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]

Core Viewpoint - China Water Affairs (00855) has announced the international issuance of US dollar-denominated senior notes, guaranteed by its subsidiary [1] Group 1: Issuance Details - The company and its subsidiary have entered into a purchase agreement with several banks for the issuance and sale of senior notes totaling USD 150 million, maturing in 2030 with an interest rate of 5.875% [1] - The total proceeds from the note issuance are expected to be approximately USD 148.4 million [1] - The net proceeds will be used to repay certain offshore debts [1] Group 2: Use of Proceeds - The company plans to use all or part of the proceeds from this issuance to finance or refinance eligible green projects, particularly water supply projects, in accordance with its green financing framework [1] Group 3: Listing and Completion - The company has received initial approval from the Singapore Exchange for the listing and quotation of the notes [1] - The issuance is expected to be completed on October 22, 2025 [1]

Core Viewpoint - China Water Affairs (00855.HK) has announced the international issuance of US dollar-denominated senior notes, guaranteed by its subsidiary [1] Group 1: Issuance Details - The company and its subsidiary have entered into a purchase agreement with several banks, including Morgan Stanley & Co. International plc and Barclays Bank PLC, for the issuance and sale of senior notes totaling $150 million, maturing in 2030 with a coupon rate of 5.875% [1] - The total proceeds from the note issuance will be approximately $148.4 million, which will be used primarily to repay certain offshore debts after deducting underwriting discounts, commissions, and other estimated expenses related to the issuance [1] Group 2: Use of Proceeds - The net proceeds from the issuance are planned to be used entirely or partially for financing or refinancing eligible green projects, particularly water supply projects, in accordance with the blue-green financing framework [1]

Core Viewpoint - China Water Affairs (00855) has announced the international issuance of US dollar-denominated senior notes, guaranteed by its subsidiary [1] Group 1: Issuance Details - The company and its subsidiary have entered into a purchase agreement with several banks for the issuance and sale of senior notes totaling USD 150 million, maturing in 2030 with a coupon rate of 5.875% [1] - The total proceeds from the note issuance are expected to be approximately USD 148.4 million [1] - The net proceeds will be used to repay certain offshore debts [1] Group 2: Use of Proceeds - The company plans to use all or part of the proceeds from this issuance to finance or refinance eligible green projects, particularly water supply projects, in accordance with its green financing framework [1] Group 3: Listing and Completion - The company has received initial approval from the Singapore Exchange for the listing and quotation of the notes [1] - The issuance is expected to be completed on October 22, 2025 [1]

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。 （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） 發行150,000,000美元於二零三零年到期之 5.875厘優先票據 本公司已進行美元計價優先票據之國際發售，其由附屬公司擔保人擔保。 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。 於二零二五年十月十五日，本公司及附屬公司擔保人與Morgan Stanley & Co. International plc、Barclays Bank PLC、中國國際金融香港證券有限公司、中信銀 行（國際）有限公司、德意志銀行香港分行、星展銀行有限公司及日興證券（香港） 有限公司（作為初始購買人）就發行及銷售本金總額為150,000,000美元於二零三 零年到期之5.875厘優先票據（「票據」）（「票據發行」）訂立購買協議。 本公佈並非在美國或任何國家 ...

Core Viewpoint - China Water Affairs (00855) plans to issue US dollar-denominated senior notes, backed by its subsidiary, and will conduct a series of briefings for institutional investors [1] Group 1: Issuance Details - The pricing of the notes, including total principal amount, issue price, and interest rate, will be determined based on the results of the book-building activities conducted by joint global coordinators and bookrunners [1] - The net proceeds from the issuance, after deducting underwriting discounts, commissions, and other estimated expenses, will be used to repay certain offshore debts [1] Group 2: Use of Proceeds - The company plans to use all or part of the proceeds from the issuance to finance or refinance eligible green projects, particularly water supply projects, in accordance with the blue-green financing framework [1]

Core Viewpoint - China Water Affairs (00855.HK) plans to issue US dollar-denominated senior notes, guaranteed by its subsidiary, to institutional investors through a series of presentations [1] Group 1: Issuance Details - The pricing of the notes, including total principal amount, issue price, and interest rate, will be determined based on the results of the book-building activities conducted by the joint global coordinators, joint bookrunners, and joint lead managers [1] - Following the establishment of the terms of the notes, the company, its subsidiary guarantor, and the initial purchasers listed in the agreement are expected to enter into a purchase agreement [1] Group 2: Use of Proceeds - The net proceeds from the issuance will be used to repay certain offshore debts [1] - The company plans to allocate all or part of the total proceeds from this issuance to finance or refinance eligible green projects, particularly water supply projects, in accordance with its green financing framework [1]

1 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 ...