国信证券近日发布公用环保202510第2期：本周沪深300指数下跌0.51%，公用事业指数 上涨3.45%，环保指数上涨1.49%，周相对收益率分别为3.97%和2.00%。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4和第10名。电力板块子板块中，火电上涨 7.83%；水电上涨2.30%，新能源发电上涨3.72%；水务板块上涨5.55%；燃气板块上涨 7.05%；检测服务板块上涨1.53%。 以下为研究报告摘要： 核心观点 市场回顾：本周沪深300指数下跌0.51%，公用事业指数上涨3.45%，环保指数上涨 1.49%，周相对收益率分别为3.97%和2.00%。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4和第10名。电力板块子板块中，火电上涨7.83%；水电上涨2.30%，新能源发 电上涨3.72%；水务板块上涨5.55%；燃气板块上涨7.05%；检测服务板块上涨1.53%。 重要事件：截至2025年10月12日，全国已有多个省份公布"136号文"承接文件并启动或 完成新能源增量项目机制电价竞价。本期梳理了全国10省级电网区域"136号文"承接文件内 容及部分区域新能源增量项目机制 ...

Investment Recommendations - Key companies recommended include: Huanlan Environment, Green Power, Green Power Environmental Protection, Conch Venture, Yongxing Shares, Everbright Environment, Junxin Shares, Yuehai Investment, Meike Technology, Jiufeng Energy, Yutong Heavy Industry, Jingjin Equipment, New Energy, Kunlun Energy, Sanfeng Environment, Xingrong Environment, Hongcheng Environment, China Water Affairs, Weiming Environmental Protection, Longjing Environmental Protection, High Energy Environment, Blue Sky Gas, New Energy Shares, Science and Technology, Jinke Environment, Yingke Recycling, and Lude Environment [1] Policy Tracking - The Ministry of Ecology and Environment will release a carbon emission trading market quota plan for the steel, cement, and aluminum smelting industries. The distribution plan continues the framework of the power generation industry, with a full-cycle free allocation from 2024 to 2025, reserving space for a combination of free and paid allocation by 2027. The plan covers quota management for the three industries from 2024 to 2025, adding approximately 1,500 key emission units and shortening the implementation period by two years [1] Company Tracking - High Energy Environment is experiencing price elasticity due to rising metal prices, with stable operations in the resource recycling sector and active overseas expansion. Longjing Environmental Protection is seeing performance contributions from green electricity in mining, accelerating investment in incremental projects, and revitalizing its old and new business [1] Solid Waste Sector Insights - In July-August 2025, national subsidies for recycling accelerated significantly, with Everbright receiving 2.064 billion yuan in subsidies, exceeding the 1.534 billion yuan received in the same period of 2024. The solid waste sector is seeing improvements in return on equity (ROE) and cash flow, with a 1% year-on-year revenue increase and an 8% rise in net profit for the first half of 2025. The sector's operating cash flow net amount reached 6.9 billion yuan, a 9% increase [2] Water Sector Insights - The water sector is expected to see a cash flow turning point, with a projected significant increase in free cash flow starting in 2026. The dividend payout ratio for core companies is expected to rise, with a 34% payout ratio anticipated for 2024. Price reforms in water pricing are expected to enhance growth and valuation [3] Sanitation Sector Insights - The penetration rate of electric sanitation is accelerating, with a significant increase in sales of new energy equipment. In the first half of 2025, the sales of sanitation vehicles reached 49,577 units, a 3.20% year-on-year increase, with new energy vehicles accounting for 8,284 units, a 69.34% increase [6][5]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6]. Core Insights - The report highlights the significant rise in the public utility and environmental indices, with the public utility index increasing by 3.45% and the environmental index by 1.49% during the week [1][31]. - The report emphasizes the ongoing support from national policies for renewable energy development, which is expected to stabilize profitability in the renewable energy sector [3][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.51%, while the public utility index rose by 3.45% and the environmental index by 1.49% [1][31]. - Within the electricity sector, coal-fired power increased by 7.83%, hydropower by 2.30%, and renewable energy generation by 3.72% [1][32]. Important Events - Multiple provinces have released documents related to the "136 Document" and initiated or completed bidding for new energy incremental project pricing mechanisms [1][23]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][29]. - The report suggests investing in leading renewable energy companies such as Longyuan Power and Three Gorges Energy, as well as high-quality offshore wind companies [3][29]. - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [3][29]. - High-dividend hydropower stocks like Yangtze Power are recommended for their defensive attributes [3][29]. - The report also highlights investment opportunities in the environmental sector, particularly in water and waste incineration industries [3][30]. Key Company Earnings Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.49 in 2024 and 0.62 in 2025 [5]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.76 in 2024 and 0.81 in 2025 [5]. - Recommendations extend to companies like Guangxi Energy and Funiu Co., which are positioned well in the renewable energy sector [5][30].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][29]. Core Views - The report highlights the significant growth in the public utility and environmental sectors, with the public utility index rising by 3.45% and the environmental index by 1.49% during the week [1][31]. - The report emphasizes the importance of green methanol production, which significantly reduces carbon emissions throughout its lifecycle, and outlines the two main production routes: biological methanol and electro-methanol [2][15]. - The report suggests that coal and electricity prices are expected to decline simultaneously, allowing thermal power profitability to remain reasonable, and recommends major thermal power companies such as Huadian International and Shanghai Electric [3][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.51%, while the public utility index rose by 3.45% and the environmental index by 1.49%, with respective relative returns of 3.97% and 2.00% [1][31]. - Within the power sector, thermal power increased by 7.83%, hydropower by 2.30%, and renewable energy generation by 3.72% [1][31]. Important Events - As of October 12, 2025, multiple provinces have released documents related to the "136 Document" and initiated or completed competitive pricing for new energy incremental projects [1][23]. Investment Strategy - The report recommends several companies across different sectors: - For thermal power: Huadian International and Shanghai Electric [3][29]. - For renewable energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies [3][29]. - For nuclear power: China Nuclear Power and China General Nuclear Power [3][29]. - For hydropower: Yangtze Power [3][29]. - For gas: Jiufeng Energy [3][29]. - For environmental services: China Everbright Environment and Zhongshan Public Utilities [3][30]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform" [5][8]: - Huadian International (Code: 600027.SH) - Longyuan Power (Code: 001289.SZ) - China Nuclear Power (Code: 601985.SH) - Yangtze Power (Code: 600900.SH) - Jiufeng Energy (Code: 605090.SH) Special Research - The report discusses the production routes for green methanol, emphasizing the need for renewable hydrogen and carbon sources [2][15]. - It also details the competitive pricing results for new energy projects across various provinces, highlighting specific prices and execution periods [23][26].

