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].

精准发力，靶向施策，供水网络持续完善。一是水源保障网更加稳固。立足构建"一轴两区、多库连通、五横七纵、河湿相融"的现代水 网总体布局，新改建水库11座，新增有效库容1.2亿立方米，实现区域互联互通与多水源协同调度。二是供水保障网持续优化。坚持"建 大、并中、减小"，全面退出乡镇供水站，全市在用农村供水工程由23处压减至13处，全部实现万吨以上规模化水厂供水及区域多水厂联 供，农村与城市供水"同源、同网、同质、同服务、同监管"。实施东营区、河口区城乡供水一体化工程、广饶县城乡供水管网配套保障 项目及各县区老旧供水设施维修改造等工程，累计更新供水管网2915公里、改造村庄313个。三是优质供给网日益织密。完成8座水厂升 级改造，增加超滤、纳滤、臭氧活性炭等深度处理工艺，覆盖农村人口比例提升至71.5%。 全域管控，强化联动，饮水安全持续巩固。一是标准化创建工作引领全省。5个县区全部通过水利部县域农村饮水安全标准化县区审核， 13处农村供水工程全部创建为省级标准化管理工程，在全省率先实现全域县域饮水安全和水厂标准化管理"双覆盖"。二是水质监测体系 严密高效。建立"生态环境部门水源检测+供水单位自检+卫生健康部门监督 ...

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 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]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601199 证券简称：江南水务公告编号：临2025-028 债券代码：252240 债券简称：23江南01 江苏江南水务股份有限公司关于出售资产的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●交易简要内容：江苏江南水务股份有限公司（以下简称"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（以下简称"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。 ●本次交易不构成关联交易：本次交易拟采用公开挂牌转让方式，交易对方尚未确定，暂不构成关联交 易。 ●本次交易不构成重大资产重组 ●交易实施尚需履行的审批及其他相关程序：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。 公司参股子公司浦发村镇银行为贯彻落实国家政策将进行改革重组，公司为进一步优化投资结构，拟通 过产权交易机构以公开挂牌方式转让 ...

Core Insights - Zimbabwe's GDP reached 335 billion Zimbabwean dollars in Q1 2025, up from 299 billion in Q4 2024, driven by growth in agriculture, electricity, information communication, and financial insurance sectors [1] Sector Performance - Agriculture grew by 18.8%, electricity by 6.1%, and both information communication and financial insurance sectors increased by 4.3% [1] - Conversely, mining, accommodation and food services, and water supply sectors saw declines of 21.6%, 24.1%, and 12.3% respectively [1] Contribution to GDP - Manufacturing was the largest contributor to GDP in this quarter, accounting for 15%, followed by mining at 12.4%, agriculture at 11.7%, wholesale and retail at 11.6%, and financial insurance at 11.2% [1]

Core Viewpoint - The province is actively promoting large-scale water supply projects to ensure safe drinking water for rural residents, addressing long-standing water scarcity and quality issues [2][5]. Group 1: Water Supply Challenges - Many rural areas face seasonal water shortages due to uneven rainfall distribution, leading to inadequate water supply and poor water quality from small-scale water sources [2][3]. - Residents previously relied on small wells and dispersed water supply systems, which often resulted in insufficient and untreated water, especially during dry seasons [3]. Group 2: Government Initiatives - The provincial water authority has prioritized the construction of large-scale water supply systems, focusing on stable and high-quality water sources to replace smaller, riskier supply systems [2][4]. - As of now, approximately 13,350 people have gained access to large-scale water supply, achieving 66.7% of the target [2][5]. Group 3: Project Developments - The integrated urban-rural water supply project in Danzhou City has successfully provided clean and safe tap water to around 1,200 households, resolving long-standing water issues [3][4]. - The central water plant in Mutang has a current supply capacity of 700 tons per day, with future plans to expand to 30,000 cubic meters per day, benefiting more residents [4]. Group 4: Future Projections - Upcoming projects are expected to add over 20,000 people to the large-scale water supply network, increasing the proportion of rural population served from 64.56% to 64.89% [5].

Core Viewpoint - The article discusses the investigation and response to water quality issues in the Yuhang District of Hangzhou, highlighting the causes of the problem, emergency measures taken, and accountability for the incident [1][18]. Water Quality Abnormality Investigation - The investigation revealed that the abnormal odor in the water was due to the presence of thiol compounds, which can produce unpleasant smells even at low concentrations. This issue was exacerbated by high temperatures and algal blooms in the water source [1][15]. - The investigation confirmed that the water quality indicators, except for odor, were within acceptable limits, with no detection of harmful bacteria [15][16]. Emergency Response Measures - The emergency response began on July 16, with the detection of abnormal odors at 8:00 AM, leading to immediate testing and water source switching by 9:20 AM [3][4][5]. - By 1:30 PM, the water quality indicators returned to normal after flushing the main pipeline [6][7]. Accountability and Issues Identified - The investigation identified several shortcomings in the response, including failure to follow emergency protocols and delayed communication with relevant authorities [17][18]. - A total of seven officials were held accountable for their roles in the incident, receiving various disciplinary actions [18]. Public Service and Community Response - In response to public concerns, the local government initiated measures such as water quality testing, health services, and free replacement of water filter cartridges for affected residents [19]. - The government expressed apologies for the inconvenience caused and committed to improving water safety measures and emergency response capabilities [19].

Group 1 - The core issue of water supply abnormalities in Yuhang District highlights significant shortcomings in public drinking water safety and emergency response mechanisms [1][2] - A joint investigation team was established, including local and provincial authorities, to analyze the causes of the water quality issues, which were linked to environmental factors and algal blooms [1][2] - The investigation revealed that the presence of sulfur compounds in the water was responsible for the unpleasant odors detected [1] Group 2 - The local water supply companies implemented measures such as water source switching and pipeline flushing, which inadvertently caused rust to dislodge from iron pipes, leading to discolored water [2] - A comprehensive inspection of all 33 water supply plants in Hangzhou confirmed that the treated water met national health standards [3] - Affected residents will receive free replacement of water purifier filters and a full waiver of water fees for July due to the supply issues [3]

来源：杭州发布 杭州市联合调查组7月23日发布情况通报： 7月16日，余杭区部分小区发生供水异常。事情发生后，杭州市委、市政府高度重视，成立由市综合行 政执法局、市生态环境局、市卫健委和国家、省级专家等组成的联合调查组开展调查，省建设厅、省生 态环境厅参与指导。现将调查处置情况通报如下： 一、关于水质异常原因调查情况 联合调查组结合各项水质检测结果、环境监测数据及水文水利数据，对问题发生及处理过程进行了全面 调查。经查，水样中检测出的硫醚类物质是一种有机硫化物，在水中较低浓度即可产生蒜味、沼泽味、 腐臭味等异味。7月初以来，持续高温晴热，东苕溪仁和水厂取水口上游及周边一些水体藻类快速繁 殖。随着前期降雨汇流，部分藻类及其降解产物（含硫醚类异嗅物质）汇集到仁和水厂取水口附近，并 于7月16日凌晨进入取水口。综合分析，此次供水嗅味异常是气候、环境、水动力条件等多种因素叠加 情况下导致的。 关于市民群众关心的自来水出现"发黄""发浑"问题。根据调查分析，目前供水管道主要是铁质管道，事 情发生后余杭制水有限公司、余杭水务控股集团下属供排水公司先后采取水源切换、供水调度和水管冲 洗等措施，引发供水水流方向发生变化、水流 ...