Core Insights - Dongying Port Economic Development Zone is focusing on promoting new industrialization through large-scale equipment upgrades and implementing technology transformation projects in the manufacturing sector [1][2] - The "Thousand Projects for Technological Transformation, Thousand Enterprises for Transformation" initiative has led to significant investment in equipment updates, with over 30 projects exceeding 5 million yuan each [1][2] - Industrial technology investment growth reached 28.8% in the first five months of this year, an increase of 10.3 percentage points compared to the same period last year [1] Policy Guidance - The development zone has implemented special incentive policies for technological transformation, including financial subsidies and simplified approval processes to reduce equipment update costs for enterprises [2] - The zone has successfully secured 2 million yuan in municipal-level rewards for technological transformation, ranking first in the city [2] - The development zone is actively assisting enterprises in applying for provincial and municipal funding to lower their investment costs in technology upgrades [2] Benchmark Demonstration - Key enterprises like Haike Ruilin and Nuoer Bio are serving as benchmarks to encourage other companies in the region to engage in technological transformation [3] - The development zone provides tailored guidance to enterprises on project planning, focusing on quality improvement, scale expansion, and intelligent upgrades [3] - Haike Ruilin has invested over 400 million yuan in intelligent upgrades, resulting in a 12% reduction in energy consumption and a 2.5% increase in product yield [3] Achievements and Development Momentum - The development zone has seen nearly a 30% year-on-year increase in technological transformation investments among key enterprises, with over 80% of projects focusing on intelligent control, energy saving, and process optimization [4] - The implementation of these projects is expected to reduce manual operations by 66% and generate annual comprehensive benefits exceeding 350 million yuan [4] - The overall energy intensity in the development zone is decreasing, and the level of intelligent production is steadily improving, contributing to the formation of a green manufacturing system [4] Future Focus - The development zone will continue to emphasize technology empowerment and optimize service offerings to encourage more enterprises to participate in equipment updates and technological transformation [5] - The goal is to establish green and intelligent manufacturing as the core competitiveness of the development zone, contributing to sustainable regional economic development and achieving carbon neutrality targets [5]

证 券 研 究 报 告 长青集团（002616）深度研究报告 推荐（首次） 火电项目存预期差，生物质项目或迎扭亏机 遇，与中科系合作打开未来成长空间 公司研究 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,786 | 3,815 | 3,954 | 4,055 | | 同比增速(%) | -4.6% | 0.8% | 3.6% | 2.6% | | 归母净利润(百万) | 217 | 330 | 352 | 395 | | 同比增速(%) | 36.3% | 52.4% | 6.6% | 12.1% | | 每股盈利(元) | 0.29 | 0.44 | 0.47 | 0.53 | | 市盈率(倍) | 21 | 14 | 13 | 11 | | 市净率(倍) | 1.6 | 1.4 | 1.3 | 1.2 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 7 月 4 日收盘价 供热或其他 2025 年 07 月 0 ...

传统央国企资源整合、"退房"的情况再次出现。 6月25日，津投城开(600322.SH)发布公告，宣布其重大资产置换、发行股份及支付现金购买资产并募集 配套资金的方案，已经获得天津市国资委的批复。 天津市国资委在《市国资委关于津投城开实施重大资产重组有关事项的批复》（津国资产权[2025]11 号）文件中表示，同意津投城开实施重大资产重组方案。 该重组方案，便是此前津投城开此前公布的，拟通过重大资产置换、发行股份及支付现金购买资产的方 式，收购关联方持有的3家公司股权，并置出地产业务。 央国企整合资产、置出地产业务，又增添一家案例。 具体而言，津投城开将置入津能股份100%股份、天津热力100%股权和港益供热100%股权，同时置出上 市公司截至评估基准日的全部资产及负债。 根据评估，本次交易中，置出资产价值为1.98亿元，对应交易价格为1.98亿元。置入资产中，津能股 份、天津热力、港益供热的估值分别为46.59亿元、8.12亿元、3.91亿元，股权的交易价格合计为58.62亿 元。 津投城开将以置出资产置换1.98亿元、发行股份购买资产51.65亿元、募集配套资金5亿元用于现金对 价。其中，在发行股份购买资 ...

