Core Viewpoint - The Hong Kong stock market showed a mixed performance with the Hang Seng Technology Index declining by 0.77% and the Hang Seng Index falling by 0.58% [1] Market Performance - The Hong Kong Technology ETF (159751) increased by 0.09% while the Hang Seng Hong Kong Stock Connect ETF (159318) decreased by 0.28% [1] - Sectors such as metals and mining, as well as passenger airlines, experienced notable gains, whereas water utilities, hotels, and resort REITs faced significant declines [1] Individual Stock Movements - Ganfeng Lithium surged by 11.25%, BeiGene rose by 6.96%, and China National Pharmaceutical Group increased by 6.36% [1] - Other notable gainers included Luoyang Molybdenum at 5.95%, Innovent Biologics at 5.45%, Kelun-Biotech at 5.13%, China Southern Airlines at 4.54%, and China Aluminum at 4.22% [1] - On the downside, Maxonic fell by 13.62% and Legend Holdings dropped by 17.57% [1] - Noteworthy gainers also included Samsonite, which rose by 17.99%, and Longpan Technology, which increased by 16.34% [1]

Group 1: Company Strategy and Development - The company is focusing on a strategic transformation to enhance operational quality and efficiency through business structure adjustments [2][3] - The core strategy, termed "12256 Strategy," aims to optimize business layout and expand market share in core areas such as membrane products and water operations [2] - The company is transitioning from a model of large investments and projects to one emphasizing high value-added businesses, targeting quality and efficiency improvements [2][3] Group 2: New Business Directions - The company is prioritizing three high-potential new business areas aligned with national strategic emerging industries: high-end membrane materials, resource utilization, and applications in the biopharmaceutical sector [3] - In high-end membrane materials, the focus is on pharmaceutical and industrial specialty membranes, with a current domestic market reliance on imports below 30%, indicating significant potential for domestic substitution [3] - The company is also expanding into salt lake resource utilization and seawater desalination, supported by favorable policies and growing market demand [3] Group 3: Operational Challenges and Solutions - The company is addressing significant accounts receivable pressures, a legacy issue from previous expansive growth, through targeted recovery strategies [4] - A special task force has been established to enhance collection efforts, particularly for long-aged receivables, and the company is actively participating in local government debt resolution initiatives [4] - Recent financing announcements are part of normal operations to manage cash flow and are not indicative of any immediate operational risks [4]

Core Viewpoint - The market showed positive performance this week, with the CSI 300 index rising by 0.82%, the utilities index increasing by 2.42%, and the environmental index up by 2.71% [2] Market Review - The utilities and environmental sectors ranked 9th and 7th respectively among the 31 primary industry classifications by Shenwan [2] - Within the electricity sector, thermal power rose by 2.09%, hydropower increased by 2.00%, and new energy generation grew by 3.08% [2] - The water sector saw a rise of 1.05%, while the gas sector increased by 1.23% [2] Important Events - The State Council, led by Premier Li Qiang, announced the "Ecological Environment Monitoring Regulations," effective from January 1, 2026, aimed at enhancing the ecological environment monitoring system [2] Fund Holdings Analysis - As of Q3 2025, the utilities and environmental sectors experienced a reduction in fund holdings, with 122 stocks held, down by 4 from Q2 [3] - The total market value of holdings in these sectors was 49.695 billion, a decrease of 29.64% from the previous quarter [3] - The proportion of holdings in these sectors relative to total fund equity investments fell by 0.43 percentage points to 0.55% [3] Investment Strategy - In the utilities sector, recommendations include major thermal power companies like Huadian International and Shanghai Electric due to stable profitability [4] - Continued government support for new energy development suggests a gradual stabilization in profitability for leading new energy firms such as Longyuan Power and Three Gorges Energy [4] - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are expected to maintain stable earnings [4] - High-dividend hydropower stocks are highlighted for their defensive attributes, with recommendations for leading firms like Yangtze Power [4] - In the environmental sector, opportunities in water and waste incineration industries are noted, with recommendations for firms like China Everbright Environment [5] - The domestic waste oil recycling industry is expected to benefit from the EU's SAF blending policy, with recommendations for firms like Shanggou Environmental Energy [5]

