Group 1 - The report maintains a positive investment rating for the environmental sector, highlighting the potential for growth and the strengthening of dividend attributes in municipal environmental assets [1][2] - Municipal environmental assets exhibit regional monopolistic characteristics, anti-cyclical nature, and stable profitability, with typical companies showing dividend yields between 4% and 7% [4][5] - Insurance capital has steadily increased its holdings in environmental governance, reaching 0.2% by Q3 2025, and is expected to continue favoring dividend-yielding stocks [5][11] Group 2 - The report emphasizes the importance of free cash flow turning positive and the expectation of increased dividends as key drivers for stock price appreciation in the municipal environmental sector [23][39] - The performance of municipal environmental companies has shown significant growth in profitability, with garbage incineration enterprises experiencing high profit increases and improved cash flow due to capacity growth and reduced costs [12][18] - The report suggests focusing on companies with positive cash flow nearing stabilization, such as Xingrong Environment, and those with already positive cash flow and increasing dividends, like Guangda Environment and Hanlan Environment [5][23] Group 3 - The biofuel sector is expected to benefit from ongoing international carbon reduction policies, with prices for SAF and UCO anticipated to rise due to increased demand [5][18] - The report recommends focusing on scarce biofuel industry chain targets, particularly those transitioning to SAF or expanding overseas, such as Zhuoyue New Energy [5][18] - The demand for green methanol is projected to grow significantly starting in 2025, with companies like Jiazhe New Energy being highlighted for investment [5][18] Group 4 - The report outlines that the capital expenditure in the garbage incineration sector is entering a contraction phase, which is expected to enhance free cash flow and improve dividend capabilities [39][43] - The industry is transitioning to a phase of refined operations, focusing on internal growth and cautious external expansion, with significant potential for profit and cash flow improvement [48][49] - The report highlights the importance of regional characteristics and business models in determining the profitability and operational efficiency of garbage incineration companies [54][60]

智通财经APP讯，中国光大水务(01857)发布公告，该公司发行的2025年度第一期中期票据(债券简称： 25光大水务MTN001，债券代码：102501127)将于2026年1月8日付息，本期债券发行金额人民币15亿 元，本计息期债项利率1.78%，本期应偿付利息金额人民币2670万元。 （原标题：中国光大水务(01857)："25光大水务MTN001"将于1月8日付息） ...

智通财经APP讯，中国光大水务(01857)发布公告，该公司发行的2024年度第一期中期票据(债券简称： 24光大水务MTN001，债券代码：102480045)将于2026年1月8日付息，本期债券发行金额人民币15亿 元，本计息期债项利率2.80%，本期应偿付利息金额人民币4200万元。 ...

中国光大水务(01857)发布公告，该公司发行的2024年度第一期中期票据(债券简称：24光大水务 MTN001，债券代码：102480045)将于2026年1月8日付息，本期债券发行金额人民币15亿元，本计息期 债项利率2.80%，本期应偿付利息金额人民币4200万元。 ...

Core Viewpoint - The Hong Kong stock market showed positive performance with the Hang Seng Index rising by 0.44% and the Hang Seng Tech Index increasing by 1.04% [1] Market Performance - The Hong Kong stock market closed with the Hang Seng Index up by 0.44% and the Hang Seng Tech Index up by 1.04% [1] - The Hong Kong Tech ETF (159751) decreased by 0.29%, while the Hang Seng Hong Kong Stock Connect ETF (159318) increased by 0.29% [1] Sector Performance - The media sector experienced significant gains, while the water and life sciences tools sectors faced notable declines [1] Individual Stock Movements - Baidu Group-SW saw a rise of 6.88% - China Aluminum increased by 6.56% - Sanhua Intelligent Control rose by 6.21% - CNOOC (China National Offshore Oil Corporation) gained 4.17% - Goldwind Technology fell by 8.16% - Lion Group Holdings dropped by 8.42% - Maifusi surged by 10.53% - InnoCare Pharma increased by 9.22% [1]

Core Viewpoint - The company is in the process of publicly transferring 51% equity of its wholly-owned subsidiary, Shihezi Zezhong Water Co., Ltd., to Xinjiang Tianze Water Investment Development Co., Ltd. through an open bidding process, with the transfer price set at no less than 371.3163 million yuan [2][4]. Group 1: Transaction Overview - The board of directors approved the transfer of 51% equity of Zezhong Water on October 30, 2025, and the transfer price is determined based on third-party evaluation and audit reports [4]. - The public bidding period for the equity transfer is from November 28, 2025, to December 25, 2025, and only one interested buyer has been identified [4]. - The transaction does not constitute a related party transaction or a major asset restructuring [3]. Group 2: Current Status - As of the announcement date, the parties have not yet signed the equity transfer agreement, but they are actively working towards finalizing the necessary procedures [4]. - The company will continue to monitor the progress of the equity transfer and fulfill its information disclosure obligations in accordance with relevant laws and regulations [4].

