1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core Viewpoints - In 25Q4, most asset performances showed marginal improvement. The revenue and EBITDA of public utilities, consumption, industrial parks, and warehousing logistics all increased, while the EBITDA decline of energy and transportation significantly narrowed year-on-year. However, the rental income and EBITDA of affordable rental housing decreased slightly, and IDC benefited from long - term contracts with major clients, maintaining stable performance [3]. - The performance of different sectors in the future will be affected by various factors. Public utilities are expected to have stable cash - flows, but performance differentiation depends on the active management ability of operators. The consumption sector is expected to have a compensatory increase in 26Q1, and its performance is expected to be stable in the long - term. Affordable rental housing will face new supply shocks in 2026, and different operators need to find a balance between volume and price. The energy sector's revenue stability depends on power trading strategies. The traffic sector's performance is related to road network planning and cost control. The warehousing sector's rent is expected to decline in the short - term, and the industrial park sector will enter a deep adjustment period [3][35][56][80][102][126][147][175]. 3. Summary by Directory 3.1 Overview - In 25Q4, the performance of most assets showed a marginal improvement trend. The revenue and EBITDA of consumption, industrial parks, and warehousing logistics increased quarter - on - quarter, and the revenue of public utilities increased year - on - year. The EBITDA decline of energy and transportation significantly narrowed, and the single - quarter distribution rate of the three major types of operating - rights assets increased significantly in 25H2 [3][6][8]. - The available distribution amount completion rate of REITs established in 2024 and 2025 was 79% and 64% respectively [11][13]. 3.2 Public Utilities - As of January 23, 2026, the expansion project of Shougang Water Service REIT was terminated. The scale and price of the four listed public - utility REITs are regulated by the government [20]. - In 25Q4, the waste treatment volume and power generation of Shougang Biomass REIT increased year - on - year. The sewage treatment volume of Shougang Water Service REIT decreased quarter - on - quarter, and the water supply volume of Shaoxing Raw Water REIT decreased quarter - on - quarter. The actual heat - stop rate of Jinan Energy Heating REIT was lower than expected, and the heating area increased [23]. - The revenue of Shougang Biomass REIT increased by more than 24% year - on - year, and Jinan Energy Heating REIT achieved significant cost - reduction. The revenue, profit, and available distribution amount of Shougang Water Service REIT decreased quarter - on - quarter, and the revenue, EBITDA, and available distribution amount of Shaoxing Raw Water REIT decreased quarter - on - quarter [27]. - In 2026, the cash - flows of public - utility REITs are expected to be stable, but the performance differentiation depends on the active management ability of operators. Attention should be paid to seasonal fluctuations, external interventions, and local new competition [35]. 3.3 Consumption - There are 12 listed consumption REITs, involving four types of sub - assets: shopping centers, outlet malls, supermarkets + community commerce, and agricultural product markets. The project management is generally carried out by high - quality commercial real - estate operating enterprises [39]. - In 25Q4, the eight consumption REITs achieved good operating performance. The rental rate and rent generally increased slightly year - on - year/quarter - on - quarter or remained basically the same, and the collection rate was close to full collection. Half of the projects' rent reached a new high in the past five periods [45]. - The fund revenue generally increased, and the performance of Bailian Consumption REIT significantly improved. The available distribution amount of most consumption REITs increased year - on - year/quarter - on - quarter or remained basically the same, but the available distribution amount of China Green Development Commercial REIT and Huagong Agricultural Market REIT decreased significantly quarter - on - quarter [49][56]. - In 26Q1, the operating performance of consumption REITs is expected to have a compensatory increase. In the long - term, with the implementation of the "national subsidy" policy and the focus on expanding domestic demand, the performance of consumption REITs is expected to be stable [56]. 