姜娅｜中信证券 消费产业首席分析师 S1010510120056 消费｜离境退税细则落地，推广提速提振内需 今年以来我国消费政策全面升级创新，近期细分领域政策相继出台，政策体系逐步完 善。近日国家税务总局发布离境退税管理办法修订细则，三方面推动前期离境退 税"即买即退"推广政策落地：①备案流程简化、时间缩短、资质放款，退税商店扩容 覆盖更广阔中小商家；②提额度+降起退点拓宽价格带场景，优质国货商品有望受 益；③进一步提升退税便利度。根据我们测算，乐观假设下离境退税市场潜在空间近 千亿级别，有望进一步提振消费扩大内需。建议密切关注政策效果显现，潜在受益板 块包括：传统零售板块中经营能力强、调改转型领先企业、消费基础设施和相关运营 商、出行服务提供商、景区目的地。 风险因素：关税政策调整；经济增速下行超预期；入境游客数量增长不及预期；入境 游客消费能力弱于预期；政策落地效果不及预期等。 刘春彤｜中信证券 联席首席A股策略师 S1010520080003 亮马组合｜自下而上，发掘高确定性机会（202505） 亮马组合是基于策略聚焦观点和行业研究精选推荐，遴选出的月度金股组合。本篇报 告为2025年第5期，更新中信证 ...

Financial Performance - The company reported a total revenue of HKD 1.2 billion for the fiscal year 2024, representing a 15% increase compared to the previous year[5]. - Revenue from continuing operations for 2024 was HKD 18,505,293, a decrease of 8.9% compared to HKD 20,322,478 in 2023[24]. - Net profit attributable to owners for 2024 was HKD 3,142,138, reflecting a slight increase of 0.6% from HKD 3,122,069 in 2023[24]. - Basic earnings per share for 2024 increased to HKD 0.4806 from HKD 0.4775 in 2023, marking a 0.6% growth[55]. - The gross profit margin improved to 40%, up from 35% in the previous year, due to better cost management[5]. - The total assets increased to HKD 5 billion, marking a 12% growth year-over-year[5]. - The total assets decreased by 3.1% to HKD 135,595,403 from HKD 139,965,972 in 2023[24]. - The company's equity totalled HKD 56,675,473 as of December 31, 2024, down from HKD 58,029,625 in 2023, indicating a decrease of 2.3%[133]. - The total liabilities decreased to HKD 78,919,930 in 2024 from HKD 81,936,347 in 2023, showing a reduction of 3.7%[133]. - The company reported a significant increase in distributable reserves to HKD 5,367,032,000 in 2024, up from HKD 3,484,663,000 in 2023, marking a growth of 54.0%[136]. Market Expansion and Strategy - The company expects a revenue growth guidance of 10-12% for the next fiscal year, driven by new product launches and market expansion[5]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[5]. - The company aims to strengthen its core business in water resources while expanding into high-value areas and improving operational efficiency across all business segments[62]. - The company is actively investing in water resource management, property investment, and infrastructure, aiming to strengthen its core business and maintain industry leadership[183]. - The company plans to enhance project acquisition efficiency and expand new business capabilities to further scale its operations[183]. Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.0727 per share, reflecting a 5% increase from the previous year[5]. - The proposed final dividend for the year ending December 31, 2024, is HKD 0.0727 per share, combined with an interim dividend of HKD 0.2397 per share, totaling HKD 0.3124 for the year (2023: HKD 0.3104)[57]. - The company reported a mid-term dividend of HKD 0.2397 per share, an increase from HKD 0.1871 in 2023[128]. - The board proposed a final dividend of HKD 0.0727 per share for the year ending December 31, 2024, down from HKD 0.1233 in 2023[128]. Operational Efficiency and Technology - Investment in new technologies increased by 25%, totaling HKD 300 million, focusing on sustainable water management solutions[5]. - The company introduced a new water purification technology that is expected to reduce operational costs by 20%[5]. - The company is focusing on enhancing operational efficiency and employee accountability to improve market competitiveness and achieve high-quality development goals[106]. - The company is committed to optimizing product offerings and operational management to mitigate competition risks and enhance project profitability[103]. Risk Management and Governance - The company is actively monitoring macroeconomic conditions and capital market trends to adapt its strategies and maintain competitiveness amid external economic pressures[101]. - The company has implemented a dynamic monitoring system for foreign exchange risk exposure and will adjust strategies based on market conditions[100]. - The company emphasizes the importance of effective risk management for success in a complex and rapidly changing environment[196]. - The independent non-executive directors and audit committee regularly review the financial and operational performance of the group to ensure independence from major shareholders[147]. Human Resources and Corporate Culture - The total employee count as of December 31, 2024, was 10,759, down from 11,495 in 2023, with total salary expenses approximately HKD 2.337 billion, a decrease from HKD 2.502 billion in 2023[106]. - The company is enhancing its employee training programs to foster a learning organization and improve compliance and professional skills[107]. - The company is committed to a corporate culture that promotes integrity and transparency, with a zero-tolerance policy towards corruption and bribery[185]. Financial Liabilities and Loans - As of December 31, 2024, the total financial liabilities of the group were HKD 23.86 billion, a decrease from HKD 42.43 billion in 2023[94]. - The group recorded a net loss of HKD 25.27 million from fair value adjustments of investment properties, a decline from a net gain of HKD 230.12 million in 2023[90]. - The company is committed to ensuring compliance with loan agreements to avoid defaults and immediate repayment obligations[165]. - A loan of HKD 5 billion was secured on February 29, 2024, with an outstanding principal of HKD 4.5 billion as of December 31, 2024[172]. Corporate Governance - The board of directors consists of five executive directors, two non-executive directors, and four independent non-executive directors, with recent changes effective from March 25, 2025[191]. - The company emphasizes the importance of corporate governance and has adhered to the principles outlined in the Corporate Governance Code[186]. - The company has adopted a code of conduct for securities trading that aligns with the standards set out in the listing rules[189]. - Independent non-executive directors possess extensive experience in various industries, contributing valuable insights and governance knowledge[198].

