Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of HKD 5.183 billion for FY2026H1, a year-on-year decrease of 12.9%. Gross profit was HKD 1.827 billion, down 20.1%, and net profit attributable to shareholders was HKD 571 million, a decline of 24.4%. The interim dividend per share remained flat at HKD 0.13 [2][6]. - The core operating business remains stable, although the installation, maintenance, and construction segments, along with property business, have seen declines, impacting overall profitability. The company has shown signs of a turning point in free cash flow, indicating potential for future dividend increases [2][9]. Business Segment Analysis - **Urban Water Supply**: Revenue decreased by 13.1% to HKD 3.27 billion, with segment profit down 17.4% to HKD 941 million. However, core water supply service revenue increased by 4.5% to HKD 1.801 billion, driven by a 5% increase in water sales. The completion of water price adjustments in eight cities is expected to further boost revenue and profit margins [9]. - **Direct Drinking Water**: Revenue fell by 28.3% to HKD 263 million, with segment profit declining 55.2% to HKD 75 million. Despite this, revenue from direct water supply operations and equipment sales remained stable [9]. - **Environmental Segment**: Benefiting from the Meifeng Wastewater Treatment Project, this segment achieved revenue of HKD 832 million, a year-on-year increase of 8.7%, with segment profit rising 29.7% to HKD 367 million [9]. - **General Contracting**: Revenue decreased by 6.1% to HKD 398 million, with segment profit down 60.2% to HKD 158 million [9]. - **Property Business**: Revenue plummeted by 93.3% to HKD 17 million, with segment profit dropping 96.4% to HKD 500,000, but the impact on overall performance is expected to be limited [9]. Financial Performance - The company experienced a 17.6% decrease in financial expenses during FY2026H1, benefiting from lower financing costs amid domestic and international interest rate cuts [9]. - The interim dividend payout ratio is 37%, with capital expenditures peaking at HKD 5.14 billion in FY2024, decreasing to HKD 3.24 billion in FY2025, leading to a positive free cash flow of HKD 150 million. For FY2026, capital expenditures are projected to be no more than HKD 2 billion, indicating a clear turning point in free cash flow and potential for increased dividends [9]. Earnings Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of HKD 1.14 billion, 1.16 billion, and 1.20 billion for FY2026-2028, with year-on-year growth rates of 6.0%, 2.2%, and 2.7% respectively. The emergence of free cash flow is viewed positively for future dividend increases, with a projected dividend payout ratio of 42.53% for FY2026-2028, corresponding to dividend yields of 5.1%, 5.2%, and 5.3% based on the stock price as of November 28, 2025 [9].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Views - The report highlights a 7.9% year-on-year increase in national electricity market trading volume from January to October 2025, with significant growth in green electricity trading [2][15]. - The controlled nuclear fusion industry is experiencing accelerated capital expenditure, with a notable increase in project bidding activity [3][17]. - The report emphasizes the importance of policies supporting renewable energy development, predicting stable profitability for new energy generation [4][22]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.64%, while the public utility and environmental indices increased by 0.89% and 1.59%, respectively [1][14]. - Within the electricity sector, thermal power increased by 1.60%, while hydropower and new energy generation saw smaller gains [1][24]. Important Events - In October 2025, the national electricity market trading volume reached 563.8 billion kWh, marking a 15.6% increase year-on-year [2][15]. - The cumulative trading volume for the first ten months of 2025 was 5,492 billion kWh, accounting for 63.7% of total electricity consumption, up 1.5 percentage points from the previous year [2][15]. Specialized Research - The report details 35 public bidding projects in the controlled nuclear fusion sector from October to November 2025, with a total estimated contract value of 2.6 billion yuan [3][17]. - The bidding activity has significantly accelerated compared to previous months, indicating a growing interest and investment in this area [3][17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [4][22]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [4][22]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for various companies, all maintaining an "Outperform" rating, including Huadian International, Longyuan Power, and China Nuclear Power [8][22].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation [22]. - The report emphasizes the importance of the new retail pricing mechanism in Sichuan's electricity market, which is expected to enhance the integration of commercial storage resources by virtual power plants [18][20]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, while the public utility index dropped by 4.33% and the environmental index decreased by 6.02% [15][25]. - Within the electricity sector, thermal power declined by 4.68%, hydropower by 1.44%, and renewable energy generation by 5.67% [15][26]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16][17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - The report suggests focusing on water and waste incineration sectors, which are entering maturity with improved free cash flow, and highlights investment opportunities in companies like China Everbright Environment and Zhongshan Public Utilities [23]. - The report also points out the potential in the domestic waste oil recycling industry due to the EU's SAF blending policy, recommending companies like Shangaohuaneng [23]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, indicating a positive outlook for those in the public utility and environmental sectors [8].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric, which has relatively stable regional electricity prices [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation. Recommended companies include leading national renewable energy firms Longyuan Power and Three Gorges Energy, as well as regional offshore wind power companies [22]. - The report suggests that the growth in installed capacity and electricity generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China National Nuclear Power and China General Nuclear Power [22]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Longjiang Power, which combines stability and growth [22]. - The report identifies investment opportunities in the environmental sector, particularly in water and waste incineration industries, which are entering a mature phase with improved free cash flow [23]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, with the public utility index down 4.33% and the environmental index down 6.02%. The relative performance of public utilities and environmental sectors ranked 10th and 23rd among 31 first-level industry classifications [15][25]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection and restoration projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16]. Investment Strategy - The report recommends various companies across different sectors, including: - Thermal Power: Huadian International and Shanghai Electric - Renewable Energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies - Nuclear Power: China National Nuclear Power and China General Nuclear Power - Hydropower: Longjiang Power - Environmental: Guangda Environment and Zhongshan Public Utilities, focusing on mature sectors with improved cash flow [3][22][23]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including Huadian International, Longyuan Power, and Guangda Environment, among others [7][8].

