稳定币浪潮，为什么我们建议关注 RWA 和 新能源企业的结合？ 2025 年 07 月 20 日 环保及公用事业 SAC 执业证书编号：S1450525060004 luxuan@essence.com.cn 相关报告 | 反内卷，向外看——拥抱全 | 2025-07-06 | | --- | --- | | 球生物航煤蓝海市场 | | | 5 月用电量数据发布，虚拟 | 2025-06-22 | | 电厂建设加速推进 | | | 绿电直连政策发布，"源荷协 | 2025-06-08 | | 同"更进一步 | | 本周专题：为什么我们建议关注 RWA 和新能源企业的结合？ 稳定币的应用已从最初的加密货币交易媒介，发展为多维度金融基础 设施，其核心应用场景已扩展到跨境支付、全球薪资支付、供应链金 融、现实资产代币化等多个领域。RWA），在连接虚拟与现实经济中具 有独特价值，有望成为稳定币最具潜力的发展方向，波士顿咨询预测， 到 2030 年 RWA 市场规模将达 16 万亿美元，稳定币 30%-50%份额将流 入这一领域。RWA 在 2017 年左右开始萌芽，随着主流机构布局和立 法逐渐完善，市场规模迅速增加。 ...

据封面新闻报道，7月16日下午起，杭州余杭区良渚街道多个小区的业主发帖称，家中自来 水出现异味。有人形容是下水道味，有人说是死鱼烂虾味等臭味。 受访者供图 "16日晚上8点多，看到小区群里在说水臭了。我回家打开水龙头，果然臭得不行。"吴先生 告诉记者，他在主卧卫生间里打开水龙头，整个房间都闻得到异味，"没法洗澡，也不敢用 这个水煮饭喝水，附近的矿泉水都被人抢光了。" 7月17日，余杭水务发布通报。"首先，对此次水质事件带来的不便深表歉意。7月16日， 我司切换水源，仁和水厂主管网恢复正常后，目前已完成对各支管和二供水箱的冲洗。经检 测，仁和街道、良渚街道的水质已经恢复，用户可以正常使用。在使用前，请用户对'存 水'进行排放。为弥补用户损失，我司将会给予7月份每户5吨水费的减免。" 据第一帮帮团，7月17日下午，记者致电余杭环境水务集团热线电话，针对网上说"粪水管 接错导致污染"，工作人员表示这些都是谣言。"这个水闻起来是有一股味道，这是一个嗅 味指标异常的情况，但其他指标都是正常的。水质整体是清澈干净的，只是这个水有味 道。" 该工作人员表示，污水原因仍在调查中，因为牵扯范围较大，当地林水局、生态环境局已介 ...

18日，记者就此情况联系到余杭水务，关于自来水出现异味的原因，工作人员回应称， 排查 发现是苕溪原水出现异常，但此事影响比较严重。目前已有政府部门介入 ，杭州市余杭区林 业水利局与杭州市生态环境局余杭分局正在联合开展调查，暂不清楚调查进度和调查结果， 需要等他们公布统一通报。 据九派新闻， 浙江杭州余杭区良渚街道、仁和街道多个小区的业主近日发帖称，家中自来水 出现刺鼻异味， 有人形容是死老鼠的味道，有人称是下水道窨井盖反水和化粪池的味道，还 有人表示像塑料燃烧和绿化带喷的农药味。 17日16时20分，杭州余杭水务控股集团有限公司（以下简称"余杭水务"）官方公众号再次发 布情况通报，但仍未提到自来水异常的原因。通报中称："7月16日，我司切换水源，仁和水 厂主管网恢复正常后，目前已完成对各支管和二供水箱的冲洗。经检测，仁和街道、良渚街 道的水质已经恢复，用户可以正常使用。在使用前，请用户对'存水'进行排放。为弥补用户损 失，我司将会给予7月份每户5吨水费的减免。" ...

智通财经7月18日电，美银环球研究将英国水务公司Pennon集团评级从"中性"上调至"买入"，目标价从 460便士上调至560便士。 ...

