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。 一、本次对外投资概述 证券代码：603291 证券简称：联合水务 公告编号：2026-007 江苏联合水务科技股份有限公司 关于全资子公司对参股公司增资暨关联交易 完成股权交割的进展公告 三、股权交割对公司的影响 1、本次交易完成后，联合水务国际投资持有可转换优先股不能控制 e4E 公 司董事会和股东会，未对其形成控制，e4E 公司不纳入公司合并报表范围。 2、e4E 公司是一家注册于开曼群岛的公司，主要从事碳减排、碳转化、碳 捕捉、碳封存技术研发和吸碳新材料的技术研发、生产及销售业务，目前的主要 产品为负碳砖，主要面向英国及欧盟地区销售。投资 e4E 公司有助于公司迅速布 局相关绿色低碳技术领域，并进一步探索具体应用场景，符合国家"双碳"战略。 3、投资款主要用于 e4E 公司下属全资子公司武汉市吸碳建材有限公司中试 线的建设、技术研发及补充营运资金。目前标的公司尚需进一步扩大对海外销售 市场具备丰富经验的销售团队，强化海外市场开拓能力，持续提升客户接受度， 存在销售成果不确定 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [3]. Core Insights - The company is a comprehensive water service investment operator that embraces technology and international expansion, focusing on water supply, wastewater treatment, and water environment restoration [1][19]. - The company has a complete industrial chain from "source to tap," with 26 domestic and 1 overseas operational company, actively expanding into Southeast Asia and the Middle East [1][2]. - The domestic water supply and wastewater treatment sectors are expected to grow steadily due to urban-rural integration and increased ecological water demand, supported by government fiscal policies [2][57]. - The successful operation of the Bangladesh project serves as a milestone for international business expansion, with significant potential in the South Asia and Southeast Asia water markets [2][75]. - The company anticipates a rebound in profitability in 2026, driven by the completion of upgrade projects and improved cash flow from overseas projects [2][3]. Summary by Sections Company Overview - The company operates in water supply, wastewater treatment, and water environment restoration, with a focus on EPC and PPP construction projects [1][25]. - It has established a strong presence in various provinces in China and has initiated operations in Dhaka, Bangladesh, providing water services to a population of 2 million [1][28][51]. Industry Opportunities - The water service industry in China is characterized by stable growth, driven by urbanization and government support for water governance [2][57]. - The company is well-positioned to benefit from the increasing demand for water services, with projected growth in water supply volumes and wastewater treatment rates [2][62][68]. Financial Performance - The company expects to achieve revenues of 1.135 billion, 1.274 billion, and 1.397 billion yuan from 2025 to 2027, with corresponding net profits of 113 million, 224 million, and 273 million yuan [3][4]. - The financial outlook indicates a recovery in profitability starting in 2026, following a period of pressure due to increased costs and reduced government subsidies [2][3][40]. Future Growth Drivers - The company is focusing on technological innovation and international market expansion as key growth drivers, with significant investments in smart water management technologies [2][47][51]. - The anticipated adjustments in water pricing and the completion of upgrade projects are expected to enhance revenue streams in the coming years [2][80].

本公司董事会、全体董事及股东上海衡联辨和企业管理合伙企业（有限合伙）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。 重要内容提示： ● 大股东持股的基本情况 本次减持计划实施前，股东上海衡联辨和企业管理合伙企业（有限合伙）（以下简称"上海衡联"，曾用 名：宁波衡联企业管理合伙企业（有限合伙）"）持有江苏联合水务科技股份有限公司（以下简称"公 司"）无限售流通股份21,775,415股，占公司总股本的5.15%。上述股份均来源于公司首次公开发行股票 并上市前持有股份，且全部已于2024年3月27日解除限售并上市流通。 ● 减持计划情况 2025年11月19日，公司披露了《江苏联合水务科技股份有限公司持股5%以上股东减持股份计划公告》 （公告编号：2025-055），公司股东上海衡联为公司首次公开发行并上市前设立的员工持股平台，基于 公司已退休离任多年的员工自身资金需求，拟通过集中竞价方式减持公司股份不超过582,492股，占公 司总股本的0.1376%，将于减持公告披露之日起15个交易日后的三个月内进行。 ● 减持计划的实施结果情况 2026年2月2 ...

证券代码：603291 证券简称：联合水务 公告编号：2026-006 2025 年 11 月 19 日，公司披露了《江苏联合水务科技股份有限公司持股 5% 以上股东减持股份计划公告》（公告编号：2025-055），公司股东上海衡联为公 司首次公开发行并上市前设立的员工持股平台，基于公司已退休离任多年的员工 自身资金需求，拟通过集中竞价方式减持公司股份不超过 582,492 股，占公司总 股本的 0.1376%，将于减持公告披露之日起 15 个交易日后的三个月内进行。 减持计划的实施结果情况 2026 年 2 月 2 日，公司收到股东上海衡联关于股份减持实施结果的通知。 截至 2026 年 2 月 2 日，本次减持计划实施期间，上海衡联通过集中竞价方式累 计减持公司股份 582,400 股，占公司总股本的比例为 0.1376%。本次减持实施后， 上海衡联持有公司无限售流通股 21,193,015 股，占公司目前总股本的 5.01%。上 海衡联本次减持计划已实施完毕，本次减持计划提前终止。 江苏联合水务科技股份有限公司 持股 5%以上股东提前终止减持计划暨减持实施结果 公告 本公司董事会、全体董事及股东上海衡联 ...

