Core Viewpoint - Unisplendour Corporation's subsidiary, H3C Group, has signed a strategic cooperation agreement with Chongqing Water Environment Holding Group to collaborate in various fields including joint innovation laboratories, artificial intelligence applications, digital transformation, and talent development [1] Group 1 - The partnership aims to achieve complementary advantages and mutual benefits [1] - The collaboration will focus on comprehensive cooperation in technology and innovation [1] - The agreement highlights the importance of digital transformation and AI in enhancing operational efficiency [1]

证券之星消息，9月2日重庆国企改革板块较上一交易日下跌1.11%，*ST惠程领跌。当日上证指数报收于 3858.13，下跌0.45%。深证成指报收于12553.84，下跌2.14%。重庆国企改革板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600689 | 上海三毛 | 13.79 | 2.99% | 10.02万 | 1.36亿 | | 601158 | 重庆水务 | 4.74 | 0.64% | 15.63万 | 7368.78万 | | 000565 | 渝三峡A | 8.71 | 0.23% | 18.26万 | 1.58 Z | | 601827 | 三峰环境 | 8.54 | 0.00% | 1 5.34万 | 4543.59万 | | 600939 | 車庆建工 | 3.49 | -0.29% | 10.20万 | 3545.34万 | | 000950 | 重药控股 | 5.23 | -0.38% | 22.84万 | 1.19亿 | | 600369 | ...

