市值仅50亿元的江南水务再次被险资举牌。 7月2日盘后，江南水务（601199.SH）发布公告称，公司收到股东利安人寿出具的《简式权益变动报告 书》。利安人寿已持有公司股份4699.54万股，占总股本的5.03%。 公告显示，利安人寿于7月通过二级市场增持江南水务110万股，在此之前持有4589.54万股，占总股本 的4.91%。 据悉，此次权益变动是利安人寿基于保险公司自身配置需求以及江南水务配置价值进行的长期投资，资 金来源于自有资金。 该股权变动为股东增持股份，不触及要约收购。江南水务的控制权也不会发生变化，江阴市公有资产经 营有限公司与江阴公用事业集团有限公司为江南水务并列第一大股东，仍为江南水务实际控制人。 公开资料显示，利安人寿成立于2011年7月，注册资本45.79亿元人民币，总部位于南京，现由江苏省国 际信托有限责任公司、深圳市为顺正新投资有限责任公司、雨润控股集团有限公司、江苏交通控股有限 公司等10家公司共同持股。 2024年年报显示，利安人寿的总资产达1249.86亿元，股东权益为83.01亿元，当年实现归母净利润 4764.91万元。 | 股东名称 | | 本次权益变动前 | | 本次 ...

江南水务(601199.SH)公告称，公司收到股东利安人寿出具的《简式权益变动报告书》。利安人寿通过 二级市场增持公司股份4699万股，增持比例为5.03%。本次权益变动后，利安人寿持有公司股份4699万 股，占公司总股本的5.03%。本次权益变动不会导致公司第一大股东、实际控制人发生变化。本次权益 变动是基于保险公司自身配置需求以及本公司配置价值进行的 长期投资，资金来源于自有资金。 ...

Group 1 - The establishment of the audit committee is a strategic action to implement the "Party's management of auditing" and is an important way to build a comprehensive audit and supervision system [1][2] - The audit committee aims to enhance internal governance, strengthen internal audit supervision, and improve risk prevention capabilities to support the company's high-quality development [1][2] - The ceremony was attended by key officials from the municipal audit bureau and the water group, indicating strong institutional support for the new committee [1] Group 2 - The chairman of the water group highlighted the achievements of internal auditing over the past five years, emphasizing the importance of integrating auditing into the company's key work planning [2] - The audit committee is expected to focus on major policy implementation and project investment, enhancing the effectiveness of supervision through collaboration with other departments [2][3] - The establishment of the audit committee is seen as a strategic measure to safeguard the company's high-quality development and the security of state-owned assets [3]

Summary of Key Points Core Viewpoint - The announcement details the change of the implementation entity for certain fundraising investment projects by Chongqing Water Group, following the absorption and merger of a subsidiary, ensuring compliance with regulatory requirements and maintaining project integrity [1][5][7]. Group 1: Fundraising Overview - The company raised a total of RMB 1,900,000,000 through the issuance of convertible bonds, with actual funds received amounting to RMB 1,896,230,000 [1]. - The funds are managed under a specialized account with oversight agreements in place to protect investor interests [1]. Group 2: Investment Project Details - As of June 30, 2025, the total investment amount for the fundraising projects is RMB 424,166,280, with RMB 189,457,550 already utilized [2][3]. - The specific project involved is the expansion of the New Degan Water Plant, which will now be managed by the newly formed Jiangjin Branch of Chongqing Haoyang Water Management Co., Ltd. [3][5]. Group 3: Change of Implementation Entity - The original implementation entity, Chongqing Water Group Jiangjin Water Supply and Drainage Co., Ltd., has been absorbed by Chongqing Haoyang Water Management Co., Ltd., necessitating the change in project management [3][5]. - The restructuring aims to enhance operational efficiency and resource allocation in line with national and local reforms [5]. Group 4: Compliance and Approval Process - The change in the implementation entity was approved by the company's Audit Committee and Board of Directors, ensuring adherence to relevant regulations and procedures [6][7]. - The new fundraising account will be established, and a five-party supervision agreement will be signed to ensure proper management of the funds [6][7].