3.4 Affordable Rental Housing - As of 25Q4, 8 affordable rental housing REITs were listed, and China Resources Youchao REIT completed its expansion and issuance [58]. - Government - led projects had stable volume and price, while market - oriented projects exchanged price for volume. The overall rental rate remained stable, but the rental rate of some projects decreased significantly, and the bottom - floor business recruitment progress of some projects was slow [61][64]. - The overall revenue increased, but the profit margin generally decreased quarter - on - quarter. The available distribution amount of most projects changed little or increased year - on - year, but the available distribution amount of some projects decreased significantly [65][69][74]. - In 2026, affordable rental housing REITs will face new supply shocks. First - tier cities' rents are expected to be more resilient, while second - and third - tier cities' rents may face greater pressure. Different operators need to find a sustainable balance between volume and price [80]. 3.5 Energy - As of January 23, 2026, 9 energy infrastructure REITs had been recruited. In 25Q4, China National Nuclear Power Clean Energy REIT was newly issued, and Beijing Energy Photovoltaic REIT completed its expansion [82]. - More than half of the energy REITs' power generation decreased year - on - year, and the power price generally declined year - on - year. The revenue slightly decreased, and the EBITDA stabilized, but the profit indicators were differentiated [84][88][94]. - About 67% of the REITs' available distribution amount increased year - on - year, driving the overall and unit available distribution amount to increase by 3.0% year - on - year [97]. - In 2026, the mechanism power generation will set a floor for revenue. The stability and elasticity of project revenue depend on power trading strategies and capabilities [100][102]. 3.6 Transportation - As of January 23, 2026, 13 transportation infrastructure REITs were listed, and 3 projects were queuing up [104]. - In 25Q4, most projects' daily average traffic volume decreased quarter - on - quarter/year - on - year, and the toll revenue decreased quarter - on - quarter but increased year - on - year. More than half of the projects' EBITDA profit margin was at the lowest level in the year [108][111][115]. - 40% of the REITs' available distribution amount increased year - on - year. The available distribution amount of some projects increased significantly, while that of some projects decreased due to high maintenance costs [122]. - In 2026, the traffic performance of projects affected by diversion in 2025 is expected to improve year - on - year, and the performance of projects still facing diversion pressure depends on refined cost control [126]. 3.7 Warehousing Logistics - As of January 23, 2026, 11 warehousing logistics REITs had been issued, mainly located in first - tier cities and their surrounding areas and logistics hub cities [128]. - In 25Q4, the national warehousing logistics rental market still faced rent adjustment pressure, with "regional differentiation and overall pressure". The rent of market - oriented rental projects decreased, and the overall rental rate increased slightly. The rent of whole - lease projects was relatively stable, with small fluctuations [131][135][136]. - The revenue and profit margin generally weakened, but the available distribution amount increased quarter - on - quarter on average due to the year - end centralized dividends of newly - listed REITs [138][142]. - In the short - term, the national warehousing rent is expected to continue to decline. The performance of projects will vary according to regional levels and rental operation models, and some projects with improved supply - demand conditions may recover first [147]. 3.8 Industrial Parks - As of 25Q4, 20 industrial park REITs were listed, involving 50 projects, mainly in the east of the Hu Line, with a continuous increase in R & D/office and manufacturing projects [149]. - The rental rate and collection rate of business parks increased, but the rent was still at the bottom. The rental rate and collection rate of manufacturing parks were high, but the rent still faced downward pressure [155][159]. - The marginal improvement of fund revenue began to appear, but the EBITDA was still under pressure. The change trend of the available distribution amount of individual bonds was differentiated, and some industrial park REITs' secondary - market net value dropped to a low level, with the distribution rate reaching a new high in the past five periods [163][167][171]. - In 2026, the supply of industrial parks is expected to be at a high level, and the rental downward pressure will continue. Attention should be paid to high - quality projects with a good supply - demand pattern, marginal improvement in operating fundamentals, and a stable rent trend [175]. 3.9 IDC - Two listed IDC - REITs operate under long - term agreements with major clients. In 25Q4, their operation was stable, and the financial indicators increased significantly quarter - on - quarter [177][181]. - In 2026, the basic business of the two IDC projects is expected to be stable due to long - term agreements. Attention should be paid to cost - side changes, such as the construction progress of surrounding substations and the control of energy - efficiency indicators [185].

