Investment Rating - The investment rating for China Water Affairs (00855.HK) is "Buy" (maintained) [1] Core Views - The report highlights that the core operational profit is steadily growing, with a cash flow turning point already evident. The decline in FY2025 performance is primarily due to one-time impairment impacts, while the core operational business remains robust [1][7] Financial Performance Summary - For FY2025, the total revenue is projected at HKD 12,200 million, a decrease of 5.12% year-on-year. The net profit attributable to shareholders is expected to be HKD 1,075 million, down 29.92% year-on-year [1][7] - The main business revenue is HKD 11,656 million, reflecting a 9.4% decline year-on-year, mainly due to reduced income from water supply and direct drinking water installation, maintenance, and construction services [1][7] - The report details segment performance: - Urban water supply revenue is HKD 7,498 million, down 9.4% year-on-year, with segment profit slightly up by 0.1% [1] - Direct drinking water revenue is HKD 657 million, down 61.9%, with segment profit down 58.9% [1] - Environmental segment revenue is HKD 1,523 million, up 42.2%, with segment profit increasing by 56.9% [1] - Total construction revenue is HKD 664 million, down 19.7%, with segment profit down 9.3% [1] - Property revenue is HKD 361 million, with segment profit up 16.5% [1] Future Projections - The report forecasts a net profit of HKD 1,372 million for FY2026, HKD 1,387 million for FY2027, and HKD 1,415 million for FY2028, with corresponding P/E ratios of 7.2, 7.1, and 6.9 times [1][7] - Capital expenditures are expected to decrease from HKD 53.3 billion in FY2024 to HKD 34 billion in FY2025, with a target of under HKD 20 billion for FY2026 [1][7] - The dividend per share for FY2025 is projected to remain stable at HKD 0.28, with a payout ratio of 42.5% and a dividend yield of 4.65% [1][7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Libo Convertible Bond (111023.SH) started online subscription on July 3, 2025, with a total issuance scale of 750 million yuan. After deducting issuance fees, the net proceeds will be used for the large - scale industrial module manufacturing project of Nantong Libote Heavy Industry Co., Ltd. [3] - The current bond floor valuation is 99.26 yuan, and the YTM is 2.23%. The conversion parity is 100.4 yuan, and the parity premium rate is - 0.41%. The bond terms are average, and the total share capital dilution rate is 12.09%. [3] - It is expected that the listing price of Libo Convertible Bond on the first day will be between 128.57 and 142.73 yuan, and the winning rate is expected to be 0.0028%. It is recommended to actively subscribe. [3] - Jiangsu Libote Co., Ltd. is one of the few domestic enterprises with the ability to design and manufacture large - scale industrial modules. Since 2019, the company's revenue and net profit attributable to the parent have shown a steady growth trend. The company's revenue mainly comes from engineering services and industrial module design and manufacturing, and the product structure proportion has been optimized year by year. [3] 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - **Issuance and Subscription Schedule**: The issuance and subscription of Libo Convertible Bond follow a series of schedules from July 1 to July 9, 2025, including announcements, roadshows, priority allotment, lottery draws, and payment confirmations. [9] - **Basic Terms**: The convertible bond has a code of 111023.SH, a term of 6 years from July 3, 2025, to July 2, 2031, a face value of 100 yuan, and a coupon rate ranging from 0.10% to 2.00% from the first to the sixth year. The initial conversion price is 12.14 yuan/share, and the conversion period is from January 9, 2026, to July 2, 2031. The terms for downward revision, redemption, and repurchase are also specified. [10] - **Use of Raised Funds**: The 750 million yuan of raised funds will be used for the large - scale industrial module manufacturing