（编辑 王雪儿） 证券日报网讯 12月29日，碧水源在互动平台回答投资者提问时表示，为实现公司核心价值提升，公司 持续坚持打造以膜技术为引领的世界一流水务企业核心竞争力，巩固集膜材料研发、膜装备制造、膜工 艺应用于一体和数字化水务运营两个国际领先优势，坚定科技创新和高质量发展两条主线，在五大业务 领域重点发力，聚焦主责主业、产品持续领先、提升市场份额、做实项目管理、优化资产布局、强化价 值机制六大增长引擎，为解决我国城乡水环境、水资源、水生态等问题提供技术和产业支撑。公司如有 问题所提事项，会按照相关规则进行披露。 ...

作为原始权益人及运营方，曲靖经开投水务投资有限公司通过本次发行，成功拓宽了市场化直接融资渠 道，优化了企业资本结构，是积极响应国家关于盘活存量资产、扩大有效投资政策号召的生动实践。本 期项目的成功，不仅为发行人提供了长期限、低成本的优质发展资金，更为云南省内同类型地区与企业 运用资产证券化工具实现高质量发展，提供了可借鉴的创新范本。 曲靖经开投水务投资有限公司表示，将以此次成功发行为契机，持续深化与资本市场的对接，以创新融 资反哺实体运营，为保障区域供水安全、提升公共服务能级、促进地方经济社会可持续发展注入更强劲 的金融动能。 本报讯(记者田鹏)记者从上海证券交易所获悉，"中邮-曲靖经开投水务供水收费收益权资产支持专项计 划"于近日成功设立发行。本期项目发行总规模3.12亿元，由中邮证券有限责任公司担任计划管理人及 独家承销机构。 据悉，本项目实现了"双首创"突破：既是曲靖市历史上落地的首单资产证券化(ABS)项目，也是云南省 地级市中首单以水务公用事业收费收益权为基础资产的资产证券化产品。其基础资产——国家级曲靖经 济技术开发区水务供水收费收益权，凭借其现金流持续、稳定、可预测的突出特性，通过证券化这一创 ...

（原标题：粤海投资（00270.HK）：战略聚焦铸就确定性，高股息龙头价值凸显） 眼下，全球经济形势复杂，主要经济体货币政策转向，利率下行预期逐渐成为市场共识。在此背景下，资金的风险偏好显著收敛，从追逐高增 长、高波动的赛道，转向寻找确定性更强、现金流更稳健的资产。 值得注意的是，富瑞在其近期研报中指出，随着大部分由市盈率驱动的回报阶段成为过去，市场整合势在必行，其认中国股市在市盈增长率仍具 吸引力，且盈利增长势头有望加速。基于这一判断，富瑞明确了2026年的五大关键投资主题，其中之一便是"买入盈利持续获得上调的股票"—— 而粤海投资正在其列。 今年来，粤海投资动作频频，从彻底剥离地产业务"轻装上阵"，到接连收购水务资产强化主业，一系列举措清晰地勾勒出公司"聚焦主业、提质增 效"的战略蓝图，为其盈利的稳定增长与股息的高确定性奠定了坚实基础。 01 "轻装上阵"后，粤海投资估值逻辑更加清晰 今年粤海投资一个显著的变化是，其实现了对粤海置地的剥离，更加聚焦水资源主业。 随着这一关键的战略转身，进一步消除了市场因业务混杂而产生的"估值折价"，使投资人能够更纯粹地基于其水务资产的稳定性、现金流的可预 测性进行估值，对 ...

群峦叠翠，地处清远连南的铁坑村在晨光中展露出宁静平和的模样。 吕宏一早便赶去村委会，与工作队商量电商平台上线后的物流问题，好让村民的产品更有销路。驻村一 年多，吕宏很快就适应从广州排水公司安全管理部副部长到寨岗镇铁坑村驻村第一书记的转变，与许多 人一道推动着这个"九山半水半分田"的小山村大变样。 2022年12月8日，广东省委十三届二次全会审议通过《关于实施"百县千镇万村高质量发展工程"促进城 乡区域协调发展的决定》，一场以城乡融合发展为主线、全面推进乡村振兴的壮阔工程在南粤大地迅速 铺开。国资国企率先行动，发挥"顶得上去、沉得下来"的使命担当。 今年是"百千万工程"三年初见成效之年。据了解，三年来广州国资国企累计完成投资1343亿元，各企业 选派多名优秀干部扎根一线，将他们的专业优势与乡村振兴实践深度结合起来，为区域协调发展注入坚 实动力。 水，是流淌于城乡肌理的"生命线"。当前城乡水环境治理面临双重挑战：一方面，乡村地广人稀、基础 设施分散，治理难度大；另一方面，乡村产业基础相对薄弱，亟需培育内生发展动能。作为国内为数不 多具备水务全产业链的大型国有企业，广州水投集团如何破局？ 广州水投自来水公司帮扶湛江 ...