去年水利建设完成投资创历史新高 "十四五"以来，新开工重大水利工程172项。截至2024年底，我国共建成水库9.5万座、大中型调水 工程200项、大中型灌区6924处、堤防31.8万公里，形成了世界上规模最大、功能最全、惠及人口最多 的水利基础设施体系。 "十四五"以来，洪涝灾害损失占国内生产总值的比例由"十三五"的0.28%下降至0.18%。水库防洪库 容1856亿立方米，堤防保护人口6.6亿人，国家蓄滞洪区容积1090亿立方米，水文测站13.3万处，战胜了 3981条河流超警以上洪水，其中223条河流为有实测记录以来最大洪水；有效应对了长江、珠江等流域 严重旱情，有力保障了旱区群众饮水安全和灌区农作物灌溉用水需求。 "数字化、网络化、智能化是未来趋势，也是发展方向。"水利部规划计划司司长张祥伟说，"十四 五"以来，水利部门系统谋划推进数字孪生水利体系建设，全国大江大河洪水预见期从3天延长到10天。 保障防洪安全、供水安全、粮食安全、生态安全 我国形成世界上规模最大水利基础设施体系 9月29日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会。水利部部长李国英 表示，"十四五"以来，我国水利发 ...

Core Insights - The Chinese government has made significant progress in water conservancy development during the "14th Five-Year Plan" period, enhancing flood safety, water supply security, food security, and ecological safety [4][5]. Investment and Infrastructure - Water conservancy construction investment has exceeded 1 trillion yuan for three consecutive years, reaching a historical high of 1.3529 trillion yuan in 2024, with a total expected investment of 5.4 trillion yuan during the "14th Five-Year Plan," which is 1.6 times that of the "13th Five-Year Plan" [5]. - A total of 172 major water conservancy projects have commenced since the beginning of the "14th Five-Year Plan," with 95,000 reservoirs, 200 large and medium-sized water diversion projects, and 6,924 large and medium-sized irrigation areas completed by the end of 2024 [5]. Disaster Management and Water Resource Allocation - The proportion of flood disaster losses to GDP has decreased from 0.28% during the "13th Five-Year Plan" to 0.18% during the "14th Five-Year Plan" [5]. - The national water network coverage is expected to reach 80.3% by the end of this year, with significant projects like the South-to-North Water Diversion and other major water diversion projects enhancing water resource allocation [6]. Water Conservation and Efficiency - Water resource utilization has improved, achieving zero growth in total water consumption despite economic growth, with water usage per unit of GDP and industrial output decreasing by 17.7% and 23.6% respectively compared to 2020 [7]. - The area of effective irrigation has increased to 6.38 million hectares, with unconventional water utilization reaching 25.1 billion cubic meters [7]. Agricultural Support and Rural Water Supply - The government has focused on modernizing irrigation systems and ensuring rural water supply, with a target of 96% for rural tap water coverage by the end of the "14th Five-Year Plan" [8]. - The construction of 30 major water diversion and key water source projects has been prioritized to support food production in major grain-producing areas [8]. Ecological Restoration and Soil Conservation - The area affected by soil erosion in the Loess Plateau has been reduced by over half, with significant measures taken to improve vegetation and soil conservation [11]. - The ecological environment of rivers and lakes has improved, with a focus on restoring flow in historically dried rivers and enhancing ecological water flow standards [10].

9月29日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会。水利部部长李国英表 示，"十四五"以来，我国水利发展取得新成效，更好保障防洪安全、供水安全、粮食安全、生态安全。 去年水利建设完成投资创历史新高 "'十四五'以来，我国水利建设完成投资连续3年突破万亿元，2024年达到13529亿元，创历史新高。'十 四五'时期，预计我国水利建设完成投资将达到5.4万亿元，是'十三五'的1.6倍。"李国英说。 全力保障农村供水。"'十四五'时期，水利部门推行农村供水'3+1'标准化建设和管护模式。'3'是指城乡 供水一体化、集中供水规模化、小型供水工程规范化建设和改造；'1'是指农村供水县域统管和专业化 管护。预计到'十四五'末，农村自来水普及率将达96%。"水利部水资源管理司司长于琪洋说。 黄土高原水土流失面积消减超一半 经济增长情况下实现用水总量零增长 李国英介绍："'十四五'时期，我国水资源节约集约利用能力和水平进一步提升。在我国经济总量连跨 大台阶、粮食产量连年丰收的情况下，用水总量实现零增长。" 如何做到？水利部副部长陈敏说："精打细算用好水资源，加强灌区现代化建设和改造，实施黄河流域 深度 ...

