华经产业研究院为助力企业、科研、投资机构等单位了解水务工程行业发展态势及未来趋势，特重磅推出《2026-2032年中国水务工程行业发展潜力预测及 投资战略咨询报告》，本报告由华经产业研究院研究团队对水务工程行业进行多年跟踪研究，使用桌面研究与定量调查、定性分析相结合的方式，全面解读 水务工程行业市场，深度挖掘行业潜在商机；科学运用研究模型，多维度对行业投资风险进行评估后精心研究编制。 水务工程是指为解决水资源开发利用、优化配置、节约保护以及水灾害防治等问题，所开展的一系列工程建设与管理活动的总称。其核心涵盖两大领域，一 是水资源开发与利用工程，包括水库、引水渠、取水构筑物等蓄水、输水设施，以及自来水厂、供水管网等城镇和工业供水系统；二是水环境保护与水灾害 防治工程，包含污水处理厂、污水管网、再生水利用设施等水污染治理项目，还有防洪堤、排涝泵站、河道整治等防洪排涝工程。 由于管网维护、水质提升以及生态环保等方面的成本持续上涨，我国不少水务企业陷入了 "成本倒挂" 的困境。而供水量的变化也会影响水价的调整，2024 年以来，全国各地的水价调整工作明显加快，而且上调幅度较大。2024年中国供水总量约为5928亿立方 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment [12]. Core Insights - The company is a leading player in the water supply industry, with steady growth in its core water supply business and a first-mover advantage in pipeline drinking water [4][7]. - By FY2025, the company's urban water supply business will serve over 30 million people, while its pipeline drinking water business will serve approximately 12 million [4][7]. - The company has reached a turning point in free cash flow, with expectations for increased dividends in the future [4][11]. Summary by Sections Company Overview - The company operates primarily in urban water supply and pipeline drinking water, with a diversified revenue structure [19][21]. - As of FY2025, the revenue breakdown includes urban water supply (64.3%), environmental protection (13.1%), and other segments [24]. Financial Highlights - The company’s capital expenditure peaked at HKD 51.4 billion in FY2024, decreasing to HKD 32.4 billion in FY2025, leading to a positive free cash flow of HKD 1.50 billion [8][32]. - The dividend payout ratio for FY2025 is projected to be 42.53%, with potential for future increases as free cash flow improves [32]. Water Sector Analysis - The urban water supply and sewage treatment sectors are experiencing stable growth, with a projected CAGR of 0.37% for water supply and 1.2% for sewage treatment from 2025 to 2027 [9][40]. - The company’s operational capacity as of FY2025 includes 730,000 tons/day for water supply and 90,000 tons/day for sewage treatment, with ongoing projects across various provinces [47][49]. Strategic Positioning - The company primarily operates under the Transfer-Own-Operate (TOO) model, which enhances its asset value compared to other models [51]. - The company is expected to benefit from the current round of price adjustments in the water supply sector, with recent increases in basic water prices averaging 21.3% [52].

Core Insights - Insurance capital continues to increase its allocation to equity assets, with the proportion of equity assets reaching near historical highs in Q3 2025 [1] - The allocation structure shows a significant increase in technology and a reduction in high-end manufacturing sectors [5][6] - Insurance capital has accelerated its stake acquisitions in listed companies, particularly in Hong Kong stocks, with a notable increase in the number of acquisitions compared to previous years [9] Allocation Trends - In Q3 2025, the allocation of insurance capital to various asset classes is as follows: bank deposits (7.9%), bonds (50.3%), stocks (10.0%), funds (5.5%), long-term equity investments (7.9%), and other assets (18.4%) [1] - The investment proportions in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points, respectively, while the investment in stocks and funds surged to 15.5%, approaching the historical peak of 16.1% in H1 2015 [1] Sector and Stock Preferences - Insurance capital has significantly increased its allocation to banks, steel, and textile sectors, while reducing holdings in high-end manufacturing sectors such as new energy and military [5] - Key stocks that saw increased investment include Agricultural Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Hikvision, while reductions were noted in stocks like Goldwind Technology and Aviation Industry Corporation of China [6][8] Shareholding Activities - In 2025, insurance capital has made 30 stake acquisitions in listed companies, surpassing the total for the entire years of 2020 and 2024, with 25 of these acquisitions in Hong Kong stocks [9] - The trend indicates a shift towards acquiring dividend-yielding assets in Hong Kong due to declining bond yields and rising traditional dividend assets [9]

Core Viewpoint - China Water Affairs (00855.HK) announced that it will hold a board meeting on November 28, 2025, to discuss and approve the interim results for the six months ending September 30, 2025, and to consider the payment of an interim dividend, if any [1] Summary by Category - **Company Announcement** - The board meeting is scheduled for November 28, 2025 [1] - The meeting will focus on approving the interim results for the six months ending September 30, 2025 [1] - The company will also consider the payment of an interim dividend [1]

