘其毛都口岸加工园区，集中供热项目建设取得显著进展，目前已完成总工程量的97%， 进入冲刺收尾阶段。该项目总投资8800万元，总用地面积8901.96平方米，总建筑面积2700平方米。项 目投用后，将补齐园区供热短板，推动基础设施从"基础配套"向"品质服务"升级，并通过稳定供热降低 企业用能成本，助力园区绿色低碳发展。 在供热安全方面，杭锦后旗市场监督管理局日前对辖区内供暖企业使用的锅炉、压力容器、压力管道等 特种设备开展专项监督检查，重点检查设备使用登记、定期检验、安全附件校验、作业人员持证上岗、 日常维护保养及应急预案等情况，督促企业落实安全主体责任，排查治理隐患，确保设备安全稳定运 行。 ...

Core Viewpoint - Dalian Thermal Power's stock has experienced a decline, with a 10.38% drop year-to-date and a 2.14% decrease on November 19, 2023, indicating potential challenges in the company's performance and market perception [1]. Financial Performance - For the period from January to September 2025, Dalian Thermal Power reported operating revenue of 380 million yuan, a year-on-year decrease of 6.32%. However, the net profit attributable to shareholders was -113 million yuan, showing a year-on-year increase of 3.28% [2]. - The company has cumulatively distributed 186 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Information - As of November 10, 2023, the number of shareholders for Dalian Thermal Power was 39,000, reflecting a decrease of 2.50% from the previous period. The average circulating shares per person increased by 2.56% to 10,374 shares [2]. - Notably, as of September 30, 2025, the second-largest circulating shareholder is the Nuoan Multi-Strategy Mixed A fund, holding 2.54 million shares, indicating new institutional interest [3]. Market Activity - On November 19, 2023, Dalian Thermal Power's stock price was 6.39 yuan per share, with a trading volume of 17.55 million yuan and a turnover rate of 0.67%. The total market capitalization stood at 2.585 billion yuan [1]. - The stock has seen a net outflow of 1.74 million yuan in principal funds, with large orders accounting for 5.26% of purchases and 15.16% of sales [1]. Business Overview - Dalian Thermal Power, established on September 1, 1993, and listed on July 16, 1996, is primarily engaged in combined heat and power generation and centralized heating. The main revenue sources are heat supply (44.24%), electricity (5.37%), and other business activities [1]. - The company is classified under the public utility sector, specifically in electricity and heat services, and is associated with concepts such as micro-cap stocks, small-cap stocks, and revitalization of Northeast China [1].

Core Viewpoint - Dalian Thermal Power's stock has experienced a decline of 8.84% year-to-date, with a recent drop of 2.11% on November 18, 2023, indicating potential challenges in the company's market performance [1]. Financial Performance - For the period from January to September 2025, Dalian Thermal Power reported operating revenue of 380 million yuan, a year-on-year decrease of 6.32%. The net profit attributable to shareholders was -113 million yuan, reflecting a year-on-year increase of 3.28% [2]. Shareholder Information - As of November 10, 2023, the number of shareholders for Dalian Thermal Power was 39,000, a decrease of 2.50% from the previous period. The average number of tradable shares per shareholder increased by 2.56% to 10,374 shares [2]. Dividend Distribution - Since its A-share listing, Dalian Thermal Power has distributed a total of 186 million yuan in dividends. However, there have been no dividend distributions in the past three years [3]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder of Dalian Thermal Power is the Nuoan Multi-Strategy Mixed A fund, holding 2.5439 million shares, indicating new institutional interest [3].