Financial Performance - The group's unaudited revenue from continuing operations for the three months ended March 31, 2025, was HKD 4,617.39 million, a decrease of 0.7% compared to HKD 4,648.65 million in 2024[4] - The unaudited profit before tax from continuing operations increased by 2.0% to HKD 2,035.59 million, up from HKD 1,996.17 million in 2024[4] - The unaudited profit attributable to owners of the company from continuing operations was HKD 1,321.65 million, reflecting a slight increase from HKD 1,296.62 million in 2024[4] - The equity attributable to owners of the company decreased by 2.0% to HKD 40,812.24 million from HKD 41,658.02 million[4] - The net loss from fair value adjustments of investment properties was HKD 10 million, compared to a loss of HKD 21 million in 2024[6] Water Supply and Treatment - The total water supply for the East Shenzhen Water Supply Project was 549 million tons, a decrease of 8.8% from 602 million tons in 2024, generating revenue of HKD 1,734 million, down 1.5%[9] - The profit before tax for the East Shenzhen Water Supply Project increased by 2.1% to HKD 1,203 million compared to HKD 1,178 million in 2024[9] - The total water supply capacity of the group's subsidiaries and joint ventures reached 8,886,800 tons per day as of March 31, 2025, an increase from 8,786,800 tons per day in 2024[12] - The total wastewater treatment capacity of the group was 2,103,900 tons per day as of March 31, 2025, compared to 2,054,400 tons per day in 2024[12] - The total water supply capacity of ongoing projects is projected to reach 1,187,000 tons per day by March 31, 2025[13] Property Investment - Property investment income from Guangdong Tianhe City increased by 3.0% to HKD 429,018,000, compared to HKD 416,509,000 in 2024[14] - The pre-tax profit from property investment activities rose by 8.8% to HKD 270,631,000, up from HKD 248,632,000 in 2024[14] - The total income from the group's property investment business was primarily driven by rental income, reflecting improvements in average rental levels and occupancy rates[14] Department Stores and Hotel Management - The average occupancy rate of the group's department stores decreased to 94.3% from 97.1% in 2024, with total revenue dropping by 17.6% to HKD 107,934,000[17] - The revenue from department stores for the three months ended March 31, 2025, decreased by 17.6% to HKD 95,840,000 compared to HKD 107,934,000 in 2024[18] - The average room rate for the Yuehai Sheraton Hotel was HKD 1,168, down from HKD 1,248 in 2024, while the average occupancy rate was 94.8%, slightly down from 95.4% in 2024[19] - The hotel management business revenue increased by 6.0% to HKD 172,668,000, but the pre-tax profit decreased by 19.4% to HKD 30,021,000 compared to HKD 37,266,000 in 2024[20] Energy and Construction - Electricity sales volume from the Yuehai Energy project increased by 21.9% to 773 million kWh, but revenue decreased by 7.1% to HKD 362,952,000 due to lower electricity prices and currency exchange rate impacts[21] - The sales volume from Guangdong Yuedian Jinghai Power Company decreased by 36.5% to 2 billion kWh, leading to a 40.0% revenue drop to HKD 930,127,000, with a pre-tax loss of HKD 25,644,000[22] - The average daily toll traffic on the Xingliu Expressway decreased by 9.1% to 27,039 vehicles, resulting in a toll revenue decrease of 7.8% to HKD 154,318,000[23] - Cumulative construction costs for the Yinping project reached approximately RMB 2.08 billion (about HKD 2.25 billion), with a pre-tax profit decrease of 1.0% to HKD 33,572,000[25] - The construction services revenue for the period was HKD 94,889,000, significantly higher than HKD 68,903,000 in 2024[13] Market Conditions and Strategic Focus - The geopolitical tensions and trade protectionism have intensified since 2025, impacting global economic recovery[28] - China's export growth has slowed, but domestic macro policies are becoming more proactive, leading to a recovery in domestic demand[28] - The company aims to focus on core business stability and risk management while creating long-term value for stakeholders[28] - The company will extend its water resources segment into high value-added areas and promote business structure transformation[28] - The company is actively looking for investment and acquisition opportunities related to the Guangdong-Hong Kong-Macao Greater Bay Area development plan[28] Audit and Financial Reporting - The unaudited financial data for the three months ending March 31, 2025, has been reviewed by the company's audit committee[29] - Shareholders and potential investors are advised that the information provided is unaudited and should not be considered as an indicator of financial performance[30]

