Core Insights - The environmental protection industry is gradually returning to rational investment, focusing on the sustainable development of core businesses and cost reduction while actively exploring new sectors such as renewable energy, AI + environmental protection, and robotics to achieve steady growth amid market policy adjustments and industrial changes [1][2] Water Sector - In H1 2025, the water sector (16 listed companies) achieved revenue of 34.35 billion, a decrease of 0.9% year-on-year, while net profit increased by 4.6% to 5.42 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, providing growth opportunities for efficient water service companies [3] Solid Waste Sector - In H1 2025, the solid waste treatment sector (38 listed companies) generated revenue of 86.53 billion, an increase of 3.4%, but net profit decreased by 3.4% to 8.47 billion. Enhanced dividends from waste incineration and international expansion are anticipated to lead to valuation re-evaluation [4] Environmental Monitoring/Testing Sector - In H1 2025, the environmental monitoring/testing sector (9 listed companies) reported revenue of 4.31 billion, down 4.4%, with net profit dropping 41% to 0.162 billion. New carbon market policies are expected to expand industry participation and drive demand for carbon monitoring as China continues to pursue its dual carbon goals [5] Environmental Equipment Sector - In H1 2025, the environmental equipment sector (26 listed companies) achieved revenue of 30.00 billion, a decrease of 3.69%, and net profit fell by 15% to 1.92 billion. The year 2025 marks the end of the 14th Five-Year Plan, with government initiatives expected to boost demand for energy-saving cooling equipment [6]

信达证券近日发布环保板块2025年半年报总结：2025H1信达能源环保细分领域环保设备 板块（共26家上市公司）实现收入300.04亿元，同比减少3.69%；归母净利润合计19.17亿 元，同比减少15%。2025年是"十四五"收官之年，此前国务院印发的《2024—2025年节能降 碳行动方案》的通知中提出推动重点用能设备更新升级，加快数据中心节能降碳改造。 以下为研究报告摘要： 本期内容提要: 板块估值持续修复，水务运营稳健，垃圾焚烧分红提升。环保行业投资逐步回归理性， 重视自身核心业务的持续发展及降本增效的同时，也在积极跨界，布局新能源、AI+环保、 机器人等热门赛道，以求在市场政策调整和产业激荡中稳步发展。根据wind数据，信达能源 环保板块146家上市公司（其中水务16家、水处理36家、大气治理8家、固废处理38家、环境 监测/检测9家、综合环境治理13家、环保设备26家）2025H1共实现营业收入1870.37亿元， 同比增长0.2%；归母净利润169.53亿元，同比减少6.0%，主要系清新环境、博世科、维尔 利、太和水、仕净科技归母净利润大幅减少所致。 细分板块： 水务板块：2025H1信达能源环 ...

Group 1: Environmental Services Exhibition Highlights - The exhibition at Shougang Park focuses on three key areas: new energy and low-carbon services, ecological services and circular economy, and green low-carbon digital technologies [1] - The newly established zero-carbon park concept is gaining traction, with over 10 exhibitors showcasing innovative technologies and solutions for zero-carbon park construction [6] - Beijing Energy Group has completed a smart heating renovation of 72.5 million square meters in the past three years, enhancing energy efficiency and reducing carbon emissions [6][7] Group 2: Technological Innovations in Water Management - The exhibition features a water technology innovation area, showcasing new devices and technologies for water management, including satellite remote sensing and smart rain gauges [8][9] - The introduction of intelligent water quality monitoring systems allows for real-time data collection on various water quality parameters, enhancing environmental monitoring capabilities [8] Group 3: Global Green Economy Forum - The "Global Green Economy Development Forum" discussed innovations and global cooperation in green economy, emphasizing China's achievements in sustainable development [10] - The transition of China's foreign trade from traditional exports to new energy products like electric vehicles and solar components reflects a significant structural change towards sustainability [11] - Beijing's government plans to incorporate the development of an international green economy benchmark city into its upcoming "14th Five-Year Plan," focusing on seven strategic green industries [11]