编号：2025-25 | 投资者关系活动 | ★特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及 | 长江证券-徐科、李博文；南方基金-毛瑞丰；源乘投资-高飚； | | 人员姓名 | 东方红-陈思远；国海富兰克林基金-于军；华泰资管-胡兰；交 | | | 银施罗德-高逸云；红土创新基金-艾雪晗；中汇人寿-王雨；华 | | | 夏基金-郑博宏；建信养老-刘洋；天弘基金-杨倩；同泰基金-刘 | | | 熙宁；富国基金-胡靓；中邮人寿-张文鹏；广发基金-李迪；汇 | | | 添富基金-温宇峰；明河投资-王蒙；途灵资产-赵梓峰；亘泰投 | | | 资-吕科；乾惕投资-周振兴 | | 时间 | 2025 年 7 月 18 日 | | 地点 | 线上交流 | | 上市公司接待人 | 刘杰、梁一谷 | | 员姓名 | | | | 问题 1：请问公司 2025 年上半年新项目投运和在建项目进展。 | | 投资者关系活动 | 年上半年，公司成都市洗瓦堰再生水厂、成都市污泥 ...

Core Viewpoint - Residents in multiple communities in Yuhang District, Hangzhou, reported a strong odor in tap water, likening it to dead rats, sewage, burning plastic, and pesticide smells. The water utility company, Yuhang Water, has acknowledged the issue and is investigating the cause, which has been linked to abnormal raw water from the Tiao Creek [1] Group 1 - Yuhang Water announced that on July 16, they switched water sources and that the water quality in Renhe and Liangzhu streets has been restored, allowing normal usage after flushing the pipes [1] - To compensate affected users, Yuhang Water will provide a water fee reduction of 5 tons for each household for July [1] - Government departments, including the Forestry and Water Bureau and the Ecological Environment Bureau of Yuhang District, are involved in the investigation of the water quality issue [1]

Core Viewpoint - The water quality issue in Yuhang District, Hangzhou, has been addressed by the local water supply company, which switched water sources and confirmed the restoration of water quality, although residents still express concerns about the safety of the water [1][3][4]. Group 1: Incident Overview - On July 16, residents in parts of Yuhang District reported an unusual odor in the tap water [1][3]. - The Hangzhou Yuhang Water Holdings Group immediately activated an emergency plan, switching to alternative water sources and flushing the affected pipelines [3][4]. - By 1:30 PM on July 17, the water quality at the source was reported to be normal, and by 4:30 PM, the main pipeline had also returned to normal [4]. Group 2: Resident Concerns - Despite the company's assurances, residents remain skeptical about the water quality, with some reporting persistent odors and discoloration even after the company declared the water safe [3][4]. - A resident expressed uncertainty about the drinkability of the water, indicating that even after running the tap for an extended period, the water appeared dirty [4]. Group 3: Company Response - The company issued an apology for the inconvenience caused by the water quality issue and announced a compensation plan, offering a reduction of 5 tons in water fees for each household for July [4]. - The company encouraged residents to flush out any remaining "stagnant water" from their pipes before use [4].

Company Overview - Beijing Enterprises Water Group was established in 2008, focusing on wastewater and reclaimed water treatment, water supply services, water environment governance construction, technical and consulting services, equipment sales, and urban resource services [1] - The company is transitioning to a light asset operation model, with engineering business continuously shrinking, leading to a projected gross profit margin of 6.4% by 2024 [1] - As of the end of 2024, Beijing Holdings will hold 41.1% of the company's shares, with the actual controller being the Beijing State-owned Assets Supervision and Administration Commission [1] Financial Highlights - Capital expenditure is expected to decrease to 4.11 billion HKD in 2024, a year-on-year reduction of 2.89 billion HKD, while maintaining stable dividends with a dividend per share of no less than 0.157 HKD since 2021, resulting in a projected dividend yield of 6.22% for 2024 [1] - The company has experienced profit fluctuations over the past three years due to the sale of joint ventures and impairment provisions, but the increase in operational proportion is expected to enhance future earnings stability [3] Industry Analysis - The water supply and wastewater treatment sectors are projected to have a compound annual growth rate (CAGR) of 0.37% and 1.2% from 2025 to 2027, respectively [2] - The competitive landscape shows a trend of regional monopolies coexisting with national leaders, with the company holding a market share of 1.8% in water supply and 8.2% in wastewater treatment as of 2023 [2] - The company has reduced its uninvested capacity since 2022, with operational capacity expected to reach 33.84 million tons per day by the end of 2024, resulting in a capacity elasticity of 29.2% [2] Pricing and Revenue - Since November 2023, some cities have increased the basic water price for residential use by an average of 0.36 HKD per ton, reflecting a 21.3% increase, which may benefit the company's relatively stable water pricing [2] - The company's revenue from water environment governance construction services is projected to decrease, with the share of profit from comprehensive governance projects and BOT water projects expected to drop to 7.8% and 4.6%, respectively, by 2024 [2] Profit Forecast - The company is expected to achieve a net profit attributable to shareholders of 1.66 billion HKD, 1.70 billion HKD, and 1.71 billion HKD for the years 2025 to 2027, with a projected dividend growth of 3% from 2024 [3] - The anticipated dividend yields for 2025, 2026, and 2027 are 6.4%, 6.6%, and 6.8%, respectively, supporting a "buy" rating for the stock [3]