当城市入夜，万家灯火点亮，水发上善权属山东水发贤达水务有限公司管网巡线团队——这支带着"红色印记"的队伍，便背着专业设备穿梭街巷，以党员 担当与专业坚守，守护城市供水"生命线"。 这支测漏巡线小组是响应水发上善集团党委提质增效要求、深化"党业融合"的举措。成员每晚需完成5公里夜间巡线，在市民熟睡时为供水管网"把脉问 诊"。 管网测漏需避开人流高峰，午夜12点后，党员带头手持听漏仪、管线探测仪，弯腰俯身排查异常，严谨记录数据，全力保障市民用水。 前几天的一个雨夜，党员王学林科长带队冒雨在学府新城南侧排查。受酒厂噪音干扰，队员一米米推进，掀开30多个阀门，历经近5小时，终于在二郎庙 社区找到漏水点——该漏点致三个小区水压偏低，每小时漏水近5方，看到排查成果，疲惫的队员们露出欣慰笑容。 自7月开展测漏巡线以来，团队累计检测漏水点6处，每月为公司减少近1万方水量损失。这些深夜"寻漏人"，是水发上善党业融合的鲜活缩影。他们虽少 入大众视野，却以党员担当筑牢生产防线，用专业守护民生福祉。 ...

Core Viewpoint - China Water Affairs (00855) plans to issue US dollar-denominated senior notes, backed by its subsidiary, and will conduct a series of briefings for institutional investors [1] Group 1: Issuance Details - The pricing of the notes, including total principal amount, issue price, and interest rate, will be determined based on the results of the book-building activities conducted by joint global coordinators and bookrunners [1] - The net proceeds from the issuance, after deducting underwriting discounts, commissions, and other estimated expenses, will be used to repay certain offshore debts [1] Group 2: Use of Proceeds - The company plans to use all or part of the proceeds from the issuance to finance or refinance eligible green projects, particularly water supply projects, in accordance with the blue-green financing framework [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603903 证券简称：中持股份 公告编号：2025-037 中持水务股份有限公司关于持股5%以上股东拟通过公开征集转让方式协议转让公司股份的公告 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： ● 中持水务股份有限公司（以下简称"公司"或"中持股份"）持股5%以上股东长江生态环保集团有限公司 （以下简称"长江环保集团"）持有公司股份63,132,978股，占公司总股本的24.73%，股份性质全部为无 限售条件流通股。长江环保集团拟通过公开征集转让方式协议转让所持公司的全部股份，转让价格不低 于人民币8.72元/股，本次股份转让完成后，长江环保集团将不再持有公司股份。 ● 截至本公告之日，公司无实际控制人，长江环保集团为公司第一大股东，若本次公开征集转让实施完 成，将导致公司第一大股东变更。 ● 在本次公开征集所规定的期限（即2025年10月13日至2025年10月24日）内，长江环保集团是否能够征 集到符合条件的意向受让方尚存在不确定性；在 ...