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for September 2025, including detailed information on each bond such as credit rating, closing price at the end of August, conversion premium rate, and the financial and business conditions of the underlying companies, as well as their key attractions [13][23][35]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Bond Information**: AAA rating, August closing price of 114.493 yuan, conversion premium rate of 96.64%, and a positive stock PE - TTM of 12.68 [6][13]. - **Company Overview**: A global leader in specialized special - steel materials manufacturing, with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw material bases, forming a strategic layout along the coast and rivers [13]. - **Financial Data**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent was 5.126 billion yuan (YoY - 10.41%). In the first half of 2025, operating income was 54.715 billion yuan (YoY - 4.02%), and net profit attributable to the parent was 2.798 billion yuan (YoY + 2.67%) [13]. - **Company Highlights**: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specifications, with leading market shares in core products. It has a complete industrial chain and strong cost - control capabilities. It also seeks external expansion opportunities [14]. 3.2 Shanlu Convertible Bond - **Bond Information**: AAA rating, August closing price of 117.2 yuan, conversion premium rate of 48.74%, and a positive stock PE - TTM of 4.02 [6][23]. - **Company Overview**: Mainly engaged in road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [23]. - **Financial Data**: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent was 2.322 billion yuan (YoY + 1.47%). In the first half of 2025, operating income was 28.575 billion yuan (YoY + 0.26%), and net profit attributable to the parent was 1.029 billion yuan (YoY + 0.89%) [23]. - **Company Highlights**: Controlled by the Shandong Provincial SASAC, it has the potential for improvement in its balance sheet, liquidity, and order volume. It is expected to benefit from infrastructure construction in Shandong and the Belt and Road Initiative [24]. 3.3 Hebang Convertible Bond - **Bond Information**: AA rating, August closing price of 121.6 yuan, conversion premium rate of 27.33%, and a positive stock PE - TTM of - 154.7 [6][35]. - **Company Overview**: It has advantages in salt mines, phosphate mines, and natural gas supply. Its business has expanded from single - product operations to multiple sectors including chemicals, agriculture, and photovoltaics [35]. - **Financial Data**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent was 0.031 billion yuan (YoY - 97.55%). In the first half of 2025, operating income was 3.921 billion yuan (YoY - 19.13%), and net profit attributable to the parent was 0.052 billion yuan (YoY - 73.07%) [35]. - **Company Highlights**: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production is a major profit - contributor [36]. 3.4 Aima Convertible Bond - **Bond Information**: AA rating, August closing price of 127.164 yuan, conversion premium rate of 31.95%, and a positive stock PE - TTM of 14.18 [6][46]. - **Company Overview**: A leading enterprise in the electric two - wheeler industry, producing and selling various electric two - wheelers through dealers [46]. - **Financial Data**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent was 1.988 billion yuan (YoY + 5.68%). In the first half of 2025, operating income was 13.031 billion yuan (YoY + 23.04%), and net profit attributable to the parent was 1.213 billion yuan (YoY + 27.56%) [46]. - **Company Highlights**: It may benefit from government subsidies for trade - ins, the implementation of new national standards, and has potential for improving gross margins [47]. 3.5 Xingye Convertible Bond - **Bond Information**: AAA rating, August closing price of 124.698 yuan, conversion premium rate of 17.91%, and a positive stock PE - TTM of 6.14 [6][55]. - **Company Overview**: One of the first - established joint - stock commercial banks, evolving into a modern financial service group [55]. - **Financial Data**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent was 77.205 billion yuan (YoY + 0.12%). In the first half of 2025, operating income was 110.458 billion yuan (YoY - 2.29%), and net profit attributable to the parent was 43.141 billion yuan (YoY + 0.21%) [55]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [56]. 3.6 Wentai Convertible Bond - **Bond Information**: AA - rating, August closing price of 123.15 yuan, conversion premium rate of 23.63%, and a positive stock PE - TTM of - 19.91 [6][67]. - **Company Overview**: A global leader in semiconductor R & D and manufacturing, adopting the IDM model [67]. - **Financial Data**: In 2024, its operating income was 73.598 billion yuan (YoY + 20.23%), net profit attributable to the parent was - 2.833 billion yuan (YoY - 339.83%). In the first half of 2025, operating income was 25.341 billion yuan (YoY - 24.56%), and net profit attributable to the parent was 0.474 billion yuan (YoY + 237.36%) [67]. - **Company Highlights**: After divesting some subsidiaries, it focuses on the semiconductor business, which has shown growth. Its automotive and consumer electronics businesses also have development potential [68]. 3.7 Chongqing Bank Convertible Bond - **Bond Information**: AAA rating, August closing price of 123.688 yuan, conversion premium rate of 21.55%, and a positive stock PE - TTM of 6.47 [6][78]. - **Company Overview**: One of the earliest local joint - stock commercial banks in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [78]. - **Financial Data**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent was 5.117 billion yuan (YoY + 3.8%). In the first half of 2025, operating income was 7.659 billion yuan (YoY + 7%), and net profit attributable to the parent was 3.19 billion yuan (YoY + 5.39%) [78]. - **Company Highlights**: It benefits from the national strategy of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and actively adjusts its credit strategy [79]. 3.8 Tianye Convertible Bond - **Bond Information**: AA + rating, August closing price of 123.717 yuan, conversion premium rate of 84.35%, and a positive stock PE - TTM of 146.1 [6][90]. - **Company Overview**: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [90]. - **Financial Data**: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent was 0.068 billion yuan (YoY + 108.83%). In the first half of 2025, operating income was 5.16 billion yuan (YoY - 0.98%), and net profit attributable to the parent was - 0.009 billion yuan (YoY - 228.22%) [90]. - **Company Highlights**: It has relatively stable caustic soda production costs and plans to increase dividend frequency, while its group is promoting two coal - mine projects [91]. 3.9 Huanxu Convertible Bond - **Bond Information**: AA + rating, August closing price of 127.8 yuan, conversion premium rate of 24.45%, and a positive stock PE - TTM of 27.85 [6][101]. - **Company Overview**: A global leader in electronic manufacturing design, providing value - added services to brand customers [101]. - **Financial Data**: In 2024, its operating income was 60.691 billion yuan (YoY - 0.17%), net profit attributable to the parent was 1.652 billion yuan (YoY - 15.16%). In the first half of 2025, operating income was 27.214 billion yuan (YoY - 0.63%), and net profit attributable to the parent was 0.638 billion yuan (YoY - 18.66%) [101]. - **Company Highlights**: It is a leading manufacturer of smart - wearable SiP modules and has strengthened its R & D and production capabilities in key fields through global expansion [102]. 3.10 Yushui Convertible Bond - **Bond Information**: AAA rating, August closing price of 124.714 yuan, conversion premium rate of 28.15%, and a positive stock PE - TTM of 27.4 [6][111]. - **Company Overview**: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [111]. - **Financial Data**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent was 0.785 billion yuan (YoY - 27.88%). In the first half of 2025, operating income was 3.519 billion yuan (YoY + 7.16%), and net profit attributable to the parent was 0.458 billion yuan (YoY + 10.06%) [111]. - **Company Highlights**: It has a high market share in Chongqing, is expanding its business externally, and has achieved cost control through intelligent applications [112].

