记者 赵波 青岛报道 通讯员 王林 科学精准调度,从容应对高峰。面对春节假期居民用水需求集中攀升,海润集团提前谋划、科学部署,依托 智慧水务平台,通过对管网压力监测点的实时动态分析,精准预测用水高峰时段用水需求变化,动态调整供 水压力,重点加强老旧小区、地势高点等区域供水保障,确保水压稳定、水量充足。从腊月二十八至正月 初七,市区供水管网压力始终维持在最优区间,有效化解了用水高峰带来的供水压力。 全流水质管控,守护供水品质。严把水质"安全关",依托HACCP水质管理系统,实现从水源地、水厂制水到 管网输送、用户末梢的全流程、全覆盖监测。春节假期,海润集团进一步加密各环节水质监测频次,累计 完成各项水质检测400余次,所有指标均符合国家饮用水标准,以严苛管控守护市民饮水安全,让市民用水 更安心、更放心。 全天应急值守,温情服务暖民心。春节假期,海润集团14支抢修队伍全时待命,确保突发情况第一时间响 应、第一时间处置。各供水服务所服务热线24小时畅通,通过"线上指导+线下处置"双轨服务模式,及时解 答用户咨询,快速解决用水难题。同时,针对辖区内孤寡老人、残疾人等特殊用户,建立"一对一"应急联络 机制,由"水管家" ...

近日，国务院总理李强签署第831号国务院令，公布《供水条例》（以下简称《条例》），自2026年6月1日起施行。《条例》旨在促进供水事业高质量发 展，保障供水安全，提升供水服务水平，更好适应经济社会发展和人民生活需要。 转自：中国经营报 中经记者 索寒雪 北京报道 供水进入现代化治理时代 《条例》明确了供水事业发展总体要求：坚持以人为本、城乡统筹，坚持公益属性，实行开发水源和节约用水相结合，持续增强供水安全保障能力，促进供 水服务均等化。 当前，经济社会发展和人民生活品质提升，对供水安全保障能力和供水服务水平提出更高要求；与此同时，农业农村现代化和乡村全面振兴步伐加快，城乡 供水统筹发展的重要性进一步凸显。 北京民生智库研究总监程红红接受《中国经营报》记者采访时表示，在高质量发展背景下，《条例》积极回应时代需要和民生关切，为供水事业健康发展提 供了有力法治保障。她认为，《条例》的出台标志着我国供水行业从"重建轻管"的工程时代，迈向"建管并重、城乡统筹、专业运营、数字赋能"的现代化治 理时代，将对从水源地到水龙头的各环节及相关服务行业产生深远且正向的推动作用。 在水源保障方面，《条例》提出要加大供水水源保障力度， ...

Investment Rating - The report indicates a stable credit quality outlook for the water industry, with a focus on the need for further market-oriented water pricing reforms and diversified financing mechanisms to support the industry's transition to a smart and high-quality development phase [2][43]. Core Insights - The water supply industry in China is experiencing a slowdown in overall growth, with a shift from scale expansion to quality improvement, highlighting the increasing demand for intelligent and personalized services [2][18]. - The report emphasizes the importance of national water network construction and pipeline renovation as key development directions for the industry, alongside the need for a diversified financing mechanism to ensure funding supply [2][13]. - The industry is facing pressure from stricter wastewater discharge standards, which increases operational costs for water companies, while the financing demand remains robust, enhancing the motivation for refinancing and expansion [2][21]. Supply Capacity Analysis - In 2024, the total water consumption in China slightly increased, with water efficiency steadily improving. The average annual precipitation was 717.7 mm, and the total water resources reached 31,123.0 billion cubic meters, which is 12.7% higher than the long-term average [4]. - The overall growth rate of the water supply industry is slowing down due to negative population growth and a high urbanization rate, with the urban and county water supply penetration rates nearing saturation [5][8]. - The investment in water supply facilities has decreased, with fixed asset investments in cities, counties, and towns declining by 7.95%, 5.20%, and 11.50% respectively in 2024 [12]. Demand and Innovation Factors Analysis - The demand for high-quality water supply is increasing, with a notable shift towards personalized and intelligent services. The report anticipates rapid growth in the high-quality water supply segment [17][18]. - The rural water supply is transitioning from "having water" to "having good water," with a focus on standardization and management models for rural water supply [19]. - The integration of water services with IoT and AI technologies is identified as a core trend for future industry development, enhancing service delivery and operational efficiency [20]. Industry Chain Position Analysis - Water companies lack pricing power, with water prices being regulated by the government, which limits their ability to transfer costs and impacts profitability [21][22]. - The industry is characterized by a diverse competitive landscape, including market-oriented water service groups, local specialized water companies, and emerging technology firms [24]. Credit Situation Analysis - The profitability of water companies has declined, with government subsidies playing a significant role in supporting profits. In the first nine months of 2025, the net profit of sample companies was 280.37 billion yuan, with 24.89% of profits derived from government subsidies [25][26]. - The financing demand in the water market remains strong, with an increase in bond issuance and a shift towards longer-term financing structures [28][32]. - The credit quality of the water industry is stable, with no bond defaults reported, although there is a noticeable differentiation in the bond issuance structure [41].