Group 1 - The company announced an organizational restructuring to optimize its departments and responsibilities [1][2] - Three departments were renamed: Production Operation Department to Production Running Department, Finance Department to Financial Management Department, and Publicity Department to Party Committee Publicity Department [1] - Three departments were abolished: Material Equipment Department, Supervisory Office, and Cost Control Center [1] Group 2 - Five departments were merged: Technology Innovation Department and Digital Information Department into Science and Technology Information Department; Safety Supervision Management Office, Environmental Protection Supervision Office, and Inspection Office into Safety and Environmental Supervision Department [2] - One new department was added: Labor Union Office, which will work in conjunction with the Party Mass Work Department and Party Committee Publicity Department [2]

Core Viewpoint - Chongqing Water Group Co., Ltd. is changing the implementation subject of part of its fundraising projects and opening a new fundraising account, which has been approved by relevant regulatory bodies [1][12][14]. Fundraising Overview - The company plans to issue 19 million convertible bonds with a total fundraising amount of RMB 1.9 billion, netting approximately RMB 1.895 billion after deducting issuance costs [1][2]. - The funds will be allocated to various projects, with a total investment of RMB 424.166 million, of which RMB 189.457 million will come from the fundraising [2]. Change of Project Implementation Subject - The project "New Degan Water Plant Expansion Project" will now be implemented by Chongqing City Haoyang Water Management Co., Ltd. Jiangjin Branch, following the absorption of Chongqing Water Group Jiangjin Supply and Drainage Co., Ltd. [4][6]. - The new implementation subject is a wholly-owned subsidiary of Chongqing Water Group, established to enhance operational efficiency and align with national reforms [5][6]. New Fundraising Account and Five-Party Supervision Agreement - A new fundraising account will be opened at China Construction Bank, and a Five-Party Supervision Agreement will be signed to ensure proper management of the funds [6][7]. - The agreement involves Chongqing Water Group, Kunming Yurun Water Co., Ltd., Chongqing City Haoyang Water Management Co., Ltd. Jiangjin Branch, China Construction Bank, and the underwriting institution [7][8]. Impact of Changes - The change in the project implementation subject does not alter the investment content or total investment amount, ensuring that the project will proceed without substantial impact [12][14]. - The adjustments are in compliance with relevant laws and regulations, having been approved by the company's Audit Committee and Board of Directors [12][14].

Core Insights - China Water Affairs reported a revenue of approximately HKD 11.657 billion for the fiscal year ending March 31, 2025, representing a year-on-year decline of 9.4% [1] - Net profit was approximately HKD 1.075 billion, down 29.9% year-on-year [1] - Adjusted EBITDA increased by 1.8% year-on-year to HKD 5.26 billion [1] Financial Performance - The company proposed a final dividend of HKD 0.15 per share, maintaining an annual dividend of HKD 0.28 per share, with a payout ratio of 42.4% [1] - Total revenue decline was attributed to a decrease in construction-related capital expenditure, which fell by 36.9% from HKD 4.6 billion to HKD 2.9 billion [1] - Expected capital expenditure for the fiscal year 2025-2026 is projected to be no more than HKD 2 billion [1] Business Segments - Performance of water supply projects improved, with urban water supply operating revenue reaching HKD 3.53 billion, a year-on-year increase of 6.5%, and a profit margin of 32.6% [1] - Direct drinking water revenue was HKD 393 million, up 23.7% year-on-year, with a profit margin of 36.9% [1] - Environmental operations revenue surged by 69.9% year-on-year to HKD 640 million, with profits increasing by 56.9% to HKD 560 million and a profit margin of 35.3% [1] Strategic Developments - The company is actively optimizing its development strategy to address challenges, focusing on improving investment returns from core businesses, reducing capital expenditures, and enhancing the efficiency of existing projects [1] - Long-term investors, including Orix Group and Great Wall Life Insurance, increased their stakes by 7.62% and 5.04%, respectively [1] - Taikang Asset Management made a strategic investment of HKD 1.5 billion in subsidiary Beijing Yinlong, indicating confidence in the company's future prospects [1] Market Outlook - The government is expected to stabilize and expand domestic demand, with a positive national development trend [1] - Low inflation and market-driven water fee adjustments are anticipated, with water price increases becoming a consensus, as seen in Guangzhou's recent water fee hike, which is likely to benefit the profitability recovery of the water services industry [1]