行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 2025 年 04 月 28 日 新能源装机首超煤电 欧美气价降至 近期新低 看好 ——申万公用环保周报(25/04/21~25/04/25) 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 电力：新能源装机历史性超越火电，清洁能源占比稳步提升。1-3 月我国新增发电装机容量达 8572 万千瓦，其中水电、火电、核电、风电、光伏装机新增容量分别为 213、925、0、1462、 5971 万千瓦，新能源新增装机贡献率达 86.7%。截至 ...

Core Viewpoint - Starlight Co., Ltd. (002076) will be subject to delisting risk warning starting April 29, following a one-day suspension on April 28, with its stock trading limit set at 5% [1][3]. Financial Performance - For the fiscal year 2024, Starlight reported an audited total revenue of 191.89 million yuan, a 27.22% increase from 150.83 million yuan in 2023, but still recorded a net loss of 30.98 million yuan, a 136.35% decline compared to a profit of 24.63 million yuan in 2022 [4][5]. - The company’s net profit attributable to shareholders was -30.98 million yuan, and the net profit after deducting non-recurring gains and losses was -26.97 million yuan, indicating a significant deterioration in financial health [5][11]. - The total assets at the end of 2024 were reported at 611.99 million yuan, reflecting a 15.62% increase from 529.31 million yuan in 2023, while the net assets attributable to shareholders decreased by 8.85% to 289.90 million yuan [5][6]. Regulatory Actions - The Guangdong Securities Regulatory Bureau issued a warning letter to Starlight for failing to disclose the risk of delisting within one month after the fiscal year-end, which is a violation of disclosure regulations [3][7][13]. - The warning letter highlighted discrepancies between the company's previous earnings forecast and the actual results, indicating a significant change in profit and loss status [7][13]. Business Operations - Starlight's business includes LED lighting, UV disinfection, automotive lighting, lithium battery production equipment, and information security and system integration [6]. - The company aims to revoke the delisting risk warning by focusing on core business areas, improving product profit margins, enhancing business cooperation, and increasing operational efficiency in 2025 [6].

4月23日，"可月月评估分红"的港股红利ETF基金（513820）小幅震荡，当前涨0.74%，冲击三连阳。据公开资料，港股红利ETF基金（513820）已发布连续 第10月分红公告。 南向资金持续抢筹港股，哑铃策略"科技+红利"为主要配置方向。当前港股红利资产配置价值突出： 4月22日，港股红利ETF基金（513820）连续第10个月发布分红公告，本次分红每10份派0.01元，纳入此次分红在内，港股红利ETF基金（513820）每10份已 累计分红0.29元。本次分红有三大重要时点值得关注： 1、分红权益登记日：4月24日，该日收盘前持有的基金份额可以参与本次分红。 2、除息日：4月25日，当日基金单位净值开盘前会有小幅下调，不必惊慌，这是扣除每份基金分红金额，意味着离分红到账又进一步。 3、现金红利发放日：4月30日，投资者在当日即可领取现金红利，落袋为安！ 公开资料显示，自2024年7月以来，"月月评估分红"的港股红利ETF基金（513820）连续10个月分红到账日，均为每个月月底！ | 分红 | 权益登记日 | 除息日 | 现金红利发放日 | 分红方案(单位 /10份基金份额 | | --- | --- ...