Core Viewpoint - Chongqing Water Group has shown a stable performance in terms of stock trading and financial results, with a slight increase in stock price and positive growth in revenue and net profit for the year 2025. Group 1: Stock Performance - On November 11, Chongqing Water's stock rose by 0.83%, with a trading volume of 69.94 million yuan [1] - The financing buy-in amount for Chongqing Water on the same day was 7.44 million yuan, while the financing repayment was 6.92 million yuan, resulting in a net financing buy of 0.52 million yuan [1] - As of November 11, the total financing and securities lending balance for Chongqing Water was 88.69 million yuan, with the financing balance at 87.20 million yuan, accounting for 0.37% of the circulating market value, which is below the 20th percentile level over the past year [1] Group 2: Financial Performance - For the period from January to September 2025, Chongqing Water achieved an operating income of 5.568 billion yuan, representing a year-on-year growth of 8.67% [2] - The net profit attributable to the parent company for the same period was 779 million yuan, reflecting a year-on-year increase of 6.88% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Chongqing Water was 41,500, a decrease of 0.57% from the previous period [2] - The average circulating shares per person increased by 0.57% to 115,643 shares [2] - Since its A-share listing, Chongqing Water has distributed a total of 18.11 billion yuan in dividends, with 2.861 billion yuan distributed over the past three years [3]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][9]. Core Views - The report highlights the introduction of the "Ecological Environment Monitoring Regulations," which will enhance the automation, digitalization, and intelligence of ecological monitoring systems starting January 1, 2026 [1][15]. - The public utility and environmental sectors have seen a decrease in fund holdings, with a total market value of 49.695 billion yuan, down 29.64% from the previous quarter [2][17]. - The report emphasizes investment opportunities in the renewable energy sector and comprehensive energy management, particularly in the context of carbon neutrality [11][27]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 2.42% and the environmental index by 2.71%, with respective relative returns of 1.60% and 1.89% [1][14][29]. - Within the electricity sector, coal-fired power increased by 2.09%, hydropower by 2.00%, and renewable energy generation by 3.08% [1][30]. Important Events - The State Council announced the "Ecological Environment Monitoring Regulations," aimed at establishing a modern ecological monitoring system [1][15]. - A significant achievement in nuclear fuel conversion was reported, marking a milestone in the use of thorium-based molten salt reactors [16]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies with stable pricing like Shanghai Electric [3][27]. - The report suggests investing in leading renewable energy firms such as Longyuan Power and Three Gorges Energy, as well as companies involved in offshore wind energy [3][27]. - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [3][27]. - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes in a declining interest rate environment [3][27]. - In the environmental sector, companies like China Science Instruments and Shandong High Energy are recommended due to their growth potential [27]. Key Company Earnings Forecasts and Investment Ratings - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and a PE ratio of 10.3 [5][9]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.76 yuan for 2024 and a PE ratio of 22.9 [9]. - Other recommended companies include Guangxi Energy, Funiu Co., and Zhongmin Energy, all rated "Outperform" [9][27].

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [5][11]. Core Insights - The report highlights the introduction of the "Ecological Environment Monitoring Regulations," which will enhance the automation, digitalization, and intelligence of ecological monitoring systems starting January 1, 2026 [15][17]. - The public utilities and environmental sectors have seen a decrease in fund holdings, with a total market value of 49.695 billion yuan, down 29.64% from the previous quarter [2][17]. - The report emphasizes investment opportunities in the renewable energy sector, particularly in companies like Longyuan Power and Three Gorges Energy, as well as in nuclear power and hydropower sectors [3][27]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.82%, while the public utilities index increased by 2.42% and the environmental index by 2.71% [14][29]. - Within the electricity sector, coal-fired power increased by 2.09%, hydropower by 2.00%, and renewable energy generation by 3.08% [30]. Important Policies and Events - The State Council announced the "Ecological Environment Monitoring Regulations," aimed at establishing a modern ecological monitoring system [15][17]. - A significant achievement in nuclear technology was reported with the successful conversion of thorium-uranium nuclear fuel at a molten salt reactor [16]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional electricity companies such as Shanghai Electric due to stable profitability [3][27]. - The report suggests focusing on companies in the renewable energy sector, including Longyuan Power and Three Gorges Energy, as well as nuclear power operators like China Nuclear Power and China General Nuclear Power [3][27]. - For the environmental sector, it recommends companies like China Tianying and Guangda Environment, which are positioned well in the mature water and waste incineration markets [27]. Fund Holdings Analysis - As of Q3 2025, the public utilities and environmental sectors had 122 stocks heavily held by funds, a decrease of 4 from the previous quarter [2][17]. - The total market value of holdings in the electricity sector was 42.276 billion yuan, down 30.82% from the previous quarter [17]. - The report identifies the top five companies with increased fund holdings in the electricity sector, including JinkoSolar and Longyuan Power [17]. Company Profit Forecasts - The report provides profit forecasts and investment ratings for key companies, including Huadian International with a projected EPS of 0.49 yuan for 2024 and a PE ratio of 10.3 [5]. - Other recommended companies include Longyuan Power, Three Gorges Energy, and China Nuclear Power, all rated "Outperform" [9][5].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [5][11]. Core Views - The report highlights the introduction of the "Ecological Environment Monitoring Regulations," which will enhance the automation, digitalization, and intelligence of ecological monitoring systems starting January 1, 2026 [15][17]. - The public utility and environmental sectors have seen a decrease in fund holdings, with a total market value of 49.695 billion yuan, down 29.64% from the previous quarter [2][17]. - The report emphasizes investment opportunities in the renewable energy sector and comprehensive energy management, particularly in the context of carbon neutrality [27]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 2.42% and the environmental index by 2.71% [14][29]. - Within the electricity sector, coal-fired power increased by 2.09%, hydropower by 2.00%, and renewable energy generation by 3.08% [30]. Important Policies and Events - The "Ecological Environment Monitoring Regulations" were signed into law, aiming to establish a modern ecological monitoring system [15][17]. - A significant achievement in nuclear fuel conversion was reported, marking a milestone in thorium-uranium fuel technology [16]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional electricity companies such as Shanghai Electric due to stable profitability [3][27]. - The report suggests investing in leading renewable energy firms like Longyuan Power and Three Gorges Energy, as well as high-quality offshore wind power companies [3][27]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [3][27]. - High-dividend hydropower stocks like Yangtze Power are recommended for their defensive attributes [3][27]. - In the environmental sector, companies like China Science Instruments and Shandong High Energy are highlighted for their growth potential [27]. Key Company Earnings Forecasts and Investment Ratings - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and 0.62 yuan for 2025 [5]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.76 yuan for 2024 and 0.81 yuan for 2025 [9]. Fund Holdings Analysis - As of Q3 2025, the public utility and environmental sectors had 122 stocks heavily held by funds, a decrease of 4 from the previous quarter [2][17]. - The electricity sector accounted for 55 of these stocks, with a total market value of 42.276 billion yuan, down 30.82% from the previous quarter [17]. Environmental Sector Insights - The water and waste incineration industries are entering a mature phase, with improved free cash flow and declining risk-free rates [27]. - The domestic waste oil recycling industry is expected to benefit from the EU's SAF blending policy [27].

