Group 1 - The company Shanghai Weipage Smart Water Co., Ltd. plans to hold the 2024 Annual General Meeting on May 16, 2025, at 14:30, utilizing a combination of on-site and online voting methods [1][3] - To enhance service for small and medium investors, the company will use the Shanghai Stock Exchange Information Network Co., Ltd. to provide a shareholder meeting reminder service, sending smart SMS notifications to remind shareholders to participate and vote [2] - Investors can vote directly through the provided link in the SMS or use existing trading and internet voting platforms in case of congestion [2]

Group 1: Business Performance - The company's engineering business revenue reached approximately 221.56 million CNY in 2024, representing a year-on-year growth of about 34% [2] - The overall operating revenue for 2024 was 1,838.87 million CNY, showing a year-on-year increase of 26.33% [4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 253.43 million CNY, with a year-on-year growth of 8.76% [4] Group 2: New Business Ventures - The company acquired a 95.29% stake in Huaxin Color Printing in December 2024, a well-known provider of integrated packaging and printing services [3] - The integration of Huaxin Color Printing is expected to enhance the company's green technology capabilities, although it had no significant impact on the overall performance in 2024 [3] Group 3: Market Expansion Strategies - The company aims to expand its market presence beyond existing service areas, focusing on municipal engineering and environmental installation services [2] - The "Double Hundred Action" initiative will guide the company in market expansion and efficiency improvement [4] Group 4: Renewable Energy Initiatives - As of the end of 2024, the company had a cumulative installed capacity of approximately 27,000 kW for its photovoltaic power generation projects [4] - Future investments in renewable energy will align with national "dual carbon" policies, although the current impact on overall business performance is minimal [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - In Q1 2025, the company achieved revenue of 1.922 billion yuan, a year-on-year decrease of 10.64%, while the net profit attributable to the parent company was 332 million yuan, an increase of 2.63% year-on-year [2][6] - The company's capital expenditure has significantly decreased, which is beneficial for maintaining a high dividend payout ratio [2][13] - The ongoing market-oriented reforms in public utilities are expected to enhance the profitability and cash flow of water companies, supporting valuation recovery [2][13] Summary by Sections Financial Performance - Revenue for Q1 2025 was 1.922 billion yuan, down 10.64% year-on-year; net profit attributable to the parent company was 332 million yuan, up 2.63% year-on-year; and the non-recurring net profit was 331 million yuan, up 2.45% year-on-year [2][6] - The gross margin for Q1 2025 was 31.12%, an increase of approximately 2.1 percentage points year-on-year, attributed to cost reduction and efficiency improvements [13] - The basic earnings per share (EPS) was 0.26 yuan, a decrease of 3.7% year-on-year, mainly due to dilution from an increase in share capital [13] Capital Expenditure and Cash Flow - The cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was 294 million yuan, a significant decrease from 738 million yuan in the same period last year, indicating a downward trend in capital expenditure [2][13] - The net cash flow from operating activities was 104 million yuan, down 56.22% year-on-year, with a cash collection ratio of 81.1%, up approximately 2.0 percentage points year-on-year [13] Market Reforms and Future Outlook - The market-oriented reforms in public utilities are expected to improve the profitability and cash flow of water companies, with price adjustments for water services already being implemented in several first-tier cities [13] - The company forecasts net profits attributable to the parent company for 2025-2027 to be 1.23 billion, 1.27 billion, and 1.30 billion yuan, respectively, with corresponding price-to-earnings ratios of 10.2, 9.8, and 9.58 [13]

证券研究报告 | 2025年05月07日 公用环保 2025 年 5 月投资策略 优于大市 国常会核准 10 台核电机组，广州中心城区自来水价 6 月 1 日上调 风险提示：环保政策不及预期；用电量增速下滑；电价下调；竞争加剧 核心观点 行业研究·行业月报 公用事业 优于大市·维持 证券分析师：黄秀杰 证券分析师：郑汉林 huangxiujie@guosen.com.cn zhenghanlin@guosen.com.cn 专题研究：近期自来水调价城市梳理。随着我国经济不断发展，水资源需 求激增，而供水成本亦因设施老化与水质提升工程而大幅攀升。据不完 全统计，除近期宣布调整的广州和深圳外，全国亦有 20 余个城市地区 自 2024 年起相继对水价进行了调整，旨在平衡资源稀缺性、供水成本 与企业运营压力，推动水务行业健康发展，在本周的专题研究中，我们 对这部分城市的调价情况进行了梳理。 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 ...

