Group 1 - The core point of the news is that southbound funds increased their holdings in Beijing Holdings (00392.HK) by 4,000 shares on September 24, 2025, while there were net reductions in holdings on 9 out of the last 20 trading days, totaling a net reduction of 1.8335 million shares [1][2] - As of now, southbound funds hold 258 million shares of Beijing Holdings, which accounts for 20.5% of the company's total issued ordinary shares [1][2] - In the last 5 trading days, there were 2 days of net reductions totaling 38,500 shares [1][2] Group 2 - Beijing Holdings Limited primarily engages in gas business through five segments, including the distribution and sale of pipeline natural gas and related equipment, as well as the production and sale of oil and gas [2] - The water business segment constructs sewage and drinking water treatment plants and other infrastructure, providing water supply and consulting services [2] - The environmental business segment offers waste incineration plant construction and waste treatment services, selling electricity, steam, and heat generated from waste incineration [2] - The beer business segment is involved in the production, distribution, and sale of beer products [2] - Other business segments provide consulting services, engage in property investment, and manage corporate income and expenditure projects [2]

9月24日上午，北京市第四中级人民法院（以下简称"四中院"）召开新闻通报会，发布一批环境资源审 判助推生态环境修复的典型案例，涵盖大气污染、土壤污染、水体污染等多个领域，通过创新裁判方 式、强化预防性保护等举措，为生态环境修复提供司法保障，同时向社会传递生态保护法治理念。 案例一：安装充电桩替代修复，破解大气污染赔偿难题 某汽车公司在北京销售的两款机动车，因不符合环保生产一致性要求，排放检测结果超过轻型汽车污染 物排放限值被行政部门处罚。随后，某基金会提起环境民事公益诉讼，要求该汽车公司承担民事侵权责 任。审理期间，某汽车公司认可违法事实并愿担责，在其官方网站发布了致歉公告。 四中院在向社会公告后，未收到反对意见，随后作出调解书，要求汽车公司停止生产销售不达标车辆， 完善其生产工艺和技术，保证今后生产销售的车辆均达标；同时，要求某汽车公司采用安装新能源电动 汽车充电桩的方式修复生态环境。某汽车公司需要在北京市范围内公共场所安装新能源电动汽车充电桩 100根，并负责维护5年。费用不低于鉴定评估的修复成本。 空气环境本身具有自净能力。四中院通过创新司法责任形式，将传统罚款或修复难以根治的污染问题采 用替代修复方式 ...

Core Viewpoint - Bohai Co., Ltd. announced the approval of a proposal to apply for a comprehensive credit facility from financial institutions, with a total amount not exceeding RMB 4.8 billion [1] Group 1 - The company will hold its 25th meeting of the 8th Board of Directors on September 24, 2025, to discuss the credit application [1] - The application for the comprehensive credit facility requires approval from the shareholders' meeting [1]

Group 1 - The company responded to the severe situation posed by Typhoon Haikui, the 18th typhoon of the year, by stating that it has "rapidly responded, made early deployments, and strictly prepared" for the typhoon's defense [2]

Group 1 - The core viewpoint is that Lianyungang City is transforming water resource constraints into water resource guarantees through innovative practices in water management [1][5] Group 2 - Donghai County has implemented a tailwater recycling irrigation project, saving approximately 4.5 million cubic meters of fresh water through the use of tailwater for irrigation [2] - In 2024, Donghai County will invest 37.6 million yuan in a pilot project for agricultural tailwater management, incorporating advanced irrigation facilities [2] - The area covered by agricultural tailwater recycling in Lianyungang City has exceeded 200,000 acres, significantly reducing total water usage and enhancing water efficiency [3] Group 3 - Lianyungang Port Group has signed an agreement with China Everbright Water to supply treated reclaimed water, with an initial capacity of 40,000 tons per day, expanding to 80,000 tons in the future [4] - The city is developing a network for reclaimed water utilization, which will alleviate the pressure on conventional water sources [4] Group 4 - The Western Gangling area faces challenges in water resource allocation, prompting the city to conduct research and propose solutions to enhance irrigation capacity and promote efficient water use [5] - The approach combines both "opening up" new water sources and "saving" through efficient irrigation techniques, aligning with the principle of "water determines land" [5]

Group 1 - The company announced that its wholly-owned subsidiary, Kashgar Beijiete Water Development Co., Ltd., plans to apply for a project loan of up to RMB 1.1 billion to enhance water supply capacity and construct a sewage treatment plant in Kashgar [1] - The loan will be guaranteed by the company through a joint liability guarantee, with the loan and guarantee period aligned with the subsidiary's 30-year operating rights for the project [1] - The board of directors will seek authorization from the shareholders' meeting for the chairman and authorized personnel to sign relevant legal documents related to the loan and guarantee [1] Group 2 - After providing the guarantee, the total amount of external guarantees by the company and its subsidiaries will reach RMB 1.54 billion, which is 103.82% of the company's latest audited net assets as of December 31, 2024 [2] - This guarantee also represents 65.24% of the company's total audited assets as of the same date [2] - The cumulative guarantee balance is RMB 30 million, accounting for 2.02% of the company's latest audited net assets [2]

