| 证券代码：601158 | 证券简称：重庆水务 | | | 公告编号：临 | 2025-089 | | --- | --- | --- | --- | --- | --- | | 债券代码：188048 | 债券简称：21 | 渝水 | 01 | | | | 债券代码：242471 | 债券简称：25 | 渝水 | 01 | | | | 债券代码：242472 | 债券简称：25 | 渝水 | 02 | | | | 债券代码：113070 | 债券简称：渝水转债 | | | | | 重庆水务集团股份有限公司 关于预计新增 2025 年度日常关联交易的公告 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2025年3月31日，重庆水务集团股份有限公司（以下简称公司） 第六届董事会第十二次会议审议通过了《关于审议重庆水务集团股份 有限公司2025年预计日常关联交易议案》，预计2025年度日常关联交 易总金额34,800万元。（详见公司2025年4月2日披露的《重庆水务集 团股份有限公司2025年预计日常关联交易公告》公告编号：临 2025-032） 本次公司预计新增2025年度日常关联交易的相关事 ...

Core Viewpoint - The company has announced the acquisition of assets and related debts for wastewater treatment plant expansion projects totaling 255 million yuan [1] Group 1 - Chongqing Water Affairs' subsidiary, Chongqing Sanxia Water Affairs Co., Ltd., has acquired assets related to the expansion of the Fusheng Wastewater Treatment Plant [1] - Chongqing Haoyang Water Affairs Construction Management Co., Ltd. has also acquired assets related to the expansion of the Wulong Wastewater Treatment Plant [1] - The acquisitions include the second phase expansion and upgrading projects for the Wansheng Nantong Wastewater Treatment Plant [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for December 2025, analyzing each bond's issuer, including its financial performance, business scope, and key attractions [1][3][4]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Company Profile**: A globally leading specialized special steel material manufacturing enterprise with a production capacity of about 20 million tons of special steel materials per year [11]. - **Financial Performance**: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent was 4.33 billion yuan (YoY +12.88%) [11]. - **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 such as bearing steel and automotive steel. It has a complete industrial chain and strong cost - control capabilities, and is actively seeking external expansion [12]. 3.2 Shanlu Convertible Bond - **Company Profile**: Mainly engaged in road and bridge engineering construction and maintenance, and actively expanding into other fields. It has a complete business and management system [29]. - **Financial Performance**: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent was 1.41 billion yuan (YoY -3.27%) [29]. - **Company Highlights**: Controlled by the Shandong Provincial State - owned Assets Supervision and Administration Commission, it has the concept of "China Special Valuation". It is expected to benefit from infrastructure construction in Shandong and the "Belt and Road" initiative [30]. 3.3 Hebang Convertible Bond - **Company Profile**: With advantages in salt mines, phosphate mines, and natural gas supply, it has completed the basic layout in the chemical, agricultural, and photovoltaic fields [44]. - **Financial Performance**: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent was 93 million yuan (YoY -57.93%) [44]. - **Company Highlights**: Its phosphate mines and salt mines contribute stable profits, and the liquid methionine business has high - margin performance [45]. 3.4 Huayuan Convertible Bond - **Company Profile**: Focused on building a complete vitamin D3 upstream - downstream industrial chain, with products including cholesterol, vitamin D3, and chemical preparations [57]. - **Financial Performance**: In 2024, its operating income was 1.243 billion yuan (YoY +13.58%), and the net profit attributable to the parent was 309 million yuan (YoY +60.76%). In the first three quarters of 2025, the operating income was 936 million yuan (YoY -0.2%), and the net profit attributable to the parent was 234 million yuan (YoY -3.07%) [57]. - **Company Highlights**: It is a leader in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product matrix and has a layout in the pharmaceutical manufacturing field [58]. 3.5 Xingye Convertible Bond - **Company Profile**: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [71]. - **Financial Performance**: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent was 63.083 billion yuan (YoY +0.12%) [71]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [72]. 3.6 Huanxu Convertible Bond - **Company Profile**: A global leader in electronic manufacturing design, providing value - added services to brand customers [81]. - **Financial Performance**: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent was 1.263 billion yuan (YoY -2.6%) [81]. - **Company Highlights**: It is a leading manufacturer of smart wearable SiP modules, with advanced packaging technologies and a global production layout [82]. 3.7 Chongyin Convertible Bond - **Company Profile**: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, listed on the Hong Kong Stock Exchange and selected for the "Leading Bank" program [94]. - **Financial Performance**: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent was 4.879 billion yuan (YoY +10.19%) [94]. - **Company Highlights**: Benefiting from the Chengdu - Chongqing economic circle strategy, it has stable asset - scale growth and a reasonable credit strategy [96]. 3.8 Tianye Convertible Bond - **Company Profile**: The first industrial enterprise of the Xinjiang Production and Construction Corps and a leading enterprise in the chlor - alkali chemical industry, with an integrated circular economy industrial chain [103]. - **Financial Performance**: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent was 7 million yuan (YoY -28.79%) [103]. - **Company Highlights**: The cost of caustic soda production is relatively fixed, and it plans to increase the dividend frequency and has coal - mine projects in progress [106]. 3.9 Aorui Convertible Bond - **Company Profile**: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in several technical fields [119]. - **Financial Performance**: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent was 354 million yuan (YoY +24.58%) [119]. - **Company Highlights**: It has an optimized distributor network, expanding preparation products, and high - quality customer resources [120]. 3.10 Yushui Convertible Bond - **Company Profile**: The largest water supply and drainage integrated enterprise in Chongqing, with a stable monopoly position in the local market [133]. - **Financial Performance**: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent was 779 million yuan (YoY +7.1%) [133]. - **Company Highlights**: It has a high market share in Chongqing, is expanding externally, and has effective cost - control measures [134].

