Core Viewpoint - Guangxi Greentown Water Co., Ltd. announced its profit distribution plan for the year 2024, proposing a cash dividend of 0.03 yuan per share, amounting to a total of 26,489,192 yuan, which represents 30.12% of the distributable profit for the year [1][2][3] Profit Distribution Plan - The company plans to distribute a cash dividend of 0.03 yuan per share (including tax) based on the total share capital registered on the equity distribution record date [1][2] - As of December 31, 2024, the total share capital is 882,973,077 shares, leading to a total cash dividend distribution of 26,489,192 yuan [1] - The distributable profit available for shareholders as of December 31, 2024, is 2,045,177,463.19 yuan [1] Historical Dividend Data - The total cash dividends distributed over the last three fiscal years amount to 98,892,984.78 yuan, which is 91.20% of the average net profit for the same period [2][3] - The cash dividend for 2023 was 22,957,300.22 yuan, while for 2022 it was 49,446,492.56 yuan [2] Decision-Making Process - The profit distribution plan was approved during the 21st meeting of the 5th Board of Directors held on March 25, 2025 [3] - The Supervisory Board also reviewed and approved the plan during its 12th meeting on the same date, confirming that the decision-making process complies with relevant laws and regulations [3]

Core Insights - Company is a leading provider of smart water management solutions in China, focusing on enhancing water management through IoT, big data, cloud computing, and AI technologies [1][2] - The company has made significant achievements in the smart water sector, increasing R&D investment and establishing partnerships with various research institutions and enterprises [2] - The launch of the "Weipage River Map AI" platform aims to improve water management efficiency through AI technology, with applications in monitoring, supply network optimization, customer interaction, and water quality treatment [2][3] Business Development - The company’s business encompasses a full-chain solution from water source to tap, including water supply equipment, smart water platforms, modular water plants, and smart water meters [1] - Recent government policies promoting infrastructure upgrades in water supply and other sectors present substantial business opportunities for the company [2][3] Technology and Innovation - The smart water platform integrates cutting-edge technologies such as IoT, big data, AI, and digital twins to achieve comprehensive management from water source to end-user [3] - The company is committed to optimizing its platforms and increasing market share in the smart water industry [3] Market Expansion - The company is actively expanding into international markets, particularly in countries along the "Belt and Road" initiative, engaging in deep exchanges with potential overseas clients [3] Impact of Water Pricing - Recent increases in urban water prices have positively influenced the company’s business by driving demand for efficient water management solutions and encouraging water utilities to invest in smart technologies [3][4] Leakage Management - The company offers various measures to help water utilities reduce leakage, including smart monitoring, supply network optimization, and operational management systems [4]

Investment Rating - The report maintains a "Positive" investment rating for the environmental industry [5] Core Viewpoints - The Shenzhen Municipal Development and Reform Commission announced a public hearing on water price adjustments scheduled for April 11, 2025, proposing an increase from 3.449 CNY/m³ to 3.8991 CNY/m³, representing a 13.05% increase [5] - The adjustment is expected to enhance profitability for local water supply companies, as it is the first price adjustment in eight years [5][6] - Other cities in Guangdong province, such as Foshan and Zhongshan, which have not adjusted water prices for 8-14 years, may follow suit, potentially improving their profitability as well [5] - The report suggests monitoring several state-owned water companies in Guangdong, including Hanlan Environment and Zhongshan Public Utilities, as they may benefit from upcoming price adjustments [5] Summary by Sections Water Price Adjustment - Shenzhen's water price adjustment is part of a broader trend across the country, with multiple cities having initiated price hearings since 2021 [5] - The proposed price increase is structured to ensure that residential and non-residential users experience manageable increases, with specific adjustments detailed for different usage tiers [6] Company Valuation - The report includes a valuation table for key environmental companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios for the years 2023 to 2026 [7] - Companies such as China Water Affairs and North Control Water Group are listed with their respective ratings and financial metrics, indicating potential investment opportunities [7][8]

