粤海投资 20260202 摘要 粤海投资东江水业务在 2026 年基价协议中预计增长 2.4%，深圳和东 莞供水量稳定，非东江水业务虽有所下降，但并购项目有望平滑影响。 公司计划维持 65%的分红比例，并控制资本开支，以应对东江水源续约 所需的大额资金需求。 房地产业务方面，天河城商场出租率良好，但写字楼租赁面临挑战。高 速公路业务受新公路分流影响，但预计将逐渐恢复。电厂业务受益于低 煤价，利润预期良好。酒店和百货业务规模较小，影响有限。 东江水续约金额预估为 500 亿至 540 亿港币，公司需充分准备资金。 广东省政府可能倾向于按合同到期时间续约，粤海投资在未来的竞争中 具有一定优势，因其已运营东江水 25 年。 2027-2029 年香港供水价格谈判预计参考通胀率和汇率，涨幅不会太 大。2026 年盈利增长主要依靠财务费用下降和营业利润增加，东江水 价格上涨是主要驱动力。 公司计划对符合条件的自来水和污水处理项目进行提价谈判，以实现平 均价格的小幅上升，抵消接水管业务下滑带来的影响。优先考虑自来水 项目收购，追求高单位数的合理回报。 Q&A 粤海投资在 2025 年的业绩表现如何？各项业务的具体情况是 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603903 证券简称：中持股份 公告编号：2026-005 中持水务股份有限公司 获得三峡集团批复暨筹划控制权变更的进展公告 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。 重要内容提示： ● 中持水务股份有限公司（以下简称"公司"）收到持股5%以上股东长江生态环保集团有限公司（以下 简称"长江环保集团"）通知，其上级国家出资企业中国长江三峡集团有限公司（以下简称"三峡集团"） 已批准同意本次股份转让工作方案并同意《股份转让协议》生效。 一、本次交易基本情况 公司分别于2025年8月15日、2025年10月13日、2025年10月27日、2026年1月6日在上海证券交易所网站 （www.sse.com.cn）披露了《关于持股5%以上股东拟通过公开征集转让方式协议转让公司股份的提示 性公告》（公告编号：2025-031）、《关于持股5%以上股东拟通过公开征集转让方式协议转让公司股 份的公告》（公告编号：2025-037）、《关于持股5%以上股东拟通过公开征集转让方式协 ...

Group 1 - The central bank emphasizes a moderately loose monetary policy for 2026, indicating potential for reserve requirement ratio (RRR) cuts and interest rate reductions to support financing costs and market risk appetite [2] - The Ministry of Commerce and nine other departments encourage mergers and acquisitions in the pharmaceutical retail sector, promoting integration between wholesale and retail, which may benefit leading companies through economies of scale [2] - The State Administration for Market Regulation has prohibited concentration among public utility operators, signaling stricter antitrust enforcement in essential services, which may slow down M&A activity in this sector [2] Group 2 - Gold prices have surged past $4,900, driven by central bank purchases and geopolitical uncertainties, boosting demand for precious metals as a hedge against inflation [3] - The A-share market has shown a mixed performance, with the precious metals sector leading gains, while other sectors like battery and commercial aerospace have seen declines [5] - The upcoming Spring Festival is expected to stimulate tourism, with a report indicating a significant increase in travel bookings, reflecting a trend towards more diverse travel experiences [14][17] Group 3 - AWS and Google Cloud have initiated price increases for their cloud services, indicating rising demand for computing power, particularly in AI infrastructure [20] - The solid-state battery industry is advancing, with several companies announcing strategic partnerships and production plans, suggesting a growing focus on innovative battery technologies [24] - The domestic new energy vehicle market has shown strong growth, with significant year-on-year increases in sales and penetration rates, indicating a robust demand for electric vehicles [29]

Group 1 - The current credit bond market is transitioning from a phase of continuous recovery to a phase of oscillation and convergence, with marginal momentum weakening [7][8] - The overall yield of credit bonds is stabilizing, supported by configuration demand, and the credit spread is expected to return to a narrow oscillation range [8] - The investment strategy should focus on coupon income, particularly targeting 2-3 year maturity bonds while maintaining controllable credit quality to seek excess returns [8] Group 2 - In the primary market, net financing for credit bonds remained stable, with a total issuance of 2,945 billion yuan and a net financing of 1,497.8 billion yuan, which is similar to the previous week [11] - In the secondary market, trading volume decreased to 8,813.3 billion yuan, down by 498.47 billion yuan from the previous week, indicating a contraction in trading activity [14] - The yield on 3-year AAA medium-term notes decreased by 0.05 basis points to 1.85%, while AA+ and AA medium-term notes saw declines of 2.05 and 4.05 basis points, respectively [14][15] Group 3 - The credit rating adjustments included seven issuers with upgrades, indicating a positive trend in credit quality among certain entities [11] - The market is witnessing a notable increase in trading activity for mid-to-high grade real estate bonds following the approval of Vanke's domestic bond extension plan [8][11] - The valuation recovery opportunities for central state-owned and local state-owned enterprise bonds within a two-year maturity are worth monitoring due to previous sentiment impacts [8]