格隆汇2月3日丨联合水务(603291.SH)公布，2026年2月2日，公司收到股东上海衡联关于股份减持实施 结果的通知。截至2026年2月2日，本次减持计划实施期间，上海衡联通过集中竞价方式累计减持公司股 份582,400股，占公司总股本的比例为0.1376%。本次减持实施后，上海衡联持有公司无限售流通股 21,193,015股，占公司目前总股本的5.01%。上海衡联本次减持计划已实施完毕，本次减持计划提前终 止。 ...

Market Performance - The environmental governance sector increased by 1.66% on February 3, with Sains leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Top Gainers in Environmental Governance Sector - The top-performing stocks included: - Sains (688480) with a closing price of 81.99, up 13.25% and a trading volume of 39,500 shares, totaling 313 million yuan [1] - Zhonglan Environmental (300854) at 23.62, up 7.46% with 63,300 shares traded, amounting to 148 million yuan [1] - Shanghai Xianba (603200) at 81.85, up 6.28% with 70,000 shares traded, totaling 560 million yuan [1] Decliners in Environmental Governance Sector - Notable decliners included: - Xuelang Environment (300385) at 11.34, down 1.99% with a trading volume of 250,700 shares, totaling 278 million yuan [2] - Guozhong Water (600187) at 2.12, down 1.85% with 973,700 shares traded, amounting to 206 million yuan [2] - Delinhai (688069) at 23.98, down 1.07% with 20,800 shares traded, totaling 50.4 million yuan [2] Capital Flow in Environmental Governance Sector - The environmental governance sector saw a net inflow of 130 million yuan from institutional investors, while retail investors experienced a net outflow of 54.53 million yuan [2] - The main stocks with significant capital inflow included: - Fuzhijie Technology (688335) with a net inflow of 52.43 million yuan, accounting for 13.68% of the total [3] - Huicheng Environmental (300779) with a net inflow of 36.99 million yuan, representing 7.20% [3] - Gaon Environment (603588) with a net inflow of 35.59 million yuan, making up 7.46% [3]

江苏联合水务科技股份有限公司 关于 2026 年 1 月提供担保的进展公告 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。 证券代码：603291 证券简称：联合水务 公告编号：2026-005 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | 江苏联合水务科技股份有限公司 | | | --- | --- | --- | --- | | | 本次担保金额 | 16,800 万元 | | | 担保对象一 | 实际为其提供的担保余额 | 万元 47,209.11 | | | | 是否在前期预计额度内 | √是 □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 √否 | □不适用：_________ | | | 被担保人名称 | 宿迁联合市政工程有限公司 | | | | 本次担保金额 | 万元 5,000 | | | 担保对象二 | 实际为其提供的担保余额 | 11,500 万元 | | | | 是否在前期预计额度内 | √是 □否 | □不适用：_________ | | | 本次担保 ...

Market Overview - The Shanghai Composite Index closed at 4120.10 points, above the annual line, with a change of 0.16% [1] - The total trading volume of A-shares reached 1,645.83 billion yuan [1] Stocks Above Annual Line - A total of 61 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Huawi Design (华维设计) with a deviation rate of 24.42% - Hualing Co. (华岭股份) at 5.51% - Huilong Piston (汇隆活塞) at 4.81% [1] Detailed Stock Performance - The following table summarizes the performance of selected stocks that have crossed the annual line: - Huawi Design (华维设计): Today's change of 29.96%, turnover rate of 26.39%, annual line at 14.64 yuan, latest price at 18.22 yuan [1] - Hualing Co. (华岭股份): Today's change of 12.70%, turnover rate of 9.21%, annual line at 24.90 yuan, latest price at 26.27 yuan [1] - Huilong Piston (汇隆活塞): Today's change of 18.06%, turnover rate of 13.30%, annual line at 9.86 yuan, latest price at 10.33 yuan [1] - Other notable stocks include: - Wuhan Fangu (武汉凡谷) with a deviation rate of 4.17% - Meirui New Materials (美瑞新材) with a deviation rate of 3.81% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Gongdong Medical (拱东医疗) and Chongqing Gas (重庆燃气) [1] - The performance of these stocks indicates a cautious upward trend in the market [1]