Core Viewpoint - Hangzhou Thermal Power is a leading regional cogeneration enterprise with technological advantages in efficient cogeneration and multi-energy complementarity, listed on the Shanghai Stock Exchange since June 30, 2021 [1] Group 1: Business Performance - In Q3 2025, Hangzhou Thermal Power reported revenue of 2.306 billion yuan, ranking 5th among 18 companies in the industry, with the top company, Xiexin Nengke, generating 7.935 billion yuan [2] - The main business composition includes cogeneration business at 781 million yuan (51.54%), coal business at 684 million yuan (45.13%), and other revenues at 50.5174 million yuan (3.33%) [2] - The net profit for the same period was 182 million yuan, ranking 7th in the industry, with the top company achieving 893 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the debt-to-asset ratio for Hangzhou Thermal Power was 30.39%, a slight decrease from 30.94% year-on-year, which is lower than the industry average of 43.74% [3] - The gross profit margin for Q3 2025 was 11.87%, up from 11.72% year-on-year, but still below the industry average of 22.05% [3] Group 3: Management and Shareholder Information - The controlling shareholder is Hangzhou Energy Group Co., Ltd., with the actual controller being the People's Government of Hangzhou [4] - The chairman, Li Bing, has a rich background in various positions, while the general manager, Yu Jun, has a salary of 170,800 yuan for 2024 [4] - As of September 30, 2025, the number of A-share shareholders increased by 5.34% to 28,900, with an average holding of 13,800 shares, a decrease of 5.07% [5]

Investment Rating - The investment rating for the environmental sector is "Positive" [2] Core Insights - The report highlights the continuous growth of centralized heating area in China, with a total of 11.549 billion square meters in 2023, maintaining a compound annual growth rate (CAGR) of 7.8% from 2010 to 2023 [18] - The report emphasizes the ongoing reform of heating prices, which is expected to trend upwards, potentially improving profitability for heating companies [37] Summary by Sections Market Performance - As of September 12, the environmental sector increased by 1.00%, underperforming the broader market, which rose by 1.52% [4][11] - The water treatment sector saw a rise of 4.31%, while the solid waste management sector showed mixed results with some sub-sectors declining [12] Industry Dynamics - The report discusses the release of the "National Industrial Resource Comprehensive Utilization Advanced Applicable Process Technology Equipment Catalog (2025 Edition)" aimed at promoting industrial solid waste reduction and resource utilization [39] - It also mentions the implementation of policies to integrate artificial intelligence with energy development, focusing on clean energy [40][41] Centralized Heating Analysis - The report details that in 2023, residential heating accounted for 76% of the total heating area, with Shandong province being the largest heating area [18] - The main heating method is combined heat and power (CHP), which constitutes 45% of the heating sources, while coal remains the dominant fuel source [22][24] - The report indicates that heating prices are determined by government regulations, and recent reforms are expected to lead to price increases, enhancing the profitability of heating companies [33][37] Investment Recommendations - The report suggests that the "14th Five-Year Plan" will maintain high demand for energy conservation and environmental protection, with specific recommendations for companies such as Huanlan Environment, Xingrong Environment, and Hongcheng Environment [56]

Core Viewpoint - Zhongyuan Environmental Protection's stock price closed at 8.35 yuan on August 27, 2025, reflecting a decrease of 0.23 yuan or 2.68% from the previous trading day [1] Company Overview - Zhongyuan Environmental Protection's main business includes urban sewage treatment, reclaimed water utilization, and centralized heating, positioning the company as a key player in the environmental infrastructure investment and operation in Henan Province [1] - The company has a complete industrial chain layout [1] Financial Performance - In the first half of the year, Zhongyuan Environmental Protection achieved a net profit attributable to shareholders of 703 million yuan, showing a slight decline of 0.09% compared to the same period last year, indicating operational stability in a complex market environment [1] - The current price-to-earnings ratio is 5.79 times, and the price-to-book ratio is 0.93 times [1] Market Activity - On August 27, the net outflow of main funds was 6.8959 million yuan, with a cumulative net outflow of 22.3395 million yuan over the past five trading days [1]