project of Nantong Libote Heavy Industry Co., Ltd. [11] - **Bond and Equity Indicators**: The pure bond value is 99.26 yuan, the pure bond premium rate is 0.74%, the conversion parity is 100.41 yuan, and the parity premium rate is - 0.41%. The pure bond YTM is 2.23%. [11] 3.2. Investment Subscription Suggestion - **Estimated Listing Price**: Based on comparable targets and empirical results, considering the good bond floor protection, rating, and scale attractiveness of Libo Convertible Bond, it is estimated that the conversion premium rate on the first - day of listing will be around 35%, and the corresponding listing price will be between 128.57 and 142.73 yuan. [14][15] - **Estimated Winning Rate**: It is estimated that the original shareholder priority allotment ratio is 70.72%, and the winning rate for online investors is 0.0028%. [18] 3.3. Analysis of the Underlying Stock's Fundamental Aspects 3.3.1. Financial Data Analysis - **Revenue and Profit Growth**: Since 2019, the company's revenue has been growing steadily, with a compound growth rate of 23.02% from 2019 - 2024. In 2024, the revenue reached 3.493 billion yuan, a year - on - year increase of 88.39%. The net profit attributable to the parent has also been rising year by year, with a compound growth rate of 17.48% from 2019 - 2024. In 2024, it reached 240 million yuan, a year - on - year increase of 38.73%. [21] - **Revenue Structure**: The company's revenue mainly comes from engineering services and industrial module design and manufacturing. From 2022 - 2024, the proportion of engineering service revenue in the main business revenue was 77.02%, 84.51%, and 79.03% respectively, and the proportion of industrial module design and manufacturing business revenue was 22.54%, 15.26%, and 20.73% respectively. [23] - **Profitability and Cost Ratios**: The company's sales net profit margin and gross profit margin reached a peak in 2022 and then declined year by year. The sales expense ratio is basically the same as the industry average, and the financial expense ratio and management expense ratio have remained stable in recent years. [25] 3.3.2. Company Highlights - **Technical and Manufacturing Capabilities**: The company is one of the few domestic enterprises with the ability to design and manufacture large - scale industrial modules. It has accumulated a lot of design technology and experience, and has leading module manufacturing technology and a large - scale production base. [29] - **Business Qualifications**: The company has necessary qualifications for international and domestic business. In the international market, it has certifications such as "ASME U" and "ASME S". In the domestic market, it has relevant design and manufacturing qualifications for pressure pipes and pressure vessels. [30]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-03 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观量化经济指数周报 20250630：内需延续结构分化，外需保持总量平 稳 货币政策对"资金空转"的关注度依然较高，仍然偏重提高资金使用效率 海外周报 20250629：特朗普《大美丽法案》开始闯关参议院 核心观点：本周以伊冲突与贸易谈判局势缓和令美股大涨，美联储理事 Waller 与 Bowman 的鸽派发言与经济数据走弱令美债利率大幅走低，10 年期美债利率下至 4.277%，美元指数下行至 97.4；黄金与原油价格在避 险情绪大幅降温的情况下分别下跌 2.79%和 12.56%。在美国部分批发商 "抢进口"行为告一段落后，本月分析师大幅上修 Q2 美国 GDP 增速预 期，同时维持美联储 Q3 首次降息，全年降息 2 次的预期不变。向前看， 特朗普《大美丽法案》本周已于参议院进入最终审议阶段，在于 8 月中 下旬来临的 X Date 前提高债务上限的需要或令法案最终通过的 "Deadline"为 7 月 31 日。 风险提示：特朗普政策超预期；美联储降息 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Bo 25 Convertible Bond (113696.SH) started online subscription on July 1, 2025, with a total issuance scale of 2.802 billion yuan. After deducting issuance fees, the net proceeds will be used for multiple projects and to supplement working capital [3]. - The current bond floor valuation is 98.81 yuan, with a YTM of 2.16%. The conversion parity is 96.64 yuan, and the parity premium rate is 3.47%. The convertible bond terms are average, and the total share capital dilution rate is 8.10%, with relatively small dilution pressure on the equity [3][12][13]. - It is expected that the listing price of the Bo 25 Convertible Bond on the first day will be between 118.12 - 131.40 yuan, and the subscription success rate is expected to be 0.0122%. It is recommended to actively subscribe [3][14][15]. - Since 2019, the company's revenue and net profit attributable to the parent have steadily increased, with a compound growth rate of 25.78% and 24.66% respectively from 2019 - 2024. As of Q1 2025, the company's operating income and net profit attributable to the parent reached 2.638 billion yuan and 270 million yuan respectively [3][19]. 