Core Viewpoint - The company announced its annual profit distribution plan for 2024, detailing the cash dividend per share and relevant dates for shareholders [1][2]. Distribution Plan - The cash dividend per share for A shares is set at RMB 0.131 [1][2]. - The total number of shares before the distribution is 4,800,000,000 [2]. - Key dates include: - Record date: May 29, 2025 - Last trading date: May 30, 2025 - Ex-dividend date: May 30, 2025 - Cash dividend payment date: May 30, 2025 [2]. Implementation Method - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [2]. - Shareholders who have completed designated trading can receive cash dividends on the payment date, while those who have not will have their dividends held until they complete the necessary trading [2]. Taxation Information - For individual shareholders and securities investment funds, the company will not withhold personal income tax, resulting in a net cash dividend of RMB 0.131 per share [3]. - Tax implications based on holding periods are as follows: - Holding period within 1 month: 20% tax - Holding period between 1 month and 1 year: 10% tax - Holding period over 1 year: exempt from personal income tax [3]. - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, leading to a net cash dividend of RMB 0.1179 per share [4][5]. - Hong Kong investors will also face a 10% withholding tax, resulting in the same net cash dividend of RMB 0.1179 per share [5]. Contact Information - For inquiries regarding the equity distribution, shareholders can contact the company's board office at 023-63860827 [5].

Group 1 - The supervisory board of Bohai Water Industry Co., Ltd. held a meeting to discuss the extension of the commitment to avoid competition with the Tianjin Water Group, which is a significant shareholder of the company [1][2] - The proposal to extend the commitment was approved with a vote of 2 in favor, 0 against, and 0 abstentions, and it will be submitted to the shareholders' meeting for further approval [1][2] - The supervisory board believes that the extension of the commitment aligns with relevant regulations and will not significantly impact the company's daily operations or harm the interests of shareholders, particularly minority shareholders [2]

Core Viewpoint - Zhuhai Water Control Group's subsidiary, Zhuhai Water Technology, has successfully developed an IoT smart water meter that has passed national authority approval, achieving international advanced technical standards [1][5]. Group 1: Product Features and Performance - The LXSYW series IoT smart water meter can measure as little as 1 liter of water flow and utilizes a unique bubble intelligent filtering algorithm to ensure accurate data even in the presence of air bubbles [1]. - A pilot application of 111 smart water meters in a residential community showed a 100% data collection success rate, a reduction in leak response time from an average of 3 days to seconds, and a 40% decrease in pipeline leak rates [1][3]. - The smart water meter features a pluggable communication module that allows for quick replacement within 3 minutes, ensuring zero user disruption and service continuity [3]. Group 2: Technological Advancements - The smart water meter is equipped with an NB-IoT wireless transmission module, enabling remote real-time data collection and monitoring, which supports digital and refined management [3]. - The device employs an epoxy resin encapsulation process for its electronic module, enhancing its waterproof capabilities and reducing equipment failure rates in harsh environments [3]. Group 3: Strategic Implications - The successful development and application of the IoT smart water meter represent a significant step for Zhuhai Water Technology in the smart water management sector, contributing to the efficient management of water resources [5]. - The company aims to enhance water resource conservation, improve supply efficiency, and ensure water safety, thereby supporting high-quality urban development [5].

Macro Strategy - The report highlights that the overlap of population peak and consumption peak from 2025 to 2035 may lead to more optimistic growth in total consumption compared to 2020-2025, as the proportion of the population aged 40-49 is expected to increase from 13.8% to 15.9% [1][9][10] - The analysis indicates that the age structure of consumption in China has shown a U-shaped curve, with the highest consumption occurring between the ages of 30-40, driven by significant expenditures such as marriage, housing, and vehicles [9][10] - The report suggests that the consumption patterns will shift from a younger demographic to a middle-aged demographic, with the potential for increased consumption in categories such as education and entertainment as the population ages [9][10] Fixed Income - The report discusses the characteristics of city investment platforms that are eligible to issue technology innovation bonds, emphasizing that platforms with AAA ratings and located in core provincial cities are more likely to succeed in this market [3][16] - It notes that the participation of city investment entities in the technology bond market is currently low due to their focus on public service and limited engagement in technology innovation projects [3][16] - The report identifies that the primary use of funds raised through technology bonds by city investment platforms is to repay existing debts, indicating a cautious approach to new financing [3][16] Industry - The report outlines the issuance of the "Ecological Environment Protection Supervision Work Regulations" by the central government, which aims to enhance environmental governance and promote high-quality development [5][16] - It emphasizes that the solid waste sector is expected to see improved cash flow and dividend payouts as capital expenditures decrease, with several companies projected to increase their dividends significantly in the coming years [5][16] - The report recommends several companies in the environmental sector, highlighting their strong dividend policies and potential for growth in a maturing market [5][16]