（於開曼群島註冊成立並遷冊往百慕達之有限公司） （股份代號：855） 董事會召開日期 中國水務集團有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二零二五 年十一月二十八日（星期五）舉行董事會會議，以便商議（其中包括）批准本公司及 其附屬公司截至二零二五年九月三十日止六個月之中期業績及公佈，以及考慮派 付中期股息（如有）。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 主席 段傳良 香港，二零二五年十一月十一日 於本公佈日期，董事會包括四位執行董事，即段傳良先生、丁斌小姐、李中先生 及段林楠先生，四位非執行董事，即李浩先生、白力先生、許研先生及王小沁小姐， 以及四位獨立非執行董事，即周錦榮先生、邵梓銘先生、何萍小姐及肖喆先生。 * 僅供識別 承董事會命 中國水務集團有限公司 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Views - Indonesia has launched a $5.6 billion waste-to-energy project, indicating a vast market opportunity for solid waste management companies to expand internationally [11][12]. - The solid waste sector is experiencing strong fundamentals, with a notable increase in free cash flow and improved return on equity (ROE) due to operational efficiencies and reduced capital expenditures [14][15]. - The water services sector is poised for growth, with expectations of increased cash flow and dividend payouts as capital expenditures decline [18][19]. Summary by Sections Industry News - Indonesia's sovereign fund has initiated the first waste-to-energy project tender, with plans for 33 plants and a total investment of approximately 56 billion USD [11]. - The solid waste industry is transitioning to a mature phase, focusing on efficiency improvements and cash flow generation [14]. - The environmental sanitation vehicle market saw a 63.18% increase in new energy vehicle sales, with a penetration rate of 17.40% [20]. Key Recommendations - Recommended stocks include: - **Waiming Environmental**: Selected as a supplier for Indonesia's waste-to-energy projects, with significant operational capacity [13]. - **Green Power**: Strong performance driven by increased heating capacity and cost savings [14]. - **Yongxing Co.**: Notable growth in revenue and profit due to improved operational efficiency [14]. - Companies to watch include **Dayu Water Saving**, **Lian Tai Environmental**, and **Wang Neng Environment** [1]. Financial Performance - The solid waste sector reported a 12% increase in net profit and a 2.7 percentage point rise in gross margin for the first three quarters of 2025 [14]. - Free cash flow for the sector reached 13.3 billion CNY, marking a 28% increase year-on-year [14]. - Dividend payouts are expected to rise, with several companies maintaining high payout ratios [15][18]. Market Trends - The water services sector is expected to see a cash flow turnaround, similar to the solid waste sector, with anticipated increases in dividend payouts as capital expenditures decrease [18][19]. - Price reforms in water services are expected to enhance growth and valuation, with cities like Guangzhou and Shenzhen implementing price increases [18]. Equipment and Technology - The report highlights the growth in the environmental sanitation vehicle market, particularly in new energy vehicles, which are becoming increasingly prevalent [20]. - The report also notes improvements in the profitability of lithium battery recycling, with a slight decrease in metal prices leading to better margins [34][35].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00855 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.01 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.01 | HKD | | 200,000,000 | 本月底法定/註冊股本總額： HKD 200,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年10月31日 狀態: ...

Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公佈僅供參考，並不構成邀請或遊說收購、購買或認購證券之要約，或訂立協 議以進行任何有關事情之邀請，亦無意邀請任何要約以收購、購買或認購任何證券。 本公佈並非在美國或任何國家或司法權區提呈發售證券之要約或遊說購買證券之 要約（倘未有根據該等國家或司法權區之證券法例登記或獲得批准而於當地進行 任何有關提呈發售、遊說或出售行為，即屬違法）。本公佈提述之證券並無且不 會根據一九三三年美國證券法（經修訂）（「證券法」）登記，亦不會在美國境內提呈 發售或出售，除非獲豁免遵守證券法及任何適用之州或地方證券法例下之登記規 定，或有關交易不受證券法及任何適用之州或地方證券法例下之登記規定所規限， 則作別論。於美國公開發售任何證券將須以招股章程的方式進行，而招股章程須 載有關於提呈發售的公司以及其管理層及財務報表的詳盡資料。本公司在美國並 無登記且無意登記票據之任何部分。 本公佈及有關據此提呈發行票據之任何其他文件或資料並 ...

Group 1 - Federal Reserve Chairman Powell indicated a potential 25 basis points rate cut this month, despite the impact of the government shutdown on economic assessments [2] - Market expectations for a rate cut in October remain high, with nearly 100% probability according to federal funds futures data [2] - The Fed's September rate cut was the first since December of the previous year, following a significant slowdown in job growth over the summer [2] Group 2 - The unemployment rate remains relatively low, rising to 4.3% in August [2] - The U.S. Labor Department has delayed the release of the September non-farm payroll report due to the ongoing government shutdown, but is preparing to release the consumer price index data later this month [2] - The Fed is scheduled to meet again on October 28-29, with policymakers' median forecasts indicating two more 25 basis points cuts this year [2] Group 3 - In the primary market, two companies issued bonds today: China Water Affairs Group Limited (5NC3) and Chengdu Sino-French Eco-Park Investment Development Co., Ltd. (3-year term) [4] - Seven companies had their ratings updated by institutions today, including Sunac China Holdings Limited, which reported a successful debt restructuring plan with approximately 98.5% of creditors voting in favor [4] - The announcement from Shougang Group regarding the transfer of shares in Shougang Securities to Jingtou Company aims to optimize shareholder structure and enhance business support [4] Group 4 - As of October 14, the yield on China's 2-year government bonds was 1.49%, while the 10-year yield was 1.84% [6] - The U.S. 2-year government bond yield decreased by 1 basis point to 3.48%, and the 10-year yield also fell by 1 basis point to 4.03% [6] Group 5 - The consumer price index (CPI) in China rose by 0.1% month-on-month in September, with a year-on-year decline of 0.3% [11] - The core CPI, excluding food and energy, increased by 1.0% year-on-year, marking the fifth consecutive month of growth [11] - The People's Bank of China conducted a reverse repurchase operation of 43.5 billion yuan at a fixed rate of 1.40% on October 15, with no reverse repos maturing that day [11]