重要内容提示： 已履行的审议程序：重庆水务集团股份有限公司（以下简称公司）于 2025 年 2 月 24 日召开了第六届董事会第十次会议及第六届监事会第七次会议， 审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意公司使 用不超过人民币 1 亿元（含本数）的闲置募集资金进行现金管理，投资的产 品品种为安全性较高、流动性较好、风险较低的保本型理财产品。该额度自 公司董事会审议通过之日起 12 个月内有效，在上述期限内可以滚动使用。 特别风险提示：公司本次购买的产品为单位大额存单，安全性较高、 流动性较好、风险较低，为保本固定收益型产品，银行为单位大额存单提供 本息保证，但金融市场受宏观经济影响较大，不排除该项投资受到市场波动 影响的风险。 投资种类：单位大额存单 投资金额：人民币 5,000 万元 | 证券代码：601158 | 证券简称：重庆水务 | | | 公告编号：临 | 2025-086 | | --- | --- | --- | --- | --- | --- | | 债券代码：188048 | 债券简称：21 | 渝水 | 01 | | | | 债券代码：242471 | 债券简称：25 ...

Market Overview - On November 21, the Chongqing state-owned enterprise reform sector fell by 2.76% compared to the previous trading day, with Yuzhong Sanxia A leading the decline [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable stock performances include: - Shanghai Sanmao (600689) closed at 14.35, up 0.49% with a trading volume of 65,500 shares and a turnover of 93.68 million yuan [1] - Yuzhong Sanxia A (000565) closed at 7.15, down 6.04% with a trading volume of 214,100 shares [2] - Chongqing Port (600279) closed at 5.01, down 5.29% with a trading volume of 188,900 shares [2] Capital Flow - The Chongqing state-owned enterprise reform sector experienced a net outflow of 191 million yuan from main funds, while retail funds saw a net inflow of 119 million yuan [2] - The capital flow for individual stocks shows: - Chuan Yi Co. (603100) had a main fund net inflow of 15.78 million yuan [3] - Shanghai Sanmao (600689) had a main fund net inflow of 6.36 million yuan [3] - Chongqing Water (601158) had a main fund net inflow of 1.68 million yuan [3]