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Views - The issuance of the "Ecological Environment Protection Supervision Work Regulations" by the Central Committee of the Communist Party of China and the State Council aims to comprehensively promote the construction of a beautiful China [8] - The solid waste sector is expected to see improved cash flow and increased dividends due to reduced capital expenditures and enhanced operational efficiency [9][12] - The water service sector is experiencing stable growth and high dividends, with water price reforms expected to reshape growth and valuation [12][14] Summary by Sections Solid Waste Management - Capital expenditures are decreasing, leading to significant improvements in free cash flow and increased dividends [9] - Key companies such as Junxin Co. are projected to distribute cash dividends of 507 million yuan in 2024, a 37% increase year-on-year, with a dividend yield of 4.4% [9] - The industry is entering a mature phase, with operational efficiency being enhanced through cost reduction and collaborations in heating and IDC [9][10] Water Services - The water service sector's revenue is projected at 65.5 billion yuan in 2024, with a net profit of 11.2 billion yuan, reflecting a 27% increase [12] - Water price reforms in cities like Guangzhou and Shenzhen are expected to drive a new round of price adjustments, enhancing profitability and stability [13][14] - Companies such as Yuehai Investment are highlighted for their ability to frequently adjust prices, with an expected dividend yield of 6.9% in 2025 [14] Environmental Equipment - The penetration rate of new energy sanitation vehicles increased by 6.14 percentage points to 14.55% in the first four months of 2025, with sales of new energy sanitation vehicles rising by 73% [29] - The total sales of sanitation vehicles reached 24,542 units, with a slight year-on-year decrease of 0.2% [29] Biofuels - The prices of biodiesel and waste cooking oil have decreased, leading to negative profit margins [37][38] - The average price of biodiesel was 7,700 yuan per ton, down 5.5% week-on-week, while waste cooking oil averaged 6,018 yuan per ton, down 1.2% [37] Lithium Battery Recycling - The profitability of lithium battery recycling has slightly declined due to fluctuating metal prices and a decrease in discount coefficients [41][42] - The average unit gross profit for waste material is estimated at -0.71 million yuan per ton [41]

Group 1 - The core viewpoint of the news is that Beijing Enterprises Ecological Environmental Group Co., Ltd. has received a "AAA" rating for its 2025 public issuance of renewable corporate bonds, indicating strong creditworthiness and operational sustainability [1] - The company is recognized for its leading position in the water industry, complete industrial chain, strong market synergy, and growth in operating income and gross margin, which enhance its profitability and credit strength [1] - The company has a high level of interest-bearing debt and faces challenges such as long repayment cycles for comprehensive water governance projects and pressure on engineering business expansion [1] Group 2 - Beijing Enterprises Ecological Environmental Group was established in 1999 and listed on the Shanghai Stock Exchange in 2000, with a strategic focus on the water industry since a partnership with Veolia Environment in 2001 [2] - The company has expanded its business to include solid waste treatment and air pollution control, forming a comprehensive layout across water, solid waste, air, and energy sectors [2] - In 2024, the company achieved a total operating revenue of 20.05 billion yuan [2]