中国经济网北京9月13日讯（记者 杨秀峰）在2025年中国国际服务贸易交易会上，环境服务专题"水务 科技"展区通过系统化布局，围绕滨水空间、数智水务、健康水业以及水利水电工程建设四大核心方向 展开，全面展示了涉水领域的新技术、新方法与新设备，呈现了科技创新与水务业务深度融合亮点。 浪潮奔涌，智慧闪耀。随着城市化进程加速与生态文明建设的深入推进，水务这一传统而重要的行业， 正经历一场深刻的数智化变革。 上海昊沧在本次服贸会上推出的DataStorm M50以"AI小昊助手"为核心，打造专属业务入口，通过语音 识别可快速调用，实现对生产、化验、设备、工单、能耗等多源数据的动态融合与智能分析。系统通过 构建"检索-分析-执行-反馈"闭环工具链，支撑实时诊断、工艺预测与优化调控。在保障出水水质稳定达 标的基础上，实现能耗、药耗精准控制、机组组合高效调度，显著提升运营效益与碳减排水平。 该公司工作人员表示，DataStorm M50已实现了从生产运营到管理决策的全场景应用，覆盖厂级、集团 级运营管理，供排水厂站网一体化、以及水务全要素场景。凭借其高度智能化的特性，使得水务运营更 加精准、高效，大大降低了运营成本，提升了 ...

Core Viewpoint - The recent visit by the Ruyue Water Group from Wudi County to SANY Heavy Industry in Changsha aims to explore collaboration opportunities in advanced manufacturing and new energy equipment sectors, laying a foundation for future partnerships [6][9]. Group 1: Company Overview - Ruyue Water Group is a leading enterprise in Wudi County's water services and related industries, demonstrating stable operational capabilities and resource reserves in traditional areas such as water infrastructure construction and supply assurance [8]. - The group has actively expanded into green and low-carbon industries, accumulating rich experience in new energy project investments and equipment application scenarios [8]. Group 2: Government Support and Policies - Zhang Shenglin, a member of the county's state-owned assets party committee, highlighted the favorable business environment in Wudi County, including policies for land supply, tax reductions, and talent recruitment aimed at supporting key industries like advanced equipment manufacturing and new energy [8]. - A one-on-one service mechanism has been established to ensure robust support for enterprises' development [8]. Group 3: Collaboration Opportunities - SANY Heavy Industry expressed willingness to leverage its strengths to explore cooperation opportunities with Ruyue Water Group in areas such as smart water management and new energy equipment [8]. - The visit is seen as a catalyst for transforming intentions into tangible projects, contributing to the high-quality economic development of Wudi County [9].

Core Insights - The 2025 Beijing Water Technology Innovation Conference opened with the theme "Technology Empowering Water Services, Innovation Serving Life," showcasing recent technological innovations in the water sector and discussing high-quality development paths supported by technology [3][8] - The conference featured a comprehensive exhibition area highlighting new technologies, methods, and equipment in water management, including smart water management, digital twin technology, and advanced monitoring systems [4][6] Group 1: Technological Innovations - The "Smart Water" exhibition area presented solutions addressing core challenges such as data fragmentation and insufficient data value release, offering new management solutions for the water sector [4] - A notable product showcased was a large telescope-like device for monitoring dam structures, capable of detecting cracks and deformations with high precision over distances of up to 800 meters [4] - The conference also highlighted a multi-beam depth measurement system for underwater monitoring, which can generate three-dimensional terrain data when mounted on unmanned vessels [4] Group 2: Water Quality Monitoring - A comprehensive water quality monitoring system was introduced, utilizing satellite remote sensing and ground monitoring to create a "water fingerprint" database for precise pollution identification [5] - This system can quickly identify pollution sources and types, enabling targeted remediation efforts, and has already been implemented in cities like Beijing [5] Group 3: Industry Trends and Future Outlook - The conference emphasized the importance of technological integration in the water sector, with a focus on digitalization, intelligence, and systematization, aiming to build a comprehensive water technology system [8] - Industry experts noted that the continuous innovation and application of new technologies and equipment could significantly enhance operational efficiency and create substantial social and economic benefits [8] - The successful hosting of the conference provided a high-quality platform for collaboration and exchange in the water sector, promoting the broad application prospects of technological innovation [8]

