Core Viewpoint - The State Administration for Market Regulation has released a draft guideline for compliance in the metering behavior of public utilities providing water, electricity, and gas services in urban areas, inviting public feedback until September 3 [1] Group 1: Guideline Overview - The guideline integrates requirements from the metering law, relevant regulations, mandatory national standards, and technical specifications for public utility metering behavior [1] - It consists of three main sections: general principles, compliance requirements for metering behavior, and supplementary provisions, totaling seven chapters and 24 articles [1] Group 2: Scope and Requirements - The guideline applies to public utilities engaged in the provision of water, electricity, and gas services within urban areas, specifically defining "metering instruments" as residential water, electricity, and gas meters used for trade settlement [1] - Public utilities are required to establish comprehensive metering management systems and enhance the full lifecycle management of metering instruments, ensuring traceability from procurement to disposal [1] - The guideline emphasizes the collection and monitoring of metering data and encourages data integration with regulatory platforms of relevant departments [1] Group 3: Rural Considerations - The guideline acknowledges the similarities in metering management between urban and rural public utilities, suggesting that rural utilities can refer to the guideline for their metering activities [1]

Market Overview - The Hong Kong stock market rebounded last week, with the Hang Seng Index rising 1.4% to close at 24,858 points and the Hang Seng Tech Index increasing 1.2% to 5,460 points. The average daily trading volume decreased by 22.1% week-on-week to over 226.5 billion HKD, while net inflow from the Stock Connect was 21.7 billion HKD. All 12 major sectors in the Hong Kong stock market saw gains, with the materials sector surging 11.0% and the healthcare sector rising only 0.1%, the lowest performer [1]. Earnings Expectations - Current earnings expectations for Hong Kong stocks remain robust, with projected earnings growth rates of 2.7% and 8.5% for 2025 and 2026, respectively. The upstream resources sector benefits from anti-involution policies, coupled with stabilization in the Chinese bond market supporting earnings upgrades. However, short-term valuations have significantly recovered, with the Hang Seng Index's forecast PE returning to mid-range levels of 2018-2019, leading to a high-level consolidation phase in the market [1]. Sector Performance - The automotive sector saw a counter-trend increase last week, with new energy vehicle stocks like Li Auto and NIO rising 1%-3%. Dongfeng Motor surged 22.8% due to domestic anti-involution policies and potential state-owned enterprise restructuring news, outperforming its peers [3]. Industry Dynamics - The environmental, photovoltaic, wind power, natural gas, and electric equipment sectors have shown relative outperformance against the market, with average leads of 1.0%, 2.2%, 0.2%, 17.0%, and 2.2% percentage points, respectively, as of July 31. Conversely, the thermal power, nuclear power, and water supply sectors lagged behind by 0.6%, 6.1%, and 0.5% percentage points, respectively [4]. Power Generation Sector - The thermal power sector is expected to be impacted by rising coal prices, with July coal prices showing a narrowing year-on-year decline. The seasonal increase in coal demand has led to a month-on-month rise in prices, while coal inventories at major ports have decreased [5]. Electric Equipment Sector - The launch of the Yarlung Tsangpo River hydropower project, with a total investment of 1.2 trillion RMB and an expected capacity of 60-70 GW, is anticipated to significantly boost the national hydropower capacity. However, the long construction period may limit short-term profitability for related electric equipment manufacturers, who may face challenges in passing on rising costs to investors [6]. Photovoltaic Sector - As of July 30, the average price of polysilicon rose to 4.94 USD/kg, reflecting a year-on-year increase of 13.3% and a month-on-month increase of 17.1%. In contrast, the average price of photovoltaic modules decreased by 22.4% year-on-year, indicating that downstream demand needs to strengthen to confirm the price increases in polysilicon [7]. Stock Recommendations - Harbin Electric (1133 HK) is positioned to benefit from the Yarlung Tsangpo project, with a projected 95.0% year-on-year increase in net profit for the first half of 2025. Hong Kong and China Gas (1083 HK) expects moderate growth in natural gas sales, with a projected dividend yield of 4.8% for FY25. Cheung Kong Infrastructure (1038 HK) is stable in its operations across public utilities in the UK and Australia/New Zealand, also projecting a 4.8% dividend yield for FY25 [8]. Pharmaceutical Sector - The healthcare sector has shown strong performance, with the Hang Seng Healthcare Index rising 22.8% last month, outperforming the Hang Seng Index by nearly 20 percentage points. Policy support for innovative drug development and successful overseas collaborations for Chinese pharmaceutical companies have contributed to this growth [10]. Policy Developments - The government plans to establish a new directory for innovative drugs and support the use of medical insurance data for drug development, which is expected to enhance the sales of high-priced innovative drugs and accelerate research and development processes [11]. Drug Procurement Policy - The latest drug procurement policy is expected to trend towards moderation, allowing medical institutions to select brands for procurement, which may benefit high-quality products. The new rules aim to ensure that the lowest bids are reasonable and not below cost, thus maintaining the quality of procured drugs [12]. Key Individual Stocks - China Biologic Products (1177 HK) is projected to achieve double-digit growth in product sales revenue for 2025, bolstered by a significant milestone payment from Merck. Haijia Medical (6078 HK) is expected to benefit from the easing of government policies regarding medical insurance, which may improve its operating environment [13].