内蒙古日报·草原云记者：孟和朝鲁 新闻编辑：陈杨 检测水样。 提取水样。 转自：草原云 1月26日，通辽市木里图污水处理厂工作人员进行水样检测。近年来，该污水处理厂通过技术研发和创 新，改进工业废水处理技术，采用预处理系统+水解酸化池+A2O池+混凝沉淀+过滤+消毒的工艺，提高 污水的处理效率。截至目前该厂日均收集污水量约为4万吨，处理率为100%，出水水质达到国家一级A 标准，部分污水通过中水回用加工后运至各企业再利用。 ...

Group 1 - The core point of the news is that Zhongzhi Water Holdings Co., Ltd. experienced a 5.05% drop in stock price, closing at 12.59 yuan per share, with a total market value of 3.214 billion yuan [1] - The company, established on December 31, 2009, and listed on March 14, 2017, primarily engages in wastewater treatment operations, EPC for wastewater and sludge treatment, and sales of technical products and other comprehensive services [1] - The revenue composition of the company is as follows: 65.22% from operational services, 24.78% from construction projects, and 10.00% from technical product sales and services [1] Group 2 - From the perspective of fund holdings, E Fund has one fund heavily invested in Zhongzhi Water, specifically the E Fund Yibai Intelligent Quantitative Strategy Mixed A (005437), which held 220,600 shares, accounting for 0.42% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 147,800 yuan [2] - The E Fund Yibai Intelligent Quantitative Strategy Mixed A was established on January 24, 2018, with a current scale of 352 million yuan, and has achieved a year-to-date return of 10.88% [2] Group 3 - The fund manager of E Fund Yibai Intelligent Quantitative Strategy Mixed A is Yin Ming, who has been in the position for 4 years and 314 days, with a total asset scale of 2.813 billion yuan [3] - During Yin Ming's tenure, the best fund return was 128.51%, while the worst was 11.79% [3] - The co-manager, Liu Yang, has been in the role for 146 days, managing assets totaling 768 million yuan, with a best return of 17.59% and a worst return of 17.45% during his tenure [3]

Core Viewpoint - The city of Xining is actively improving urban infrastructure, focusing on enhancing night lighting and wastewater management to ensure public safety and environmental standards are met [2][3][4] Group 1: Urban Infrastructure Improvements - Xining aims to eliminate black and odorous water bodies in urban and county areas, ensuring 100% compliance with Class A discharge standards for urban sewage treatment plants [2] - The city plans to install 300 new streetlights and repair 1,700 existing ones to improve nighttime safety for residents [2][4] - A total of 460 kilometers of drainage pipelines will be newly constructed or renovated to address flooding issues [2][3] Group 2: Progress and Community Response - The city has engaged China Railway Water Affairs Group to conduct comprehensive inspections of sewage treatment plants in Haixi and Guoluo, achieving a 100% compliance rate for sewage treatment plants [3] - Xining replaced 400 streetlights with new LED sources and repaired 4,785 faulty lights, maintaining an average lighting rate of over 98% [3] - Residents have expressed satisfaction with the improvements, noting enhanced safety and increased economic activity in night markets due to better lighting [4]

Core Viewpoint - Tianjin Chuangye Environmental Protection Group Co., Ltd. has announced that it will provide a guarantee for its subsidiary, Weng'an Chuanghuan Water Co., Ltd., to support its financing needs for a wastewater treatment project [2][6]. Group 1: Guarantee Details - The guarantee amount is capped at RMB 12,010 million, which includes principal, interest, penalties, and other related costs [3][4]. - The loan term is set for 20 years, with the guarantee period lasting one year after the main contract's debt fulfillment [4]. - The company will provide a guarantee based on its 97% equity stake in Weng'an Company, which will offer a counter-guarantee through project revenue rights and accounts receivable [4][6]. Group 2: Decision Process - The board of directors approved the guarantee proposal unanimously during the second meeting of the tenth board on January 23, 2026, with 9 votes in favor and no opposition [6]. - The decision to provide the guarantee is within the board's authority and does not require shareholder approval [2][6]. Group 3: Financial Context - As of the announcement date, the total amount of guarantees provided by the company to its subsidiaries is RMB 302,362.73 million, which represents approximately 30.63% of the company's most recent audited net assets, with no overdue guarantees reported [6].

