从中山公用十大流通股东角度 10月9日，中山公用涨5.01%，截至发稿，报12.99元/股，成交3.55亿元，换手率2.21%，总市值191.62亿 元。中山公用股价已经连续3天上涨，区间累计涨幅10.35%。 资料显示，中山公用事业集团股份有限公司位于广东省中山市兴中道18号财兴大厦北座，成立日期1992 年12月26日，上市日期1997年1月23日，公司主营业务涉及环保水务、固废处理、环卫服务、工程建 设、市场运营、港口客运、金融服务与股权投资等领域。主营业务收入构成为：供水及污水处理 37.07%，工程安装34.53%，环卫及垃圾发电18.79%，其他(补充)9.32%，新能源板块0.28%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间6年338天，现任基金资产总规模949.76亿元，任职期间最佳基金回报 164.18%， 任职期间最差基金回报-15.93%。 ...

10月9日，中山公用涨5.01%，截至发稿，报12.99元/股，成交3.54亿元，换手率2.20%，总市值191.62亿 元。中山公用股价已经连续3天上涨，区间累计涨幅10.35%。 资料显示，中山公用事业集团股份有限公司位于广东省中山市兴中道18号财兴大厦北座，成立日期1992 年12月26日，上市日期1997年1月23日，公司主营业务涉及环保水务、固废处理、环卫服务、工程建 设、市场运营、港口客运、金融服务与股权投资等领域。主营业务收入构成为：供水及污水处理 37.07%，工程安装34.53%，环卫及垃圾发电18.79%，其他(补充)9.32%，新能源板块0.28%。 从中山公用十大流通股东角度 银华富裕主题混合A（180012）基金经理为焦巍。 截至发稿，焦巍累计任职时间13年298天，现任基金资产总规模135.49亿元，任职期间最佳基金回报 94.17%， 任职期间最差基金回报-41.76%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.121 billion yuan, with a net profit attributable to shareholders of 719 million yuan, representing a year-on-year growth of 29.55% [3] - Total assets reached 35.658 billion yuan, an increase of 10.02% compared to the end of the previous year, with a debt-to-asset ratio of 49.22% [3] Business Segments - The environmental water service segment generated revenue of 786 million yuan, up 13.82%, maintaining a dominant position in the Zhongshan water market [3][4] - The solid waste treatment segment contributed 399 million yuan in revenue, reflecting a year-on-year increase of 14.89% [4] - The waste incineration power generation project processed 663,100 tons of waste, generating 291 million kWh of green electricity [3] Investment Strategy - The company has invested 1.5 billion yuan in a fund, with a total investment amount of 1.208 billion yuan across 27 quality projects [5] - Focus areas include AI and chips, new energy and smart connected vehicles, military industry, and adaptive robotics, aligning with national strategic emerging industries [5] Future Growth Drivers - The water service segment will continue to provide stable cash flow and profit support, with plans to expand industrial wastewater treatment in Zhongshan [6] - The solid waste segment will enhance efficiency through a comprehensive industrial chain layout and accelerate investments in new fields [6] - The company aims to innovate its new energy business model, leveraging fund synergies to promote integrated applications and develop a smart energy management system [6]

Group 1 - The company held an analyst meeting from September 3 to 5, attended by 12 institutions, discussing performance, ESG initiatives, strategic planning, and more [1] - The company achieved a net profit of 719 million yuan, a year-on-year increase of 29.55%, and a total asset scale of 35.658 billion yuan, growing by 10.02% since the beginning of the year [1] - Revenue from environmental water services reached 786 million yuan, up 13.82%, while solid waste treatment revenue was 399 million yuan, increasing by 14.89% [1] Group 2 - In the ESG sector, the company focuses on environmental water, solid waste treatment, and renewable energy, contributing to the "Green and Beautiful Zhongshan" initiative [2] - The company plans significant revenue and asset growth during the 14th Five-Year Plan, targeting 5.678 billion yuan in revenue and over 3.241 billion yuan in total assets by 2024, representing increases of 160.07% and 55.16% respectively since 2020 [2] - The renewable energy fund has a paid-in capital of 1.5 billion yuan, with 27 projects invested, totaling 1.208 billion yuan [2] Group 3 - The company is enhancing its market value through a comprehensive management system focused on core business development, shareholder returns, governance structure, and investor relations [3]