Summary of the Conference Call for Yuehai Investment Company Overview - The conference call pertains to Yuehai Investment, focusing on its financial performance and strategic outlook for 2025. Key Points and Arguments Financial Performance - In Q1 2025, Yuehai Investment reported a loss of 17 million due to the impact of the distribution of Yuehai Zhidi, but future financial conditions are expected to improve as the company will no longer bear related financial impacts [2][4]. - The company's pre-tax profit increased by 2% and shareholder profit rose by 2.5%, despite a slight revenue decline of less than 1% [3]. Investment Property Valuation - The value of investment properties decreased by 10 million in Q1 2025, a smaller decline compared to 21 million in the same period last year, indicating a potential stabilization in the real estate market [2][5]. Capital Expenditure and Financial Costs - The company has been actively reducing capital expenditures and financial costs, with Q1 financial expenses decreasing by 77 million. It is anticipated that expenses will continue to decline throughout the year [2][6]. - Capital expenditure is planned to be 1.9 billion for 2024 and controlled within 2 billion for 2025, prioritizing debt repayment and dividends [2][8]. Water Pricing Adjustments - Water pricing adjustments are proceeding normally, with no significant impact on business operations. The company is actively pursuing favorable outcomes for water pricing negotiations at the Guangzhou Nansha Water Plant [2][7]. Revenue Trends - Water supply revenue in Shenzhen and Dongguan declined primarily due to a decrease in the RMB exchange rate and reduced water supply volumes. In contrast, Hong Kong saw a slight increase in supply volume, but the fee increase was limited [2][11]. Cash Flow and Business Segments - Operating cash flow is predominantly derived from the Chinese water business, accounting for approximately 80% of total cash inflow, although trade war pressures have affected high-end consumer segments [2][13][14]. - The mid-to-low-end market is performing relatively well, while high-end consumption is under pressure [2][15]. Debt Structure and Dividend Strategy - The company maintains a 65% dividend payout ratio and aims to reduce HKD-denominated debt, which currently constitutes a small percentage of total debt [2][22][23]. Future Outlook and Strategic Plans - The company is exploring acquisition opportunities for water assets but is selective, focusing on high-return projects [2][12]. - There are no immediate plans for significant new capital projects, with a focus on completing existing water projects [2][10]. Market Challenges - The company faces challenges in the high-end market due to economic pressures, while the mid-to-low-end market has growth limitations [2][19][20]. - The decline in rental rates for high-end commercial properties is attributed to reduced demand from high-end tenants [2][17]. Impact of External Factors - The decrease in electricity prices in Guangdong is a concern for the company's power generation assets, and there is a willingness to consider divesting these assets if suitable buyers are found [2][25]. Additional Important Information - The company has been preparing for future contract renewals and has gradually reduced investments in non-East River water projects over the past few years [2][24]. - The overall performance in Q1 2025 was stable, with clear impacts from external factors [2][26].

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental protection sector, including Huicheng Environmental, Gaoneng Environment, and Hongcheng Environment [4]. Core Insights - The environmental protection industry faced pressure in 2024, with overall revenue declining by 3.3% year-on-year to CNY 348.96 billion, and net profit dropping by 37.7% to CNY 13.8 billion, attributed to difficulties in accounts receivable collection and increased impairment losses [1][13]. - In Q1 2025, the industry showed signs of recovery with revenue at CNY 78.83 billion, a slight decline of 1.8% year-on-year, while net profit increased by 4.1% to CNY 7.25 billion, driven by reduced production costs and increased investment income [1][16]. - The report highlights a divergence in performance among sub-sectors, with solid waste management showing growth while energy-saving and atmospheric governance sectors faced significant challenges [3][19]. Summary by Sections Overview - The environmental protection industry is categorized into six sub-sectors: water services, water treatment, solid waste management, atmospheric governance, monitoring, and energy-saving [11]. Sub-Industry Analysis - **Solid Waste Management**: Revenue increased by 6.2% to CNY 162.26 billion, but net profit fell by 12.3% to CNY 7.28 billion due to increased credit impairment losses [41][45]. - **Water Services**: Revenue remained stable at CNY 76.72 billion, with a slight decline of 0.4%, while net profit rose by 24.7% to CNY 12.11 billion, benefiting from operational efficiencies [49][54]. - **Monitoring**: Revenue decreased by 1.7% to CNY 10.28 billion, with net profit showing a significant decline of 109.5% to -CNY 0.45 billion due to increased impairment losses [60]. Financial Performance - The overall net profit margin for the environmental sector decreased to 4.6%, down 2.1 percentage points year-on-year, influenced by rising asset impairment losses and increased expense ratios [23]. - Operating cash flow for the industry grew by 10.9% to CNY 48.3 billion, primarily due to reduced procurement and improved collection [28]. Investment Recommendations - The report recommends focusing on high-growth areas such as resource recycling and public utility platforms, particularly companies like Gaoneng Environment and Huicheng Environmental, which are expected to benefit from carbon neutrality initiatives [3][4].