证券日报网讯1月21日，碧水源（300070）在互动平台回答投资者提问时表示，公司MBR设备应用于湖 北十堰神定河污水处理厂项目，该项目为保护南水北调水源地丹江口水库水质起到积极作用。 ...

深水海纳公告，股东、董事李琴持股622.73万股占3.51%，一致行动人西藏大禹持股739.4万股占 4.17%，合计1362.13万股占7.68%。二者计划自公告披露日起十五个交易日后三个月内，通过集中竞价 或大宗交易减持合计不超过340.53万股，占总股本1.92%，其中集中竞价减持不超1%，大宗交易减持不 超2%，减持价格根据届时市场价格及交易方式确定。 ...

"十四五"以来，云南省楚雄彝族自治州（以下简称楚雄州）将农村生活污水治理（管控）作为改善人居 环境、推进乡村振兴的关键战役，坚持高位推动、因地制宜、机制创新、全民参与，交出了一份治理率 跃居全省第一的亮眼"成绩单"。 楚雄州生态环境局相关负责人介绍，截至2025年12月底，楚雄州已完成979个行政村、11015个自然村的 治理任务，行政村治理率达90.73%，较"十三五"期末提升61.27个百分点。累计建成投运处理设施5381 座，昔日农村污水横流、臭气熏天的景象已得到根本性扭转。 楚雄州共有1079个行政村、12026个自然村需开展农村污水治理。在政府财力十分有限的情况下，全州 各级各相关部门齐心协力、攻坚克难，加快推进各项治理工作落地落实见成效。 强化规划引领，做优治理顶层设计。楚雄州委、州政府将农村生活污水治理列为"一把手"工程，持续高 位推动，构建了"州级统筹、部门联动、县市主责、乡镇主建、村民参与、社会支持"的严密工作格局。 在组织精干力量认真调查研究、切实摸清底数的基础上，制定并印发《楚雄州农村生活污水整州推进全 域治理（管控）工作方案》及《楚雄州农村生活污水整州推进全域治理实施方案（2025—2 ...

Core Viewpoint - The capital restructuring of Huiyuan Juice has reached a critical breakthrough with a recent settlement between Guangdong Min Investment and 12 related entities of Wensheng Assets, potentially paving the way for Huiyuan Juice's return to the A-share market [1][3]. Group 1: Legal and Financial Developments - Guangdong Min Investment has applied to withdraw its lawsuit and lift the equity freeze on Zhuji Wensheng Hui, which was previously frozen due to litigation [1]. - Wensheng Assets, as the restructuring investor, is accused of failing to fulfill a 1.6 billion yuan capital increase obligation, leading to the freezing of its shares in Beijing Huiyuan [1][9]. - National Water Services has indirectly held a 21.89% stake in Beijing Huiyuan through Zhuji Wensheng Hui, and its investment in Huiyuan Juice has been crucial for its financial recovery [5][9]. Group 2: Control and Brand Conflict - A control war has erupted between the founding family of Huiyuan and the restructuring party, with both sides publicly accusing each other of violations and misconduct [2][10]. - The emergence of two competing entities claiming the Huiyuan brand has created confusion in the market, with one side controlling the brand and sales channels, while the other holds production capabilities [19][20]. - The ongoing disputes and public infighting are eroding the brand's value, as consumers associate Huiyuan more with legal battles than with quality products [22]. Group 3: Future Outlook - The situation has created a "triangular deadlock," where each party holds critical leverage over the others, but none can decisively break the stalemate [22]. - The potential return of founder Zhu Xinli to a controlling position is seen as a significant factor in the ongoing struggle for Huiyuan's future [20][22]. - The prolonged conflict risks diminishing consumer trust and brand reputation, which could lead to a significant loss in value for the Huiyuan brand, regardless of which party ultimately gains control [22].

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2026-01-20 | 300961 | 深水海纳 | 13.29 | 15.06 | 200.09 招商证券股份有限 | 国投证券股份有限 | | | | | | | 公司深圳西服留仙 | 公司深圳宝安海秀 | | | | | | | 大道证券营业部 | 路班券营业部 | 1月20日，深水海纳大宗交易成交15.06万股，成交额200.09万元，占当日总成交额的2.87%，成交价 13.29元，较市场收盘价14.72元折价9.71%。 ...