Core Viewpoint - Shenzhen's water price reform is set to address rising cost pressures on water supply companies, with proposed increases of 13% across both residential and non-residential categories, aiming to improve profitability in the sector [1][2][3]. Group 1: Event Details - A public hearing for Shenzhen's water price reform is scheduled for April 11, with two proposed pricing schemes for residential and non-residential water usage [2]. - The first scheme proposes increases for residential water prices to 2.67/4.54/9.35 CNY per ton for the first, second, and third tiers, while the second scheme suggests 2.94/5.00/10.29 CNY per ton, reflecting increases of 0%/13%/17% and 10%/25%/28% respectively [2]. - Non-residential water prices are proposed to rise to 4.76 CNY per ton under the first scheme and 4.57 CNY per ton under the second, with increases of 26% and 21% respectively [2]. Group 2: Current Pricing and Financial Performance - Shenzhen's current water pricing has remained unchanged for over seven years, with the first tier residential price at 2.67 CNY per ton, leading to declining profitability for local water supply companies [3]. - Shenzhen Water Group's net profit has decreased from 699 million CNY in 2018 to 166 million CNY in 2023, with gross margins dropping from 31.22% to 20.69% during the same period [3]. Group 3: Cost Transmission Mechanism - The lack of an effective cost transmission mechanism is identified as a core reason for the declining profitability of Shenzhen Water Group, with the current pricing structure not reflecting the annual average cost increase of approximately 3% [4]. - The implementation of new management regulations in October 2021 aims to enhance the market-oriented nature of water pricing and establish a regulatory cycle of three years for price adjustments, which could help rectify the cost transmission issues [4]. Group 4: Historical Context and Future Implications - Historical data indicates that price adjustments in major cities catalyze broader water price reforms across the country, with recent adjustments in cities like Shanghai and Nanjing suggesting a potential acceleration in price mechanism improvements nationwide [5][6]. - Since the introduction of the new management regulations in August 2021, 35 cities have adjusted their water prices, indicating a trend towards improving the long-standing low return issues in the water supply industry [7]. Group 5: Investment Strategy - The ongoing refinement of water pricing policies and the alignment of industry pricing mechanisms are expected to enhance overall returns in the water supply sector, presenting significant investment opportunities in water utility assets [9].

Core Viewpoint - The company announces the redemption and delisting of its convertible bonds, "Weipai Convertible Bonds," with specific dates and conditions for investors to be aware of [1][2][3]. Redemption Details - Redemption registration date is set for March 28, 2025 [1][2]. - Redemption price is 100.9337 CNY per bond [1][3]. - Redemption payment date is March 31, 2025 [1][6]. - Last trading day for the bonds is March 25, 2025 [1][6]. - Last conversion date is also March 28, 2025 [1][6]. Conditions for Redemption - The bonds have triggered the conditional redemption clause as the company's stock price was above 130% of the conversion price for 15 consecutive trading days [1][3]. - The conversion price is set at 6.06 CNY per share, with the stock price reaching 7.88 CNY [1][3]. Interest and Taxation - The accrued interest for the bonds is calculated to be 0.9337 CNY per bond, leading to a total redemption amount of 100.9337 CNY before tax [4][5]. - Individual investors are subject to a 20% tax on interest income, resulting in a net redemption amount of 100.7470 CNY after tax [4][5]. Redemption Process - The company will notify bondholders of the redemption details before the redemption period ends [6]. - Bonds will be frozen after the registration date, and all unconverted bonds will be redeemed at the specified price [7]. Delisting Information - The "Weipai Convertible Bonds" will be delisted from the Shanghai Stock Exchange starting March 31, 2025 [1][6].

Core Viewpoint - Shenzhen plans to hold a public hearing on water price adjustments on April 11, 2025, proposing to increase the comprehensive water price from 3.45 yuan per cubic meter to 3.90 yuan per cubic meter, representing a 13.05% increase, which is a significant development following the water price hearing in Guangzhou last year [1][2] Group 1: Water Price Adjustment - The current water price in Shenzhen has been in effect since July 26, 2017, and the upcoming adjustment is expected to influence surrounding areas, enhancing the public utility attributes of the water sector [2] - Comparatively, several cities around Guangzhou and Shenzhen have not adjusted their water prices for years, with Foshan last adjusting in 2016 and Zhongshan in 2012 [2] Group 2: Pricing Methodology - The pricing of residential water is determined based on a "permitted cost plus reasonable return" method, where the permitted cost serves as the foundation for price adjustments [3] - The pricing authority is required to conduct cost audits and maintain cost transparency, establishing a regular cost audit system to determine pricing costs [3] Group 3: Regulatory Framework - In 2021, the National Development and Reform Commission introduced policies allowing water prices to be adjusted every three years, providing local water companies with the potential for price increases [4] - The revised regulations clarify pricing principles, methods, and adjustment procedures, emphasizing timely adjustments based on cost assessments [4] Group 4: Investment Opportunities - Although there are no publicly listed companies operating Shenzhen's water services, the price adjustment is expected to benefit three categories of companies: 1) Urban water operators in the Greater Guangzhou-Shenzhen area, with a focus on companies like Hanlan Environment (600323.SH), Shunkong Development (003039.SZ), and Zhongshan Public Utilities (000685.SZ) [5] 2) Other water operators in Guangdong and raw water suppliers in Shenzhen and Dongguan, with a focus on Yuehai Investment (00270) [5] 3) Undervalued water companies in other regions, with a focus on Xingrong Environment (000598.SZ) [5]