3. Summary According to the Directory 3.1 Convertible Bond Basic Information - **Issuance and Subscription Schedule**: The issuance and subscription of the Bo 25 Convertible Bond started on July 1, 2025, with a series of scheduled events from T - 2 to T + 4 [9]. - **Basic Terms**: The convertible bond has a 6 - year term, an AA/AA credit rating, an initial conversion price of 52.42 yuan/share, and various条款 such as the downward revision clause, redemption clause, and put - back clause [10]. - **Use of Raised Funds**: The raised funds will be used for six projects, including the R & D and industrialization of electronic mechanical brakes, and to supplement working capital, with a total planned investment of 3.3694905 billion yuan and a proposed investment of raised funds of 2.802 billion yuan [11]. - **Bond and Equity Indicators**: The pure bond value is 98.81 yuan, the pure bond premium rate is 1.2%, the conversion parity is 96.64 yuan, and the parity premium rate is 3.47% [12][13]. 3.2 Investment Subscription Suggestion - **Expected Listing Price**: Based on comparable targets and an empirical model, it is expected that the listing price of the Bo 25 Convertible Bond on the first day will be between 118.12 - 131.40 yuan, with an expected conversion premium rate of around 29% [14][15][16]. - **Expected Subscription Success Rate**: The expected priority subscription ratio of original shareholders is 65.55%, and the expected online subscription success rate is 0.0122% [17]. 3.3 Positive Stock Fundamental Analysis 3.3.1 Financial Data Analysis - **Revenue and Profit Growth**: Since 2019, the company's revenue and net profit attributable to the parent have shown a steady growth trend, with a compound growth rate of 25.78% and 24.66% respectively from 2019 - 2024. In 2024, the net profit attributable to the parent reached 1.209 billion yuan, a year - on - year increase of 35.60%. As of Q1 2025, the operating income and net profit attributable to the parent were 2.638 billion yuan and 270 million yuan respectively [3][19]. - **Business Composition**: From 2022 to 2024, the company's main business revenue accounted for over 96% of the operating income, showing a high proportion and a rapid growth trend [20]. - **Profitability and Cost**: The company's sales net profit margin and gross profit margin have slowly declined, while the sales expense ratio has remained low. The financial expense ratio is lower than the industry average and negative, and the management expense ratio is significantly lower than the industry average [25]. 3.3.2 Company Highlights - **Technological Innovation and Product Development**: The company has the independent forward - development ability for mechanical braking systems, mechanical steering systems, and intelligent electronic control systems, and has mastered the independent intellectual property rights of a full range of chassis braking system products [25]. - **Awards and Honors**: In 2024, the company won multiple awards and honors, and was also included in the "Top 100 Chinese Auto Parts Enterprises" and "Top 100 Anhui Manufacturing Enterprises" [34].

证券研究报告·海外公司深度·其他金融(HS) 德林控股（01709.HK） 家办业务厚积薄发，AI 金融探索持续深化 2025 年 07 月 02 日 增持（首次） | Table_EPS] [盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 202.35 | 189.66 | 332.38 | 441.18 | 526.69 | | 同比（%） | 5.88% | -6.27% | 75.25% | 32.73% | 19.38% | | 归母净利润（百万港元） | 99.90 | 136.81 | 137.92 | 153.34 | 165.36 | | 同比（%） | - | 36.94% | 0.81% | 11.18% | 7.84% | | EPS-最新摊薄（港元/股） | 0.07 | 0.09 | 0.09 | 0.10 | 0.11 | | P/E（现价&最新摊薄） | 43.24 | 33.41 | 34.83 | 31.32 | 2 ...