Meeting Overview - The second extraordinary general meeting of shareholders was held on September 10, 2025, at the company's conference room in Shanghai [3][4] - All 9 current directors and 3 current supervisors attended the meeting [4] Resolutions Passed - The proposal to abolish the supervisory board and amend the Articles of Association was approved [3] - Various management rules were revised and approved, including: - Shareholders' meeting rules [5] - Board meeting rules [5] - Independent directors' special meeting rules [5] - Independent directors' work guidelines [5] - Compensation management system for directors and senior management [5] - External guarantee management system [5] - External investment management system [5] - Related party transaction management system [5] - Fund-raising management system [5] - The 2025 Employee Stock Ownership Plan and its management measures were also approved [6] Legal Verification - The meeting was witnessed by Beijing Zhonglun (Shanghai) Law Firm, confirming that the meeting's notice, procedures, and voting were in compliance with legal and regulatory requirements [7]

Group 1 - Guangzhou Panyu Haiyuan Water Co., Ltd. has been established with a registered capital of 20 million yuan [1] - The legal representative of the company is Che Xueli, and its business scope includes smart water system development, resource recycling technology research, new material technology research, seawater desalination treatment, and environmental protection monitoring [1] - The company is wholly owned by Guangdong Haiyuan Environmental Technology Co., Ltd., which is jointly held by Zhuhai Water Environment Holding Group Co., Ltd. and Beijing Originwater Technology Co., Ltd. (stock code: 300070) [1]

Core Viewpoint - Wuhan Holdings plans to acquire 100% equity of Wuhan Municipal Engineering Design and Research Institute through share issuance and cash payment, aiming to extend its business from water operations to a full industry chain of "planning-consulting-design-construction-operation" [1] Group 1: Acquisition Details - The acquisition will significantly expand the company's asset and business scale, optimize asset quality and profit structure, and maximize the interests of all shareholders [1][6] - After the acquisition, the company's basic earnings per share are expected to increase by 0.03 CNY for 2024 and 0.01 CNY for the first quarter of 2025 [2] Group 2: Core Advantages of the Target - Wuhan Municipal Engineering Design Institute possesses over ten core qualifications, including Class A qualifications in urban planning and engineering surveying, and is recognized as a national high-tech enterprise [2] - The institute has a strong market presence with over 70 years of experience in Wuhan, having completed thousands of municipal engineering design projects and established stable partnerships with key clients [3] Group 3: Synergy and Integration - The merger will create a natural synergy between Wuhan Holdings' strengths in water operations and the institute's expertise in planning and design, fostering a positive cycle of "design driving business, operation feeding back technology" [4] - The integration will enhance the company's capabilities in digital transformation and low-carbon economy applications, leveraging the institute's advanced technologies [4][5] Group 4: Shareholder Benefits and Stability - The controlling shareholder will remain Wuhan Water Group, ensuring stability in control post-transaction [6] - Multiple protection mechanisms are in place for shareholder interests, including a 36-month lock-up period for shares acquired by the city investment group and performance commitments for the target company [7]

Core Viewpoint - The Tianjin Water Authority is implementing measures to ensure flood safety while improving water quality in urban rivers as the flood season comes to an end [1] Group 1: Measures Taken - The water authority is coordinating the operation of various pumping stations and sluices to maintain optimal water levels and enhance water circulation in the rivers [1] - Increased efforts in river cleaning include deploying 16 cleaning boats and 32 cleaning personnel for daily inspections and garbage removal [1] - The installation of 146 aeration fountains and the establishment of 25,000 square meters of ecological floating beds and islands are aimed at enhancing the river landscape [1] Group 2: Environmental Focus - The water authority emphasizes the principle of "nurturing water ecology while considering water aesthetics" in its river management strategies [1] - Continuous monitoring of rainfall in Tianjin and upstream areas will guide adjustments in river management and maintenance measures [1] - The goal is to ensure a clean water environment for citizens to enjoy the beauty of clear water and green banks [1]