Group 1: Trade Policy Impact - The new "reciprocal tariff" policy announced by Trump raises the actual tariff rate on China to 54%, slightly above market expectations, with significant impacts on the EU (20%), Vietnam (46%), Taiwan (32%), and several Southeast Asian countries [1] - The policy may represent a temporary "endpoint" for U.S. tariff increases, with future execution potentially weaker than verbal communications, necessitating close monitoring of policy implementation and new developments [1] - Observations on U.S.-China relations should focus on the shift from "sanctions-counter-sanctions" to "managing differences-risk prevention," as uncertainty continues to affect asset prices [1] Group 2: Price Governance Mechanism - The recent opinion from the Central Committee and State Council emphasizes that prices determined by the market should be left to market forces, which is expected to lead to more accurate price reflections of supply and demand [2] - The opinion outlines arrangements for price mechanisms in energy, public utilities, agricultural products, public services, and data elements, serving as a foundation for macroeconomic governance [2] - Aiming for a price target around "2%", the market-oriented pricing mechanism is anticipated to promote moderate price recovery [2] Group 3: Public Utilities and Environmental Sector - The deepening of price reforms and improvement of governance mechanisms are expected to lead to more market-oriented pricing in public utilities such as electricity, water, and gas [3] - Large hydropower, currently with low marketization and significantly below industry averages, is likely to benefit from price adjustments, leading to increased electricity prices and revenues [3] - The water and gas sectors, facing serious price transmission delays, may see improvements in overall returns and stability as pricing adjustment mechanisms are enhanced [3] Group 4: Property Management Services - The anticipated introduction of strong price limits for property management fees in Chongqing in 2023 is not expected to set a nationwide trend, with a focus on encouraging quality services at reasonable prices [6] - The property service sector is currently facing multiple challenges, including weak fundamentals and declining growth rates, but is expected to have significant upward potential as policies shift [6] - Property service companies are viewed as having a notable safety margin, making them attractive to investors [6] Group 5: Debt Market Dynamics - The shift towards ultra-long government bonds and rising interest rates since 2025 have increased interest rate risks for banks, particularly those relying on bond investments for profit [7] - The first quarter of 2025 saw a sharp decline in bond investment returns due to rising rates, putting pressure on net profits [7] - Banks may be forced to sell long-term bonds in response to interest rate risks, which could negatively impact the long-term bond market in the second quarter of 2025 [7] Group 6: Consumer Goods Sector Outlook - The consumer goods sector experienced a weak demand trend in the first quarter of 2025, influenced by the staggered impact of the Spring Festival and limited improvement in terminal demand [9] - Despite cost pressures from rising prices of certain raw materials, the overall cost of most materials remains favorable, providing some relief [9] - The second quarter of 2025 is expected to see a recovery in consumer goods revenue due to a low base and demand resurgence, with specific opportunities in the dairy, beverage, and snack sectors [9]

Core Viewpoint - The company has successfully navigated challenges in 2024, maintaining steady growth and achieving key operational goals despite various difficulties in the water treatment industry [2][4][21]. Group 1: Board Activities and Major Decisions - The board held 16 meetings in 2024, discussing significant matters including annual reports, financial budgets, and major operational decisions [3]. - The company adhered to legal and regulatory requirements in its operations, ensuring compliance in decision-making processes [3][18]. Group 2: Operational and Development Status - The company focused on high-quality development, overcoming challenges and achieving a stable operational performance [4][5]. - Water sales volume reached 638 million cubic meters, a year-on-year increase of 2.36%, while sludge treatment sales volume increased by 6.26% to 623,200 tons [5]. - The company reported total revenue of 6.999 billion yuan and a net profit of 785 million yuan, with a debt-to-asset ratio of 49.06% [5][21]. Group 3: Financial Performance - The company’s revenue from wastewater treatment services accounted for 58.94% of total revenue, while water sales contributed 24.97% [5]. - The net profit attributable to shareholders decreased by 27.88% compared to the previous year, primarily due to changes in service pricing and reduced construction income [21][22]. - The company maintained a strong financial position with total assets of 33.863 billion yuan and net assets of 17.109 billion yuan [21]. Group 4: Reform and Governance - The company implemented significant reforms, reducing management layers and enhancing operational efficiency [6][9]. - A total of 11 new regulations were established, and 10 were revised to improve governance and compliance [6][9]. Group 5: Social Responsibility and Environmental Impact - The company adhered to strict water quality standards, achieving a wastewater treatment discharge of 1.692 billion cubic meters and significant reductions in pollutants [8]. - The company actively participated in community support and environmental initiatives, contributing 1.1922 million yuan to rural revitalization efforts [8]. Group 6: Future Outlook and Goals - For 2025, the company aims to achieve a revenue of no less than 7.25 billion yuan and maintain water quality standards at 100% [10]. - The company plans to invest a total of 1.18678 billion yuan in basic construction, renovation, and information technology projects [26].

