11月25日，广安爱众涨5.45%，截至发稿，报4.84元/股，成交3738.71万元，换手率0.64%，总市值61.06 亿元。 资料显示，四川广安爱众股份有限公司位于四川省广安市广安区凤凰大道777号，成立日期1999年3月23 日，上市日期2004年9月6日，公司主营业务涉及水力发电、供电、天然气供应、生活饮用水、水电气仪 表校验安装和调试。主营业务收入构成为：售电32.85%，售电:供电25.07%，售气18.11%，工程施工 8.50%，售电:发电7.78%，售水5.77%，其他1.92%。 从广安爱众十大流通股东角度 截至发稿，陆志明累计任职时间14年180天，现任基金资产总规模240.63亿元，任职期间最佳基金回报 119.61%， 任职期间最差基金回报-63.28%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，广发基金旗下1只基金位居广安爱众十大流通股东。广发中证全指电力ETF（159611）三季 度增持26.44万股， ...

摘要 2025年11月18日第一财经研究院中国高频经济活动指数（YHEI）为1.25，较11月11日下降了0.03。具体来看，截 至11月18日的一周内，工业相关指标"沿海煤炭运价指数"和"进口干散货运价指数"回落，分别下降了0.21和0.03， 是本周YHEI下降的重要原因。本周，服务业相关指标"8城市地铁流量指数"则上升了0.05至1.25。 国家统计局公布10月经济数据。消费方面，10月，社会消费品零售总额为46291.3亿元，同比增长2.9%，增速低 于上月0.1个百分点。其中，商品零售同比增速低于上月0.5个百分点至2.8%，增速连续五个月走低；餐饮收入同 比增速则回升了2.9个百分点至3.8%，为6月以来的最高水平。汽车方面，10月汽车销量同比增长8.82%，增速低 于上月6.04个百分点。 外贸方面，以美元计，10月，进出口金额为5206.32亿美元，同比下降0.3%，今年3月以来首次处于负增长区间。 其中，进口金额同比增速由9月的7.4%降至1.0%；出口金额同比增速由上月的8.3%降至-1.1%。10月，贸易差额同 比也有所下降，降幅为5.9%。 第一财经研究院中国高频经济活动指数（YHEI ...

Company Summary - Guang'an Aizhong announced the resignation of two vice presidents, Liu Bo and Luo Xiaoxia, due to work reasons [1] - As of the latest report, Guang'an Aizhong's market capitalization stands at 6.2 billion yuan [1] Revenue Composition - For the year 2024, Guang'an Aizhong's revenue composition is as follows: - Electricity: 50.91% - Engineering construction and others: 24.99% - Natural gas: 22.68% - Tap water: 9.64% - Inter-segment elimination: -8.22% [1]

Group 1 - The article discusses two different measures of infrastructure investment: narrow infrastructure (excluding electricity) and broad infrastructure (including electricity, heat, gas, and water supply) [2][8] - The differences between the two measures include the inclusion of the electricity sector in broad infrastructure, while narrow infrastructure includes telecommunications and internet services [2][8] - In September, narrow infrastructure showed a slight improvement with a growth rate of -4.6%, while broad infrastructure declined further to -8% [3][11] Group 2 - The divergence in growth rates between the two measures can be attributed to several factors, including the performance of the electricity, heat, gas, and water sectors, which had a growth rate of -2% in September [11][12] - The internet and related services sector, which is included in narrow infrastructure but not in broad infrastructure, experienced a significant growth of 20.6% in the first three quarters [11][12] - The warehousing sector, which is included in broad infrastructure but not in narrow infrastructure, saw a sharp decline in investment from 4% to -23%, contributing to the weakness in broad infrastructure [12]

