Group 1: China Gas Performance - China Gas reported a revenue of HKD 34.481 billion for the six months ending September 30, 2025, a year-on-year decrease of 1.8% [3] - The gross profit was HKD 5.506 billion, down 6.0% year-on-year, while the net profit attributable to shareholders fell by 24.2% to HKD 1.334 billion [3] - The company experienced a decline in new residential connections, with 676,300 new users added, a decrease of approximately 25.2% compared to the previous year [4] Group 2: Industry Challenges - The domestic natural gas consumption in China saw a slight decline of 0.2% year-on-year, totaling 317.75 billion cubic meters from January to September [3] - The ongoing challenges in the real estate market have led to a decrease in new user development for the gas industry [4] - China Gas is actively participating in the national initiative for urban gas pipeline upgrades and is pushing for reforms in natural gas pricing mechanisms [3] Group 3: China Water Performance - China Water reported a revenue of HKD 5.183 billion for the six months ending September 30, 2025, down 12.9% from HKD 5.953 billion in the same period last year [6] - The profit attributable to shareholders decreased to HKD 571 million, down from HKD 756 million year-on-year [6] - The company is focusing on optimizing its development strategy, prioritizing projects with the best returns, which has led to a slowdown in construction activities and related revenues [9] Group 4: Water Industry Insights - China Water's revenue from urban water supply and pipeline drinking water supply segments decreased significantly, with urban water supply revenue falling by 13.1% to HKD 3.271 billion [9] - The environmental business saw an increase in revenue by 8.7%, primarily due to growth in wastewater treatment services [9] - Long-term operational models like TOO (Transfer-Own-Operate) are expected to provide higher intrinsic value compared to other models, benefiting the company's water supply business [10]

Group 1: China Gas Performance - China Gas reported a revenue of HKD 34.481 billion for the six months ending September 30, 2025, a year-on-year decrease of 1.8% [3] - The company's gross profit was HKD 5.506 billion, down 6.0% year-on-year, and the net profit attributable to shareholders was HKD 1.334 billion, reflecting a decline of 24.2% [3] - The company connected 676,300 new residential users during the first half of the fiscal year, a decrease of approximately 25.2% compared to the same period last year [4] Group 2: Industry Challenges - The domestic natural gas consumption in China saw a slight decline of 0.2% year-on-year, totaling 317.75 billion cubic meters from January to September [3] - The ongoing downturn in the real estate market has led to a continuous decline in new housing starts and completions, impacting the development of new users in the gas industry [4] - China Gas is actively participating in the national initiative for urban gas pipeline upgrades and is pushing for reforms in the natural gas pricing mechanism to alleviate cost pressures [3] Group 3: China Water Performance - China Water reported a revenue of HKD 5.183 billion for the six months ending September 30, 2025, down 12.9% from HKD 5.953 billion in the same period last year [5] - The profit attributable to shareholders was HKD 571 million, a decrease from HKD 756 million year-on-year [5] - The company's revenue from urban water supply and pipeline drinking water supply segments decreased significantly, with urban water supply revenue falling by 13.1% to HKD 3.271 billion [7] Group 4: Strategic Adjustments - China Water is optimizing its development strategy to focus on core business project management, leading to a slowdown in construction activities and related revenue [7] - The environmental protection segment saw an increase in revenue by 8.7% year-on-year, primarily due to increased operational services from wastewater treatment projects [7] - The company is expected to benefit from the current pricing adjustment cycle, which may lead to a recovery in profitability [8]

Core Viewpoint - Recent performance reports from certain Hong Kong utility companies, particularly China Gas, have led to significant declines in their stock prices due to decreased revenue and profit, raising market concerns about their profitability [1][4]. Group 1: China Gas Performance - For the six months ending September 30, 2025, China Gas reported revenue of HKD 34.481 billion, a year-on-year decrease of 1.8%, and a net profit of HKD 1.334 billion, down 24.2% [4]. - The company has established a comprehensive energy supply structure, primarily focusing on pipeline natural gas, liquefied petroleum gas, and smart energy services [4]. - The domestic natural gas consumption faced challenges, with a slight decline of 0.2% year-on-year to 317.75 billion cubic meters from January to September [4]. - China Gas connected 676,300 new residential users during the first half of the fiscal year, a decrease of approximately 25.2% compared to the previous year [5]. Group 2: China Water Performance - China Water reported revenue of HKD 5.183 billion for the six months ending September 30, 2025, down 12.9% from HKD 5.953 billion in the same period last year [7][10]. - The company's profit attributable to shareholders was HKD 571 million, a decrease from HKD 756 million year-on-year [7]. - The decline in revenue was attributed to a strategic shift towards optimizing project management and prioritizing high-return projects, leading to a slowdown in construction activities [10]. - The urban water supply segment generated revenue of HKD 3.271 billion, down 13.1% year-on-year, while the pipeline drinking water supply segment saw a revenue drop of 28.3% [10][11].