Group 1 - The latest stock price of Dalian Thermal Power is 6.42 yuan, up 0.16% from the previous trading day, with a trading volume of 0.52 billion yuan [1] - Dalian Thermal Power operates in the electric power industry, providing combined heat and power services in Liaoning, covering a heating area of 18.47 million square meters in Dalian's main urban area [1] - The company is set to complete the overhaul of four boilers at the Beihai Thermal Power Plant by the first half of 2025, aiming for stable power supply of 99.38 million kilowatt-hours [1] Group 2 - For the first half of 2025, the company reported revenue of 379 million yuan, a year-on-year decrease of 6.41%, while the net loss attributable to shareholders narrowed to 40.69 million yuan, a decrease of 1.62% year-on-year [1] - The net cash outflow from operating activities was 201 million yuan, primarily due to increased prepayments for coal storage during the off-season and extended heating fee recovery periods [1] - The company has managed to narrow its losses through optimizing production operations and seeking policy benefits despite revenue pressures [1] Group 3 - On August 15, the net outflow of main funds was 3.75 million yuan, with a cumulative net outflow of 18.10 million yuan over the past five days [1]

General Provisions - The company aims to protect the legal rights of the company, shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws and regulations [1][4] - The company is established as a joint-stock limited company in accordance with the Company Law and other relevant regulations [2][3] Company Overview - The registered name of the company is Dalian Thermal Power Co., Ltd, with a registered capital of RMB 404.59996 million [3][4] - The company was approved for public issuance of 17.5 million shares on June 24, 1996, and was listed on the Shanghai Stock Exchange on July 16, 1996 [2][3] Business Objectives and Scope - The company's business objective is to focus on the development of cogeneration and centralized heating, aiming to improve economic efficiency and gradually enhance employee benefits [6] - The business scope includes centralized heating, cogeneration, heating engineering design, installation, and maintenance, as well as the sale of industrial products and production materials [6] Share Capital - The company's shares are issued in the form of stocks, with each share having a par value of RMB 1.00 [7][8] - The total number of shares issued by the company is 404,599,600, all of which are ordinary shares [8] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends and participate in decision-making processes, including the right to request meetings and supervise the company's operations [14][21] - Shareholders are obligated to comply with laws and regulations, pay for their subscribed shares, and not misuse their rights to harm the company or other shareholders [21] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for convening and notifying shareholders [29][31] - Shareholders holding more than 10% of the shares have the right to request the board to convene a temporary meeting [33] Board of Directors and Management - The board of directors is responsible for the overall management of the company, including the appointment and removal of senior management [4][22] - The chairman of the board represents the company in legal matters and is responsible for executing company affairs [3][4] Financial Management - The company must adhere to financial accounting systems, internal audits, and appoint external auditors as per regulations [8][19] - The company is required to disclose financial information and significant events to shareholders and the public [19][27]

Core Viewpoint - The commencement of the ultra-low emission heat source construction project in Ordos City, Inner Mongolia, aims to meet the heating demand for over 20 million square meters, addressing the future heating needs of the Dongsheng District for the next decade [1][8]. Group 1: Project Overview - The ultra-low emission heat source construction project is a key environmental and livelihood initiative in the Dongsheng District, covering an area of approximately 80,000 square meters [4]. - The project plans to build six 168MW circulating fluidized bed boiler units, utilizing urban reclaimed water recycling and efficient combustion of low-calorific coal, while integrating advanced desulfurization, denitrification, and dust removal facilities to achieve ultra-low emissions [4][8]. - The first phase, consisting of four 168MW circulating fluidized bed boiler units, is expected to be operational during the 2026-2027 heating season [4]. Group 2: Demand and Environmental Impact - The project is designed to address the increasing heating demand from over 200,000 residents in the heat supply area of the Ordos Daxing Thermal Power Co., Ltd., as urban expansion in Dongsheng District continues [7][8]. - The implementation of this project is expected to significantly improve local air quality by achieving ultra-low emissions, contributing to the overall environmental goals of the region [8]. - By 2025, Inner Mongolia aims to reduce energy consumption per unit of GDP by 15% compared to 2020 levels, with total energy consumption being reasonably controlled, and reductions in chemical oxygen demand, ammonia nitrogen, nitrogen oxides, and volatile organic compounds emissions by 8% to over 10% compared to 2020 [8].