Investment Rating - The report maintains an investment rating of "Leading the Market - A" [6] Core Insights - The fusion energy industry is experiencing a "race-like development" with significant capital influx, as it is viewed as a long-term solution for clean and stable energy [1] - Approximately 50 private fusion companies globally have raised over $9 billion, with several projects aiming for grid connection by around 2035 [1] - The commercial vision of fusion energy is driving intense competition among governments and enterprises in technology, capital, and policy [1] Summary by Sections 1. Fusion Energy Development - The fusion energy sector is transitioning from scientific research to engineering validation and industrial promotion, with notable advancements in both domestic and international projects [1][2] - In the U.S., Commonwealth Fusion Systems (CFS) has partnered with Google to optimize fusion control and has established the largest fusion power purchase agreement globally [1] - Helion Energy plans to construct the world's first fusion power plant, aiming to supply 50 MW to Microsoft's data center by 2028 [1] 2. Market Performance - The report notes that from July 19 to August 1, the Shanghai Composite Index rose by 0.72%, while the public utilities index fell by 2.34% [3] 3. Industry Dynamics - China's fusion energy industry is driven by a collaboration between state-owned enterprises and private companies, forming a multi-faceted research and development ecosystem [2] - The "national team" focuses on large Tokamak devices, while private enterprises are accelerating commercialization through modular and miniaturized technologies [2] 4. Investment Portfolio and Recommendations - The report suggests focusing on key players in the thermal power sector, such as Sheneng Co., Zhejiang Energy, and Anhui Energy, which are expected to perform well despite slight coal price increases [13] - In the green energy sector, it recommends quality operators like Fuzhou Energy and Zhongmin Energy, as well as virtual power plants like Hekang New Energy and Guoneng Rixin [13] - For gas companies, it highlights the importance of monitoring domestic gas pricing policies and suggests focusing on national gas companies like China Gas and upstream-downstream integrated firms like Jiufeng Energy and Xin'ao Co. [13] 5. Pricing Trends - In August 2025, the average transaction price for electricity in Jiangsu was 393.8 RMB/MWh, up 0.72% from the benchmark price, while in Guangdong, it was 372.32 RMB/MWh, down 17.81% [11] - The average price of thermal coal in the Bohai Rim region was reported at 665 RMB/ton, with coal inventories at key power plants increasing slightly [11] 6. Future Outlook - The report anticipates that by 2050, China will achieve commercial fusion power stations, with significant advancements expected in the 2030s [44][46]

8月4日晚间漳州发展(000753)发布《第八届董事会2025年第四次临时会议决议公告》。公告显示，公司 第八届董事会2025年第四次临时会议审议通过《关于公司向特定对象发行A股股票方案的议案》等系列 提案。 公告同时明确，本次募集资金扣除相关费用后，将主要投向四个项目，分别是漳州台商投资区厂网河湖 一体化生态综合整治项目(EPC+O)、漳州市第三自来水厂扩建工程、漳浦盐场100MW(128.6MWp)渔光 互补光伏发电项目，以及补充流动资金。 根据公告披露，本次向特定对象发行A股股票方案明确，发行对象包括控股股东福建漳龙集团有限公司 在内的不超过35名符合规定的特定对象，涵盖证券投资基金管理公司、证券公司、保险机构投资者等， 其中漳龙集团承诺认购数量不低于本次发行股票总数的20%，且发行后其直接和间接持股比例合计不超 过发行前水平。 作为漳州市属国有重点上市公司，漳州发展正围绕「区域一流的新型城市综合服务商」愿景，构建以水 资源开发利用、新能源、数智科技为核心主业、资本运营为支撑的「3+1」业务体系。本次定增项目的 顺利实施，预计将为公司带来良好经济效益，不仅有助于扩大业务规模、夯实水务主业、优化业务结 构 ...

Core Viewpoint - Zhangzhou Development (000753) has announced a plan to issue A-shares to specific investors, including its controlling shareholder, Fujian Zhanglong Group, which will subscribe for at least 20% of the total shares issued [1][2]. Group 1: Issuance Details - The board approved a plan to issue A-shares to no more than 35 specific investors, including securities investment funds, securities companies, and insurance institutional investors [1]. - The total amount of funds to be raised has been reduced from 1.195 billion to 1.05 billion yuan, reflecting a dynamic optimization based on actual project progress and funding needs [1]. - The minimum subscription commitment from Zhanglong Group has increased from 10% to 20%, while maintaining a commitment that its post-issue shareholding will not exceed 37.76% of the pre-issue level [1]. Group 2: Fund Utilization - The raised funds, after deducting related expenses, will be primarily allocated to four projects: the integrated ecological remediation project in Zhangzhou Taiwan Business Investment Zone, the expansion of Zhangzhou's third water plant, a 100MW (128.6MWp) photovoltaic project, and to supplement working capital [2]. - The successful implementation of this capital increase project is expected to bring significant economic benefits, expand business scale, solidify the water service main business, optimize business structure, and accelerate the development of photovoltaic new energy business [2]. - This initiative aligns with the company's vision of becoming a leading new-type urban comprehensive service provider, focusing on water resource development, new energy, and smart technology, supported by capital operations [2].

