Core Viewpoint - China Everbright Water (01857) reported a decrease in revenue and profit for the six months ending June 30, 2025, indicating challenges in its construction services segment [1] Financial Performance - Revenue for the period was HKD 3.28 billion, a decrease of 2.18% year-on-year [1] - Profit attributable to equity holders was HKD 564 million, down 2.99% year-on-year [1] - Basic earnings per share were HKD 0.1971 [1] - The company proposed an interim dividend of HKD 0.0609 per ordinary share [1] Construction Services - Revenue from construction services fell from HKD 1.35541 billion in the first half of the 2024 fiscal year to HKD 1.16418 billion in the first half of the 2025 fiscal year, a decrease of 14% [1] - The decline in construction services revenue was primarily due to reduced construction activities in the first half of the 2025 fiscal year compared to the same period in 2024 [1]

Core Viewpoint - China Everbright Water (01857) reported a decrease in revenue and profit for the six months ending June 30, 2025, indicating challenges in construction activities and overall financial performance [1] Financial Performance - Revenue for the period was HKD 3.28 billion, a year-on-year decrease of 2.18% [1] - Profit attributable to equity holders was HKD 564 million, down 2.99% year-on-year [1] - Basic earnings per share were HKD 0.1971 [1] - The company proposed an interim dividend of HKD 0.0609 per ordinary share [1] Construction Services - Revenue from construction services decreased from HKD 1.35541 billion in the first half of the 2024 fiscal year to HKD 1.16418 billion in the first half of the 2025 fiscal year, a reduction of HKD 191.23 million or 14% [1] - The decline in construction services revenue was primarily due to a reduction in construction activities compared to the first half of the 2024 fiscal year [1]

2025年中期业绩简报 2025年8月 中国光大水务有限公司 前瞻性陈述 本简报或包含前瞻性陈述，该等陈述乃建基于有关中国光大水务有限公司(「光大水务」或「本公司」，连 同其附属公司统称「本集团」)业务的大量假设及不受本公司控制的因素，并受到重大风险及不明朗因素的 影响，因此实际业绩或与该等前瞻性陈述出现重大偏差。本公司概不承担就日后发生的事件或情况而更新 该等陈述的责任。 本简报包含的资料应以简报作出时候为准，本公司未曾作出更新及将不会更新该等资料以反映本简报日后 或发生的重大发展。本简报的投影片只供支持有关本公司背景资料作出讨论。本公司不会明示或暗示陈述 或保证本简报包含的任何资料或意见是公平、准确、完整或正确，因此不应依赖该等资料或意见。收件人 在作出判断时不应以该等资料或意见为基础，本简报包含的资料和意见或基于或取自本公司管理层的判断 及意见，因此该等资料不可能经常获得核实或确认。本公司或本公司的财务顾问、或任何有关董事、高级 职员、雇员、代理人或顾问概不会就内容承担责任，或因使用本简报的资料或本简报而引起的任何损失承 担责任。本简报并无考虑任何投资者的投资目标、财务状况或特别需要，因此不构成招揽或邀 ...

国信证券近日发布公用环保行业202508第2期：本周沪深300指数上涨1.23%，公用事业 指数上涨1.61%，环保指数上涨2.58%，周相对收益率分别为0.38%和1.34%。申万31个一级 行业分类板块中，公用事业及环保涨幅处于第22和第8名。电力板块子板块中，火电上涨 2.88%；水电下跌0.56%，新能源发电上涨0.52%；水务板块上涨0.29%；燃气板块上涨 3.60%。 以下为研究报告摘要： 投资策略：公用事业：1.煤价电价同步下行，火电盈利有望维持合理水平，推荐全国大 型火电企业华电国际以及区域电价较为坚挺的上海电力；2.国家持续出台政策支持新能源发 展，新能源发电盈利有望逐步趋于稳健，推荐全国性新能源发电龙头企业龙源电力、三峡能 源，区域优质海上风电企业广西能源、福能股份、中闽能源，以及开展新能源与智算中心一 体化深化算电协同标的金开新能；3.装机和发电量增长对冲电价下行压力，预计核电公司盈 利仍将维持稳定，推荐核电运营标的中国核电、中国广核；国家电投整合核电资产，打造A 股第三家核电运营商，推荐重组标的电投产融；4.全球降息背景下高分红的水电股防御属性 凸显，推荐业绩稳健性和成长性兼具的水电 ...