公司于2026年1月26日和29日公告中标福建省水利投资开发集团的智慧水务平台开发项目(金额1210.95 万元)以及超声波远传水表和无磁远传水表设备采购项目(中标金额合计超6400万元)。目前尚未签订正式 合同，后续合同落地及项目推进情况需关注。 经济观察网山科智能（300897）近期披露2025年业绩预告，预计净利润同比大幅下降；同时，公司公告 中标两项智慧水务相关项目，但尚未签订正式合同。 业绩经营情况 公司于2026年1月29日发布业绩预告，预计2025年全年归属净利润为1500万元至2100万元，同比下降 74.22%至81.58%。最终财务数据将以2025年年度报告为准，预计在2026年初披露。 合同最新进展 资金面情况 截至2026年1月29日，公司融资余额达1.13亿元，占流通市值比例较高，且近期股价波动伴随主力资金 净流出等变化。这些因素可能影响短期市场情绪。 以上内容基于公开资料整理，不构成投资建议。 ...

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].

Investment Rating - The report provides a positive investment rating for Haitan Convertible Bonds, with an expected listing price range of 125.75 to 139.83 yuan, indicating a favorable outlook for investors [14][15]. Core Insights - Haitan Water Group is recognized as a leading enterprise in the environmental protection industry in China, with a focus on digital transformation and the establishment of a smart water management platform [17][32]. - The company has shown steady revenue growth since 2020, with a compound annual growth rate (CAGR) of 15.60% projected from 2020 to 2024, and an expected revenue of 1.519 billion yuan in 2024, reflecting an 18.95% year-on-year increase [17][23]. - The net profit attributable to shareholders is projected to reach 305 million yuan in 2024, representing a 25.97% increase year-on-year, despite a slight decline in the overall net profit margin [17][20]. Summary by Sections 1. Convertible Bond Basic Information - Haitan Convertible Bonds (113700.SH) have a total issuance scale of 801 million yuan, with net proceeds allocated to various water supply and wastewater treatment projects [10][11]. - The bond has a maturity of 6 years, with a credit rating of AA/AA, and a face value of 100 yuan, featuring a tiered coupon rate from 0.10% to 2.00% over its lifespan [12][10]. 2. Investment Subscription Recommendations - The expected first-day trading price for Haitan Convertible Bonds is projected to be between 125.75 and 139.83 yuan, with an estimated conversion premium of around 30% [14][15]. - The bond's conversion price is set at 12.52 yuan per share, with the underlying stock closing at 12.78 yuan on February 4, 2026, leading to a conversion parity of 102.08 yuan [12][14]. 3. Underlying Stock Fundamental Analysis 3.1 Financial Data Analysis - Haitan Water Group has established a modern and diversified industrial system in water supply, wastewater treatment, and solid waste management, with a focus on operational efficiency and digitalization [17][32]. - The company has maintained a stable sales net profit margin, with figures ranging from 18.14% to 21.75% from 2020 to 2024, while the gross profit margin has shown slight fluctuations [20][27]. 3.2 Company Highlights - As one of the early entrants in the urban water supply and environmental management sector, Haitan Water Group has developed a competitive edge in project acquisition and operational management, contributing to its stable revenue growth and strong market position [32][17].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The Haitian Convertible Bond (113700.SH) was available for online subscription on February 5, 2026, with a total issuance scale of 801 million yuan. After deducting issuance fees, the net proceeds will be used for several projects and to supplement working capital [2][3]. - The current bond floor valuation is 113.5 yuan, with a YTM of 2.16%. The conversion parity is 102 yuan, and the parity premium rate is -2.03%. The bond floor provides good protection [2][12]. - The terms of the convertible bond are standard, and the total equity dilution rate is 12.17%, exerting a certain dilution pressure on the equity [2][13]. - It is estimated that the listing price of the Haitian Convertible Bond on the first trading day will range from 125.75 to 139.83 yuan, with a conversion premium rate of around 30% [2][15]. - Since 2020, the revenue of Haitian Water Group Co., Ltd. has been growing steadily, with a compound growth rate of 15.60% from 2020 - 2024. In 2024, the company achieved an operating revenue of 1.519 billion yuan, a year - on - year increase of 18.95%. Meanwhile, the net profit attributable to the parent company slightly decreased, with a compound growth rate of 14.92% from 2020 - 2024. In 2024, it reached 305 million yuan, a year - on - year increase of 25.97% [2][17]. - The company's sales net profit margin and gross profit margin slightly declined, while the sales expense ratio, financial expense ratio, and management expense ratio decreased [2][20]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Basic Information - The issuance and subscription schedule of the Haitian Convertible Bond is from February 3 to February 9, 2026, including steps such as publishing announcements, online roadshows, and determining the allotment results [9]. - The convertible bond has a code of 113700.SH, a face value of 100 yuan, a term of 6 years, and a rating of AA/AA. The initial conversion price is 12.52 yuan per share, and the conversion period is from August 11, 2026, to February 4, 2032 [10]. - The proceeds from the issuance will be used for projects like the digital water supply and efficiency improvement project in Jianyang and the expansion project of Jiajiang Urban Domestic Sewage Treatment Plant, with a total of 801 million yuan [11]. - The bond - related indicators show a pure bond value of 113.5 yuan, a pure bond premium rate of -11.89%, and a pure bond YTM of 2.16%. The equity - related indicators show a conversion parity of 102.08 yuan and a parity premium rate of -2.03% [11][12]. 3.2 Investment Subscription Suggestion - By referring to comparable targets and the empirical model of the conversion premium rate on the first listing day, considering the good bond floor protection, rating, and scale of the Haitian Convertible Bond, it is expected that the conversion premium rate on the first listing day will be around 30%, and the corresponding listing price will range from 125.75 to 139.83 yuan [14][15]. - The original shareholders' priority allotment ratio is 100.00%, and the online winning rate is 0.0009% [16]. 