本次向特定对象发行股票募集资金总额不超过10.5亿元(含本数)，扣除发行费用后的募集资金净额将用 于漳州台商投资区厂网河湖一体化生态综合整治项目(EPC+O)、漳州市第三自来水厂扩建工程、漳浦盐 场100MW(128.6MWp)渔光互补光伏发电项目、补充流动资金。 智通财经APP讯，漳州发展(000753.SZ)披露2025年度向特定对象发行A股股票预案，公司拟向不超过35 名(含35名)特定对象发行股票，发行价格不低于定价基准日前20个交易日公司股票交易均价的80%，数 量按照本次发行募集资金总额除以发行价格计算得出，向特定对象发行股票数量不超过本次发行前公司 总股本的30%，即2.97亿股(含本数)。 ...

Core Viewpoint - The company plans to raise no more than 1.05 billion yuan through a private placement to fund various projects, including ecological restoration and infrastructure expansion [1] Group 1 - The company intends to use the raised funds for the integrated ecological restoration project in the Zhangzhou Taiwan Business Investment Zone [1] - The funds will also support the expansion of the Zhangzhou Third Water Plant [1] - A portion of the capital will be allocated to the 100MW (128.6MWp) fish-solar complementary photovoltaic power generation project at Zhangpu Salt Field [1] - Additionally, the company aims to supplement its working capital with the raised funds [1]

"真是太及时了！税务人员把我们最关心的跨境税收优惠政策讲得明明白白，以后我们分红再投资心里 更有底了！"近日，海南儋州粤海水务有限公司（以下简称粤海水务）高兴地说，这是国家税务总局儋 州市税务局当好市场主体"税小二"的生动缩影。 为让税收政策精准"滴灌"外商投资企业，助力企业走稳合规经营"长远路"，儋州市税务局以"强基工 程"赋能纳税服务，组织业务骨干组建专项辅导团队，深入粤海水务等重点外商投资企业开展"一对 一""面对面"上门服务。国际税收管理科负责人为企业详细讲解了《财政部 税务总局 商务部关于境外投 资者以分配利润直接投资税收抵免政策的公告》（财政部公告〔2025〕2号）涉及政策适用范围、抵免 条件、申报流程、后续管理等各个方面的内容。税务人员结合企业实际经营情况，通过具体案例分析， 让企业财务人员及管理人员清晰地了解到政策如何为境外投资者带来"真金白银"的税收减免。 在服务过程中，针对企业提出的疑问，税务人员现场一一解答。对于政策执行过程中的细节问题，如境 外投资者再投资期限的认定、符合条件的投资方式具体界定等，都给予了专业且明确的答复，确保境外 投资者能够准确、顺利地享受政策红利。 一直以来，该局始 ...

Core Viewpoint - The report from Huayuan Securities indicates that Chuangye Environmental's free cash flow continues to improve, and an increase in dividends is expected [1] Company Overview - After over 20 years of development, the company has become a seasoned player in the water industry, with main businesses including wastewater treatment, reclaimed water supply, and tap water supply [1] - Wastewater treatment and construction are the core profit sources for the company, projected to contribute nearly 80% of revenue and gross profit in 2024 [1] Valuation and Comparison - Comparable companies selected for valuation include Beikong Water Group, Hongcheng Environment, and Chongqing Water, with an average valuation of 17 times for these companies in 2025 [1] - The current valuation level of Chuangye Environmental is significantly lower than the industry average [1] Dividend Expectations - Based on the dividend rate for 2024, the company is expected to have a dividend yield of 3.4% in 2025 [1] - The Hong Kong-listed Tianjin Chuangye Environmental has an even lower current valuation, with a projected dividend yield of 5.9% in 2025, suggesting attention to the Hong Kong platform [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on improving free cash flow and expected dividend increases [5][8]. Core Views - The company is a state-owned water utility in Tianjin, with over 20 years of industry experience, primarily engaged in wastewater treatment, recycled water supply, and tap water supply. The wastewater treatment segment is expected to contribute nearly 80% of revenue and gross profit in 2024 [7][16]. - The company has shown stable profitability with a net profit margin around 17% and a return on equity (ROE) between 8% and 10% from 2019 to 2024. The gross margin has been steadily increasing [19][21]. - Free cash flow turned positive in 2024, with expectations for continued improvement due to reduced capital expenditures and enhanced collection of receivables [10][21]. - The company has a significant potential for dividend increases, with a current dividend payout ratio around 30%, which is lower than industry peers [10][11]. Summary by Sections Market Performance - As of August 1, 2025, the closing price is 5.92 CNY, with a total market capitalization of approximately 9,296.88 million CNY [3]. Financial Forecasts and Valuation - Revenue projections for 2025-2027 are 48.64 billion CNY, 49.04 billion CNY, and 50.35 billion CNY, with year-on-year growth rates of 0.8%, 0.8%, and 2.7% respectively. Net profit estimates are 9.58 billion CNY, 9.95 billion CNY, and 10.27 billion CNY, with growth rates of 18.65%, 3.89%, and 3.19% respectively [6][40]. - The current price-to-earnings (P/E) ratios are projected at 10, 9, and 9 for the years 2025, 2026, and 2027, respectively, which is significantly lower than the industry average P/E of 17 [8][40]. Investment Logic - The company has a strong market position in wastewater treatment, with a stable revenue stream and improving margins. The wastewater treatment price has increased from 1.7 CNY/ton to 1.92 CNY/ton from 2021 to 2024, reflecting a consistent upward trend [10][33]. - The company is expected to benefit from the cessation of goodwill impairment losses starting in 2025, which could positively impact net profit by approximately 1.5 billion CNY [11][38]. Key Assumptions - The report assumes new wastewater treatment capacity additions of 9, 5.5, and 6 thousand tons per day for 2025-2027, with a consistent treatment price of 1.92 CNY/ton [9][41].