Financial Performance - In the first half of 2025, the company achieved a net profit of 719 million CNY, a year-on-year increase of 29.55% [3] - The net profit excluding non-recurring items reached 714 million CNY, with a growth rate of 36.05% [3] - Total assets amounted to 35.658 billion CNY, reflecting a growth of 10.02% compared to the beginning of the year [3] - Revenue from environmental water services reached 786 million CNY, up 13.82% year-on-year [3] - Revenue from solid waste treatment was 399 million CNY, showing a year-on-year increase of 14.89% [3] ESG Initiatives - The company has established a comprehensive ecological service industry chain focusing on environmental water services, solid waste treatment, and new energy [4] - The green energy segment has a grid-connected contract capacity exceeding 300 MWp [4] - The company has received a five-star rating for its ESG report and recognition in various ESG development indices [4] Strategic Planning - During the 14th Five-Year Plan, the company significantly increased its revenue and total assets, with 2024 revenue projected to reach 5.678 billion CNY, a 160.07% increase from 2020 [4] - The company aims to enhance its core business in water services and solid waste management while developing distributed photovoltaic and new energy businesses [5] - The company has distributed a total of 1.251 billion CNY in dividends over the past three years, demonstrating a strong commitment to shareholder returns [5] New Energy Fund Progress - The new energy industry fund has invested 1.208 billion CNY across 27 projects, with a total contribution of 1.5 billion CNY [5] - The fund focuses on high-tech sectors such as integrated circuits and new energy, aligning with national strategic support areas [5] Waste-to-Energy Development - The company is committed to enhancing its waste-to-energy business, focusing on operational quality, industry chain extension, and technological empowerment [6] - Plans include integrating AI technology for improved efficiency in waste incineration and energy recovery [6] - The waste-to-energy segment is seen as a key component of the company's green energy strategy, contributing to a circular economy [7] Value Management - The company emphasizes value management, aiming to enhance both intrinsic and market value through quality improvement and governance optimization [8] - A special dividend of 514 million CNY was distributed in January, reflecting confidence in future growth [9] - The company is committed to improving information disclosure and investor relations to enhance market trust and transparency [9]

Group 1 - The core viewpoint of the article highlights that Zhongshan Public Utility (000685) reported significant growth in its financial performance for the first half of 2025, with a revenue of 2.121 billion yuan and a net profit attributable to shareholders of 719 million yuan, marking a year-on-year increase of 29.55% [2] - The company's revenue growth was primarily driven by its high-margin segments, specifically the environmental water services and solid waste management sectors, both achieving double-digit growth [2] - The environmental water services segment generated 786 million yuan in revenue, reflecting a year-on-year increase of 13.82%, attributed to integrated supply and network operations [2] - The solid waste management segment reported revenue of 399 million yuan, with a year-on-year growth of 14.89%, increasing its contribution to total revenue to 18.79% [2] Group 2 - The solid waste management segment's waste-to-energy business saw a significant increase in operational efficiency, with total power generation reaching 291 million kilowatt-hours, and the power generation per ton of waste increased by 8.24 percentage points compared to the previous year [2] - On July 26, Zhongshan Public Utility announced the acquisition of 100% equity in Changqing Energy and Changqing Thermal Energy for a total price of 494 million yuan, which will enhance its waste management capabilities [2] - Following the acquisition, the company's total waste incineration processing capacity will increase to 6,120 tons per day, consolidating its position in the waste management sector [3]

Core Insights - Zhongshan Public Utility Group Co., Ltd. reported a revenue of 2.121 billion yuan for the first half of 2025, a year-on-year decline of 1.51%, while net profit attributable to shareholders increased by 29.55% to 719 million yuan [1] - The company is engaged in various sectors including environmental water services, solid waste, new energy, and engineering construction, and is focusing on strategic transformation and structural optimization to enhance profitability [1] - The company has integrated its water services and expanded its coverage to 94% of the water supply scale in Zhongshan City, excluding Tanzhou Town [1] Business Developments - In February, the company signed its first industrial wastewater project, marking its entry into the industrial wastewater treatment sector [1] - In June, the company expanded its water pollution control efforts by undertaking integrated projects in Zhongshan Port and Minzhong streets [1] - The company is actively pursuing opportunities in the "dual carbon" initiative and has signed strategic cooperation agreements to develop a "virtual power plant" model [1] Digital Transformation - The company has made progress in digital transformation with the implementation of eight modules including digital drainage and digital engineering, aimed at breaking down data barriers [2] - The establishment of a financial shared center and public cloud is enhancing operational efficiency and business performance [2] Innovation and R&D - In the first half of the year, the company added 23 new intellectual property rights and received six awards in technology innovation, including recognition for its virtual power plant project [2]