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [4][18]. Core Views - The report highlights the introduction of detailed rules in Guangdong and Shandong provinces regarding the sustainable development pricing settlement mechanism for new energy projects, marking a significant step towards market-driven reforms in the new energy sector [2][15]. - It emphasizes that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies [18]. - The report suggests that the continuous support from national policies for new energy development will lead to gradually stable profitability for new energy generation [18]. - It notes that the growth in installed capacity and generation will help offset the downward pressure on electricity prices, predicting stable profitability for nuclear power companies [18]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.12%, while the public utilities index increased by 0.08%. The environmental index remained unchanged, with relative weekly returns of -1.04% and -1.12% respectively [1][21]. - Among the sub-sectors, thermal power decreased by 0.89%, hydropower increased by 0.87%, and new energy generation rose by 0.08% [1][21]. Important Policies and Events - Guangdong's electricity trading center issued draft rules for the sustainable development pricing settlement mechanism for new energy projects, with the first competitive trading scheduled for mid-2025 [2][14]. - The rules stipulate that projects must be approved and operational by December 31, 2025, to participate in the first auction [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [18]. - The report also suggests investing in nuclear power operators like China Nuclear Power and China General Nuclear Power, and highlights the defensive attributes of hydropower stocks amid a global interest rate decline [18][19]. Key Company Earnings Forecasts and Investment Ratings - The report provides a detailed table of investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power, with projected earnings per share (EPS) growth for 2024 and 2025 [7][18].

新媒体矩阵的加入让节水宣传焕发时代活力。宣传周期间发起的"我为家乡点个赞——全民节水代言大 接力"微博话题，借助短视频、图文等形式引发网络热潮，形成线上线下联动的传播效应。 本届宣传周活动参与主体广泛，宣传与实践相结合，既是对城市更新内涵的生动诠释，更是生态文明建 设的创新探索。从老旧管网改造到海绵城市建设，从再生水利用技术创新到智慧节水管理推广，不断以 系统思维推动水资源高效利用。 本站讯 2025年5月11日至17日是第34届"全国城市节约用水宣传周"，大连市紧扣"实施城市更新行动， 协同推进城市节水"主题，开展了一系列节水宣传活动。覆盖线上线下，贯穿公共机构、企事业单位、 小区社区等多领域的节水宣传实践，推动普及市民节水文化，进一步提高节水宣传工作水平。 宣传周期间，多层次、多维度的节水宣传活动全面铺开。在中山区葵英街道清泉社区，节水标语彩旗与 生动手册吸引往来居民驻足，志愿服务队现场答疑解惑，将节水妙招融入市井生活。西岗区傅家庄社区 将节水宣传融入滨海风光，党员志愿者以大连人均水资源量仅为全国1/5的现状切入，科普海水淡化等 前沿技术，让市民游客在山水之间深化节水认知。7个重点社区联动开展的"节水进社 ...

Group 1 - The annual general meeting of Shanghai Weipai Ge Smart Water Co., Ltd. was held on May 16, 2025, with all board members present [2][3] - The meeting approved several key proposals, including the 2024 annual financial settlement report and the profit distribution plan for 2024 [4][5] - The meeting was legally compliant, as confirmed by the witnessing lawyers from Beijing Zhonglun (Shanghai) Law Firm [5] Group 2 - The company has a total of 9 directors and 3 supervisors, all of whom attended the meeting [2][3] - The proposals related to the appointment of the accounting firm for 2025 and the remuneration plans for directors and supervisors were also approved [4][5] - There were no rejected proposals during the meeting, indicating unanimous support for the discussed items [4]

新华社北京5月16日电 题：技术驱动、制度护航、改革创新……城市节水，有高招！ 记者来到上海。水利部长三角城镇供水节水及水环境治理重点实验室内，实验器材高效运转。自筹建以 来，实验室已承担供水、节水和水治理等方向的国家级、省部级科研项目80余项。 新华社记者魏弘毅、恩浩、熊轩昂 华北平原泉涌复现、再生水利用日渐高效、城市水岸风光秀美……近年来，全国多地城市节水成效显 著。2025年5月11日至17日是第34个全国城市节约用水宣传周，记者走访多地，探究城市节水高招。 在内蒙古自治区鄂尔多斯市伊金霍洛旗零碳产业园，投产半年多的水资源再生厂为园区节水作出了突出 贡献。 "园区光伏废水经过高效沉淀除硅除硬、生化、臭氧催化氧化等处理后成为高品质再生水，经过回用管 道返回零碳产业园进行再利用。"伊金霍洛旗澎源供水有限责任公司执行董事牛彦鹏告诉记者，相关技 术推动光伏废水循环利用率达到95%。 城市再生水利用，是城市节水的"开源"之策。不断提升的再生水利用效率，背后是持之以恒的技术攻 关。 "聚焦城镇水循环系统的'取—产—供—用—回—排—控'全流程各环节，我们在城市综合节水领域取得 了相关技术突破。"实验室主任徐斌介绍，在 ...