EMAE Acquisition Overview - EMAE focuses on hydroelectric power generation with an operational installed capacity of 961 MW and a physical guarantee of 162 MWavg[10, 12] - EMAE manages water resources, including the Billings Reservoir, aiming for effective use by SABESP by 2027[10] - EMAE's Net Revenue is R$541 million, Net Income is R$67 million, and Adjusted EBITDA is R$154 million (2Q25 LTM)[12] Strategic Rationale - The acquisition aims to expand water storage capacity by 52% with full integration of the Billings system by 2029[15] - The acquisition enhances system resilience by adding +7 m³/s of operational flexibility (+10% of treated water supply) from 2026 to 2029[15] - The transaction allows direct participation over critical water sources, integrating the Billings-Pinheiros-Tietê system[19] Transaction Details - SABESP will acquire 74.9% of EMAE's voting shares and 66.8% of its non-voting shares, representing 70.1% of the total capital[31] - The transaction is expected to close in 4Q25-1Q26, subject to regulatory approvals[35]

Core Viewpoint - The event of the "Chinese Farmers' Harvest Festival" in Xiamen serves as a platform to promote water conservation awareness among rural communities, contributing to ecological civilization construction [1] Group 1: Event Overview - The main event took place on September 27, 2025, in Sanxiushan Village, Tong'an District, Xiamen [1] - The event featured over 50 stalls in a market format, attracting a large number of visitors [1] Group 2: Water Conservation Promotion - The Xiamen Water Resources Bureau utilized the festival to conduct a water-saving theme promotion [1] - Promotional materials included guidelines on water-saving behaviors and soil and water conservation, with over 500 informational leaflets distributed [1] - Approximately 100 inquiries from villagers were addressed on-site, emphasizing the importance of water resource protection [1] Group 3: Community Engagement - The innovative combination of the promotional activity with a rural market setting allowed for a relaxed atmosphere for learning [1] - The initiative aimed to instill correct concepts of water conservation, appreciation, and protection among the community [1]

Core Viewpoint - The Shandong provincial government is accelerating high-quality water resource development during the 14th Five-Year Plan period, emphasizing water conservation as a long-term strategy and implementing strict water resource management measures [4][5]. Group 1: Water Resource Management - Shandong has maintained an excellent rating in the 2024 annual assessment of the strictest water resource management system, achieving first place [4]. - The province aims to stabilize annual water usage at 24.11 billion cubic meters, adhering to national targets [4]. - A comprehensive control mechanism from water source to end-user is being established, including the revision of water resource and conservation regulations [4]. Group 2: Water Conservation Initiatives - The province is focusing on deep water conservation efforts across agriculture, industry, and urban areas to enhance water resource efficiency [5]. - In agriculture, the area of water-saving irrigation has reached 63 million acres, accounting for three-quarters of effective irrigation [5]. - Industrial water reuse rates have improved to 94.2%, an increase of 2.2 percentage points from the previous five-year plan [5]. - Urban water supply infrastructure is being upgraded, with the leakage rate of public water supply networks reduced to 7.9% [5].

IPO Review and Registration Progress - Two companies, Weite Environment and Yatu High-tech, successfully passed the IPO review and plan to list on the Beijing Stock Exchange [2] - Weite Environment focuses on water resource pipeline leakage control technology consulting and construction, with projected revenues of 303 million yuan, 293 million yuan, and 329 million yuan from 2022 to 2024 [2] - Yatu High-tech specializes in high-performance industrial coatings, with revenues expected to grow from 557 million yuan in 2022 to 742 million yuan in 2024 [3] - Three companies, Yuanchuang Co., New Guangyi, and Youxun Co., are scheduled for IPO review this week [4] - Yuanchuang Co. has experienced revenue fluctuations, with 2023 revenue at 1.141 billion yuan, down 9.45% year-on-year [4] - New Guangyi's revenue is projected to increase from 455 million yuan in 2022 to 657 million yuan in 2024, with a high customer concentration [5][6] - Youxun Co. focuses on optical communication chips, with 2025 revenue expected to be 238 million yuan [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, with Sanxie Electric's share price increasing by 785.62% on its debut [9] - Sanxie Electric specializes in control motors, reporting a revenue of 256 million yuan for the first half of 2025 [9] - Aifenda, which focuses on electric towel racks, saw its share price rise by 170.03% on its first day of trading, with a revenue of 505 million yuan for the first half of 2025 [10] - This week, five new stocks are scheduled for subscription, including Jinhua New Materials with an issue price of 18.15 yuan per share [11] - Jinhua New Materials specializes in ketoxime fine chemicals, with a revenue of 571 million yuan in the first half of 2025 [12] - Yunhan Chip City, focusing on electronic components distribution, reported a revenue of 1.44 billion yuan in the first half of 2025 [12]