绿城水务公告称，公司作为建设单位申请上级资金11,984万元获批，将采取资本金注入方式专项用于南 宁市老旧供水管网改造项目。控股股东南宁建宁水务集团作为政府出资人代表，将依据项目施工进度分 批、逐笔拨付资金，资金注入后形成的权益为国家独享资本公积，由其享有。该议案已获公司第五届董 事会第二十九次会议审议通过，涉及关联交易，关联股东应回避表决，现提请2025年第三次临时股东会 审议。会议于12月8日下午15:30召开。 ...

2025年，是胜利油田供排水设施和资产分离移交的第7个年头，也是供水分公司和东营市鲁辰水务有限 责任公司一体化运行的第七年。"七年来，作为油地水务运行共同体，我们聚焦'如何实现1+1>2的融合 效应'课题，创新构建以'政治共强、思想共振、组织共建、廉洁共管、发展共谋'为核心的'五共'融合党 建管理模式，推动油地水务事业步入协同发展、互利共赢的新阶段，为保障国家能源安全、支撑油气主 业发展、促进区域经济社会发展作出积极贡献。"供水分公司党委书记柴德彬说。 大众新闻记者 顾松 通讯员 赵雪 孟维红 安丽莎 物理融合迈向化学融合 六年多来，"一体化运行"从来不是生产运行中的一句口号，而是两家企业全体干部员工的行动自觉和实 践。 两家公司党委坚持以政治建设为统领，推动油地企业在组织架构、战略目标和体制机制上实现深度融 合，相融互促打造责任共同体、利益共同体、发展共同体。 党建与生产同频共振 党建是"融合剂"，更是"生产力"。 供水分公司党委创新基层党组织设置，依据"地缘"与"业缘"特性，组建8个功能型党总支，形成"资源共 享、优势互补、联合管理"的党建新机制。通过制定功能型党组织实施方案，建立党建责任落实、考核 联动 ...

Core Viewpoint - China Water Affairs (00855.HK) announced a mid-term dividend of HKD 0.13 per share to be distributed on June 18, 2026 [1] Company Summary - The company is set to distribute a mid-term dividend, indicating a commitment to returning value to shareholders [1]

Core Viewpoint - China Water Affairs (00855) announced a mid-term dividend of 13 Hong Kong cents per share, to be distributed on June 18, 2026 [1] Group 1 - The company will distribute a mid-term dividend of 13 HKD cents per share [1]

Core Viewpoint - China Water Affairs (00855) announced a mid-term dividend of 13 Hong Kong cents per share, to be distributed on June 18, 2026 [1] Company Summary - The company is set to distribute a mid-term dividend of 0.13 HKD per share [1]

在产业结构方面，该集团将结合政府发行的超长期国债和专项债政策导向，积极推进轻资产发展策略， 实现轻重资产结合的业务发展路径，通过降低资本开支，优化财务杠杆水平，增强经营的灵活性和抗风 险能力，提高自由现金流创造能力，为股东分红和业务发展提供充足资金保障。 智通财经APP讯，中国水务(00855)公布截至2025年9月30日止6个月的中期业绩，收益约51.83亿港元， 公司拥有人应占溢利约5.71亿港元，每股基本盈利35.12港仙，每股中期股息13港仙。 ...