Core Insights - Zaozhuang has achieved comprehensive safe, high-quality, and reliable water supply across urban and rural areas after two years of efforts [1][2][3] Group 1: Water Supply Infrastructure - Zaozhuang has invested over 5.1 billion yuan in integrated urban and rural water supply projects, establishing a "1+3" water supply framework [2] - A new surface water plant with a daily supply capacity of 220,000 tons has been constructed in the central urban area, along with 135 kilometers of supporting water distribution pipelines [2] - The rural water supply rate in mountainous areas has increased significantly from 2.49% to over 97% through innovative supply models [2] Group 2: Water Quality and Risk Management - A dynamic monitoring and water quality testing mechanism has been established to ensure comprehensive compliance with water quality standards [3] - The "1+N" management model has been implemented for county-level water supply, allowing for full-process management from water production to consumption [3] - The company aims to create a reliable water supply service system that ensures all 4.22 million residents have access to high-quality and safe drinking water [3]

新建水厂&水价调价持续推进，城市供水板块量价齐升可期 智通财经APP获悉，中信证券发布研报称，中国水务(00855)当前股价对应FY2026~2028PE分别为8/7/6 倍，可比公司兴蓉环境、粤海投资、北控水务现价对应wind一致预期2025年PE均值为12倍，该行给予 公司20%估值折价，即给予公司2025年10倍目标PE，给予公司7.80港元目标价，维持"买入"评级。公司 全年派发股息0.28港元，派息率同比提升12pcts至42%。 中信证券主要观点如下： 盈利能力改善，费用下降空间明显 FY2025公司综合毛利率同比提升0.7pct至37.8%。分业务板块看，公司主业盈利能力均有所改善，城市 供水/管道直饮水/环保分部利润率分别同比提升3.2/2.7/3.4pcts至33.2%/37.0%/36.5%，盈利能力改善显 著，推动整体分部利润率同比提升1.6pcts至33.4%。FY2025公司销售/管理/财务费用率同比分别变动 0.2/-0.4/+1.7pcts，财务费用有所增长主因系公司美元债比例较高，该行认为后续公司将通过债务置换等 手段降低美元债比例，同时随着国内外降息周期推进，财务费用后续下降 ...

冠中生态（300948）公告，公司作为联合体牵头人参与了"博山区城乡供水提升改造建设项目工程总承 包-其他工程1标"的公开招标。2025年7月7日，山东省水利工程招标投标公共服务平台发布了评标结果 公示，公司为第一中标候选人，投标报价为约2.4亿元。项目工期为351天，联合体其他成员包括湖北中 森华泰建筑工程有限公司和淄博市水利勘测设计院有限公司。若顺利签订合同并实施，该项目预计将对 公司未来业绩产生积极影响。公示时间为2025年7月8日至7月10日。 ...

揭榜攻坚，守护农村饮水安全 在推进乡村全面振兴的时代进程中，农村供水不仅是保障民生的基础工程，更是推动共同富裕的关键一 环。钱江水利（600283）积极响应浙江省"千万工程"和共同富裕示范区建设号召，以"人民至上"为核心 理念，以中国水务"水润乡邻"为发力基点精准施策，深耕农村供水领域，通过党建引领、科技攻关、模 式创新，为乡村全面振兴注入动力。 党建领航，筑牢共富供水根基 钱江水利坚持党建引领，创新打造"共富 清泉"党建品牌，推动党建工作与业务深度融合、同频共振。 在婺城区农饮水项目中，党员先锋队冲锋在前，从前期考察调研、方案设计，到设备安装调试、多方关 系协调，全程深度参与。这种党建与业务深度融合的模式，不仅推动公司业务快速增长，更彰显了国企 保障民生的使命担当。凭借优质供水服务与良好的沟通协作，公司在地方政府和群众中收获广泛赞誉， 成为农村供水领域党建引领发展的典范。 此外，公司深入贯彻水利部《数字孪生农村供水工程建设技术指南》，构建起"工程全域物联、运维数 字中枢、供水保障平台"三位一体的智慧管理体系——通过数智水站建设，集成在线监测、远程控制、 精准加药等核心技术，实现高浊水条件下无人值守运行，人员 ...

Core Viewpoint - The rural water supply improvement projects in Luochuan County are significantly enhancing the living conditions of local residents by providing stable and sufficient water supply, with substantial investments and infrastructure upgrades underway [1][2][3]. Group 1: Project Implementation - The renovation of water supply facilities in Baizitou Village has replaced over 4,500 meters of old pipelines, extending their lifespan to 50 years and improving water availability for residents [1]. - Luochuan County plans to invest 100 million yuan in 100 new or expanded rural water supply projects this year, benefiting 100,000 rural residents [1]. - Eight rural water supply guarantee projects are being implemented in Luochuan County with a total investment of 13 million yuan, with two projects already completed [1][2]. Group 2: Infrastructure Development - The Wujihe Reservoir plays a crucial role in irrigation and water supply, supporting 23,000 acres of farmland and ensuring water safety for 23,700 residents in surrounding towns [1]. - A water treatment facility upgrade project is underway at the Wujihe centralized water supply plant, which began construction on May 7 and is expected to be completed by the end of September, enhancing water purification capacity [2]. - As of now, 72 rural water supply guarantee projects have been initiated in Yan'an City, with 25 completed and an investment of 27.8 million yuan [3]. Group 3: Expected Outcomes - The completion of the eight rural water supply guarantee projects will further ensure safe drinking water for 55,000 residents in the project area [2]. - By the end of this year, the scale of water supply in Yan'an City is expected to increase to over 33.4% [3].