Group 1 - The core viewpoint of the articles highlights the professional integration of water supply assets in Chongqing, which is expected to drive growth for Chongqing Water (601158) alongside its steady performance in the first half of 2025 [1][2] - Chongqing Water reported a revenue of 3.519 billion yuan in the first half of 2025, representing a year-on-year increase of 7.16%, and a net profit attributable to shareholders of 458 million yuan, up 10.06% [1] - The company achieved a significant increase in cash flow from operating activities, with a net cash flow of 981 million yuan, reflecting a year-on-year growth of 109.43% [1] Group 2 - The company plans to distribute a cash dividend of 0.26 yuan per 10 shares, totaling 124.8 million yuan, which accounts for 27.25% of the net profit attributable to shareholders [2] - The integration of water supply assets will involve Chongqing Water acquiring 100% of Chongqing Yujing Water Co., Ltd. for approximately 354 million yuan and managing several other water supply companies [2] - The integration aims to enhance operational efficiency and resource allocation in the water supply sector, addressing the challenges of fragmented operations in Chongqing's water supply industry [2]

Core Viewpoint - The company reported steady growth in performance, driven primarily by its wastewater treatment business, with a revenue of 3.519 billion yuan and a net profit of 458 million yuan for the first half of 2025, reflecting year-on-year increases of 7% and 10% respectively [2] Business Performance - The wastewater treatment segment is the main growth engine, generating 2.153 billion yuan in revenue, a year-on-year increase of 11%, with a gross margin improvement of 2.84 percentage points to 35.94%, attributed to increased capacity and price adjustments [2] - The water supply business remained stable, achieving revenue of 842 million yuan, a 4% year-on-year growth, although gross margin declined due to rising costs [2] - The company demonstrated strong operational quality, with net cash flow from operating activities increasing by 109.43% year-on-year, mainly due to increased funding from the Chongqing Municipal Finance Bureau for wastewater treatment [2] Strategic Initiatives - The company is actively pursuing external mergers and acquisitions, completing the acquisition of a 51% stake in Chongqing Quality Water Supply Co., and establishing a pipeline operation company in collaboration with the Water Environment Group [3] - Ongoing absorption and merger of subsidiaries aim to optimize management structure and regional integration, with plans for high-quality water supply assets from Chongqing Water Investment to be injected into the company in the future [3] Shareholder Returns - The company maintains a high cash dividend policy, distributing 80.09% of the previous year's net profit as dividends, and has proposed a mid-year cash dividend of 0.026 yuan per share for 2025, reflecting confidence in future operations [3] - The successful issuance of 1.9 billion yuan in convertible bonds has optimized the capital structure, providing funding for acquisitions and supporting the company's core business development [3] Profit Forecast - The company is projected to achieve revenues of 7.351 billion yuan, 7.740 billion yuan, and 8.166 billion yuan for 2025-2027, with year-on-year growth rates of 5.02%, 5.29%, and 5.51% respectively, and net profits of 883 million yuan, 888 million yuan, and 932 million yuan, reflecting growth rates of 12.51%, 0.58%, and 4.93% [4] - Based on the closing price on August 25, 2025, the corresponding PE ratios are expected to be 25.87, 25.72, and 24.51, with EPS of 0.18, 0.19, and 0.19 yuan [4]

Core Viewpoint - Chongqing Water Supply's stock price increased by 0.21% to 4.76 yuan as of August 25, with a trading volume of 239,600 shares and a transaction amount of 114 million yuan [1] Company Overview - Chongqing Water Supply operates in the public utility sector, primarily engaged in water supply, sewage treatment, and sludge treatment [1] - The company is a key water service provider in Chongqing, covering multiple regions within the city [1] Recent Developments - The company has initiated a professional integration of its water supply assets, planning to gradually consolidate the water supply assets of several subsidiaries under Chongqing Water Environment Group through equity transfer or custody [1] - Upon completion of the integration, Chongqing Water Supply will operate the group's water supply assets uniformly and achieve integrated supply and drainage in the central urban area [1] - Additionally, the company plans to acquire 100% equity of Chongqing Yujing Water Supply from Chongqing Water Investment for 354 million yuan to address industry competition issues [1] Financial Activity - On August 25, the net inflow of main funds into Chongqing Water Supply was 5.7188 million yuan, with a cumulative net inflow of 5.0862 million yuan over the past five days [1]