（原标题：欧盟1.71亿欧元专项资金注入西巴尔干，波黑获重大基建与企业支持） 波黑N1电视台1月28日报道。欧盟委员会宣布将提供1.71亿欧元资金，用于支持西巴尔干伙伴国家 的基础设施发展与私营部门增长，其中包含针对波黑投资发展项目的专项拨款。该资金将通过"入盟前 援助工具"、"西巴尔干投资框架"及"改革与增长工具"等多渠道落实，涵盖阿尔巴尼亚、黑山、北马其 顿及波黑等国。 剩余7630万欧元将投入私营部门扶持计划，包括助力中小企业拓展欧盟市场的"西巴尔干前进计 划"、推动绿色循环经济的"SME Go Green"计划，以及为波黑加强公私合作能力建设的专项支持。 该项目系欧盟"西巴尔干增长计划"关键举措，旨在通过"改革与增长工具"（2024-2027年总预算60亿 欧元）加速该地区与欧盟社会经济融合。自2024年5月启动以来，该工具已批准13个投资项目，总额达 1.56亿欧元。（驻波黑使馆经商处） 其中，9470万欧元将用于四国基础设施项目，预计带动总投资2.63亿欧元，重点投向数字技术、清 洁能源、交通环保等领域。波黑将获得饮用水与污水处理项目资金支持，另获技术援助款项用于能源、 水务及创新研究领域能力建设 ...

Core Viewpoint - The company forecasts a 43% year-on-year growth in net profit for 2025, benefiting from the divestment of Yuehai Land and a decrease in financial expenses [1] Group 1: Financial Performance - The company expects net profit attributable to shareholders to reach nearly HKD 4.5 billion in 2025, based on a 2024 figure of HKD 3.142 billion [1] - The asset-liability ratio significantly decreased by 15.1 percentage points to 42.5% after the divestment of Yuehai Land, with interest-bearing asset-liability ratio down by 8 percentage points to 21.8% [1] - Accounts receivable as of the first half of 2025 amounted to HKD 4.81 billion, a 25.4% increase compared to the end of 2024, with 78.4% of accounts receivable due within one year, indicating low risk [1] Group 2: Water Business Performance - The Dongshen water supply project reported a supply volume of 1.67 billion tons in the first three quarters of 2025, a year-on-year increase of 1.5%, with revenue from Hong Kong at HKD 4.303 billion (up 2.6%) and revenue from mainland China at HKD 939 million (down 2.5%) [2] - The tax profit from the Dongshen project was HKD 3.596 billion, reflecting a year-on-year increase of 3.9%, while other water resource projects generated revenue of HKD 5.611 billion (up 5.8%) with a tax profit of HKD 1.601 billion (down 2.6%) [2] Group 3: Dividend and Valuation - The company maintains a high dividend payout, with a dividend ratio of 65% from 2023 to the first half of 2025, projecting a dividend yield of 6.3% for 2025 based on an estimated net profit of HKD 4.493 billion [2] - The company is expected to achieve net profits of HKD 4.493 billion, HKD 4.638 billion, and HKD 4.770 billion for 2025-2027, corresponding to PE ratios of 10.4, 10.1, and 9.8 [2] - Given the scarcity of resources in the Dongshen project and improved performance post-divestment, a target price of HKD 10.64 per share is set based on a 15x PE for 2026, maintaining a "buy" rating [2]

本报讯 市司法局、市建设局、市国资委、市数据局与市城市集团近日联合发布《湖州市智慧水务产业 风控法务指引》。据悉，这是全国首个专门针对智慧水务产业合规发展制定的规范性参考文件，标志着 该领域风险防控与合规管理有了系统化、法治化的"操作指南"。 《指引》由市城市集团下属水务集团在相关上级单位指导下牵头编制，紧密围绕智慧水务产业发展实 际，梳理整合了行业高频风险与企业现实需求。在结构上，分成总则、法律责任与合规管理、智慧水务 风险防控以及附则四大部分，注重从企业视角出发，针对产业发展中的共性风险点进行清晰提示，明确 相关法律责任边界，并提供具体可行的合规操作指导。其核心目标是帮助水务企业建立有效的内部合规 管理体系，为产业健康、有序、可持续发展提供清晰的法治路径。 （来源：湖州日报） 转自：湖州日报 记者 忻媛 该《指引》突出"法治"与"技术"双轮驱动，旨在通过制度规范与技术赋能相结合的方式，全面提升智慧 水务产业的风险防范能力和合规管理水平，也为全国同类城市提供可借鉴的地方实践经验。 ...