Core Viewpoint - The article discusses a water quality incident in Hangzhou's Yuhang District, where residents reported an unusual odor in tap water, prompting immediate action from the local water authority to address the issue and restore normal water quality [4][6]. Summary by Sections - **Incident Report**: On July 16, residents in multiple communities in Yuhang District reported an unusual smell in their tap water [1]. The local water plant, Renhe Water Plant, detected fluctuations in water quality indicators, specifically odor, while other routine indicators remained normal [3]. - **Response Actions**: Following the reports, Hangzhou Yuhang Water Holdings Group activated an emergency plan, switching to alternative water sources and flushing the affected pipeline networks. By 1:30 PM on the same day, the water quality at the plant returned to normal, and by 4:30 PM, the main pipeline network was also restored [4]. - **User Guidance and Compensation**: Residents were advised to flush their pipes to remove any stagnant water before use. To compensate for the inconvenience, the company announced a reduction in water fees for July, offering a 5-ton discount for each household [4][6]. - **Follow-up Communication**: On July 17, the company reiterated its apology for the inconvenience caused and confirmed that the water quality had been restored, urging users to flush their pipes before consumption [4].

Investment Rating - The report assigns a "Buy" rating to the company [11]. Core Viewpoints - Beikong Water Group is a national leader in water services with stable dividend guarantees. The company is expected to achieve steady growth in its water supply and sewage treatment business as capacity utilization increases. The pressure on growth in the water environment management construction service has gradually been released. The company has turned positive in free cash flow since 2022, and the dividend per share has not been less than HKD 0.157 since 2021, indicating a strong dividend capability [4][11]. Summary by Sections Company Overview - Beikong Water Group, established in 2008, operates in sewage and reclaimed water treatment, water supply services, water environment management construction, technical and consulting services, equipment sales, and urban resource services. The company is actively expanding its light asset operation model, with engineering business continuously shrinking, leading to a decrease in gross profit contribution [7][19]. Shareholding Structure - As of the end of 2024, Beijing Enterprises holds 41.1% of the company's shares, with the actual controller being the Beijing State-owned Assets Supervision and Administration Commission. Other significant shareholders include China Three Gorges Corporation and its subsidiaries [7][35]. Highlights - The company has passed the peak of project construction, with capital expenditure expected to decrease to HKD 41.1 billion in 2024, down by HKD 28.9 billion year-on-year. The dividend per share is projected to yield a dividend rate of 6.22% in 2024 [7][40]. Water Services Sector - The demand for water supply and sewage treatment is expected to grow steadily, with a projected CAGR of 0.37% and 1.2% from 2025 to 2027. The company’s market share in water supply and sewage treatment is 1.8% and 8.2%, respectively, as of 2023. The company’s operational capacity is expected to reach 33.84 million tons per day by the end of 2024 [8][11]. Financial Analysis - The company has experienced profit fluctuations over the past three years due to factors such as the sale of joint ventures and impairment provisions. However, the increase in operational proportion is expected to enhance future earnings stability. As of the end of 2024, the cautious estimate of accounts receivable is HKD 20.85 billion, with 75.8% of service concession receivables due within one year [10][11]. Profit Forecast - The company is expected to achieve a net profit attributable to shareholders of HKD 16.6 billion, HKD 17.0 billion, and HKD 17.1 billion from 2025 to 2027, with dividends projected to grow by 3% annually from 2024 levels [11].