数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，深茂水务(茂名)有限公司成立，法定代表人为鲁华 锋，注册资本300万元，经营范围包含：一般项目：水资源管理；水利相关咨询服务；智能水务系统开 发；基础地质勘查；环境保护监测；市政设施管理；水文服务；水污染治理；防洪除涝设施管理；灌溉 服务；水土流失防治服务；工程管理服务；水利情报收集服务；自然生态系统保护管理；非常规水源利 用技术研发；雨水、微咸水及矿井水的收集处理及利用；污水处理及其再生利用；水环境污染防治服 务；气候可行性论证咨询服务；资源再生利用技术研发；资源循环利用服务技术咨询；水资源专用机械 设备制造；工程和技术研究和试验发展；智能农业管理；工业工程设计服务；工业设计服务；专业设计 服务；工程技术服务(规划管理、勘察、设计、监理除外)；海洋环境服务。(除依法须经批准的项目外， 凭营业执照依法自主开展经营活动)。天眼查APP股权穿透显示，该公司由深水规院、茂名市南粤水利 水电规划勘测设计有限公司共同持股。 ...

格隆汇8月11日丨江南水务(601199.SH)在互动平台表示，公司目前不具备" 无人机+地面机器人立体巡 检"能力。 ...

Group 1: Bond Market Insights - The potential tax rate for bond interest under the new VAT regulations is expected to be significantly lower than 6%, with estimates ranging from 0.7% to 3.2% for various bond types [11][2][10] - The implementation of the new VAT regulations may lead to a stable fiscal revenue of approximately 230 billion RMB, while also increasing interest costs [11] - The bond market may experience short-term support, but medium-term challenges are anticipated, particularly from August to October [11] Group 2: Zhongshan Public Utilities (000685) - Zhongshan Public Utilities is a public utility platform under the Zhongshan State-owned Assets Supervision and Administration Commission, focusing on water, solid waste, and renewable energy sectors [12][14] - The company has a water supply capacity of 2.65 million tons per day, with a market share of 94%, and is expected to increase net profit by 10%-15% following a potential 20%-30% water price adjustment [12][14] - The company holds a 10.55% stake in GF Securities, which is a significant source of profit, with projected net profits of 11.99 billion RMB in 2024, primarily from investment income [12][14] Group 3: New Tibet Railway Company - The establishment of the New Tibet Railway Company, with a registered capital of 95 billion RMB, aims to accelerate the construction of the New Tibet Railway, which has been planned for years [13][25] - The railway project is expected to generate substantial demand for engineering machinery and rail transit equipment, benefiting companies like China Railway and Sany Heavy Industry [26][25] - The total investment for the New Tibet Railway is projected to exceed 300 billion RMB, reflecting the significant scale and complexity of the project [27][25]

Core Viewpoint - Beijing Huiyuan Food and Beverage Co., Ltd. has publicly accused its major shareholder, Zhuji Wenshenghui, of failing to fulfill capital contribution obligations and manipulating corporate governance, which has harmed the rights of minority shareholders [2][3][9]. Group 1: Conflict and Legal Actions - The public letter highlights the conflict between Beijing Huiyuan and Zhuji Wenshenghui, bringing attention to the latter's control over the company and the implications for minority shareholders [5][9]. - Beijing Huiyuan has initiated legal action against Zhuji Wenshenghui and Wensheng Assets for failing to meet investment commitments, which has been accepted by the court [10]. - The company has called for shareholders to take specific actions, including limiting the rights of Zhuji Wenshenghui due to unfulfilled capital contributions and seeking judicial remedies against resolutions passed under the abuse of control [10]. Group 2: Financial and Operational Concerns - Zhuji Wenshenghui committed to invest 1.6 billion yuan but has only contributed 22.8% of the registered capital, with an overdue amount of 850 million yuan [9]. - The actual funds paid have not been utilized for production and operations, raising concerns about "false capital contributions" [9]. - The current equity structure allows Zhuji Wenshenghui to hold 60% of shareholder rights despite only contributing a fraction of the capital, which could significantly dilute the interests of minority shareholders in future distributions [9]. Group 3: Implications for Related Companies - The situation has implications for Guozhong Water, which has invested in Beijing Huiyuan through Zhuji Wenshenghui, raising concerns about the uncertainty of investment returns following the lawsuit [11][12]. - Guozhong Water's previous plans to acquire additional shares from Shanghai Yongrui have been hindered due to legal disputes, leading to a freeze on shares [13]. - The financial performance of Guozhong Water has been under scrutiny, with a reported revenue of 179 million yuan in 2024, a decrease of 20.73% year-on-year, and a net profit of 43.58 million yuan, indicating a complex financial landscape [15].