证券代码：601158 证券简称：重庆水务 公告编号：临 2025-033 债券代码：188048 债券简称：21 渝水 01 债券代码：242471 债券简称：25 渝水 01 债券代码：242472 债券简称：25 渝水 02 债券代码：113070 债券简称：渝水转债 重庆水务集团股份有限公司 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： ? 每股分配比例：每股派发现金红利 0.131 元（含税）。 ? 本次利润分配以实施权益分派股权登记日登记的总股本为基 数，具体日期将在权益分派实施公告中明确。 ? 在实施权益分派的股权登记日前如公司总股本发生变动，维持 分配总额不变，相应调整每股分配比例。 以公司 2024 年 12 月 31 日的总股本数 4,800,000,000 股为基数， 按 每 10 股 派 1.31 元 （ 含 税 ） 向 全 体 股 东 派 发 现 金 股 利 共 计 分配；本年度不送红股，也不实施资本公积金转增股本。 公司 2024 年度拟派发现金股利的金额占合并报表口径本年度实 现 ...

债券代码：242471 债券简称：25 渝水 01 债券代码：242472 债券简称：25 渝水 02 债券代码：113070 债券简称：渝水转债 证券代码：601158 证券简称：重庆水务 公告编号：临 2025-032 债券代码：188048 债券简称：21 渝水 01 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 重庆水务集团股份有限公司（下称公司）已于2025年3月26日召 开独立董事2025年第五次专门会议，审议通过了《关于审议重庆水务 集团股份有限公司2025年预计日常关联交易的议案》，全体独立董事 同意将本次关联交易议案提交公司董事会审议。独立董事认为公司与 关联方按照市场交易原则公平、公开、合理地确定交易价格。不存在 损害公司股东尤其是中小股东利益的情形，不会对公司的持续经营能 力和独立性产生不良影响。 公司已于2025年3月31日召开第六届董事会第十二次（2024年年 度董事会）会议，经全体非关联董事一致同意，审议通过了《关于审 议重庆水务集团股份有限公司2025年预计日常关联交易议案》。在本 次董事会会议就该议案进行审议表决时，关联董事郑如彬先生、孙明 华女士已回避。 本公司 ...

关于召开 2024 年年度股东大会的通知 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： 召开的日期时间：2025 年 4 月 28 日 9 点 30 分 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 二、 会议审议事项 本次股东大会审议议案及投票股东类型 投票股东类型 报告》全文及摘要 合伙）为公司 2025 年年报审计机构的议案 序号 议案名称 A 股股东 非累积投票议案 事会工作报告》 事会工作报告》 务决算报告》 算执行报告及 2025 年度财务预算报告》 润分配预案》 合伙）为公司 2 ...

《公司 2023 年年度报告》等议案，通报了内部审计工作检查 况报告》 《重 庆水务集团股份有限公司章程》及《重庆水务集团股份有限公司董事 会专门委员会工作规则》的相关规定，重庆水务集团股份有限公司（下 称公司）董事会审计委员会（下称审计委员会）在 2024 年度内勤勉 尽责，充分发挥了审计委员会的职责和作用，现将 2024 年度履职情 况汇报如下： 一、审计委员会委员基本情况 重庆水务集团股份有限公司董事会 审计委员会 2024 年度履职情况报告 按照《上市公司治理准则》 《上海证券交易所股票上市规则》 公司第五届董事会审计委员会经公司第五届董事会第一次会议 选举产生，由石慧女士、代伟先生、傅达清先生三名董事组成，其中 石慧女士、傅达清先生为独立董事，代伟先生为公司董事，石慧女士 为会计专业人士及审计委员会召集人。公司第五届董事会审计委员会 原定任期至 2024 年 3 月 8 日止。 审计委员会经公司第六届董事会第一次会议选举产生，由石慧女士、 代伟先生、傅达清先生三名董事组成，其中石慧女士、傅达清先生为 独立董事，代伟先生为公司董事。石慧女士为会计专业人士及审计委 员会召集人。 二、审计委员会会议召开情 ...