Core Insights - The report titled "2026-2032 China Water Engineering Industry Development Potential Forecast and Investment Strategy Consulting Report" aims to provide insights into the development trends and potential investment opportunities in the water engineering industry in China [1][20] - The water engineering sector encompasses two main areas: water resource development and utilization, and water environment protection and disaster prevention [1][5] Industry Overview - The water engineering industry in China is facing challenges such as rising costs related to network maintenance, water quality improvement, and ecological protection, leading to many water companies experiencing "cost inversion" [2] - The total water supply in China is projected to be approximately 592.8 billion cubic meters in 2024 [2][9] - The industry is characterized by strong local monopolies, insufficient scale, single property rights structure, and low industry concentration [2] Market Dynamics - The sales revenue of the water engineering industry in China is expected to reach approximately 489.16 billion yuan in 2024, driven by initiatives like rural drinking water safety enhancement and stricter wastewater treatment standards [2][12] - The application of technologies such as IoT, big data, and artificial intelligence is becoming increasingly prevalent in the water engineering sector, enhancing operational efficiency and service quality [2][12] Key Players - Major companies in the water engineering industry include Chongqing Water, Xingrong Environment, Greentown Water, and Jiangnan Water [2] - Chongqing Water has a daily water supply capacity of 3.2715 million cubic meters and a wastewater treatment capacity of 4.71595 million cubic meters, with a reported revenue of 3.518 billion yuan in the first half of 2025 [2][15] Report Structure - The report includes various sections such as analysis of the current state of the water industry, development status of sub-sectors, project financing and operation models, and regional project conditions [4][20]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 特此公告。 重庆水务集团股份有限公司董事会 2025年11月19日 苏涛先生，保荐代表人、法律职业资格，硕士研究生学历，现任申万宏源证券承销保荐有限责任公司高 级经理，曾主持或参与的项目有：重庆水务可转债、中自科技科创板IPO、凯尔达科创板IPO、欧康医 药北交所IPO、雪天盐业非公开发行股票、钱江摩托非公开发行股票、新安洁精选层等。 重庆水务集团股份有限公司（以下简称公司）于近日收到申万宏源证券承销保荐有限责任公司（以下简 称申万宏源承销保荐）出具的《关于更换重庆水务集团股份有限公司向不特定对象发行可转换公司债券 持续督导保荐代表人的函》。 申万宏源承销保荐为公司向不特定对象发行可转换公司债券项目的保荐机构，原指派保荐代表人为龚春 霞女士和苏晓琳女士。因龚春霞女士辞职，已无法继续从事对公司可转债持续督导工作。为保证持续督 导工作的有序进行，申万宏源承销保荐现委派苏涛先生（简历附后）接替龚春霞女士的工作，继续履行 公司向不特定对象发行可转换公司债券项目的剩余督导期的保荐工作事宜。 ...

Core Viewpoint - The acquisition of Yujing Water by the company will enhance its water supply capacity and stabilize its wastewater treatment revenue [1] Group 1 - The company will add a design water supply capacity of 150,100 m³/day through the acquisition of Yujing Water [1] - The two wastewater treatment projects, Jingkou and Tuzhu, will be included in the pricing and settlement system established by the Chongqing Municipal Finance Bureau, ensuring stable revenue and reasonable profits from wastewater treatment services [1]

Core Viewpoint - The acquisition of Yujing Water by the company will enhance its water supply capacity and stabilize its wastewater treatment revenue [1] Group 1: Company Developments - The company announced that the acquisition of Yujing Water will increase its design water supply capacity by 150,100 m³/day [1] - The two wastewater treatment projects, Jingkou and Tuzhu, will be included in the pricing and settlement system established by the Chongqing Municipal Finance Bureau, ensuring stable revenue from wastewater treatment services [1]

Core Viewpoint - The acquisition of Yujing Water by the company will enhance its water supply capacity and stabilize its wastewater treatment revenue [2] Group 1: Acquisition Impact - The company will add a design water supply capacity of 150,100 m³/day through the acquisition of Yujing Water [2] - The two wastewater treatment projects, namely Jingkou and Tuzhu, will be included in the pricing and settlement system established by the Chongqing Municipal Finance Bureau, ensuring stable revenue from wastewater treatment services [2]