Investment Rating - The report maintains a "Buy" rating for China Water Affairs (00855.HK) [1] Core Views - The company demonstrates resilient core operations with a focus on cost reduction and efficiency improvements, despite a decline in revenue and net profit [7] - Capital expenditures continue to decrease, and the company is expected to enhance its free cash flow and dividend capacity [7] Financial Performance Summary - For FY2026, total revenue is projected at HKD 10,026 million, reflecting a year-on-year decline of 13.98% [1] - The net profit attributable to shareholders is estimated at HKD 1,136 million, showing a year-on-year increase of 5.70% [1] - The latest diluted EPS is forecasted to be HKD 0.70, with a P/E ratio of 8.44 [1] Segment Performance - The urban water supply segment reported revenue of HKD 32.71 billion, down 13.1% year-on-year, with segment profit decreasing by 17.4% [7] - The environmental protection segment saw revenue growth of 8.7% year-on-year, with a segment profit increase of 29.7% [7] - The direct drinking water segment experienced a significant revenue decline of 28.3% year-on-year [7] Capital Expenditure and Dividends - Capital expenditures for FY26H1 were HKD 12.43 billion, down 31.8% year-on-year [7] - The total dividend per share remains stable at HKD 0.13, with a dividend yield of 4.8% [7] Earnings Forecast Adjustments - The forecast for net profit attributable to shareholders for FY2026-2028 has been revised down to HKD 11.36 billion, HKD 12.06 billion, and HKD 12.32 billion respectively [7] - Corresponding P/E ratios are projected at 8.4, 7.9, and 7.8 for FY2026, FY2027, and FY2028 [7]

Core Viewpoint - The special rectification action in the "water, electricity, and gas" sector in Jiyue County aims to address public concerns and improve market order, achieving significant preliminary results [1][4]. Group 1: Regulatory Actions - Jiyue County Market Supervision Bureau conducted a comprehensive investigation of the operational status and facilities of major water, electricity, and gas supply companies, establishing a detailed work ledger including "problem lists, responsibility lists, and rectification lists" [2]. - The bureau implemented dynamic management of the ledger, ensuring that newly discovered issues are promptly included and resolved problems are marked as completed, laying a solid foundation for targeted measures [2]. Group 2: Consumer Protection - The special rectification action included a "benefit inspection" segment, where 229 residential meters (water, electricity, and gas) were sampled and tested to address consumer concerns regarding meter accuracy [3]. - The bureau collected public opinions and suggestions through various channels, distributing over 4,150 surveys and 3,100 benefit contact cards, gathering 134 reported issues for timely response and resolution [3]. Group 3: Service Improvement - The action not only focused on regulation but also aimed to enhance service quality, ensuring that the public experiences fairness and benefits from the rectification efforts in the "water, electricity, and gas" sectors [4]. - The initiative is described as both a "clean-up" of industry irregularities and a "training exercise" to improve public service quality, contributing to safer, more stable, and efficient urban infrastructure [4].

央视网消息：党的二十届四中全会对"推进宜居宜业和美乡村建设"作出部署，提出"统筹优化村镇布局，推动县域基础设施一体化规划建设管 护"。在湖南郴州嘉禾县，"七山二水一分田"的丘陵山地间，喀斯特地貌导致水资源难留存，人均水资源量不足全国平均水平的六成。尽管城 乡供水一体化覆盖率已达95.18%，但148个偏远自然村组自来水"末梢梗阻"仍未打通。当地正以三年攻坚行动打通"最后一公里"，让城乡共饮 放心水。 嘉禾县的油榨屋村是一个非常偏远的自然村组，这两天城乡一体化供水的水管刚好铺设到了这里。像这种黑色的主管从位于县城的自来水厂铺 到这儿需要铺40公里，为了保证水量的稳定中途还要经历一次加压和一个高位水池的调节。水管铺到这里以后，还要再铺这样细的入户水管， 这种水管要铺设10公里，这样才能让自来水真正到达这20户人家的家里。 油榨屋村是一个仅有20户人家的自然村组，藏在郴州与永州交界的高海拔山区，周围被喀斯特地貌的丘陵包围，这种地质如同漏斗，存不住 水。过去，距离村子100多米远的一口水井，一直是村民们喝水用水的主要来源。而近年来，受气候变化、地下水位下降的影响，井水水量日 渐减少，早已满足不了村民们的生活需要。 在 ...