山清水秀的龙泉驿区。 水是生命之源、民生之基。2025年，龙泉驿区紧扣群众关切，从织密筑牢城乡用水安全网到打造提升家门口水清岸绿生态带，再到构建加固防 汛安澜防护线，以民生小切口深耕细作水务"大文章"，扎实畅通区域水脉循环，交出了一份有温度、有质感的民生答卷，为区域经济高质量发 展和群众幸福生活夯实水务根基。 保民生 润沃野 "水动能"赋能美好生活 "拿了钥匙就能办用水手续，不用跑营业厅，太省心了！"2025年10月15日，金桂苑安置小区分房现场，李大姐在"临时供水营业厅"直接就办理 了用水开户业务。这是龙泉驿区水务局联合成都经开水资源公司推出的便民举措，通过将供水服务窗口直接前移至交房现场，让2830户安置居 民在家门口就享受到了高效便捷的服务。 除了前置服务暖民心外，基础设施建设也持续为民生加码。位于柏合街道东篱村11组的龙泉山城市森林公园旅游环线柏合工农加压站于2025年 建成投用，切实保障了当地约9000名群众的日常饮用水安全，为山区民生福祉筑牢了供水保障线。 在优化便民服务的同时，全区供水设施提质工程也同步提速增效。山泉镇龙泉湖村、古驿社区农村供水管网改造项目等工程竣工，惠及群众近 4000人；龙泉 ...

Core Viewpoint - The Heze Municipal Water Authority has made significant advancements in water management during the "14th Five-Year Plan" period, focusing on flood safety, water supply security, food security, and ecological safety, thereby supporting high-quality economic and social development in the city [1] Urban Water Supply Enhancement - The city's water supply capacity has improved significantly with the construction and expansion of three water plants, adding 25.5 million cubic meters per day in supply capacity, and the renovation of 274.2 kilometers of old water supply pipelines [2] - The leakage rate of urban water supply networks has decreased from 10% at the end of the "13th Five-Year Plan" to 4.94%, achieving advanced provincial standards [2] - The city has constructed and renovated 572 kilometers of rainwater pipelines and 506 kilometers of sewage pipelines, enhancing drainage and flood prevention capabilities [2] Infrastructure Development - The city has implemented over 135 water conservancy projects during the "14th Five-Year Plan," a 1.5 times increase compared to the "13th Five-Year Plan," marking a historical high [3] - The flood control system has improved, with the compliance rate of key river embankments rising from 75% to 92% [3] - Rural water supply projects have reached a coverage rate of 99.75%, promoting balanced urban-rural water supply development [3] Water Resource Efficiency - The city has prioritized water conservation, achieving a reduction of 24.75% in water usage per unit of GDP and 31.01% in water usage per unit of industrial added value compared to 2020 [4] - The total utilization of unconventional water resources has reached 896.11 million cubic meters during the "14th Five-Year Plan" [4] - The effective utilization coefficient of irrigation water has improved to 0.6369, with significant advancements in groundwater management [4] Ecological Environment Improvement - The implementation of the river and lake chief system has led to comprehensive management of rivers and lakes, with over 8,700 issues addressed [5] - The ecological flow compliance rate for key rivers and lakes has exceeded 95%, contributing to the creation of 34 "happy rivers and lakes" [5] - Projects aimed at improving the living conditions of relocated populations and enhancing rural infrastructure have been successfully executed [5] Future Goals - The focus for the "15th Five-Year Plan" will be on strengthening guarantees, improving quality, optimizing ecology, and enhancing governance in water management [6] - The city aims to continue improving flood control and water supply systems while advancing smart water management and ecological restoration efforts [6]

Core Viewpoint - The company Guozhong Water (600187.SH) has announced a projected loss for the fiscal year 2025, indicating significant financial challenges ahead [1] Financial Performance - The company expects a total profit loss ranging from -110 million to -88 million yuan for 2025 [1] - The projected net profit attributable to the parent company is expected to be between -130 million and -104 million yuan, indicating a loss compared to the previous year [1] - The net profit after deducting non-recurring gains and losses is estimated to be between 9 million and 10.8 million yuan [1] - The anticipated operating revenue for 2025 is projected to be between 210 million and 252 million yuan, with the revenue from core business activities expected to be between 190 million and 228 million yuan, which is below 300 million yuan [1] Regulatory Implications - According to the Shanghai Stock Exchange Listing Rules, if the company's audited profit total, net profit, or net profit after deducting non-recurring gains and losses is negative and the operating revenue is below 300 million yuan, the company may face delisting risk warnings [1]