证券研究报告 原油月报：三大机构上调2025年全球原油供应预期 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工研究助理：周少玟 执业证书编号：S0600123070007 联系方式：zhoushm@dwzq.com.cn 2025年7月2日 请务必阅读正文之后的免责声明部分 投资要点：国际三大机构6月报 2 ◼ 【原油库存板块】IEA、EIA、OPEC预测2025年全球原油库存变化分别为+110、+82、-132万桶/日， 较2025年5月预测分别-10、-5、+15万桶/日，三大机构预测2025年库存变化平均为+20万桶/日，较上 月预测均值持平。 ◼ 【原油供给板块】IEA、EIA、OPEC预测2025年原油供给量分别为10490、10434、10382万桶/日，较 2024年原油供给分别+190、+159、+147万桶/日，IEA、EIA、OPEC相较上月预测量分别+30、+22、 +4万桶/日。 ◼ 【原油需求板块】IEA、EIA、OPEC预测2025年原油需求量分别为10380、10353、10513万桶/ ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-02 宏观策略 [Table_MacroStrategy] 宏观量化经济指数周报 20250630：内需延续结构分化，外需保持总量平 稳 货币政策对"资金空转"的关注度依然较高，仍然偏重提高资金使用效率 海外周报 20250629：特朗普《大美丽法案》开始闯关参议院 核心观点：本周以伊冲突与贸易谈判局势缓和令美股大涨，美联储理事 Waller 与 Bowman 的鸽派发言与经济数据走弱令美债利率大幅走低，10 年期美债利率下至 4.277%，美元指数下行至 97.4；黄金与原油价格在避 险情绪大幅降温的情况下分别下跌 2.79%和 12.56%。在美国部分批发商 "抢进口"行为告一段落后，本月分析师大幅上修 Q2 美国 GDP 增速预 期，同时维持美联储 Q3 首次降息，全年降息 2 次的预期不变。向前看， 特朗普《大美丽法案》本周已于参议院进入最终审议阶段，在于 8 月中 下旬来临的 X Date 前提高债务上限的需要或令法案最终通过的 "Deadline"为 7 月 31 日。 风险提示：特朗普政策超预期；美联储降息 幅度过大引发通胀反弹甚 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a total revenue of HKD 80.25 billion for the fiscal year 2024/25, a decrease of 1.96% year-on-year, while the net profit attributable to shareholders increased by 2.09% to HKD 3.25 billion [8] - The company has improved its free cash flow, reaching HKD 4.66 billion, which exceeds the planned dividend payout of HKD 2.72 billion, indicating a sustained ability to distribute dividends [8] - The report highlights that retail gas sales volume faced pressure, but the progress in pricing adjustments was slightly better than expected [8] Summary by Sections Financial Performance - Total revenue for FY2024A is projected at HKD 81.86 billion, with a year-on-year decrease of 11.43% [1] - Net profit for FY2024A is estimated at HKD 3.19 billion, reflecting a year-on-year decrease of 25.82% [1] - The earnings per share (EPS) for FY2024A is projected at HKD 0.58, with a price-to-earnings (P/E) ratio of 12.54 [1] Business Segments - Natural gas sales segment profit increased by 7.94% to HKD 3.31 billion, but retail gas volume only grew by 0.02% to 23.52 billion cubic meters [8] - The connection business segment profit decreased by 25.39% to HKD 508 million, with residential connections declining by 15.5% [8] - The LPG sales segment profit dropped by 56.68% to HKD 52 million, influenced by international market conditions [8] - Value-added services segment profit grew by 10.59% to HKD 1.75 billion, supported by new business initiatives [8] Future Projections - The report projects net profit for FY2026E at HKD 3.48 billion, with a year-on-year growth of 6.93% [1] - The company aims to achieve a retail gas gross margin of HKD 0.55 per cubic meter and a retail gas volume growth of 2%+ for FY2026 [8] - The report introduces FY2028 profit forecasts of HKD 3.99 billion, with a projected P/E ratio of 9.99 [1]

证券研究报告·固定收益·固收深度报告 固收深度报告 20250701 2025 年 07 月 01 日 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 徐津晶 执业证书：S0600523110001 xujj@dwzq.com.cn 相关研究 《债券"科技板"见微知著：科创债 新政策下的金融机构发行观察》 债券"科技板"他山之石：我国与海外科创 债的机构持仓结构及策略有何异同？ 2025-06-09 《债券"科技板"见微知著：从案例 盘点看何种城投主体正在发行科创 债？》 2025-05-20 《债券"科技板"他山之石：从海外 经验看我国科创债市场建设（市场现 状篇）》 2025-05-14 《债券"科技板"他山之石：从海外 经验看我国科创债市场建设（发展历 程篇）》 2025-05-13 《债券"科技板"启航：一文读懂科 创类债券的前世今生》 2025-04-16 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 美国科创债持仓结构：1）从科创债的机 ...

证券研究报告·金融工程·金工定期报告 金工定期报告 20250701 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券分析师 庞格致 执业证书：S0600524090003 panggz@dwzq.com.cn 证券分析师 凌志杰 执业证书：S0600525040007 lingzhj@dwzq.com.cn 相关研究 新价量相关性因子绩效月报 20250630 2025 年 07 月 01 日 [Table_Tag] [Table_Summary] 报告要点 《 新 价 量 相 关 性 因 子 绩 效 月 报 20250530》 2025-06-06 《"技术分析拥抱选股因子"系列研究 （十四）：RPV 聪明版——聪明换手率 是更好的配料》 2023-09-27 东吴证券研究所 1 / 7 请务必阅读正文之后的免责声明部分 ◼ 新价量相关性 RPV 因子多空对冲绩效（全市场）：2014 年 1 月至 2025 年 6 月，新价量相关性 RPV 因子在全体 A 股（剔除北交所股票）中， 10 分组多空对冲的年化收益为 14.57%， ...