证券研究报告·策略报告·策略深度报告 策略深度报告 20250701 7 月港股金股：利好落空后的利好 2025 年 07 月 01 日 [Table_Tag] [观点Table_Summary] ◼ 5 月开始，金管局因港币触及强方保证，下场干预，资金入港，hibor 利 率下跌，投资者觉得是利好。后来发现，这些进来的资金并没有大幅流 入股票，利好变成利空。两个月前阶段性卖出股票离场的资金，因为一 直没有等到市场下跌，在时间成本影响下，不得不在近期再次买入股票， 或将利好港股。 -此前利好：5 月份，资金入港， hibor 下跌，投资者预计增量资金入场。 -转落空：投资者发现，入港资金的投资去处，是存款、套息交易、债券、 打新股和加密货币等。这些资金并没有大幅投资二级市场股票。即使打 新股，上市后就立刻卖出。比如，海天味业获得超过 60 倍认购，但上 市后价格持平，没有上涨。说明部分资金在上市便锁定收益，并不停留 在股市上。 -或将转利好：有些资金仍然会依据过去三年的经验，在市场高位卖出， 然后等待市场下跌后再买入。经历了 5 月香港大规模资金入场，压低利 率后，转为利空，市场迟迟没有下跌。直到现在，这些资 ...

Core Viewpoint - The East River water supply project has been crucial for Hong Kong's water security and economic development over the past 60 years, symbolizing the deep connection between Jiangxi and Hong Kong [1][3][12]. Group 1: Historical Context - The East River water supply project was initiated in response to a severe drought in Hong Kong in 1963, leading to the construction of an 83-kilometer water supply line [2][3]. - The project was officially opened on March 1, 1965, providing a stable water supply that ended Hong Kong's water scarcity issues [2][3]. Group 2: Economic Impact - Over the past 60 years, Hong Kong's GDP has increased by more than 266 times, largely supported by the stable water supply from the East River [3]. - The annual water supply capacity from the East River has expanded from 6.8 million cubic meters to 2.423 billion cubic meters [3]. Group 3: Environmental Protection - The East River source area has maintained water quality above national standards due to strict ecological protection measures implemented by local communities [5][6]. - Significant sacrifices have been made by local populations in the East River source area to protect the water source, including shutting down over 160 enterprises and rejecting numerous investment projects [6][7]. Group 4: Community Engagement - Recent initiatives have seen Hong Kong youth engaging in activities to promote awareness and appreciation of the East River source, fostering a sense of connection and gratitude towards the source area [11]. - The local government has successfully transformed ecological advantages into economic benefits, with the contribution of ecological industries to local GDP rising from 23% in 2018 to 61% in 2024 [10].

Core Viewpoint - Jiangsu Province aims to enhance the quality and efficiency of municipal public services in 2025, focusing on stable and safe supply of water and gas, while optimizing the business environment for residents [1] Water Supply Services - Jiangsu is the only province in China where rural and urban residents share the same water source, network, quality, and service, recognized with the "China Habitat Environment Model Award" in 2012 [2] - Since the 14th Five-Year Plan, the province has added 3.455 million cubic meters per day in water supply capacity and 5.405 million cubic meters per day in deep processing capacity, with 9,000 kilometers of old water supply pipelines renovated [2] - By the end of 2024, Jiangsu will operate 158 urban public water plants, achieving a total supply capacity of 35 million cubic meters per day, with a deep processing ratio of 99.5%, ranking first among all provinces [2] - A new "Urban Water Supply Service Quality Standard" will be implemented in December 2024, expanding service scope to towns and including emergency capacity and water conservation measures [2][3] Urban Gas Services - Jiangsu's urban gas supply volume, infrastructure, and user population rank among the top in the country, with a projected gas supply of 22.111 billion cubic meters in 2024 [4] - The province has implemented a special governance initiative for urban gas pipelines, identifying and rectifying 29,800 safety hazards since August 2023 [4] - A revised "Jiangsu Urban Gas Service Quality Standard" will take effect in June 2024, requiring companies to disclose service and fee standards and ensuring safety measures for gas supply [4] Joint Utility Application Process - Jiangsu has streamlined the utility application process, allowing for a single application form to cover water, electricity, and gas services, reducing processing steps by 85% and materials by 96% [5] - The reform promotes a collaborative model among service units and administrative departments, enhancing efficiency and minimizing conflicts during construction [5] Future Plans - Jiangsu plans to enhance safety services through regular inspections and replacements of gas equipment over the next 3-5 years, aiming for a dynamic resolution of safety issues [6] - The province will also focus on standardizing billing and payment processes, promoting online payment options, and improving the accuracy of meter readings through smart technology [6]

Core Viewpoint - The article emphasizes the efforts of the Tashkent City Market Supervision Administration to address issues related to the accuracy of utility meters (water, electricity, and gas) and to combat corruption and irregularities in billing practices, thereby protecting the rights of citizens [1][2]. Group 1: Regulatory Measures - The administration has organized meetings to remind utility companies of their responsibilities and has signed commitment letters to ensure compliance with meter management and billing practices [1]. - A comprehensive inspection of three public utility companies was conducted to identify any irregularities in meter usage and billing, resulting in one case being filed to deter future violations [1][2]. Group 2: Monitoring and Compliance - A regular supervision and sampling mechanism for utility meters has been established in collaboration with legal metrology institutions to ensure the accuracy of measurements [1]. - As of now, 36 water and gas meters have been sampled and all passed the required performance tests [1]. Group 3: Public Engagement and Feedback - The administration has opened multiple channels for public complaints regarding utility meter issues, achieving a 100% satisfaction rate in addressing reported problems [2]. - Future efforts will focus on closely monitoring public complaints and enhancing long-term regulatory mechanisms to improve citizens' sense of security and well-being [2].

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