（於中華人民共和國註冊成立之股份有限公司） （股份代號 ： 1065） 關於對附屬公司融資提供擔保及對董事會授權公告 天津創業環保集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）及全體 董事保證本公告內容不存在任何虛假記載、誤導性陳述或者重大遺漏，並對其 內容的真實性、準確性和完整性承擔個別及連帶責任。 董事會謹此宣佈，於2025年3月21日，董事會審議通過，自本公司2024年年度股東 會至2025年年度股東會期間，根據業務發展規劃及在符合審批條件的情況下，本 公司預計新增對其下屬附屬公司（合稱為「附屬公司」或「被擔保方」）擔保額度不 超過人民幣3,449,330,000元（「擔保額度」）的融資擔保（「該等擔保」）。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 由於本公司對外擔保總額（含該等擔保的金額）超過本公司最近一期經審計淨資 產的50%，按照本公司的《公司章程》，該等擔保需提交本公司2024年年度股東會 「( 年度股東會」)上 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4]. Core Insights - The report emphasizes the high-quality development of the environmental equipment manufacturing industry, aiming to create a trillion-level industry with international competitiveness by 2027 [2][16]. - It highlights the synergy between computing power and electricity, particularly in the context of data centers, which require substantial and reliable electricity supply [18][20]. - The report suggests that the profitability of coal-fired power generation is expected to remain reasonable due to the simultaneous decline in coal and electricity prices [28]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.59%, while the public utility index increased by 2.19% and the environmental index by 2.53% [1][29]. - Among the sub-sectors, coal-fired power saw a 3.39% increase, while renewable energy generation rose by 1.48% [31]. Important Policies and Events - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the State Administration for Market Regulation jointly issued opinions to promote the high-quality development of the environmental equipment manufacturing industry [2][16]. - By 2030, the report anticipates a complete upgrade of the environmental equipment manufacturing industry towards green, low-carbon, and circular development [2]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable electricity prices [3][28]. - For renewable energy, leading companies such as Longyuan Power and Three Gorges Energy are recommended, alongside regional offshore wind power companies [3][28]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved free cash flow [3][28]. Industry Dynamics - The report notes that the electricity and heat production and supply industry prices fell by 0.8% year-on-year in February 2025 [17]. - It highlights the increasing importance of green electricity and nuclear power in meeting the energy demands of data centers [24][21]. Company Performance - The report lists several companies with "Outperform" ratings, including Huadian International, Longyuan Power, and China Nuclear Power, among others, indicating their strong market positions and growth potential [6][28].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [6]. Core Insights - The report highlights significant investment activities in Xinjiang by central enterprises, with over 130 billion yuan expected to be invested in 54 projects across various sectors including energy and new energy storage [4][16]. - The first cross-regional green electricity transaction in China has been successfully completed, marking a milestone in the construction of a unified national electricity market [5][21]. - The Ministry of Ecology and Environment has issued guidelines to promote voluntary disclosure of greenhouse gas emissions by enterprises, aiming to enhance the green transition and international cooperation [25][26]. Summary by Sections Market Review - From March 10 to March 14, the environmental, gas, water, and electricity sectors saw increases of 2.63%, 2.22%, 2.17%, and 1.80% respectively, while the CSI 300 index rose by 1.59% [3][10]. Industry Perspectives - **Investment in Xinjiang**: Central enterprises are heavily investing in Xinjiang, with projects covering energy, new energy storage, and equipment manufacturing, driven by the region's resource advantages and government support [4][16][17]. - **Green Electricity Trading**: The successful completion of the first cross-regional green electricity transaction involved 52.7 million kilowatt-hours, with wind power accounting for 78% and solar power for 22% of the total [5][21][22]. - **Voluntary Emission Disclosure**: The new guidelines aim to establish a comprehensive framework for voluntary greenhouse gas disclosure by 2027, promoting proactive climate responsibility among enterprises [25][26]. Investment Recommendations - The report suggests focusing on various sectors: for thermal power, it recommends Jiangsu Guoxin and cautiously suggests Sheneng Shares and Zhejiang Energy; for nuclear power, it recommends China Nuclear Power and China General Nuclear Power; for hydropower, it recommends Yangtze Power and cautiously suggests Huaneng Hydropower [6].

| 证券代码：601158 | 证券简称：重庆水务 | | | 公告编号：临 | 2025-021 | | --- | --- | --- | --- | --- | --- | | 债券代码：163228 | 债券简称：20 | 渝水 | 01 | | | | 债券代码：188048 | 债券简称：21 | 渝水 | 01 | | | | 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关于 使用部分闲置募集资金进行现金管理的公告 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。 重庆水务集团股份有限公司（以下简称公司）于 2025 年 2 月 24 日召开第六届董事会第十次会议、第六届监事会第七次会议，审议通 过了《关于使用部分闲置募集资金进行现金管理的议案》，同意公司 使用不超过人民币 10,000.00 万元的暂时闲置募集资金进行现金管理， 并授权公司经理层根据实际情况办理相关事宜并签署相关文件，具体 事项由公司财务部负责组织实施。保荐人申万宏源证券承销保荐有限 责任公司（以下 ...