Core Viewpoint - The company, Zhongjie Neng Guozhen, has been a leader in the water industry for over 20 years, focusing on municipal, rural, and industrial wastewater treatment, and has successfully implemented a series of green, low-carbon smart water projects that enhance water quality and contribute to environmental improvement [1] Group 1: Technological Innovation - The Hefei Xiaocangfang Water Plant utilizes advanced artificial intelligence systems for comprehensive monitoring and control, significantly improving operational efficiency and emergency response capabilities [2] - The plant's intelligent inspection system has increased process control precision by over 30%, reducing the need for manual intervention and setting a benchmark for digital transformation in the wastewater treatment industry [2] Group 2: Green Energy Initiatives - The Xiaocangfang Water Plant features a 1.8 MW solar power station that generates 2 million kWh of clean electricity annually, meeting the plant's energy needs and transforming it into a carbon reduction hub [3] - The carbon reduction achieved by the plant is equivalent to planting 110,000 fir trees, exemplifying the ecological benefits of green development [3] Group 3: Resource Management and Efficiency - The Xiaocangfang Water Plant has implemented 16 major technical upgrades focused on process control and energy conservation, leading to significant reductions in energy consumption while ensuring stable water quality [4] - A dynamic power monitoring system optimizes the plant's power distribution network, contributing to efficient resource utilization [4] Group 4: Innovative Infrastructure - The underground Hu Daying Water Plant processes 100,000 tons of wastewater daily and saves approximately 67% of land resources compared to traditional plants, enhancing urban development [5] - The underground design stabilizes biological treatment processes and effectively manages noise and odor, challenging the perception of wastewater treatment facilities [5] Group 5: Community Engagement and Education - The Hu Daying Water Plant serves as an ecological education base, hosting over 20 "water-saving classes" annually for local schools, fostering awareness of green development among children [6] - The plant's open days allow children to witness the wastewater treatment process firsthand, promoting understanding of carbon reduction efforts [6] Group 6: Industry Leadership - Zhongjie Neng Guozhen is setting industry standards for low-carbon operations in wastewater treatment and has led the development of a group standard for urban wastewater treatment plant low-carbon operation services [7] - The company's initiatives align with national low-carbon goals, reinforcing its commitment to ecological civilization and sustainable development [7]

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2025 年 7 月十大转债 ---东北固收转债分析 报告摘要： [Table_Summary] 7 月十大转债如下： 中证转债指数 [Table_Report] 相关报告 《【东北固收】原油地缘溢价消退，提振消费扩 内需继续发力——政策及基本面周度观察 （20250628）》 --20250629 《甬矽转债定价：首日转股溢价率 23%~28%》 --20250626 《华辰转债定价：首日转股溢价率 22%~27%》 --20250623 《社零超预期改善，油价涨幅收窄——政策及 基本面周度观察（20250621）》 --20250622 《锡振转债定价：首日转股溢价率 29%~33%》 --20250622 首席分析师：刘哲铭 执业证书编号：S0550524040002 18801785199 liuzm1@nesc.cn 证券分析师：薛进 执业证书编号：S0550522120002 13916677156 xuejin@nesc.cn 风险提示：转债回调风险。 请务必阅读正文后的声明及说明 [Table ...

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