Group 1: Infrastructure Investment Definitions - Narrow infrastructure investment excludes electricity and includes telecommunications and internet services, while broad infrastructure includes electricity, heat, gas, water production, and supply[1][5] - In 2017, electricity, heat, gas, and water production accounted for approximately 17% of broad infrastructure investment, while warehousing accounted for about 4%[1][7] Group 2: Recent Trends and Discrepancies - In September, narrow infrastructure investment growth was -4.6%, improving from -5.9%, while broad infrastructure investment fell to -8% from -6.4%[2][8] - Excluding the impact of electricity, heat, gas, and water industries, broad infrastructure growth would decline further, exacerbating the discrepancy[2][8] - Internet and related services, included in narrow but not broad infrastructure, saw a 20.6% increase in investment, contributing to the divergence[2][8] Group 3: Impact of Specific Sectors - Warehousing investment dropped from 4% to -23% in September, significantly affecting broad infrastructure investment[3][9] - Estimated that warehousing accounted for about 3.9% of total infrastructure investment in September, contributing a -0.9 percentage point drag on broad infrastructure growth[3][9]

Group 1 - The core point of the article is that Guang'an Aizhong (SH 600979) held its 32nd meeting of the 7th Board of Directors on September 28, 2025, via communication, discussing the proposal to waive the notification period for this meeting [1] - For the fiscal year 2024, Guang'an Aizhong's revenue composition is as follows: electricity accounts for 50.91%, engineering construction and others for 24.99%, natural gas for 22.68%, and tap water for 9.64%, with inter-segment eliminations at -8.22% [1] - As of the report date, Guang'an Aizhong has a market capitalization of 6.2 billion yuan [1]

Core Viewpoint - The company reported a revenue of HKD 22.09 billion for 1H25, a year-on-year decrease of 10.9%, while the net profit attributable to shareholders was HKD 43.48 billion, reflecting a slight increase of 0.9% year-on-year. The company maintains a strong risk resilience in its business model and anticipates potential increases in returns from various assets in 2025/26, leading to a stable or increasing profit outlook, thus maintaining a "buy" rating [1]. Group 1 - The UK business contributed a profit of HKD 22.23 billion in 1H25, showing a year-on-year increase of 19.2%, benefiting from the strong performance of regulated assets and the appreciation of the GBP [2]. - The Australian business reported a profit contribution of HKD 7.93 billion in 1H25, a decrease of 8.2% year-on-year, primarily due to the expiration of several contracts and a decline in market electricity prices [2]. - The Canadian business's profit contribution was HKD 2.75 billion in 1H25, down 8.6% year-on-year, mainly due to a decrease in generation and electricity prices at Canadian Power gas plants [2]. Group 2 - The company expects an increase in allowed returns for regulated assets entering new regulatory periods in 2025/26, which will support future earnings growth [3]. - The Northumbrian Water (NW) is set to enter a new regulatory period on April 1, 2025, and is currently seeking a re-determination from regulators to secure better terms, with an expected increase in allowed returns [3]. - The company adjusted its profit forecasts for 2025-2027, estimating net profits of HKD 81.2 billion, HKD 87.9 billion, and HKD 92.9 billion respectively, reflecting slight adjustments from previous estimates [3].

Core Viewpoint - The company reported a revenue of HKD 3.52 billion for 1H25, a year-on-year decrease of 22.5%, while the net profit attributable to shareholders was HKD 30.42 billion, reflecting a slight increase of 1.2% year-on-year, aligning closely with previous forecasts [1] Group 1: Financial Performance - The company declared an interim dividend of HKD 16.62 billion, unchanged year-on-year, representing 54.6% of the net profit attributable to shareholders, with a corresponding DPS of HKD 0.78, also unchanged year-on-year [1] - The UK and Hong Kong segments contributed profit increases of 11.2% and 5.7% respectively, while the Australian segment saw a profit decrease of 4.3% due to expiring contracts and declining market electricity prices [2] - The company expects profit contributions from regulated assets to improve in the future, particularly as several assets enter new regulatory periods in 2025/26 [3] Group 2: Regulatory Environment and Future Outlook - The company anticipates an increase in allowed return rates for regulated assets entering new regulatory periods, which is expected to support stable profit growth [3] - In the UK, Northumbrian Water is set to enter a new regulatory period in April 2025, with an appeal for better terms currently pending [3] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of HKD 61.6 billion, HKD 65.7 billion, and HKD 68.7 billion respectively, with a target price of HKD 67.13 based on a projected PB of 1.64x for 2025 [3]