Core Viewpoint - Shanxi Province is implementing a rigid water resource constraint system and promoting comprehensive river protection and governance, aligning with national policies and setting specific targets for water resource management by 2025 and 2030 [1][2]. Group 1: Policy Implementation - Shanxi Province has introduced the "Four Waters and Four Determinations" policy framework, which includes a main implementation plan and six supporting measures aimed at enhancing water resource management and ecological protection [1][3]. - The "Four Waters and Four Determinations" framework includes specific tasks and responsibilities for 11 cities and 22 provincial departments, focusing on water allocation and usage efficiency [2][4]. Group 2: Specific Measures - The province has outlined 82 specific tasks across six categories to achieve water management goals, including total water usage, urban development boundaries, and agricultural irrigation areas [2]. - Key measures include the development of a groundwater management plan for 32 counties, a water rights trading management approach, and an ecological compensation mechanism for the Fen River basin [3]. Group 3: Financial and Structural Support - Financial support will be increased through agricultural water price subsidies and incentives for water-saving practices, aimed at enhancing agricultural productivity and restoring irrigation areas [3]. - The province is accelerating the construction of key water supply projects and reforming water pricing mechanisms to ensure sustainable water resource management [3].

Core Viewpoint - The successful completion of the "Water-Saving Station" construction pilot at Xianren Mountain Service Area highlights the city's commitment to water conservation and serves as a model for other highway service areas across the country [1][2]. Group 1: Project Overview - Xianren Mountain Service Area has been recognized as one of the first batch of national highway service areas to pass the "Water-Saving Station" pilot acceptance test, with a total of 54 service areas included nationwide [1]. - Jiangsu province has seven service areas listed among the first batch, indicating a strong regional commitment to water-saving initiatives [1]. Group 2: Water Conservation Measures - The service area implemented a series of effective water-saving measures, including precise water management, remote transmission water meter replacements, and the establishment of a real-time water monitoring platform [1]. - Non-conventional water utilization was emphasized, with the construction of rainwater collection facilities and the recycling of air conditioning condensate and kitchen wastewater for irrigation [1]. - Water-saving education and awareness campaigns were conducted, utilizing the high foot traffic in the service area to promote water conservation knowledge [1]. Group 3: Performance Metrics - The service area achieved a 100% penetration rate of water-saving devices and a 100% installation rate of primary and secondary water meters [2]. - The water loss rate in the water supply network was controlled at 0.21%, and the water consumption per vehicle trip was reduced to 27.86 liters, meeting advanced national water consumption standards [2]. - The successful pilot not only reduces operational costs for the service area but also provides valuable experience for other highway service areas in their water-saving construction efforts [2].