Summary of the Conference Call for Yuehai Investment Company Overview - **Industry**: Water Supply Industry - **Core Business**: Supply of water to Hong Kong, contributing nearly 90% of profits [1][3][4] Key Points and Arguments Financial Performance - **Revenue Growth**: The average annual increase in water supply prices to Hong Kong over the past decade is approximately 2.2%, significantly higher than many domestic cities [1][3] - **Valuation**: Current valuation is around 9 times earnings with a dividend yield of about 7%, while the price-to-book (PB) ratio is below 1. The company is considered undervalued compared to overseas market valuations of 25-30 times [1][5] - **Dividend Policy**: Historically maintains a high dividend payout ratio of 65%, with expected dividends in 2025 likely to exceed 7% [1][6] Operational Focus - **Core Business Focus**: After divesting from Yuehai Land, the company will concentrate more on its water supply business, which is expected to enhance profitability [1][6] - **Debt Management**: The net financial debt to net asset value ratio is projected to decrease from 77% in 2023 to 31% in 2024, indicating improved financial health [1][9] Cash Flow and Capital Expenditure - **Free Cash Flow**: Expected to rise significantly to 7.3 billion HKD in 2024, a 29% year-on-year increase, with capital expenditures decreasing substantially [1][10] - **Cash Flow Stability**: The company has maintained a stable cash flow from its core operations, providing a solid foundation for high dividends [1][10] Market Position and Competitive Advantage - **Market Dynamics**: The water supply sector is characterized by stable performance due to the counter-cyclical nature of water demand and pricing reforms that link prices to costs [2][3] - **Core Asset Contribution**: The Dongjiang Water Project is a key asset, contributing significantly to overall profits, with a stable average water supply price of 6.11 HKD per ton in 2023 [3][11] Future Outlook - **Profit Recovery**: The company anticipates a recovery in net profit to over 4 billion HKD in 2025, primarily driven by its water resource business [1][7] - **Long-term Growth**: Expected net profits for 2025 to 2027 are projected at 4.274 billion, 4.357 billion, and 4.453 billion HKD respectively, indicating a strong recovery and stable growth trajectory [22] Investment Value - **Dividend Yield and Valuation Potential**: The company’s high dividend yield and undervaluation relative to its assets suggest significant investment potential, especially if market conditions favor high-dividend assets [5][25] - **Market Positioning**: The company is well-positioned to benefit from ongoing market reforms in water pricing, which could enhance profitability and cash flow [17][24] Additional Important Insights - **Debt Structure Improvement**: The company is gradually reducing its reliance on floating-rate loans and increasing its proportion of RMB loans to mitigate currency risk [1][9] - **Regulatory Environment**: The company has a favorable position regarding the renewal of its water supply contracts, which is expected to be negotiated with the provincial government [14] This comprehensive analysis highlights Yuehai Investment's strong market position, financial stability, and potential for future growth, making it a compelling investment opportunity in the water supply sector.

Investment Rating - The report maintains a "Positive" investment rating for the waste incineration industry [9]. Core Insights - Recent attention has been drawn to waste incineration projects supplying power to IDC (Internet Data Centers), highlighting the potential for these projects to effectively reduce energy consumption and improve cash flow for B-end enterprises [3][16]. - The transition from energy consumption dual control to carbon emission dual control is expected to enhance the demand for renewable energy, particularly from industrial enterprises, benefiting the waste incineration sector [7][36]. - The report emphasizes the feasibility of direct power supply from waste incineration projects to B-end enterprises, which could lead to valuation recovery for the industry [3][8]. Summary by Sections Energy Consumption Control and Approval Process - The tightening of energy consumption policies necessitates energy efficiency assessments for fixed asset investment projects, with significant variations in approval timelines across different regions [5][22]. - IDC projects are specifically required to undergo energy efficiency assessments due to their high energy consumption levels, which often exceed 10,000 tons of standard coal annually [6][25]. Expansion of Green Energy Applications - The application of green energy from waste incineration is anticipated to expand beyond IDC to B-end enterprises, driven by increasing renewable energy demands and regulatory shifts towards mandatory green electricity consumption [7][38]. - The report notes that the carbon market's expansion, now covering over 60% of national CO2 emissions, will further enhance the demand for green certificates from waste incineration companies [7][8]. Challenges and Opportunities in Direct Power Supply - The current limitations on direct power supply to B-end enterprises stem from unresolved pricing mechanisms, but pilot projects in certain regions are beginning to explore direct green electricity supply [8][36]. - The report suggests that overcoming these challenges could lead to a new trend in direct green electricity supply for industrial enterprises, benefiting all stakeholders involved [8][36]. Investment Recommendations - The report recommends focusing on leading companies in the waste incineration sector, including Hanlan Environment, Weiming Environmental, and others, as they are well-positioned to benefit from the anticipated cash flow improvements and valuation recovery [8].

