港股收盘，恒生指数跌0.38%，恒生科技指数跌0.69%。港股科技ETF（159751）跌0.64%，恒生港股通 ETF（159318）跌0.14%。板块方面，工业集团企业、居家用品板块涨幅靠前；水务、生命科学工具板 块跌幅靠前。个股方面，山东黄金涨7.01%，招金矿业涨6.37%，紫金黄金国际涨6.19%；先声药业跌 5.76%，中庆股份跌7.18%；重塑能源涨29.38%，万国黄金集团涨10.6%。 ...

Core Viewpoint - Jiangnan Waterworks (601199.SH) has signed a construction project general contracting agreement for the integrated water supply and drainage improvement project in the Jiangyin Lingang Economic Development Zone, with a contract value of 368 million yuan [1] Group 1: Project Details - The project is named "Integrated Water Supply and Drainage Improvement Project (Drainage Standard Area Construction Project)" located in the Jiangyin Lingang Economic Development Zone [1] - The total investment for the project is approximately 429.45 million yuan [1] - The project will adopt an EPC (Engineering, Procurement, and Construction) model, which includes design, procurement, construction, equipment purchase and installation, as well as all related work until project completion and handover [1]

Core Viewpoint - Jiangnan Water announced that its wholly-owned subsidiary, Jiangnan Water Municipal Engineering Jiangyin Co., Ltd., has won a bid for the integrated improvement project of water supply and drainage in the Lingang Development Zone, with a contract value of 368 million yuan [1] Group 1 - The project is a joint venture with China Machinery International Engineering Design and Research Institute Co., Ltd. [1] - The signing of the contract is expected to have a positive impact on the company's operating performance [1] - The project will contribute to the company's development [1]

智通财经APP获悉，中国水业集团(01129)跌超36%，截至发稿，跌36.51%，报0.4港元，成交额255.64万 港元。 消息面上，11月18日晚，中国水业集团发布公告称，11月17日，接获呈请人International Finance向香港 特别行政区高等法院提交的清盘呈请，要求将公司清盘。呈请针对公司一笔金额2.17亿人民币的未偿还 本金。呈请将于2016年1月21日进行聆讯。公司表示现正寻求法律意见，以厘定就呈请可能采取的行 动，从而保障公司及其股东的整体利益。 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment [12]. Core Insights - The company is a leading player in the water supply industry, with steady growth in its core water supply business and a first-mover advantage in pipeline drinking water [4][7]. - By FY2025, the company's urban water supply business will serve over 30 million people, while its pipeline drinking water business will serve approximately 12 million [4][7]. - The company has reached a turning point in free cash flow, with expectations for increased dividends in the future [4][11]. Summary by Sections Company Overview - The company operates primarily in urban water supply and pipeline drinking water, with a diversified revenue structure [19][21]. - As of FY2025, the revenue breakdown includes urban water supply (64.3%), environmental protection (13.1%), and other segments [24]. Financial Highlights - The company’s capital expenditure peaked at HKD 51.4 billion in FY2024, decreasing to HKD 32.4 billion in FY2025, leading to a positive free cash flow of HKD 1.50 billion [8][32]. - The dividend payout ratio for FY2025 is projected to be 42.53%, with potential for future increases as free cash flow improves [32]. Water Sector Analysis - The urban water supply and sewage treatment sectors are experiencing stable growth, with a projected CAGR of 0.37% for water supply and 1.2% for sewage treatment from 2025 to 2027 [9][40]. - The company’s operational capacity as of FY2025 includes 730,000 tons/day for water supply and 90,000 tons/day for sewage treatment, with ongoing projects across various provinces [47][49]. Strategic Positioning - The company primarily operates under the Transfer-Own-Operate (TOO) model, which enhances its asset value compared to other models [51]. - The company is expected to benefit from the current round of price adjustments in the water supply sector, with recent increases in basic water prices averaging 21.3% [52].

Group 1: Public Utilities and Environmental Protection - The profitability of waste incineration power generation companies has significantly increased, with net profits for major companies like Junxin Co. (+47.6%), Hanlan Environment (+28.1%), and Yongxing Co. (+25.6%) showing substantial growth in Q3 2025 [7][12] - The improvement in cash flow for waste incineration companies is attributed to capacity expansion, increased utilization rates, and enhanced heating services, with profit increments of approximately 80 yuan per ton of waste [8][12] - The biofuel sector has also seen a substantial increase in profitability, driven by rising prices for used cooking oil (UCO), which increased by 16.7%-22.2% year-on-year [10][12] Group 2: Infrastructure and Construction - In the first ten months of 2025, the broad infrastructure growth rate was slightly positive at 1.51%, while narrow infrastructure (excluding electricity) saw a minor decline of 0.10% [19][20] - Significant projects under the "14th Five-Year Plan" are expected to sustain investment resilience, including major constructions like the Yajiang Hydropower Station and the New Tibet Railway [19][20] - The construction sector is recommended to focus on high-dividend and low-valuation stocks, with companies like Sichuan Road and Bridge and Jianghe Group highlighted for their potential [21][22] Group 3: Media and Internet - Apple has introduced a partnership plan for mini-programs, reducing the revenue share for developers from 30% to 15%, which may enhance the growth of Tencent's mini-program ecosystem [24] - The collaboration is expected to drive traffic growth for WeChat, benefiting Tencent's advertising and gaming business [24] - The media industry is advised to focus on new channels and content directions, with a positive outlook on the ongoing industry recovery [34] Group 4: Specialty Materials - Global Pearl Pigments International has emerged as a leader in the pearl pigment industry, with a CAGR of 36.58% in revenue from 2017 to 2024 [35][36] - The company has strategically acquired international brands to penetrate the high-end market and plans to expand its domestic production capacity to approximately 48,700 tons [37][38] - The pearl pigment industry is characterized by high growth potential and low price sensitivity, making it an attractive investment opportunity [36][37]

Core Viewpoint - The acquisition of Yujing Water by the company will enhance its water supply capacity and stabilize its wastewater treatment revenue [1] Group 1 - The company will add a design water supply capacity of 150,100 m³/day through the acquisition of Yujing Water [1] - The two wastewater treatment projects, Jingkou and Tuzhu, will be included in the pricing and settlement system established by the Chongqing Municipal Finance Bureau, ensuring stable revenue and reasonable profits from wastewater treatment services [1]

Core Viewpoint - The acquisition of Yujing Water by the company will enhance its water supply capacity and stabilize its wastewater treatment revenue [1] Group 1: Company Developments - The company announced that the acquisition of Yujing Water will increase its design water supply capacity by 150,100 m³/day [1] - The two wastewater treatment projects, Jingkou and Tuzhu, will be included in the pricing and settlement system established by the Chongqing Municipal Finance Bureau, ensuring stable revenue from wastewater treatment services [1]

Core Viewpoint - The acquisition of Yujing Water by the company will enhance its water supply capacity and stabilize its wastewater treatment revenue [2] Group 1: Acquisition Impact - The company will add a design water supply capacity of 150,100 m³/day through the acquisition of Yujing Water [2] - The two wastewater treatment projects, namely Jingkou and Tuzhu, will be included in the pricing and settlement system established by the Chongqing Municipal Finance Bureau, ensuring stable revenue from wastewater treatment services [2]

证券日报网讯重庆水务11月18日在互动平台回答投资者提问时表示，公司将坚持执行公司章程所确定的 分红政策，确保投资者获得长期稳定回报。 （文章来源：证券日报） ...