Group 1 - The meeting between China's Ambassador to Sweden, Cui Aimin, and CEO of the International Water Partnership, Alex Simarabwe, focused on enhancing international cooperation in the water resources sector [1][3] - China emphasizes the importance of ecological civilization and is accelerating efforts in water resource protection and sustainable utilization, achieving significant results in water-saving technology and watershed management [3] - The International Water Partnership is encouraged to leverage its influence to promote international dialogue and cooperation in water resource management, contributing to effective global water utilization and environmental governance [3] Group 2 - Simarabwe praised China's achievements in water governance and expressed willingness to deepen practical cooperation in the water resources sector to promote global green development [3]

Core Viewpoint - The first water rights transaction in Hanzhong City has been successfully executed, marking a significant step towards the market-oriented allocation of water resources in the region [1][2] Group 1: Water Rights Transaction - Hanzhong Pharmaceutical Group signed a water rights transaction agreement for 40,000 cubic meters with Hanzhong Vocational Technical College, utilizing saved water resources from efficiency improvements [1] - The water quantity involved in this transaction is not newly generated but is a result of water-saving measures implemented by Hanzhong Pharmaceutical Group [1] Group 2: Market Mechanism and Benefits - The transaction opens a market channel for the transfer of water resources between regions, industries, and users, effectively alleviating the supply-demand contradiction in regional water resources [2] - The transaction serves as a practical model for achieving the water resource management goal of "strictly controlling increments and revitalizing stock" [2] - It encourages other water users to undertake water-saving modifications and improve water efficiency, fostering a culture of water conservation across society [2]

Core Points - The first Africa Water Investment Summit was held in Cape Town, South Africa, aiming to promote investment in water resources and sanitation facilities across Africa [1] - The summit gathered around 2,000 representatives from various governments, international organizations, and the private sector to discuss investment projects and financing methods [1][2] - South African President Ramaphosa emphasized the importance of water accessibility and called for collaboration to transform water resources into drivers of economic transformation and innovation [1][2] Investment Plans - The summit committed to expanding investment scale, improving governance, and enhancing accountability in the water sector [2] - A global water investment outlook committee was announced to upgrade the Africa Water Investment Program into a global platform, aiming to coordinate fragmented water investments [2] - The Africa Water Investment Program aims to mobilize $30 billion by 2030 for cross-border water resource management and improving access to clean drinking water and sanitation [2] National Initiatives - African Union member states are integrating the Africa Water Investment Program's indicators into national policies and investment frameworks [3] - Zambia launched its "Zambia Water Investment Program" in 2022, targeting $5.7 billion in funding by 2030 for urban and rural water supply and irrigation projects [3] Water Governance Challenges - Over 300 million Africans lack access to clean drinking water, and over 700 million lack adequate sanitation facilities [4] - Sub-Saharan Africa loses 5% of its GDP annually due to water scarcity, pollution, and poor sanitation [4] - South Africa's National Water Resource Strategy emphasizes sustainable water management and equitable distribution in response to climate change [4] Funding Gaps - Africa invests between $10 billion to $19 billion annually in water governance, but an additional $30 billion is needed each year to meet sustainable development goals [5] - The Africa Water Investment Program calls for reforms in water governance systems and mobilization of domestic and global financing to fill the funding gap [5] Role of Chinese Enterprises - Chinese companies are actively participating in Africa's water governance, implementing various projects to improve water access [6] - Notable projects include the Lesotho Highlands Water Project and rural well-drilling initiatives in Senegal, which significantly enhance water supply for local populations [6][7] - The collaboration between China and Africa in water governance is seen as having vast potential to address water scarcity and improve public health [7]

Group 1 - WaterBridge Infrastructure submitted its IPO application, indicating a warming trend in the U.S. IPO market [1] - The company plans to list on the NYSE and NYSE Texas under the ticker "WBI," with JPMorgan and Barclays as lead underwriters [1] - The proceeds from the IPO will be used to repay debt and for other purposes [1] - The company reported revenue of $374.9 million and a net loss of $38 million for the six months ending June 30 [1] Group 2 - WaterBridge's infrastructure network includes approximately 2,500 miles of pipelines and 196 produced water treatment facilities [2] - The company primarily serves large oil and gas companies such as BPX Energy, Chevron, Devon Energy, and EOG Resources [2] - WaterBridge is part of the investment portfolio of private equity and infrastructure investment firm Five Point and Singapore's sovereign wealth fund GIC [2] - The IPO comes over a year after another Five Point-backed company, LandBridge, successfully listed on the NYSE, with LandBridge's stock price more than doubling since its IPO [2]