Core Viewpoint - Dongying City is prioritizing rural water supply reform as a key driver for comprehensive rural revitalization, focusing on improving water quality and ensuring safe drinking water for residents [3][4]. Group 1: Measures and Achievements - The city has implemented a three-year action plan to enhance rural water supply quality, resulting in significant upgrades to water supply infrastructure [3]. - A total of 11 new reservoirs have been constructed, adding an effective storage capacity of 1.2 billion cubic meters, facilitating regional interconnectivity and multi-source coordination [3]. - The number of operational rural water supply projects has been reduced from 23 to 13, all of which now provide water from large-scale plants, ensuring uniform quality and service standards across urban and rural areas [3]. - The coverage of deep treatment processes in water plants has increased, with 71.5% of the rural population now benefiting from upgraded facilities [3]. Group 2: Safety and Management - All five districts have passed the Ministry of Water Resources' standardization review for rural drinking water safety, achieving comprehensive coverage in standardized management [4]. - A robust water quality monitoring system has been established, integrating multiple departments to ensure safety from source to tap [4]. - The management structure has been optimized, with five state-owned enterprises overseeing the operation of rural water supply projects, enhancing efficiency and accountability [4]. Group 3: Future Plans - The Dongying Water Authority aims to continue improving rural water supply, with plans to update 400 kilometers of pipelines and replace 28,500 smart water meters by the end of 2025 [5]. - The authority will seek funding support for the ongoing renovation of aging water supply facilities and enhance collaboration with health departments to ensure water quality [5].

Group 1 - Residents in Yuhang District, Hangzhou, reported yellow tap water from August 6 to August 7 [1] - Yuhang Water Company indicated that the issue was likely due to a broken water supply pipe on Palm Road, which was repaired by the morning of August 7 [1] - As of August 8, no residents reported yellow water issues, and they were advised to flush out dirty water [1]

Core Points - The State Administration for Market Regulation has released a draft guideline for compliance in measurement behaviors of public utilities in urban water, electricity, and gas sectors, seeking public feedback until September 3 [1][2] - The guideline integrates various laws and standards related to measurement compliance, covering public utilities in urban areas and defining key concepts, particularly focusing on measuring instruments used for trade settlement [1][2] Summary by Sections Compliance Requirements - Public utilities are required to establish comprehensive measurement management systems, clarify departmental responsibilities, and ensure accountability among personnel [2] - The guideline emphasizes the full lifecycle management of measuring instruments, including selection, verification, inventory management, rotation, and disposal [2] - It mandates traceable record-keeping for measuring instruments from procurement to disposal and encourages data integration with regulatory platforms [2] Implementation and Effectiveness - The guideline will take effect immediately upon publication and suggests that rural public utilities can refer to these guidelines for their measurement activities, promoting balanced development between urban and rural services [2] - The State Administration for Market Regulation will refine the guideline based on public feedback to provide clear directives for measurement behaviors in public utilities, aiming to address consumer rights and public interests [2]

Core Viewpoint - The State Administration for Market Regulation has released a draft guideline for compliance in the metering behavior of public utilities providing water, electricity, and gas services in urban areas, seeking public feedback until September 3 [1] Group 1: Guideline Overview - The guideline integrates requirements from the metering law, relevant regulations, mandatory national standards, and technical specifications for public utility metering behavior, structured into three parts: general principles, compliance requirements, and supplementary provisions, comprising seven chapters and 24 articles [1] - It specifically targets public utilities in urban areas that provide water, electricity, and gas services, defining "metering instruments" as residential water, electricity, and gas meters used for trade settlement [1] Group 2: Compliance Requirements - Public utilities are required to establish a sound metering management system, enhance the full-process management of metering instruments, and ensure traceability from procurement to disposal [1] - The guideline emphasizes the collection and monitoring of metering data and encourages data integration with regulatory platforms of relevant departments [1] Group 3: Rural Utilities Consideration - The guideline acknowledges the similarities in metering management between urban and rural public utilities, suggesting that rural utilities can refer to the guideline for their metering activities [1] Group 4: Implementation and Consumer Protection - The State Administration for Market Regulation will refine the guideline based on public feedback and aims to implement it promptly, providing clear guidance for metering behavior in public utilities, thereby addressing consumer issues related to water, electricity, and gas metering and protecting consumer rights and public interests [1]