Group 1 - Chongqing Water Environment Group held a signing ceremony for the professional integration of water supply assets, involving multiple subsidiaries [1] - The integration aims to enhance operational efficiency and asset scale through unified management and planning, ultimately leading to a centralized operation of water supply assets by Chongqing Water [1] - The integration will facilitate the gradual injection of water supply businesses into Chongqing Water, with a focus on improving operational standards and service quality [1] Group 2 - The integration is described as a strategic upgrade, emphasizing the goal of achieving greater efficiency and functionality, positioning the company as a key player in urban modernization [2] - The company aims to establish a comprehensive water supply network and enhance its core competitiveness through integrated urban and rural water supply systems [2] - Future initiatives will focus on improving water quality, service stability, and operational efficiency, while reinforcing the company's commitment to water safety and reform objectives [2]

● 本报记者 李嫒嫒 8月以来，A股上市公司并购重组持续活跃。Wind数据显示，8月1日至8月24日，共有96家上市公司披露 并购重组公告。专家表示，并购重组是推动资源优化配置的重要方式，也是上市公司提质增效的重要手 段。 多起案例涉及化解同业竞争 "本次重组不是简单规模叠加，其核心目标在于实现'1+1＞2'的战略倍增效应。"中国神华相关负责人在 接受媒体采访时表示，通过本次交易，公司将从实质上解决同业竞争问题、进一步提高资源储备、优化 产业布局。同时，此次重组资产也是落实煤炭"反内卷"的有力措施，有利于促进能源行业有序发展和良 性竞争。 支持政策连续出台 中国证券报记者注意到，支持上市公司开展并购重组的相关政策持续出台，推动产业创新升级。 日前，中国人民银行等七部门联合印发《关于金融支持新型工业化的指导意见》提出，完善并购贷款政 策，支持链主企业聚焦产业链上下游开展"补链""延链"型投资，带动全产业链协同发展。 国务院国资委党委书记、主任张玉卓日前在沪调研央企战略性新兴产业发展情况时提出，要坚持内涵式 发展和高质量并购并重，以国家产业政策和市场为导向，选准选好重点投资领域，坚持投早、投小、投 硬科技，当好长 ...

据证券之星公开数据整理，近期重庆水务（601158）发布2025年中报。截至本报告期末，公司营业总收 入35.19亿元，同比上升7.16%，归母净利润4.58亿元，同比上升10.06%。按单季度数据看，第二季度营 业总收入18.67亿元，同比上升5.87%，第二季度归母净利润2.21亿元，同比下降4.88%。本报告期重庆 水务应收账款上升，应收账款同比增幅达68.32%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率31.26%，同比增8.47%，净利率13.13%，同比增 2.47%，销售费用、管理费用、财务费用总计5.61亿元，三费占营收比15.95%，同比增4.29%，每股净资 产3.54元，同比增2.05%，每股经营性现金流0.2元，同比增109.43%，每股收益0.1元，同比增11.11% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 32.83 Z | 35.19 Z | 7.16% | | 归母净利润(元) | 4.16亿 | 4.58亿 | 10.06% | | 扣非净利润(元) | 3.3 ...

截至2025年6月30日，公司供水企业的制水系统(水厂)41个，设计生产能力328.71万立方米/日；污水处 理企业投入运行的污水处理厂有123个，设计处理能力为558.795万立方米/日；污泥处理系统6套，日设 计污泥处理处置能力2042吨。 为进一步回馈股东，重庆水务推出中期利润分配预案：向全体股东每10股派现0.26元(含税)，合计拟派 发现金红利1.248亿元，占当期归母净利润的27.25%。 同日，公司发布公告称，为逐步妥善解决与重庆水投可能构成的同业竞争，提升公司在重庆市区域内供 水业务的经营规模和市场占有率，拟以3.54亿元购买重庆水投持有的渝江水务100%股权。本次交易完 成后，渝江水务将成为公司的全资子公司。(郑渝川) 8月22日晚间，重庆水务（601158）发布2025年中报，上半年，公司实现营业收入35.19亿元，同比增长 7.16%；归母净利润4.58亿元，同比增长10.06%；扣非后净利润3.96亿元，同比增长18.69%。同期，经 营活动现金流量净额同比增长109.43%，达到9.81亿元。 今年上半年，公司生产运行总体平稳，供排水水质持续稳定达标，供排水业务保持稳定，市域内的供排 ...