Financial Performance Summary - The total operating revenue for the first half of 2025 was RMB 162,339.14 million, representing a year-on-year increase of 1.94% compared to RMB 159,250.43 million in the same period last year [1] - Operating profit decreased by 24.71% to RMB 1,290.54 million from RMB 1,714.19 million year-on-year [1] - Total profit fell by 35.62% to RMB 1,199.49 million from RMB 1,863.09 million in the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 66.35% to RMB 627.00 million from RMB 376.91 million year-on-year [1][2] - Basic earnings per share decreased by 19.19% to RMB 0.0139 from RMB 0.0172 in the previous year [1] Asset and Equity Overview - Total assets at the end of the reporting period were RMB 456,311.55 million, up 3.70% from RMB 440,011.77 million at the beginning of the period [1] - The equity attributable to shareholders increased by 7.41% to RMB 57,832.0818 million from RMB 53,840.0659 million [1] Operational Metrics - The total electricity sales volume was 228,743 million kWh, a slight decrease of 0.08% year-on-year [1] - The total gas sales volume was 9,190 million cubic meters, down 1.10% year-on-year [1] - The total water sales volume was 3,084 million cubic meters, also showing a decline [1] Cost and Profitability Factors - The implementation of a new time-of-use electricity pricing policy from May 2025 reduced gross profit from electricity sales, alongside increased gas purchase costs due to new contract terms, collectively reducing profits by approximately RMB 27 million [1] - Increased self-generated electricity and small hydropower generation led to a decrease in electricity purchase costs, resulting in a gross profit increase of approximately RMB 29 million [1] - The absence of non-recurring gains from asset disposals in the previous year, which amounted to approximately RMB 3.4 million, contributed to the decline in overall profit [1] - An increase in impairment losses due to aging receivables added approximately RMB 3.3 million in costs [1]

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response concerning its engineering business and contract assets [1]. Group 1: Engineering Business and Revenue - In 2024, the company's engineering construction and other businesses generated revenue of 803 million yuan, a slight increase of 0.94% year-on-year, with a gross profit margin of 34.52%, down 4.85 percentage points from the previous year [1]. - The year-end balance of contract assets was 222 million yuan, a significant increase of 150.8% year-on-year, primarily due to completed engineering projects that had not yet reached the collection point [1][9]. - The company reported a cumulative provision for bad debts of 12.55 million yuan [1]. Group 2: Revenue Breakdown and Margin Analysis - The revenue breakdown for engineering construction and other businesses included: - Expansion projects: Revenue of 272.27 million yuan, gross margin of 46.21% - Old community renovation: Revenue of 193.35 million yuan, gross margin of 23.19% - Power distribution projects: Revenue of 164.88 million yuan, gross margin of 15.71% - Service business: Revenue of 114.86 million yuan, gross margin of 65.89% - Wastewater treatment: Revenue of 10.54 million yuan, gross margin of 13.98% - Others: Revenue of 47.51 million yuan, gross margin of 7.56% [3]. - The gross profit margin for expansion projects decreased from 55.88% to 45.37% due to the impact of the real estate market [3]. Group 3: Contract Assets and Bad Debt Provisions - The company’s contract assets primarily consist of completed but unsettled engineering business. The major projects include old community renovation projects, with clients mainly being government units with good credit [5][10]. - The company has a bad debt provision policy based on aging, with a 5% provision for assets aged within one year and a higher percentage for older assets [5]. - The company believes that the basis for the provision for bad debts is sufficient, given the long settlement cycles of the projects [5][10]. Group 4: Audit and Compliance - The annual audit confirmed that the company’s revenue recognition policies comply with accounting standards, and there were no indications of premature revenue recognition [9][14]. - The audit procedures included reviewing cost occurrence data, settlement documents, and project completion records to ensure the reasonableness of revenue recognition [9][14].