2024年开始，为了彻底解决全区供热领域的堵点、难点、焦点问题，本着"因地制宜、因城施策、冬病 夏治、标本兼治、群众满意"的原则，内蒙古全面实施城镇供热"温暖工程"。 中新网内蒙古新闻6月10日电 （记者 张玮 李爱平）10日，超低排放热源建设项目在内蒙古鄂尔多斯市 举行开工仪式。项目建成后可满足2000多万平方米的集中供热负荷，能够有效解决东胜区城市拓展端未 来10年的供热需求。 图为开工仪式现场。 鄂尔多斯市大兴热电有限责任公司总经理王海峰介绍，大兴热电公司供热片区内有20多万居民，随着东 胜区的城市拓展，供热需求不断增加，新区范围内热源保障能力不足。"项目建成后可满足2000多万平 方米的集中供热负荷，能有效解决东胜区城市拓展端未来10年的供热需求。" "同时，该项目采用城市中水循环利用与低热值煤高效燃烧技术，同步集成先进的脱硫、脱硝及除尘设 施，能实现超低排放，有助于改善地区的空气质量。"王海峰说。 数据统计显示，2025年，内蒙古单位地区生产总值能源消耗较2020年下降15%，能源消费总量得到合理 控制，化学需氧量、氨氮、氮氧化物、挥发性有机物排放总量较2020年分别下降8%、8%、10%、10% ...

Fundraising Plan - The company plans to raise a total of up to 385.135 million yuan through a private placement of A-shares, which will be used to supplement working capital and repay loans after deducting issuance costs [1][2] Necessity and Feasibility of Fundraising - The necessity of the fundraising is highlighted by the company's core business of providing centralized heating for industrial parks, which has seen good growth due to increasing demand and economic development in recent years [1][2] - The company has relied on external financing, primarily bank loans, to meet its funding needs, with short-term loan balances increasing from 160.3365 million yuan to 302.6775 million yuan over the past three years [2] - The fundraising will enhance the company's financial strength, increase total assets and net assets, reduce the debt-to-asset ratio, and improve the capital structure [2][5] Impact on Company Control and Market Confidence - The entire subscription of the new shares will be made by the controlling shareholder, Nanchang Baitong Environmental Technology Co., Ltd., which will increase the control ratio of the actual controller, Zhang Chunlong, thereby stabilizing company control [3] - This move reflects the controller's confidence in the company's future, which is expected to boost market confidence and recognition of the company's value [3] Management of Raised Funds - The company has established a fundraising management system in compliance with regulatory requirements, ensuring proper storage, usage, and supervision of the raised funds [4] Impact on Financial Status - The issuance will lead to an increase in total assets and net assets, improve liquidity ratios, and enhance short-term debt repayment capacity [5] - Although there may be a temporary dilution of net asset return and earnings per share due to the increase in total shares, the long-term operational capacity is expected to strengthen with the effective use of raised funds [5] Regulatory Compliance - The fundraising does not involve any project approval matters such as environmental impact assessments, thus avoiding the need for additional regulatory approvals [5] Conclusion on Feasibility - The fundraising plan is deemed necessary and feasible, aligning with relevant laws and regulations, and is expected to meet the company's funding needs while enhancing overall strength and profitability [5]

证券研究报告 | 2025年05月26日 长青集团（002616.SZ） 优于大市 行稳致远的生物质发电龙头，携手中科系推动数字+智能转型 公司为民营生物质发电龙头企业。公司 1993 年成立，以燃气具制造业务起 家，2004 进入垃圾焚烧发电领域，2007 年进入农林生物质发电领域。2021 年公司剥离制造业务成为 A 股市场上独树一帜的以农林生物质资源化利用 为主攻方向的上市公司。截至 2024 年末，公司农林生物质发电项目业务总 装机容量 491MW，仅次于国能生物和光大绿色环保位居行业第三。 生物质发电行业：经营状况承压，补贴欠款问题亟待解决。截至 2024 年底， 全国生物质发电装机容量达到 4599 万千瓦，新增装机 185 万千瓦。但 包括南网能源、华能国际、九洲集团在内的多家上市公司均对生物质发 电资产计提了资产减值损失，我们认为这与电价补贴拖欠和原材料价格 上涨等因素有关，但长青集团却依靠精细化管理业绩实现逆势增长。 核心竞争优势：风险管控+经营效益。风险管控优势：公司从项目选址到客 户选择再到产品布局均有考量，紧密跟踪《可再生能源电价附加补助资金 管理办法》修订动态，13 个项目成功纳入国 ...