中新社北京9月29日电 (记者 王梦瑶)中国水利部部长李国英29日在北京表示，"十四五"以来，中国国家 水网建设取得重要进展，"南北调配、东西互济"的水资源配置格局加快形成，预计今年底国家水网覆盖 率达到80.3%。 在当天召开的国新办新闻发布会上，李国英介绍南水北调东、中线一期工程累计调水超830亿立方米， 为沿线48座大中型城市1.95亿人提供了稳定优质水源，有效改善了南水北调受水区缺水局面。南北输排 水通道调水能力达到819亿立方米，东西输排水通道调水能力达到734亿立方米。 他指出，"十四五"以来，中国开工建设南水北调中线引江补汉等15项重大引调水工程，建成引江济淮一 期等12项重大引调水工程，规划纲要明确的40条骨干输排水通道已建和在建34条。新建和改造2150处灌 区，完成7.35万处农村供水工程建设。以具有控制性地位、控制性功能的调蓄工程为"结"，开工建设35 项重要结点工程，建成26座大型水库，规划纲要明确的588个重点结点已建和在建465个。 李国英透露，中国水利建设完成投资2024年达13529亿元(人民币，下同)，预计"十四五"水利建设完成 投资超5.4万亿元，是"十三五"的1.6倍。( ...

水利部部长李国英在发布会上介绍，我国是世界上水情最复杂、江河治理难度最大、治水任务最繁重的 国家之一。"十四五"以来，我国水利基础设施建设取得新进展，2022年，水利建设完成投资首次迈上万 亿元大台阶并连续3年突破历史纪录，2024年达13529亿元，预计"十四五"水利建设完成投资超5.4万亿 元，是"十三五"的1.6倍，预计到今年底国家水网覆盖率达到80.3%。 9月29日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期水利高 质量发展成就。 数据来源：水利部、西部证券（002673）研发中心、西南证券 杨靖制图 智能化水平进一步提升 "十四五"时期，一批国家水网骨干工程，像引江济淮、珠三角水资源配置等工程建成通水。对此，李国 英介绍，"十四五"以来，水利部门认真落实《国家水网建设规划纲要》（以下简称《规划纲要》），锚 定"系统完备、安全可靠，集约高效、绿色智能，循环通畅、调控有序"建设目标，在优化布局、结构、 功能和系统集成上取得重要进展。 再次，强化农业节水增效，提效率。水利部门建立健全科学灌溉制度、用水计量监测、农业水价政策、 节水市场制度、节水技术及服务等农业节水 ...

新华社北京9月29日电（记者魏弘毅）水利部部长李国英表示，"十四五"以来，国家水网建设成效 显著，预计今年底国家水网覆盖率达到80.3%。 优化结构方面，"十四五"以来全国开工建设南水北调中线引江补汉等15项重大引调水工程，建成引 江济淮一期等12项重大引调水工程。新建和改造2150处灌区，完成7.35万处农村供水工程建设。以具有 控制性地位、控制性功能的调蓄工程为"结"，开工建设35项重要结点工程，建成26座大型水库。 这是记者29日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上获悉的。 李国英介绍，"十四五"以来，水利部门认真落实《国家水网建设规划纲要》，锚定"系统完备、安 全可靠，集约高效、绿色智能，循环通畅、调控有序"的建设目标，在优化水网布局、结构、功能和系 统集成上取得重要进展。 优化布局方面，"南北调配、东西互济"的水资源配置格局加快形成。各级水利部门坚持近期、中 期、远期系统规划，统筹存量和增量，聚焦重要经济区、重要城市群、能源基地、粮食主产区、重点生 态功能区布局了一批重大工程。 系统集成方面，加快推进数字孪生水网建设，水网工程建设运行管理数字化、网络化、智能化水平 进一步提 ...

9月29日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期水利高质量发展成就。 南水北调东中线一期工程累计调水超830亿立方米 水利部部长李国英在发布会上介绍，我国是世界上水情最复杂、江河治理难度最大、治水任务最繁重的国家之一。"十四五"以来，我国水利基础设施建设取 得新进展，2022年，水利建设完成投资首次迈上万亿元大台阶并连续3年突破历史纪录，2024年达13529亿元，预计"十四五"水利建设完成投资超5.4万亿 元，是"十三五"的1.6倍。 "'十四五'以来，新开工重大水利工程172项，水利基础设施布局、结构、功能和系统集成加快优化。截至2024年底，我国共建成水库9.5万座、大中型调水工 程200项、大中型灌区6924处、堤防31.8万公里，形成了世界上规模最大、功能最全、惠及人口最多的水利基础设施体系。"李国英表示。 与此同时，我国水资源节约集约利用能力和水平进一步提升。建设了一大批水源工程、调水工程、灌区工程，预计"十四五"末国家水网覆盖率达80.3%，耕 地灌溉面积达10.9亿亩，农村自来水普及率达96%，为国家重大战略实施、粮食稳产丰收、城乡居民安居乐业提供 ...