Core Viewpoint - The company, Shankang Intelligent (300897.SZ), is currently not directly engaged in data element business but focuses on smart water-related products that serve as tools and carriers for extracting the value of data elements [1] Group 1: Company Overview - The main products of the company are related to smart water management, which are essential for leveraging data element value [1] - In 2024, the water industry is expected to see a significant surge in data asset transactions, with multiple water companies successfully incorporating data assets into their balance sheets [1] Group 2: Industry Insights - The data content being integrated includes various dimensions such as corporate water usage behavior, smart water monitoring, and revenue data [1] - The successful incorporation of these data assets is anticipated to enhance the asset scale of water companies, improve their low book value and profit margins, and facilitate future data product transactions [1] - This development is also expected to positively impact the companies' credit ratings and financing capabilities [1]

证券研究报告 | 固定收益点评 gszqdatemark 2025 09 23 年 月 日 熊猫债驱动人民币实现跨境循环。作为境外主体在境内发行的人民币债 券，熊猫债驱动人民币形成了"境内募资-境外使用-跨境回流"的闭环链 条。从存量熊猫债披露的募集资金用途来看，发行人除了将一部分资金存 于境内 NRA 账户，用于偿还境内债务或境内营运，也还会将一定比例的 募集资金汇出境外使用。 熊猫债扩容的背后是人民币稳定度的提升和境内利率水平的下降。从汇率 角度看，今年以来美元指数呈趋势性下行，同期 CFETS 人民币汇率指数呈 现"先下后稳"特征，整体波动幅度亦小于美元指数； 从利率角度看，2024 年以来熊猫债发行利率与美国国债收益率走势呈现分化特征，美债收益率 在 2024 年初明显冲高回落，且波动相对剧烈。同期限熊猫债利率更加平 稳且呈下行趋势，低利率对国际发行人具有更强的吸引力。 央国企主导，中短期为主。熊猫债发行人中，央企与地方国有企业合计金 额占比 43%，为当前熊猫债市场的核心发行主体，其次为国际开发机构， 金额占比 18%。从发行期限结构占比来看，1 年以内短期品种金额占比呈 持续下降态势；1-3 年中 ...

Core Viewpoint - The public utility and environmental sectors have shown underperformance in the recent market, with the Shanghai Composite Index down 0.44%, the public utility index down 2.18%, and the environmental index down 1.42% [2][4]. Market Review - The Shanghai Composite Index decreased by 0.44%, while the public utility index fell by 2.18% and the environmental index dropped by 1.42%, resulting in relative weekly returns of -1.73% and -0.97% respectively [2]. - Among the 31 primary industry sectors classified by Shenwan, public utilities and environmental sectors ranked 24th and 21st in terms of performance [2]. - In the electricity sector, thermal power decreased by 3.95%, hydropower by 2.75%, and new energy generation by 2.58%. Conversely, the gas sector saw an increase of 1.53% [2]. Important Events - The National Bureau of Statistics reported that the industrial power generation in August reached 9,363 billion kWh, a year-on-year increase of 1.6%. From January to August, the total was 64,193 billion kWh, up 1.5% year-on-year [2]. - In August, the growth rate of industrial wind power accelerated, while hydropower saw a larger decline, and the growth rates of thermal, nuclear, and solar power generation slowed down [2]. - The Guangdong Provincial Development and Reform Commission and Energy Bureau released a plan to deepen the market-oriented reform of new energy grid connection prices, with existing project prices set at 0.453 yuan/kWh and new projects categorized into offshore wind, other wind, and solar power [2]. Specialized Research - The National Development and Reform Commission and the National Energy Administration issued a plan for the large-scale construction of new energy storage from 2025 to 2027, emphasizing the need for a pricing mechanism for new energy storage [3]. - Various provinces have introduced capacity pricing or compensation policies for new energy storage projects, with standards ranging from 100 to 330 yuan/kW·year [3]. - Investment strategies in the public utility sector include recommendations for major thermal power companies and new energy leaders, as well as stable nuclear power operators [4]. Investment Strategy - In the public utility sector, coal and electricity prices are expected to decline simultaneously, maintaining reasonable profitability for thermal power, with recommendations for major companies like Huadian International and Shanghai Electric [4]. - Continuous government support for new energy development is anticipated to stabilize profitability, with recommendations for leading companies in the new energy sector [4]. - The water and waste incineration sectors are entering a mature phase, with improved free cash flow, suggesting investment opportunities in the environmental sector [4].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 东坡产投构建了全方位、多层次的内控体系，严格遵守各项监管规定，实现国有资产保值增值率较上年 提升18.33%。同时，东坡产投积极履行国企担当和社会责任，在乡村振兴、粮食安全、环境治理、生 态修复等方面实施了一系列重大民生工程项目，实现经济效益与社会效益的协同发展。 中共眉山东坡产业发展投资有限公司委员会书记肖文成表示："作为国有企业，东坡产投始终秉持社会 责任和经济责任并重的办企理念，特别注重与国家大政方针保持一致，以宏观政策为指引，精准谋划地 方经济发展路径和国企运营方向。在传统水务板块上，我们践行绿水青山就是金山银山理念，在污水治 理领域投入大量资源与精力，持续提高污水治理水平，推动城乡环保治理成效显著提升。在供水领域， 通过岷江、青衣江两大水系双引水模式优化水源结构，切实改善群众饮水品质，同步推进工业供水项目 建设，为地方工业发展提供稳定水资源支撑，实现经济效益与社会效益双赢。在农业板块上，我们紧扣 建设更高水平'天府粮仓'目标，秉持农业为民的初心，以智慧农业为核心驱动力，大力推进高标准农田 建设与智慧农业布局，有效提升区域农业产 ...