Group 1 - The report highlights the establishment of the electricity spot market in Zhejiang, making it the seventh province in China to officially operate such a market, following Shanxi, Guangdong, Shandong, Gansu, Inner Mongolia, and Hubei [3][19][25] - The report indicates that the electricity spot market construction is accelerating nationwide, with a goal to achieve full coverage by the end of 2025, and continuous settlement operations are being implemented [3][19][20] - The report notes that the environmental protection sector, gas sector, electricity sector, and water sector saw respective increases of 3.66%, 3.61%, 1.05%, and 0.82% from August 4 to August 8, with the CSI 300 index rising by 1.23% during the same period [2][12] Group 2 - The report discusses the broad application of hydrogen-based energy and its significant advantages in energy saving and carbon reduction, particularly in the context of decarbonization demands from the shipping and aviation industries [4][31] - It mentions that the National Energy Administration has announced nine pilot projects for green liquid fuel technology, with eight focusing on green methanol and green ammonia, indicating a growing trend in clean fuel development [4][26] - The report emphasizes that while the number of planned green hydrogen fuel projects has been increasing, challenges such as production costs and the maturity of downstream industries are hindering project development [4][31][32] Group 3 - The report recommends specific companies within various sectors, including Jiangsu Guoxin in the thermal power sector, and suggests cautious recommendations for Sheneng Co. and Zhejiang Energy Power [4] - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power, while in the green energy sector, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4] - The report also highlights investment opportunities in the environmental protection sector, recommending Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4]

Core Viewpoint - Dongying City is focusing on reform and innovation in the water sector to promote high-quality development, establishing a robust institutional framework for sustainable water management and ecological protection [3][4]. Group 1: Reform and Innovation - The Dongying water system is prioritizing reform as a key strategy for development, with multiple reform experiences being promoted by the Ministry of Water Resources [4]. - The city has set 2025 as the "Reform Offensive Year," aiming to implement nine key reform objectives to address challenges in water management [4][5]. - Key reform areas include water resource management, disaster response mechanisms, agricultural water pricing, and ecological product value realization [4]. Group 2: Major Projects - During the 14th Five-Year Plan period, Dongying will focus on building three major systems: water supply security, flood reduction, and ecological protection, with a total investment of 32.2 billion yuan across 111 key projects [5][6]. - In 2025, 35 modern water network projects will be implemented with a total investment of 10.1 billion yuan, aiming to enhance water management efficiency [6]. Group 3: Disaster Prevention and Management - The water system is enhancing its flood and drought disaster response capabilities, having identified and rectified 1,589 flood risk issues [7][8]. - Comprehensive preparations for flood prevention include the establishment of emergency response plans and the deployment of resources across the city [8]. Group 4: Water Conservation and Utilization - Dongying is committed to water resource conservation, achieving a reduction in water usage per unit of GDP and industrial output by over 19% since 2020 [9]. - The city aims to increase the urban recycled water utilization rate to 60.79% and has established a comprehensive water-saving society across six districts [9]. Group 5: River and Lake Management - A four-level river and lake management system has been established, with 960 river chiefs actively monitoring and managing water bodies [10][11]. - The city is implementing a digital river and lake management system to enhance monitoring and governance capabilities [10]. Group 6: Ecological Environment Improvement - Dongying is focusing on urban drainage improvements and has initiated multiple projects to enhance wastewater treatment and reduce pollution [12]. - The city aims to maintain dynamic zero pollution in urban and rural water bodies, with significant progress in rural wastewater management [12][13]. Group 7: Public Welfare and Water Supply - The city has developed a comprehensive rural water supply network benefiting 1.19 million people, achieving 100% coverage in various water supply metrics [13]. - Plans are in place to upgrade rural water supply infrastructure, with significant improvements already made in irrigation efficiency [13].