Core Viewpoint - The signing of a 1 million yuan special loan agreement for "water-saving loans" in Longde County, Ningxia, marks a significant step in the county's efforts to reform water rights and promote market-oriented allocation of water resources [1][2] Group 1: Financial Initiatives - Longde County Rural Commercial Bank and Ningxia Beilianchi Mineral Drinking Water Co., Ltd. signed a 1 million yuan loan agreement to support water-saving initiatives, injecting new momentum into green and low-carbon development [1] - The implementation of "water-saving loans" represents a breakthrough in integrating financial services with water rights trading, broadening financing channels for water-saving projects [1] Group 2: Water Rights Reform - Longde County has been systematically advancing comprehensive water rights reform, focusing on the goal of "water-saving and efficiency enhancement" [1] - A series of policy documents have been issued to implement a total water consumption control model, establishing a dynamic adjustment mechanism every five years [1] - Water rights have been clarified down to the smallest units, with dual control indicators for total volume and efficiency, transitioning from government-led to market-driven allocation of water resources [1] Group 3: Pricing Mechanism - A resource pricing system has been developed in line with the "six rights" reform requirements, including a tiered water pricing system and a progressive pricing mechanism for agricultural irrigation exceeding quotas [1] - These measures aim to address the challenges of realizing the value of groundwater and promote the concept of "resources have value, and usage is compensated" [1] Group 4: Future Developments - The Longde County Water Affairs Bureau plans to continue innovating diversified financial products such as water rights pledges and leases, and explore the establishment of a "water bank" to store individual water rights [2] - The goal is to further improve the market-oriented trading system and stimulate the vitality of water resource development, ensuring water resource support for high-quality economic development in the county [2]

Group 1 - The core point of the article is that Bohai Co., Ltd. announced the results of its board meeting and provided insights into its revenue composition for the first half of 2025 [1] - The board meeting was held on October 27, 2025, and reviewed the Q3 2025 report among other documents [1] - As of the report, Bohai Co., Ltd. has a market capitalization of 2.6 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Bohai Co., Ltd. is as follows: heating services accounted for 43.8%, raw water 24.45%, tap water 20.42%, sewage treatment 9.54%, and other businesses 1.8% [1]

证券代码：600769 证券简称：祥龙电业 公告编号：2025-028 武汉祥龙电业股份有限公司 关于 2025 年第三季度主要经营数据情况的公告 本公告经营数据未经审计，公司董事会提醒投资者审慎使用上述 数据。 特此公告。 本公司董事会及全体董事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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信 息披露》的相关规定，现将武汉祥龙电业股份有限公司（以下简称"公 司"）2025 年第三季度主要经营数据（未审计）披露如下： 一、水的生产与供应板块 | | 2025 年第三季度 | | | --- | --- | --- | | 地区 | 供应量（吨） | 均价（元/吨） | | 武汉 | 7,180,299 | 1.94 | 注：上述价格为含税价，不含污水处理费。 二、建筑板块 | | 2025 | 年第三季度新签工程 | | 本期比上年同期增减比例 | | | | 本年累计 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

Group 1 - The core point of the article is that Shunkong Development (SZ 003039) held its 13th board meeting on October 24, 2025, to review the proposal for the third quarter report of 2025 [1] - For the first half of 2025, the revenue composition of Shunkong Development is as follows: water supply and sales accounted for 37.55%, waste incineration power generation projects accounted for 28.57%, packaging and printing business accounted for 15.62%, sewage treatment accounted for 7.22%, and water supply and drainage pipeline engineering accounted for 6.37% [1] - As of the report date, the market capitalization of Shunkong Development is 8.5 billion yuan [1]

Core Insights - Xylem Inc. (XYL) is set to release its third-quarter 2025 results on October 28, with expected revenues of $2.22 billion, reflecting a year-over-year growth of 5.7% and earnings estimated at $1.24 per share, indicating an 11.7% increase from the previous year [1][10] Revenue Estimates by Segment - The Water Infrastructure segment is projected to generate revenues of $647 million, representing a 3.9% growth compared to the prior year [3] - The Measurement & Control Solutions (M&CS) segment is expected to report revenues of $503 million, reflecting a 9.8% increase year-over-year [4] - The Water Solutions and Services segment's revenues are estimated at $605 million, indicating a 5% growth from the previous year [5] - The Applied Water segment is anticipated to achieve revenues of $464 million, showing a 3.8% increase from the year-ago figure [6] Factors Influencing Performance - Strength in the transport application business due to increased infrastructure projects in the U.S. is likely to support the Water Infrastructure segment [3] - Robust demand for advanced metering infrastructure solutions and strong backlog execution are expected to enhance the M&CS segment's performance [4] - The dewatering applications business is anticipated to benefit from strong rental demand and capital projects, positively impacting the Water Solutions and Services segment [5] - A recovery in the Applied Water segment is expected, driven by higher demand for commercial building solutions [6] Strategic Acquisitions - The acquisition of Vacom Systems in April 2025 is expected to enhance Xylem's capabilities in sustainable water solutions [7] - The majority stake acquisition in Idrica in December 2024 is anticipated to boost growth opportunities and market penetration [7] Cost Pressures - High raw material costs, labor, freight, and overhead costs are likely to impact the bottom line in the third quarter [8] - Business integration expenses related to the Vacom Systems acquisition are expected to pressure margins [8] Earnings Prediction - The current Earnings ESP for Xylem is -0.13%, indicating uncertainty regarding an earnings beat this quarter [9][11]