3.3 Positive Stock Fundamental Analysis 3.3.1 Financial Data Analysis - The company has a diversified industrial system in the environmental protection industry. Since 2020, its revenue has grown steadily, and the net profit attributable to the parent company has also increased [16][17]. - The company's sales net profit margin and gross profit margin have fluctuated, and the sales expense ratio, financial expense ratio, and management expense ratio have decreased. The overall profitability remains at a high level but fluctuates periodically [20][27]. - The company's operating revenue mainly comes from the sewage treatment business, and the product structure changes annually. The revenue from the waste - to - energy business has been increasing year by year [23]. 3.3.2 Company Highlights - The company is an early private water service enterprise in the field of urban water supply and drainage and water environment comprehensive treatment. It has a mature "investment - construction - operation integration" model and certain competitive advantages in project acquisition, operation management, and cost control [32].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The target price of Haitian Convertible Bonds on the first day of listing is expected to be between 147 - 152 yuan, and it is recommended to actively subscribe [3][19] - The expected first - day new bond lottery winning rate is around 0.0028% - 0.0034% [4][20] - Haitian Convertible Bonds have a general issuance scale, general liquidity, a fair rating, and good bond floor protection. It is not difficult for institutions to include them in their portfolios, and there is no objection to primary market participation [2][15] 3. Summary of Each Section Based on the Table of Contents 3.1 Haitian Convertible Bond New Bond Analysis and Investment Recommendations 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Haitian Convertible Bonds is priority placement and online issuance, with a bond and issuer rating of AA. The issuance scale is 801 million yuan, the initial conversion price is 12.52 yuan, the convertible bond parity on February 3 is 101.44 yuan, the pure bond value is 98.39 yuan. The game terms (downward revision, redemption, and put - back clauses) are normal [2][15] 3.1.2 New Bond Initial Price Analysis - The main business of the company is divided into environmental protection and new energy materials sectors. After deducting issuance fees, the raised funds will be used for water - related projects and supplementing working capital to enhance operational efficiency and market competitiveness [18] - Based on market environment and parity level, the conversion premium rate of Haitian Convertible Bonds on the first day of listing is expected to be in the range of [45%, 50%], corresponding to a target price of 147 - 152 yuan [3][19] 3.1.3 Convertible Bond New Bond Lottery Winning Rate Analysis - As of June 2025, the top two major shareholders hold 60.62% of the shares in total. Assuming the old shareholders' placement ratio is 61% - 68%, the scale for the market is 259 million - 315 million yuan. Assuming 9.4 million valid online subscriptions, the lottery winning rate is around 0.0028% - 0.0034% [4][20] 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and the Industry's Upstream and Downstream Situations - The environmental protection business focuses on water supply, sewage treatment, and solid waste treatment. The new energy materials business is mainly about the R & D, production, and sales of photovoltaic conductive silver paste [21][22] - The upstream of the water business includes water supply, equipment manufacturing, etc. The downstream includes end - users and government departments. The upstream of the new energy materials business includes raw material suppliers, and the downstream is photovoltaic cell manufacturers [22][23] 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed an upward trend. Since the acquisition of the Heraeus silver paste division in 2025, new energy materials have become a new growth driver [28] - The company's comprehensive gross profit margin has remained stable. The gross profit margin of the main business has been stable with a slight increase in the past three years, and decreased slightly in the first half of 2025 due to the consolidation of the new energy business [32] - The company's period expenses have increased slightly in recent years, and R & D expenses have fluctuated slightly, with a large amount in the first half of 2025 due to the acquisition of the new energy materials business [36][37] - The proportion of accounts receivable in operating income has increased slightly, and the accounts receivable turnover rate has generally decreased. The net profit attributable to the parent company has fluctuated greatly, and the profitability has generally increased but decreased significantly in the first half of 2025 [41][43] 3.2.3 Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity is relatively concentrated. Haitian Investment is the controlling shareholder, and Sichuan Hebang is the second - largest shareholder. Mr. Fei Gongquan is the actual controller [44] 3.2.4 Company's Business Characteristics and Advantages - The company has a dual -主业 development pattern of environmental protection and new energy materials. It has regional operation advantages, comprehensive service capabilities, technical advantages, and industry status advantages [51][52][53] 3.2.5 Allocation of This Round of Raised Funds - The company plans to issue convertible bonds to raise up to 801 million yuan. After deducting issuance fees, 204 million yuan will be used for the Jianyang project, 254 million yuan for the Ziyang project, 103 million yuan for the Jiajiang project, and 240 million yuan for supplementing working capital [13][54] - The Jianyang and Ziyang projects will introduce a smart water system, with expected economic and social benefits. The Jiajiang project will expand a sewage treatment plant, also with good economic and social benefits [55][56]