Core Viewpoint - The State Administration for Market Regulation has released a draft guideline for compliance in the metering behavior of public utilities providing water, electricity, and gas services in urban areas, seeking public feedback until September 3 [1] Group 1: Guideline Overview - The guideline integrates compliance requirements from the metering law and relevant regulations, national standards, and technical specifications for public utility metering behavior, structured into three parts: general principles, compliance requirements, and appendices, comprising seven chapters and 24 articles [1] - It specifically applies to public utilities in urban areas that provide water, electricity, and gas services, defining "metering instruments" as residential water, electricity, and gas meters used for trade settlement [1] Group 2: Compliance Requirements - Public utilities are required to establish a sound metering management system, enhance the full-process management of metering instruments, and ensure traceability from procurement to disposal [1] - The guideline emphasizes the collection and monitoring of metering data and encourages data integration with regulatory platforms of relevant departments [1] Group 3: Rural Utilities Consideration - The guideline acknowledges the similarities in metering management between urban and rural public utilities, suggesting that rural utilities can refer to the guideline for their metering activities [1] Group 4: Implementation and Consumer Protection - The State Administration for Market Regulation will refine the guideline based on public feedback and aims to implement it promptly, providing clear guidance for metering behavior in public utilities, thereby addressing consumer concerns regarding water, electricity, and gas metering and protecting consumer rights and public interests [1]

Summary of Key Points Core Viewpoint - Jiangnan Water Co., Ltd. plans to sell an 8% stake in its subsidiary, Jiangyin Pudong Village Bank, through a public listing, with a minimum transfer price of 12.548353 million yuan based on the assessed value [2][4][13]. Group 1: Transaction Overview - The company intends to optimize its investment structure by transferring its 8% stake in Jiangyin Pudong Village Bank, which is valued at 12.548353 million yuan as of the assessment date [4][13]. - The transaction has been approved by the company's board of directors and does not require shareholder approval [3][5]. - The transfer will be conducted through a public listing, and the final transaction price and buyer are yet to be determined, introducing some uncertainty [3][18]. Group 2: Financial Assessment - The assessment of the bank's total assets as of December 31, 2024, shows a book value of 1,705.3145 million yuan, with an assessed value of 1,706.1691 million yuan, resulting in a valuation increase of 0.05% [10]. - The net assets were assessed at 156.8544 million yuan, reflecting an increase of 0.55% [10][12]. - The valuation methods used include market and asset-based approaches, with the asset-based method being selected for the final assessment due to its consideration of original shareholder compensation [12][14]. Group 3: Impact on the Company - The transaction is expected to benefit the company by optimizing its investment structure and aligns with its strategic development needs [16]. - The company does not have control over Jiangyin Pudong Village Bank and will not consolidate its financial statements, meaning the transaction will not affect the scope of consolidated financial reporting [16].

（文章来源：证券日报） 证券日报网讯 8月6日晚间，江南水务发布公告称，公司拟通过产权交易所以公开挂牌方式转让所持参 股子公司江阴浦发村镇银行股份有限公司（简称"浦发村镇银行"）8%股权，挂牌转让价格不低于所持 浦发村镇银行8%股权对应评估值1，254.8353万元。本次交易已经公司第八届董事会第三次会议审议批 准，无需提交股东大会；尚需履行产权交易所公开挂牌程序。 ...

考虑到对乡村供水供电供气的公用企业在计量管理方面与城镇具有一定的相似性，指南提出对乡村 供水供电供气的公用企业的计量活动可参照指南实施。 市场监管总局将根据社会公开征求意见反馈情况完善指南内容，尽快出台实施，为供水供电供气公 用企业计量行为提供清晰指引，助力解决群众身边的水电气表计量问题，切实维护消费者合法权益和社 会公共利益。 新华社北京8月6日电（记者赵文君）记者6日从市场监管总局获悉，近日市场监管总局发布《城镇 供水供电供气公用企业计量行为合规指南（征求意见稿）》，面向社会公开征求意见，意见反馈截止日 期为9月3日。 指南涵盖了城镇范围内从事供水供电供气服务的公用企业，将"计量器具"限定为用于贸易结算的城 镇居民水电气用量测量的民用水电气表，要求公用企业健全计量管理制度，强化计量器具全流程管理， 确保计量器具从采购到报废全流程可追溯，强调计量数据归集与监测，鼓励与相关部门监管平台实现数 据对接。 据介绍，指南是对计量法及水电气行业相关法律法规、强制性国家标准、计量技术规范中公用企业 计量行为合规要求的系统整合，分为总则、计量行为合规要求、附则三部分，共七章24条。 ...