构建广泛服务网络，推动普惠饮水 华夏水务为了更好地让品质饮水服务能够渗透到各个城乡社区：已在全国建立起包括26个省级运营中 心、186个市级服务中心及673个县级服务中心的立体化服务网络，覆盖近2万家合作门店。 在老旧小区，针对老年人群体面临的"数字鸿沟"问题，华夏水务推出了适老化饮水服务方案。一位来自 南京的老年用户表示"以前孩子买的净水器，按钮多、步骤杂，我俩对着说明书都不敢碰，最后成了摆 设。"南京的这位大爷，道出了不少老邻居的饮水困扰。 如今，小区里的元气先锋共享水站解决了此前面对复杂设备不敢操作的难题。"水站的小伙子专门来 教，说'就用手机扫码，点击取水就可以了'，还帮我把手机弄好，留了联系卡。"大爷笑着说，现在下 楼扫码就能接好水，省心又放心。 创新差异化运营，对接区域需求 华夏水务认识到不同地区的饮水需求存在差异，并制定了分区分类的运营策略，构建了"城市-县域-偏 远地区"的三级服务网络，努力保障各地用户的饮水体验，解决不同区域饮水服务难题：城市社区，以 智能水站为核心，将服务点嵌入居民生活圈，"下楼即享"的便捷饮水体验。县域地区，推行"固定水站 多网点"布局策略，通过加密站点密度，让县域居民在 ...

Core Viewpoint - The article highlights the acceleration of major project construction across various regions in China, driven by the introduction of a new policy financial tool worth 500 billion yuan aimed at supplementing project capital. This initiative is expected to boost infrastructure investment growth in the fourth quarter [1][5]. Group 1: Major Project Developments - Significant progress has been made in major projects, such as the successful completion of the Xiaolongtan Grand Bridge on the Yukun High-speed Railway, which is part of the national "eight vertical and eight horizontal" high-speed railway network [2]. - The Guangxi Qinzhou Pumped Storage Power Station's underground traffic tunnel has been completed, with an expected annual clean energy consumption of 2.16 billion kilowatt-hours upon its completion in 2029, reducing carbon emissions by 1.6 million tons [2]. - Various provinces have held meetings to promote major project construction, with Hubei and Anhui provinces launching initiatives to boost project investments, including 587 new projects with a total investment of 332.38 billion yuan [2][3]. Group 2: Financial Support and Policy Tools - The National Development and Reform Commission has announced a new policy financial tool totaling 500 billion yuan to support project capital, which is crucial for the construction of major projects [3][4]. - Local governments are actively utilizing this financial tool, with Jiangsu's Taicang Water Group receiving 20.76 million yuan for a water supply project, and Guangxi Energy Group securing funding for the Bailong Nuclear Power Project, which has a total investment of 41 billion yuan [3]. - The article notes that the total investment for this year's "two heavy" construction projects has reached 800 billion yuan, with central budget investments of 735 billion yuan also being allocated [4]. Group 3: Investment Growth Expectations - Experts predict that the new policy financial tool will stimulate effective investment and promote stable economic growth, with infrastructure investment growth rates expected to recover in the fourth quarter [5][6]. - It is estimated that the new financial tool could leverage an additional 2 trillion to 5 trillion yuan in infrastructure investment, addressing capital shortages for projects [6]. - Recommendations for further policy measures include accelerating the use of special bonds and government bonds to enhance investment and stimulate domestic demand [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603291 证券简称：联合水务 公告编号：2025-043 董事长兼总裁：俞伟景 江苏联合水务科技股份有限公司 关于召开2025年半年度业绩说明会的公告 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。 重要内容提示： ● 投资者可于2025年10月13日（星期一）至10月17日（星期五）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱IR@united-water.com进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 江苏联合水务科技股份有限公司（以下简称"公司"）已于2025年08月29日发布公司2025年半年度报告， 为便于广大投资者更全面深入地了解公司2025年半年度经营成果、财务状况，公司计划于2025年10月20 日（星期一）13:00-14:00举行2025年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2025年半年度经营成果及财务指标的具体情况与投 ...