Market Overview - The Hang Seng Index fell 2.5% last week, closing at 22,849 points, while the Hang Seng Tech Index dropped 3.5% to 5,313 points. The Hong Kong Chinese Enterprises Index rose 0.6% as funds flowed back into high-dividend central state-owned enterprises [1] - Average daily trading volume in Hong Kong stocks decreased by 2.3% to HKD 253.4 billion, with significant inflows of HKD 63.2 billion through the Stock Connect, supporting the market [1] - The valuation of Hong Kong stocks has significantly recovered, with the AH premium at a four-year low, indicating potential for short-term pullbacks due to external pressures and liquidity concerns from company placements [1] Geopolitical and Economic Impact - The announcement of "reciprocal tariffs" by the U.S. has heightened market volatility, with tariffs on Chinese exports expected to rise to 66-67% when considering previous tariffs [2] - The Federal Reserve's cautious stance amid inflation uncertainty has led to increased risk aversion in global markets, impacting asset prices across various sectors [2] - The geopolitical tensions between the U.S. and China are expected to elevate risk premiums for Chinese assets, with potential negative impacts on emerging markets and Hong Kong stocks [2][3] Sector Analysis Consumer Sector - Haier Smart Home's stock fell 8.0% due to the unexpected increase in tariffs, which could negatively affect the investment climate for export-oriented companies [4] - The healthcare sector saw a 1.39% increase in the Hang Seng Healthcare Index, although some companies in the CXO sector experienced declines due to tariff impacts [4] Public Utilities and Environmental Sector - The public utilities sector is expected to benefit from new pricing governance policies aimed at improving pricing mechanisms for water and gas services, potentially leading to increased service charges [5][10] - The performance of public utility stocks has been mixed, with some companies like China Water Affairs showing strong revenue growth due to their high exposure to domestic water supply operations [11] Energy Sector - The coal price has decreased by 20.6% year-on-year, which may alleviate some negative impacts on the thermal power industry despite a decline in power generation [8] - The public utilities sector is expected to see a positive impact from the government's pricing reforms, particularly in water and gas operations [10] Company-Specific Insights WuXi Biologics - WuXi Biologics is projected to see a 9.6% increase in revenue for FY24, driven by a significant rise in new project numbers and improved demand in North America and Europe [13][14] - The company has a robust order backlog, with a 5.1% year-on-year increase expected by the end of FY24, supporting steady revenue growth [14] Market Sentiment - The overall performance of Hong Kong stocks in FY24 has been disappointing, with 83.3% of selected stocks underperforming market expectations, indicating a challenging operating environment [7] - The public utilities sector has shown more stability, with a lower error rate in earnings forecasts compared to other sectors [7]

Investment Rating - The report maintains a "Positive" investment rating for the environmental industry [8]. Core Insights - The impact of the mutual tariff increases between the US and China on the environmental sector is minimal, which is expected to benefit absolute return assets such as waste incineration and water services [2][11]. - The mutual tariff increases are likely to drive funds towards absolute return sectors, with companies in waste management and water services expected to see cash flow improvements and higher dividend payouts [11]. Summary by Sections Event Description - On April 2, 2024, the US announced a 34% "reciprocal tariff" on all trading partners, including China, which was followed by China's announcement of a similar tariff on US imports effective April 10, 2025 [6]. Event Commentary - The environmental sector is directly impacted in areas such as waste plastic processing, UCO (Used Cooking Oil), and cleanroom technology. However, the overall effect on the sector is limited, and companies focused on domestic demand are expected to benefit [11]. - The report highlights that the waste management and water service industries have strong cash flows, with potential dividend payout ratios reaching 70%-80%. Current valuations are seen as stable, with limited downside risk [11]. - Recent regulatory changes and price adjustments in water services are expected to enhance profitability and cash flow for companies in the sector [11]. Related Research - The report references ongoing reforms in public utility pricing mechanisms and emphasizes the positive implications for profitability and cash flow in the environmental sector [10].