党的二十届四中全会对"推进宜居宜业和美乡村建设"作出部署，提出"统筹优化村镇布局，推动县域基础设施一体化规划建设管护"。 在湖南郴州嘉禾县，"七山二水一分田"的丘陵山地间，喀斯特地貌导致水资源难留存，人均水资源量不足全国平均水平的六成。尽管城乡供水一体化覆盖率 已达95.18%，但148个偏远自然村组自来水"末梢梗阻"仍未打通。当地正以三年攻坚行动打通"最后一公里"，让城乡共饮"放心水"。 总台央视记者 李洁：我现在是在嘉禾县的油榨屋村，这是一个非常偏远的自然村组，这两天城乡一体化供水的水管刚好铺设到了这里。像这种黑色的主管 从位于县城的自来水厂铺到这里需要铺40公里。为了保证水量的稳定，中途还要经历一次加压和一个高位水池的调节。 水管铺到这里以后，还要再铺这样细的入户水管，这种水管要铺设10公里，这样才能让自来水真正到达这20户人家的家里。 油榨屋村是一个仅有20户人家的自然村组，藏在郴州与永州交界的高海拔山区，周围被喀斯特地貌的丘陵包围，这种地质如同漏斗，存不住水。过去，距离 村子一百多米远的一口水井，一直是村民们喝水用水的主要来源。而近年来，受气候变化、地下水位下降的影响，井水水量日渐减少，早已满足不了 ...

党的二十届四中全会对"推进宜居宜业和美乡村建设"作出部署，提出"统筹优化村镇布局，推动县域基础设施一体化规划建设管护"。 在湖南郴州嘉禾县，"七山二水一分田"的丘陵山地间，喀斯特地貌导致水资源难留存，人均水资源量不足全国平均水平的六成。尽管城乡供水一体化覆盖率 已达95.18%，但148个偏远自然村组自来水"末梢梗阻"仍未打通。当地正以三年攻坚行动打通"最后一公里"，让城乡共饮"放心水"。 总台央视记者 李洁：我现在是在嘉禾县的油榨屋村，这是一个非常偏远的自然村组，这两天城乡一体化供水的水管刚好铺设到了这里。像这种黑色的主管 从位于县城的自来水厂铺到这里需要铺40公里。为了保证水量的稳定，中途还要经历一次加压和一个高位水池的调节。 水管铺到这里以后，还要再铺这样细的入户水管，这种水管要铺设10公里，这样才能让自来水真正到达这20户人家的家里。 油榨屋村是一个仅有20户人家的自然村组，藏在郴州与永州交界的高海拔山区，周围被喀斯特地貌的丘陵包围，这种地质如同漏斗，存不住水。过去，距离 村子一百多米远的一口水井，一直是村民们喝水用水的主要来源。而近年来，受气候变化、地下水位下降的影响，井水水量日渐减少，早已满足不了 ...

"饮水工程等不得、慢不得。"保亭县委第三巡察组组长明确表态，随即启动"巡改一体"机制，将问 题同步反馈至新星居党委、县水务局及相关公司，并联合保亭县纪委监委建立"包件"督办制度。通 过"纪巡"联动督促，三方迅速形成整改合力，针对设备问题制定升级方案，倒排工期推进整改，最终确 保工程在限期内通过验收并通水。 下一步，保亭县委巡察组将持续深化"点题式"巡察，结合"亲加奔"干群对话平台收集民意，运 用"巡察监督+纪检监察监督+N"模式与"监督一张网"线上督办机制，整合多部门监督力量，把群众"问 题清单"转化为"实事清单"，切实回应群众急难愁盼问题。 海南日报讯(海南日报全媒体记者 余佳琪 通讯员 王秋婷 赵剑华)近日，海南日报全媒体记者从保 亭黎族苗族自治县纪委监委获悉，作为保亭县垦区饮水保障工程的重要组成部分，新星居六区供水管网 延伸工程于日前投入使用，困扰该区域1113名居民的用水难题得到彻底解决。这一民生实事的落地，得 益于保亭县委第三巡察组以"点题式"巡察精准破解民生堵点。 此前，该巡察组进驻新星居党委开展常规巡察时，深入七仙岭山脚下的新星居六区走访，居民们纷 纷反映：期盼一年多的自来水工程迟迟未通水，日常 ...

许丛军摄（人民视觉） 据悉，日生产规模60万立方米的狼山水厂服务约150万市民，凭借"常规+臭氧活性炭+超滤膜"的多重处 理工艺，水质优于国标，为城市发展注入源源不断的清泉动力。 图为夕阳下的狼山水厂一角。 《人民日报海外版》（2025年12月01日 第 06 版） 06 华侨华人 今年前10月，江苏省南通水务集团狼山水厂供水量达1.23亿立方米，比去年同期增长5.83％。 人 流 用 来 = 2025年12月1日 星期一 中 旅美中医王学治- 行于医途 守于本心 瑞 外壁 2008年 到 は武永与寺道 版 始 的 传承笃行 sul Factor t to you HUZ 编制部门门 " EP+G 1.16 NATE CALL 時間的腿膠 q 界 共 进 g III 年 人 社 区 多伦多举办"中国编辑杯"演讲演 季文教育 比赛设中学组和小学组,主题分别为"德记历史,均省 选手们图特视频图史与中旗 在演讲。原现出中放文化又破坏赏下的家庭情怀与团 ,经过散烈角逐。周辉晶、王室、王子镇、胎子康分 胜多伦多代台领事程武陵邑剧团队员为获奖学生 图华黄青少年通过学习中文网化对中华文化和中国 IN, 成功论 第二十六届华 ...