此外，我国实施了母亲河复苏行动，断流百年的京杭大运河、断流27年的西辽河、断流26年的永定河等 一批河流全线贯通，重点河湖生态流量达标率达98.6%，整治"乱占、乱采、乱堆、乱建"问题14万个， 河湖面貌发生新变化。海河流域30条断流的河流恢复流动，京津冀治理区浅层地下水和深层地下水 较"十三五"末分别回升3.29米和7.67米，102眼干涸的泉眼实现复涌。预计新增水土流失治理面积34万平 方公里、水土保持率达73%。 北京商报讯（记者 和岳）9月29日，国新办举行新闻发布会，介绍"十四五"时期水利高质量发展成就并 答记者问。水利部部长李国英介绍，我国建设了一大批水源工程、调水工程、灌区工程，预计"十四 五"末国家水网覆盖率达80.3%，耕地灌溉面积达10.9亿亩，农村自来水普及率达96%，为国家重大战略 实施、粮食稳产丰收、城乡居民安居乐业提供了水资源保障。在我国经济总量连跨大台阶、粮食产量连 年丰收的情况下，用水总量实现零增长，2024年万元国内生产总值用水量、万元工业增加值用水量 较"十三五"末分别下降17.7%和23.6%，农田灌溉水有效利用系数从"十三五"末的0.565提高到0.58。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 13.50 [7][8]. Core Views - The company reported a revenue of RMB 1.061 billion for H1 2025, a year-on-year decrease of 32.78%, and a net profit attributable to shareholders of RMB 102 million, down 32.31% year-on-year. The decline in revenue is attributed to slower construction progress and significant price competition in the pipeline industry [1][2]. - Despite the challenges, the demand for engineering pipelines is expected to improve due to the rapid implementation of major water conservancy projects and urban renewal initiatives [1][4]. - The company has a sufficient order backlog, and as key engineering projects progress in the second half of the year, the order backlog is expected to be released [2]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of RMB 1.061 billion, with a Q2 revenue of RMB 539 million, reflecting a year-on-year decline of 42.23% and a quarter-on-quarter increase of 3.37%. The net profit for Q2 was RMB 59.04 million, down 40% year-on-year but up 37.84% quarter-on-quarter [1][2]. - The gross margin for H1 2025 was 20.08%, a slight increase of 0.55 percentage points year-on-year. The gross margins for pipe sales and pipeline engineering installation were 23.4% and 45.0%, respectively [2]. Cost and Cash Flow - The operating expense ratio for H1 2025 was 12.34%, an increase of 2.93 percentage points year-on-year. The company effectively controlled accounts receivable, which decreased by 5.27% compared to the beginning of the year [3]. - The net cash flow from operating activities was RMB 41 million, a year-on-year increase of 125.60%, primarily due to increased cash received from sales of goods and services [3]. Industry Outlook - The company is positioned to benefit from national policies promoting the construction of water and gas pipelines, as well as urban infrastructure upgrades. This presents a significant opportunity for the pipeline industry [4]. - The company plans to leverage its comprehensive pipeline industry chain advantages and adopt a dual sales model to enhance its market position [4]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been revised downwards due to ongoing price competition in the short-cycle pipeline industry. The expected net profits for 2025, 2026, and 2027 are RMB 153 million, RMB 177 million, and RMB 224 million, respectively [5][11]. - The company is assigned a PE valuation of 25 times for 2025, leading to an adjusted target price of RMB 13.50, reflecting a favorable outlook based on its strategic positioning and market conditions [5].

Core Viewpoint - Qinglong Pipe Industry reported a revenue of 933 million yuan and a net profit of 13.47 million yuan for the first half of 2025, indicating a year-on-year adjustment in performance due to delayed orders and shipment schedules of high-margin products, but with a strong contract backlog of 2.51 billion yuan for future revenue release [1][2]. Group 1: Financial Performance - The company achieved a revenue of 933 million yuan and a net profit of 13.47 million yuan in the first half of 2025 [1]. - The contract backlog as of June 30, 2025, reached 2.51 billion yuan, providing a solid foundation for future revenue [1][2]. Group 2: Market Strategy - Qinglong Pipe Industry focused on its core business of water supply pipelines, aligning with national projects and urban pipeline renovation policies, resulting in new contracts worth 800 million yuan in the first half of 2025 [2]. - The company secured contracts across various product lines, including 260 million yuan for concrete pipes, 340 million yuan for plastic pipes, 110 million yuan for composite steel pipes, and 90 million yuan for wind power tower tubes [2]. Group 3: Operational Efficiency - The company emphasized cash flow management and accelerated project payment collection to enhance financial stability [3]. - Qinglong Pipe Industry implemented lean production practices and increased automation investments to improve operational efficiency and reduce costs [3]. Group 4: Innovation and Growth - The company entered the wind power concrete tower market, leveraging its technological expertise and forming a strategic partnership with Goldwind Technology [4]. - Research and development expenses reached 24.66 million yuan, a 34.13% increase year-on-year, with the company obtaining multiple new patents [4]. Group 5: Industry Outlook - The national policies promoting water network construction and urban pipeline renovation are expected to sustain high investment levels in the water conservancy sector, providing significant market opportunities for Qinglong Pipe Industry [5]. - The company is well-positioned to expand its market share due to its comprehensive product offerings and extensive production network across 19 subsidiaries in 12 provinces [5]. Group 6: Future Prospects - Qinglong Pipe Industry aims to integrate its core business strengths with new market opportunities, enhancing its competitiveness and contributing to national water conservancy and renewable energy development [6].