Quantitative Factors and Construction Methods 1. Factor Name: Large Order Transaction Amount Ratio - **Factor Construction Idea**: This factor captures the buying behavior of large funds by analyzing the proportion of large order transaction amounts relative to the total daily transaction amount[7] - **Factor Construction Process**: 1. Use tick-by-tick transaction data to identify buy and sell orders based on bid and ask sequence numbers 2. Filter transactions by order size to identify large orders 3. Calculate the proportion of large buy order transaction amounts to the total daily transaction amount Formula: $ \text{Large Order Transaction Amount Ratio} = \frac{\text{Large Buy Order Transaction Amount}}{\text{Total Daily Transaction Amount}} $ - **Factor Evaluation**: This factor effectively reflects the buying behavior of large funds[7] 2. Factor Name: Net Active Buy Amount Ratio - **Factor Construction Idea**: This factor measures the active buying behavior of investors by calculating the net active buy amount as a proportion of the total daily transaction amount[7] - **Factor Construction Process**: 1. Use tick-by-tick transaction data to classify each transaction as either active buy or active sell based on trade direction 2. Subtract the active sell transaction amount from the active buy transaction amount to obtain the net active buy amount 3. Calculate the proportion of the net active buy amount to the total daily transaction amount Formula: $ \text{Net Active Buy Amount Ratio} = \frac{\text{Active Buy Amount} - \text{Active Sell Amount}}{\text{Total Daily Transaction Amount}} $ - **Factor Evaluation**: This factor provides insights into the active buying behavior of investors[7] --- Factor Backtesting Results 1. Large Order Transaction Amount Ratio - **Top 5 Stocks by 5-Day Average**: 1. 惠博普 (92.6%, 99.6% percentile)[9] 2. 美年健康 (89.6%, 99.2% percentile)[9] 3. 志特新材 (89.2%, 99.2% percentile)[9] 4. 津滨发展 (88.4%, 99.6% percentile)[9] 5. 江南高纤 (87.7%, 98.8% percentile)[9] 2. Net Active Buy Amount Ratio - **Top 5 Stocks by 5-Day Average**: 1. 杭萧钢构 (16.7%, 99.8% percentile)[10] 2. 纬德信息 (15.4%, 100.0% percentile)[10] 3. 中科微至 (15.0%, 99.6% percentile)[10] 4. 新风光 (13.8%, 100.0% percentile)[10] 5. 联合水务 (13.3%, 97.5% percentile)[10] 3. Broad-Based Indices - **Large Order Transaction Amount Ratio (5-Day Average)**: - 上证指数: 73.8% (12.8% percentile)[12] - 上证50: 70.6% (64.2% percentile)[12] - 沪深300: 73.1% (64.2% percentile)[12] - 中证500: 73.0% (6.6% percentile)[12] - 创业板指: 71.6% (90.1% percentile)[12] - **Net Active Buy Amount Ratio (5-Day Average)**: - 上证指数: -5.8% (86.8% percentile)[12] - 上证50: -12.9% (90.5% percentile)[12] - 沪深300: -8.8% (89.3% percentile)[12] - 中证500: -3.4% (86.0% percentile)[12] - 创业板指: -4.4% (84.8% percentile)[12] 4. Industry-Level Results - **Top 5 Industries by Large Order Transaction Amount Ratio (5-Day Average)**: 1. 房地产: 79.8% (90.1% percentile)[13] 2. 煤炭: 78.5% (66.3% percentile)[13] 3. 钢铁: 78.2% (42.8% percentile)[13] 4. 建筑: 77.9% (24.3% percentile)[13] 5. 综合: 77.8% (50.6% percentile)[13] - **Top 5 Industries by Net Active Buy Amount Ratio (5-Day Average)**: 1. 房地产: -9.5% (95.1% percentile)[13] 2. 电子: 2.2% (78.6% percentile)[13] 3. 汽车: 0.9% (60.9% percentile)[13] 4. 家电: 0.1% (84.4% percentile)[13] 5. 通信: -4.7% (89.7% percentile)[13] 5. ETFs - **Top 5 ETFs by Large Order Transaction Amount Ratio (5-Day Average)**: 1. 华泰柏瑞中证A500ETF (92.9%, 96.3% percentile)[15] 2. 易方达中证A500ETF (91.6%, 100.0% percentile)[15] 3. 国泰中证A500ETF (91.5%, 15.6% percentile)[15] 4. 华泰柏瑞沪深300ETF (91.0%, 99.2% percentile)[15] 5. 易方达沪深300ETF (91.0%, 99.6% percentile)[15] - **Top 5 ETFs by Net Active Buy Amount Ratio (5-Day Average)**: 1. 东财上证科创板50成份ETF (23.4%, 100.0% percentile)[16] 2. 海富通上证城投债ETF (20.9%, 88.5% percentile)[16] 3. 国泰上证10年期国债ETF (15.6%, 61.3% percentile)[16] 4. 富国创业板人工智能ETF (14.3%, 65.9% percentile)[16] 5. 嘉实中证稀土产业ETF (14.1%, 92.6% percentile)[16]

Group 1 - The water sector showed strong performance on January 20, with companies like Guozhong Water and Shunkong Development hitting the daily limit up [1] - Other companies in the sector, such as United Water, Jiangnan Water, and Xingrong Environment, also experienced significant gains [1]