Core Viewpoint - The water price reform plan in Guangzhou will take effect on June 1, 2025, addressing the long-standing cost pressures faced by local water supply companies and potentially catalyzing similar reforms in other cities [1][2] Summary by Sections Water Price Adjustment Details - The new pricing scheme will increase residential water prices to 2.55, 3.82, and 7.65 CNY per ton for the first, second, and third tiers, representing increases of 29%, 29%, and 93% respectively compared to the current rates [2] - Non-residential water prices will rise to 4.40 CNY per ton, reflecting a 27% increase [2] Financial Performance of Water Supply Companies - Guangzhou's water supply companies have faced continuous losses, with profits dropping from 333 million CNY in 2017 to a loss of 334 million CNY in 2023, excluding other income [2] - The current water pricing has not changed for over 12 years, leading to a ranking of 28th among 36 major cities in terms of residential water prices [2] Cost Transmission Mechanism - The lack of a smooth cost transmission mechanism is identified as a core reason for the declining profitability of Guangzhou's water supply companies [3] - The implementation of new management measures in 2021 aims to enhance the market-oriented nature of water pricing and establish a regulatory cycle for pricing adjustments every three years [3] Historical Context and Future Implications - Historical data indicates that price adjustments in major cities can catalyze reforms in other regions, with recent adjustments in cities like Shanghai, Nanjing, and Shenzhen [4] - As of April 2025, 39 cities have adjusted their water prices since the new management measures were introduced, indicating a trend towards improving the long-term returns of the water supply industry [4] Investment Recommendations - The ongoing improvements in water pricing policies and mechanisms are expected to benefit water utility assets significantly, with recommendations for companies such as China Water Affairs, Yuehai Investment, and others [5]

证券代码：603291 证券简称：联合水务 公告编号：2025-026 江苏联合水务科技股份有限公司 关于2025年4月提供担保的进展公告 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。 ● 被担保人名称：江苏联合水务科技股份有限公司（以下简称"公司"）,本次担保不属于关联担保。 ● 本次担保金额及已实际为其提供的担保余额：本次公司全资子公司咸宁联合水务有限公司（以下简 称"咸宁联合水务"）为公司提供的担保金额为人民币4,800万元。上述担保事项后，扣除已履行到期的 担保，公司下属子公司已累计向公司提供的担保余额为人民币41,858.81万元。 ● 本次担保是否有反担保：无 ● 对外担保逾期的累计数量：无 2025年4月7日，公司与交通银行股份有限公司宿迁分（支）行（以下简称"交通银行宿迁分行"）签署 《综合授信合同》（合同编号：Z2514SY15606046），公司向交通银行宿迁分行申请综合授信额度人民 币4,000万元整。同日，公司全资子公司咸宁联合水务与交通银行宿迁分行签署《保证合同》（合同编 号：C250402GR39 ...