Group 1 - The core focus of the news is on the efforts of Quzhou Water Industry Group to enhance urban water supply security and promote water conservation through smart technology and refined management practices as the Spring Festival approaches [1][2] - Quzhou Water Industry Group has established 643 metering zones and installed 752 various metering and data transmission devices to achieve real-time monitoring and precise control of water supply and usage [1] - The company has implemented a 24-hour emergency repair mechanism to address pipeline leaks promptly, adhering to the principle of immediate repairs for small leaks and overnight work for larger ones, thereby minimizing water resource loss [1] Group 2 - The construction of smart water management systems has significantly boosted water conservation efforts, including the installation of smart fire hydrant caps and real-time monitoring of water pressure changes in the supply network [2] - Quzhou Water Industry Group has optimized the layout of water supply pump stations, constructing five new stations and adjusting pressure values at 15 existing stations to enhance operational efficiency and reduce energy consumption [2] - The company plans to replace a total of 170,000 smart water meters by 2025, achieving over 75% coverage, which will support precise water conservation and smart supply initiatives [2] - To ensure stable water supply during the upcoming Spring Festival, the company has implemented off-peak water storage operations at various pump stations to maintain high water levels [2]

Core Viewpoint - The company is focusing on expanding its "smart water" business in Uzbekistan, aiming to enhance its international presence and brand influence, while not engaging in rare earth resource recovery [2][3]. Group 1: Company Developments - The company plans to establish a wholly-owned subsidiary in Uzbekistan to promote smart water meters and solutions in the Central Asian market [2]. - The subsidiary will not involve rare earth recovery or utilization, despite Uzbekistan's rich rare earth resources [2][3]. - The company’s subsidiary Tianhe Yongci is engaged in rare earth resource recovery, producing various rare earth oxides applicable in new industries such as robotics and new energy vehicles [3]. Group 2: Market Dynamics - Uzbekistan's rare earth reserves account for over 10% of the global total, primarily consisting of light rare earths, providing a solid foundation for the country's rare earth industry [2]. - The company is monitoring global rare earth industry developments and regional opportunities with an open and forward-looking perspective [3]. Group 3: Financial Information - On February 5, the company's stock closed at 6.77 yuan, down 5.18%, with a turnover rate of 5.49% and a trading volume of 551,800 shares, amounting to a transaction value of 380 million yuan [1]. - On the same day, there was a net outflow of 57.83 million yuan from institutional investors, while retail investors saw a net inflow of 69.6 million yuan [4][6].