Core Insights - Zhongshan Public Utility (000685.SZ) reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 2.121 billion yuan and net profit attributable to shareholders at 719 million yuan, marking a year-on-year growth of 29.55% [1] - The company's profitability improved notably, with the net profit after deducting non-recurring items at 714 million yuan, reflecting a year-on-year increase of 36.05% [1] Business Segments - The environmental water and solid waste segments, both with high gross margins, experienced double-digit revenue growth, which was crucial for the company's overall performance [1] - The environmental water segment generated revenue of 786 million yuan, up 13.82% year-on-year, driven by integrated supply and network operations [1] - The solid waste segment achieved revenue of 399 million yuan, a year-on-year increase of 14.89%, contributing 18.79% to total revenue [1] Operational Highlights - The solid waste segment's waste-to-energy business saw a simultaneous increase in volume and efficiency, with total power generation reaching 291 million kWh, and the power generation per ton of waste increased by 8.24 percentage points compared to the previous year [1] - The company is expanding its green energy initiatives, as evidenced by the announcement on July 26 to acquire 100% stakes in Changqing Energy and Changqing Thermal Energy for a total price of 494 million yuan [1] - The acquired companies operate the Zhongshan Central Group's comprehensive waste treatment base, which has a combined designed daily processing capacity of 2,250 tons [1] Strategic Expansion - Following the acquisition, the company's total waste incineration processing capacity will increase to 6,120 tons per day, indicating the effectiveness of its strategic layout [2]

Core Viewpoint - Deepwater Haina Water Group Co., Ltd. is experiencing a pivotal development phase in 2025, driven by state-owned capital investment, the construction of a smart water ecological system, forward-looking layouts in the marine economy, and the continuous release of policy dividends [1] Group 1: State-Owned Capital Investment - In 2025, Deepwater Haina joined the Maoming Development Group system, a local state-owned platform, which provides strong capital backing and opens strategic channels for regional resource collaboration and policy alignment [2] - The deep involvement of state-owned capital is expected to enhance the safety margin of accounts receivable and project payment guarantees for Deepwater Haina as an environmental service provider [3] - The company has established a targeted accounts receivable collection assessment method, implementing a tiered management strategy for local governments based on their financial conditions, along with provisions for bad debt to improve its practical response capabilities in accounts receivable collection [3] Group 2: Technological Transformation - Digital transformation is profoundly reshaping the environmental water service industry, with the company leveraging the KaihongOS technology base to upgrade its existing Hy-Smart smart water platform into a "cloud-edge-end" integrated digital ecosystem [4] - The uniqueness of this layout lies in its self-controllable technology, based on the open-source Harmony operating system, combined with open-source large models like DeepSeek, to develop specialized operating systems and intelligent terminals for the environmental sector [4] - The platform aims to achieve deep integration across all links, covering water plants, sewage plants, pipelines, and watershed water environments, promoting the implementation of "unmanned operation and smart decision-making" [4] Group 3: Marine Economy Layout - While solidifying its water service foundation, Deepwater Haina is also keenly capturing opportunities in the marine industry, planning to expand into eco-friendly related industrial chains and explore new paths for synergistic development with its main business [5] - The company will adopt a dual approach of internal incubation and external cooperation to promote the marine intelligent aquaculture equipment business across design, manufacturing, sales, investment, and operation [5] - This strategy aims to explore diversified profit mechanisms, steadily expand the industrial ecosystem, and enhance the overall resilience and innovation capabilities of the enterprise [5]

Core Viewpoint - The company, Deepwater Haina, reported a revenue of 166 million yuan and a loss of 15.68 million yuan in the first half of the year, but shows positive signs of recovery due to state-owned capital support [2][3]. Group 1: State-Owned Capital Involvement - In 2025, Deepwater Haina will undergo a significant transformation by joining the Maoming Development Group, a local state-owned platform, which will provide strong capital backing and open strategic channels for regional resource coordination and policy alignment [3]. - The Maoming State-owned Assets Supervision and Administration Commission possesses rich industrial and governmental resources that can help Deepwater Haina gain advantages in project acquisition, approval, land acquisition, and policy support [3]. - The state-owned background is expected to enable Deepwater Haina to secure more favorable loan conditions from banks, reducing financing costs for new projects in wastewater treatment and water supply [3]. Group 2: Digital Transformation and Technological Innovation - The environmental water service industry is undergoing profound changes due to digital transformation, with Deepwater Haina leveraging the KaihongOS technology to upgrade its Hy-Smart smart water platform into a "cloud-edge-end" integrated digital ecosystem [4]. - The platform aims for full-chain technological autonomy and deep integration of scenarios, covering water plants, sewage plants, pipelines, and watershed environments, promoting "unmanned operation and smart decision-making" [4]. - The company has established a research center for smart environmental energy technology, collaborating with several prestigious universities and research institutions on significant projects related to the removal of difficult-to-degrade organic compounds from reclaimed water [4]. Group 3: Business Strategy and Future Outlook - As accounts receivable pressure eases and the asset-light operation model (such as EPC+O projects) is optimized, the company's asset structure is expected to improve, laying a solid foundation for long-term stable development [5]. - With the support of state-owned capital, the opening of the Hongmeng ecosystem, and strategic expansion into the marine economy, Deepwater Haina is poised to transform from a traditional water service provider into an integrator of ecological environment smart governance [5].