Report Title - "The Divergence of Long - Short Term Spreads - Credit Spread Weekly Report (5/4)" [1][6] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From April 27th to April 30th, most bond yields declined. For 0.5 - 1Y industrial bonds, commercial bank second - tier capital bonds, securities company subordinated bonds, and securities company perpetual bonds, most yields dropped by over 2bp; for 0.5 - 1Y urban investment bonds and commercial financial bonds, most yields decreased by over 1bp; for 2Y industrial bonds and commercial financial bonds, most yields declined by over 1bp; the 2Y securities company subordinated bond yield rose by over 2bp; and the 3 - 5Y commercial financial bond yield dropped by over 2bp. Regarding credit spreads, the 0.5Y industrial bonds and commercial bank second - tier capital bond credit spreads mostly narrowed by over 5bp; the 1Y commercial bank second - tier capital bond credit spread narrowed by over 3bp; the 2Y securities company subordinated bonds and securities company perpetual bond credit spreads widened by over 3bp; and the 5Y urban investment bonds and industrial bond credit spreads mostly widened by over 2bp [2][6] Summary by Relevant Catalogs Yield and Spread Overview Yield and Spread of Each Maturity - Treasury bond yields at 0.5Y, 1Y, 2Y, 3Y, and 5Y were 1.47%, 1.46%, 1.45%, 1.48%, and 1.52% respectively, with weekly changes of - 3.5bp, 0.9bp, - 2.2bp, - 2.5bp, and - 2.2bp. Their historical quantiles were 11.9%, 13.2%, 8.7%, 6.2%, and 3.9% respectively. Similar data for other bond types such as national development bonds, local government bonds, etc., are also presented in detail [14] Credit Spread and Its Changes for Each Maturity - The 0.5Y, 1Y, 2Y, 3Y, and 5Y credit spreads of local government bonds were -, 12.01bp, 13.93bp, 14.34bp, and 14.37bp respectively, with weekly changes of -, 0.1bp, 0.2bp, - 1.5bp, and - 2.8bp. Their historical quantiles were -, 44.9%, 43.7%, 45.1%, and 38.6% respectively. Similar data for other bond types are also provided [16] Credit Bond Yields and Spreads by Category (Hermite Algorithm) Urban Investment Bonds by Region - In terms of yields, from April 27th to April 30th, most provincial urban investment bond yields declined. For example, the 5Y Guizhou urban investment bond yield dropped by about 35bp. In terms of credit spreads, the 0.5 - 1Y urban investment bond credit spreads mostly narrowed; the 2Y urban investment bond credit spreads mostly widened; the 3 - 5Y urban investment bond credit spreads showed differentiation, with the 3 - 5Y Guizhou urban investment bond credit spreads narrowing significantly [7] Industrial Bonds by Industry - From April 27th to April 30th, industrial bond yields generally declined. The 0.5 - 1Y industrial bond credit spreads generally narrowed, the 2 - 3Y industrial bond credit spreads showed differentiation, and the 5Y industrial bond credit spreads generally widened [7] Financial Bonds by Subject - From April 27th to April 30th, financial bond yields generally declined, with the 5Y city commercial bank second - tier capital bond yield dropping by about 55bp. The 0.5 - 1Y financial bond credit spreads generally narrowed, and the 2 - 5Y financial bond credit spreads showed differentiation [7] Credit Bond Yields and Spreads by Category (Balance Average Algorithm) Urban Investment Bonds by Region - Based on the balance average algorithm, from April 27th to April 30th, the 5Y Yunnan urban investment bond could target a return of over 3.2%, and the 5Y Qinghai urban investment bond could target a return of 3.0% or more. The 5Y Yunnan urban investment bond credit spread was significantly higher than that of medium - and short - term bonds, with high riding returns [8] Real Estate Private Enterprise Bonds - From April 27th to April 30th, the yields of real estate private enterprise bonds at all maturities were higher than those of other bond types, and the 0.5 - 1Y real estate private enterprise bond yields dropped by over 17bp [8] Financial Bonds - From April 27th to April 30th, the financial bond credit spreads generally narrowed, and the 3 - 5Y private securities company subordinated bonds could target a return of 4.7% or more [8]

日均垃圾清运量7200余吨、转运量5300余吨、处置量7000余吨……高涨的旅客流量也带来了垃圾清 运量的增长，尤其是在西湖景区、武林广场、湖滨商圈等重点区域。市环境集团的垃圾清运工人以最快 的速度、严格的标准高效完成垃圾装车、空桶复位、场地清扫等一系列动作，确保景区环境清洁有序。 与此同时，"智慧城投"的力量也在假日期间大显身手。 为了服务好市民游客，市公交集团在西湖景区日均投入约570名现场管理人员、公交义警和公交志 愿者，只见他们严阵以待，手握喇叭，腰上别着扩音器，热情地为市民游客引导，还有一些公交人手举 二维码牌，方便排队的市民游客提前领取公交乘车码。 在杭州火车东站，市安居集团钱城服务火车东站项目服务处近日也全面启动"五一保障模式"，在换 乘通道、扶梯枢纽等关键点位部署动态值守力量，确保客流疏导有序。"红船"服务岗全员上岗，提供指 引、咨询等一站式服务，并配备降温消暑物资。 除了护航市民游客平安出行，平稳供水供气、垃圾清运处置、市政设施管养等城市运营保障的背 后，都有一支看不见的"城投力量"，默默地为城市的平稳有序运转提供坚强保障。假期期间，市城投集 团日均落实了400余支应急队伍共2400余人24 ...