Core Viewpoint - Middlesex Water missed Wall Street expectations for both revenue and profit in Q2 2025, reporting $49.3 million in GAAP revenue and $0.60 in GAAP EPS, which were below analyst estimates of $51.34 million and $0.66 respectively. The company experienced modest growth year-over-year but faced challenges from rising costs and weaker customer demand [1][5]. Financial Performance - Q2 2025 GAAP EPS was $0.60, slightly up from $0.59 in Q2 2024, but below the estimate of $0.66 [2] - GAAP revenue for Q2 2025 was $49.3 million, a 0.4% increase from $49.1 million in Q2 2024, but below the expected $51.34 million [2][5] - Net income for Q2 2025 was $10.8 million, up 2.9% from $10.5 million in Q2 2024 [2] - Total operating expenses increased by 4.7% to $35.4 million compared to Q2 2024 [2][6] Business Overview - Middlesex Water operates regulated water and wastewater utilities, serving over 500,000 people in New Jersey and Delaware, with revenues primarily derived from customer water consumption [3] - The company focuses on ongoing investments in infrastructure to comply with environmental regulations and secure regulatory approvals for rate increases [4] Regulatory Developments - In July 2025, the Delaware subsidiary Tidewater Utilities received approval for a settlement that raised annual operating revenue by $5.5 million, with a return on common equity of 9.5% [7] - The company filed for a $24.9 million base rate increase in New Jersey to recover nearly $100 million in infrastructure investments [7] Capital Investment - Capital investment remains a strategic priority, with $51 million spent in the first half of 2025, representing approximately 55% of the 2025 capital plan [8] - The company is pursuing expanded rights to recover capital costs through distribution system improvement surcharges, which could raise up to $11.4 million annually [8] Shareholder Returns - Middlesex Water declared a quarterly cash dividend of $0.34 per share, marking the 52nd consecutive year of annual dividend increases [10] Future Outlook - Management did not provide explicit EPS or revenue guidance for the remainder of fiscal 2025, with future performance dependent on the outcome of the pending New Jersey rate request and ongoing infrastructure investments [11]

Core Viewpoint - The article highlights the increasing environmental risks faced by listed companies in China, emphasizing the importance of environmental compliance and the potential financial implications of violations [9][10][16]. Group 1: Environmental Violations and Penalties - ST晨鸣控股公司 was fined a total of 46.2 million yuan for exceeding water pollution discharge standards [9][12]. - 巨星农牧控股公司 was penalized 30.5 million yuan for failing to construct according to environmental assessment requirements, leading to wastewater overflow [3][14]. - 11 listed companies were identified as having environmental risks during the fourth and fifth weeks of July, affecting approximately 102.78 million shareholders [10][11]. Group 2: Regulatory Framework and Reporting - The article discusses the role of environmental regulations and the increasing emphasis on transparency in environmental data reporting, driven by laws such as the revised Environmental Protection Law [16]. - The A股绿色周报 project collects and analyzes environmental performance data from thousands of listed companies, aiming to enhance transparency in corporate environmental practices [9][10][16]. Group 3: Industry Impact - The environmental risk landscape is becoming a significant operational risk for companies, influencing their development and public image [10][16]. - The report indicates that 9 out of the 11 companies listed for environmental violations were related to water pollution, highlighting a sector-specific issue [14].