Core Points - Yunnan Dihai Drinking Water Co., Ltd. has been established with a registered capital of 5 million RMB [1] - The legal representative of the company is Chen Xiachao [1] - The company's business scope includes water production and supply, food sales, natural water collection and distribution, and on-site drinking water sales [1] Business Scope - Licensed projects include tap water production and supply, food sales, natural water collection and distribution, and on-site drinking water sales, which require approval from relevant authorities [1] - General projects include internet sales (excluding licensed goods), food internet sales (only pre-packaged food), collection and treatment of rainwater, brackish water, and mine water, as well as government-commissioned water rights transfer management services [1]

Core Viewpoint - Jiangnan Waterworks experienced a stock price increase of 1.76% on October 23, with a trading volume of 64.34 million yuan, indicating a positive market sentiment despite a net financing outflow [1] Financing Summary - On October 23, Jiangnan Waterworks had a financing buy-in amount of 9.94 million yuan and a financing repayment of 13.81 million yuan, resulting in a net financing outflow of 3.87 million yuan [1] - As of October 23, the total financing and securities lending balance for Jiangnan Waterworks was 117 million yuan, which accounts for 2.16% of its market capitalization, indicating a low financing balance compared to the past year [1] - The company had no securities lending activity on October 23, with a lending balance of 0 shares, suggesting a high level of demand for borrowing shares in the past year [1] Company Overview - Jiangnan Waterworks, established on July 15, 2003, and listed on March 17, 2011, is primarily engaged in the production and sale of tap water, drainage, and related water treatment services [2] - The company has a daily water supply capacity of 930,000 cubic meters and a total length of over 600 kilometers of water supply pipelines, serving a population of over 2 million [2] - The revenue composition of Jiangnan Waterworks includes tap water services (48.13%), engineering installation (34.97%), services (13.36%), sewage treatment (2.45%), and other (1.10%) [2] Financial Performance - For the first half of 2025, Jiangnan Waterworks reported an operating income of 606 million yuan, a year-on-year decrease of 5.32%, and a net profit attributable to shareholders of 164 million yuan, down 3.25% year-on-year [2] - As of June 30, 2025, the number of shareholders was 24,700, a decrease of 1.85% from the previous period, while the average circulating shares per person increased by 1.88% to 37,855 shares [2] Dividend Information - Since its A-share listing, Jiangnan Waterworks has distributed a total of 1.063 billion yuan in dividends, with 331 million yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders of Jiangnan Waterworks [3]

Core Viewpoint - Bohai Co., Ltd. primarily engages in water supply and heating services, with no current export trade activities [2] Company Summary - The company confirmed its main business operations focus on providing water and heating services [2] - There is no involvement in export trade as of now [2]

Core Viewpoint - Jiangnan Waterworks (601199) has confirmed that it has not yet engaged in water rights trading, which requires compliance with national policies and regulations, and must be conducted through professional trading platforms [1] Company Overview - Jiangnan Waterworks is located on the southern bank of the Yangtze River estuary, benefiting from abundant water resources and convenient water extraction [1] - The company's main business includes the production and sale of tap water, drainage services, and related water treatment operations, categorizing it within the municipal public utility sector [1] Water Rights Trading - The implementation of water rights trading by the company is contingent upon adherence to relevant national policies and regulations [1] - Currently, the company has not initiated any water rights trading activities [1]

Core Viewpoint - The company, Jiangnan Water Affairs, has confirmed that it has not yet engaged in water rights trading, despite the establishment of a water rights trading center in Sichuan Province, China [1]. Company Summary - Jiangnan Water Affairs is located on the southern bank of the Yangtze River estuary, where water resources are abundant and extraction is convenient [1]. - The company's main business includes the production and sale of tap water, drainage services, and related water treatment operations, categorizing it within the municipal public utility sector [1]. - The implementation of water rights trading requires compliance with national policies and regulations, and must be conducted through professional trading platforms [1].