Group 1 - The core point of the article is the signing of a financing guarantee framework agreement between Dianchi Water (03768) and Kunming Water Group, which involves mutual loan guarantees of up to RMB 5 billion [1][2] - As of the announcement date, Dianchi Water has utilized approximately RMB 2 billion of the RMB 5 billion loan guarantee provided to Kunming Water Group and its subsidiaries, with RMB 1 billion already repaid and another RMB 1 billion still in the normal performance period [1] - Kunming Water Group has fully utilized its RMB 5 billion loan guarantee for Dianchi Water and its subsidiaries, with all loans still in the normal performance period [1] Group 2 - The framework agreement allows Kunming Water Group to provide an additional guarantee of up to RMB 5 billion for Dianchi Water and its subsidiaries, which can be reused [2] - The guarantee covers all debts under financing contracts signed by Dianchi Water and its subsidiaries, including principal, interest, penalties, and other associated costs [2] - There are no guarantee fees charged under the framework agreement, and Dianchi Water and its subsidiaries are not required to provide counter-guarantees [2]

Core Points - The company has provided a loan/credit guarantee of RMB 500 million to Kunming Water Group and its wholly-owned subsidiaries, with approximately RMB 200 million utilized as of the announcement date [1] - Of the utilized amount, about RMB 100 million has been repaid by Kunming Water Group, while RMB 100 million remains in the normal performance period [1] - Kunming Water Group has fully utilized its RMB 500 million loan/credit guarantee to the company and its wholly-owned subsidiaries, all of which are still in the normal performance period [1] Financing Agreement - On November 11, 2025, the company signed a Financing Guarantee Framework Agreement with Kunming Water Group, allowing for an additional guarantee of up to RMB 500 million for the company's loans/credits [2] - This additional guarantee can be reused and covers all debts under financing contracts signed by the company and its wholly-owned subsidiaries, including principal, interest, penalties, and other associated costs [2] - The guarantee does not incur any fees, and the company and its wholly-owned subsidiaries are not required to provide counter-guarantees [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Kunming Dianchi Water Treatment Co., Ltd. 昆明滇池水務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 曾 鋒 根 據 融 資 互 保 協 議，截 至 本 公 告 日 期，本公司為昆明市水務集團及其絕對控股之 附屬公司提供的人民幣5億元的貸款╱授信擔保金額上限已使用約人民幣2億 元（其 中約人民幣1億元已由昆明市水務集團及其絕對控股之附屬公司根據其與金融機 構 簽 訂 之 借 貸 協 議 履 行 完 還 本 付 息 義 務，尚 有 人 民 幣1億 元 仍 處 於 正 常 履 約 期）， 而昆明市水務集團為本公司及本公司絕對控股之附屬公司提供的人民幣5億元貸款╱ 授 信 擔 保 金 額 上 限 已 使 用 完 畢（該 等 貸 款╱授 信 全 部 仍 處 於 正 常 履 約 期）。 董事會（「董事會 ...