证券代码：603291 证券简称：联合水务 公告编号：2025-014 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： ? 被担保人名称：咸宁联合市政工程有限公司（以下简称"咸宁联合市政"）、 上海鸿影衡源实业有限公司（以下简称"鸿影衡源"），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：本次江苏联合水务科技股 份有限公司（以下简称"公司"）及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"）为全资子公司咸宁联合市政在人民币 2,200 万元的最 高融资余额限度内提供最高额保证担保。公司为全资子公司鸿影衡源提供的担保 金额为人民币 2,500 万元。上述担保事项后，扣除已履行到期的担保，公司及下 属子公司已累计向咸宁联合市政提供的担保余额为人民币 3,300.00 万元，公司及 下属子公司已累计向鸿影衡源提供的担保余额为人民币 4,943.79 万元。 行（以下简称"汉口银行咸宁分行"）签署《最高额保证合同》（合同编号分别 为：DB2025030600000043、DB2 ...

Investment Rating - The investment rating for the water utility sector is "Positive" (maintained) [4] Core Insights - Continuous water price adjustments are expected to improve corporate profitability, with Shenzhen's proposed water price increase of 13.05% from 3.449 CNY/m³ to 3.8991 CNY/m³ [4][10][14] - The adjustment is part of a broader trend since 2021, where various cities have initiated price hearings to reflect increased investment costs [6][14] - The water pricing mechanism is based on "permitted costs + reasonable returns," with adjustments occurring every three years [5][11] Summary by Sections Water Price Adjustment - Shenzhen's water price adjustment hearing is scheduled for April 11, 2025, marking the first adjustment in eight years [4][10] - The proposed price increase includes a smaller rise for residential users and a more significant increase for non-residential users [6][14] Policy and Regulatory Framework - The pricing framework established in 1998 mandates that urban water prices are determined by costs, taxes, and profits, with a reasonable profit margin of 8-10% on net assets [5][11] - The recent policy revisions emphasize the need for periodic adjustments to reflect actual costs and investments [11][12] Market Implications - The water price adjustments in Shenzhen may set a precedent for other cities in Guangdong province, which have not adjusted prices for several years [6][14] - Companies such as Huanlan Environment (Foshan), Zhongshan Public Utilities, and others are recommended for attention due to potential price adjustments [15]

Group 1 - The company will hold an investor briefing on April 10, 2025, from 15:00 to 16:00 [2][5] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3] - Investors can submit questions from April 2 to April 9, 2025, through the Roadshow Center website or via the company's email [2][4] Group 2 - The briefing aims to provide a comprehensive understanding of the company's 2024 annual performance and financial status [2][3] - Key personnel attending the meeting include the General Manager, Independent Directors, and the Chief Financial Officer [5] - After the briefing, investors can access the main content and details of the meeting on the Roadshow Center website [6]

Group 1 - The core viewpoint of the articles highlights the positive financial performance and operational achievements of Beijing Holdings and its subsidiaries in 2024, showcasing growth in revenue and profit, as well as advancements in various projects [1][2] Group 2 - Beijing Holdings reported an operating revenue of approximately 84.064 billion RMB, a year-on-year increase of 2.1%, and a shareholder profit of about 5.123 billion RMB, which represents a 5% increase when excluding last year's one-time items [1] - The company proposed a final dividend of 0.77 HKD per share for the 2024 fiscal year, along with an interim dividend of 0.85 HKD per share, totaling an annual dividend of 1.62 HKD per share, reflecting a 1.25% increase year-on-year [1] - The Beijing Gas Tianjin South Port LNG project achieved a processing volume of over 1 million tons in its first year of full operation [1] - North Control Water has been recognized as the top influential enterprise in China's water industry for 14 consecutive years, with positive free cash flow for three consecutive years, indicating successful transformation [1] - North Control Environment's sludge flue gas drying technology has achieved industry leadership with the commissioning of projects in Harbin, and the High Antun and Tai'an projects have received green certificates for the first time [1] - Yanjing Beer achieved record-high operating revenue and net profit, surpassing 1 billion RMB for the first time, leading the industry with sustained double-digit growth [2] - The company has optimized its debt structure and reduced financing costs, with panda bond issuance exceeding 10 billion RMB and achieving the lowest interest rates for similar products during the year [2] - The company conducted currency swaps on existing US dollar bonds to lower the cost of outstanding dollar debt, resulting in a reduction of over 300 million RMB in overall financial costs year-on-year [2]