Group 1 - The core viewpoint emphasizes the importance of upgrading old heating pipelines to ensure safe, stable, and efficient heating operations during winter [1][3] - Qingdao Energy Thermal Power Group has initiated a comprehensive plan to replace 115 kilometers of old heating pipelines, marking it as a priority project for the year [1][5] - The project includes 200 sub-projects, requiring careful consideration of traffic flow and overall planning, while avoiding peak periods such as exam seasons and summer floods [5][11] Group 2 - The aging heating pipelines, some dating back to the 1980s, have begun to show signs of corrosion and deterioration, posing potential risks to heating safety and quality for residents [3][7] - The project will replace a total of 1,476 meters of DN900 pipelines, which currently support a heating load of approximately 8 million square meters [9] - To enhance project efficiency, the company has organized two construction teams with over 30 workers, implementing real-time monitoring and dust control measures [9][11]

江西百通能源股份有限公司 JIANGXI BESTOO ENERGY CO.,LTD. （江西省南昌市南昌经济技术开发区双港西大街 528 号 B 座 6 层 613 室） 首次公开发行股票招股说明书 保荐人（主承销商） （武汉东湖新技术开发区高新大道 446 号天风证券大厦 20 层） 江西百通能源股份有限公司 招股说明书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | --- | --- | | 发行股数 | 本次公开发行股票数量 4,609 万股，占发行后公司股份总数的 10.00%，本次发行全 | | | 部为新股发行，不涉及老股东公开发售股份 | | 每股面值 | 人民币 1.00 元 | | 每股发行价格 | 人民币 4.56 元 | | 发行日期 | 2023 年 10 月 25 日 | | 上市证券交易所 | 深圳证券交易所 | | 发行后总股本 | 46,090 万股 | | | （一）公司控股股东、实际控制人及其一致行动人、亲属承诺 | | | 本公司的控股股东为百通环保，实际控制人为张春龙，北京衡宇作为张春龙控制的 | | | 企业，张春泉、饶俊铭、饶清泉作为张春龙的 ...

江西百通能源股份有限公司 招股说明书摘要 江西百通能源股份有限公司 JIANGXI BESTOO ENERGY CO.,LTD. （江西省南昌市南昌经济技术开发区双港西大街 528 号 B 座 6 层 613 室） 首次公开发行股票招股说明书摘要 保荐人（主承销商） （湖北省武汉市东湖新技术开发区高新大道 446 号天风证券大厦 20 层） 江西百通能源股份有限公司 招股说明书摘要 声明 本招股说明书摘要的目的仅为向公众提供有关本次发行的简要情况，并不包 括招股说明书全文的各部分内容。招股说明书全文同时刊载于深圳证券交易所网 站。投资者在做出认购决定之前，应仔细阅读招股说明书全文，并以其作为投资 决定的依据。 投资者若对本招股说明书及其摘要存在任何疑问，应咨询自己的股票经纪 人、律师、会计师或其他专业顾问。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连 带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书及其 摘要中财务会计资料真实、完整。 保荐人承诺因其为发行人首次公开发行股票制作、出具的 ...

江西百通能源股份有限公司 招股说明书摘要 江西百通能源股份有限公司 JIANGXI BESTOO ENERGY CO.,LTD. （江西省南昌市南昌经济技术开发区双港西大街 528 号 B 座 6 层 613 室） 首次公开发行股票招股意向书摘要 （封卷稿） 保荐人（主承销商） （湖北省武汉市东湖新技术开发区高新大道 446 号天风证券大厦 20 层） 江西百通能源股份有限公司 招股意向书摘要 声明 本招股意向书摘要的目的仅为向公众提供有关本次发行的简要情况，并不包 括招股意向书全文的各部分内容。招股意向书全文同时刊载于深圳证券交易所网 站。投资者在做出认购决定之前，应仔细阅读招股意向书全文，并以其作为投资 决定的依据。 投资者若对本招股意向书及其摘要存在任何疑问，应咨询自己的股票经纪 人、律师、会计师或其他专业顾问。 发行人及全体董事、监事、高级管理人员承诺招股意向书及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连 带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股意向书及其 摘要中财务会计资料真实、完整。 保荐人承诺因其为发行人首次公开发行股票 ...