Core Insights - Zaozhuang has achieved comprehensive safe, high-quality, and reliable water supply across urban and rural areas after two years of efforts [1][2][3] Group 1: Water Supply Infrastructure - Zaozhuang has invested over 5.1 billion yuan in integrated urban and rural water supply projects, establishing a "1+3" water supply framework [2] - A new surface water plant with a daily supply capacity of 220,000 tons has been constructed in the central urban area, along with 135 kilometers of supporting water distribution pipelines [2] - The rural water supply rate in mountainous areas has increased significantly from 2.49% to over 97% through innovative supply models [2] Group 2: Water Quality and Risk Management - A dynamic monitoring and water quality testing mechanism has been established to ensure comprehensive compliance with water quality standards [3] - The "1+N" management model has been implemented for county-level water supply, allowing for full-process management from water production to consumption [3] - The company aims to create a reliable water supply service system that ensures all 4.22 million residents have access to high-quality and safe drinking water [3]

"供水管道改造后，水量足、供水稳定，真好！"6月20日，说起如今的供水情况，洛川县永乡镇堡 子头村村民杜银荣笑意难掩。 从提着水桶四处寻水，到在家门口接水浇菜地，再到随时能用卫生间的花洒畅快洗澡，这是堡子头 村供水变化的真实写照。 今年，延安市计划投资1亿元，新建、改扩建农村供水工程100处，让10万农村人口受益。作为这项 民生工程的重要"考场"，洛川县交出了阶段性"答卷"。 洛川县农村供水工程起步较早，经过多年运行，管网老化严重，供水能力、保障水平不高，问题逐 渐显露。如今，一个个民生实事项目落地生根，让越来越多村民告别用水难题。 在旧县镇洛阳村，村民张彦斌和家人用着引到家门口的自来水，做饭、浇水、洗衣十分方便；在槐 柏镇兰庄村，高达12米的水塔正在热火朝天地建设中，8月建成后，全村水压不足的问题将得到解 决…… 洛川县水务局副局长王学民表示："8处农村供水保障工程全部实施后，工程区内的5.5万人安全饮 水将得到进一步保障。" 在洛川县如火如荼地推动农村供水保障工程时，宝塔区、宜川县、黄陵县等县（市、区）也启动实 施了一批投资小、见效快、效益好的城乡供水一体化或规模化供水工程。今年底前延安市规模化供水率 有 ...

中国水务：2025财年净利润约11亿港元 同比降29.9% 智通财经6月30日电，中国水务(00855.HK)发布截至2025年3月31日止财年业绩，收入约116.57亿港元， 同比降9.4%；净利润约10.75亿港元，同比降29.9%。 ...

警示教育片以真实案例为镜，深度剖析了因安全意识淡薄、隐患排查疏漏引发的严重后果。触目惊心的事故现场还原、令人痛心的数据呈现，不 仅直观展现了安全隐患的破坏力，更深刻诠释了"生命至上、安全第一"的发展理念。作为供水企业，武陟国源水务深知，从水源到管网输送，从 设备运行到水质检测，每一个供水环节我们都严格把控，通过层层安全监管筑牢防线，全力以赴保障水质安全，让群众用水更安心、更放心。 此次培训绝非形式，而是要唤醒全员对安全责任的敬畏与担当。观影后，员工们深刻认识到，安全生产不仅是公司发展的保障，更是对员工家 庭、对社会的责任。公司领导强调，安全生产是不可逾越的红线，要求各部门立即开展岗位风险再辨识、操作规范再学习、应急预案再演练，确 保安全责任落实到人。 % 公众号 · 武陟国源水务有限公司 el) 2 公众号 · 武陟国源水务有限公司 T 2 公众号 - 武陟国源水务有限公司 d 安全是企业发展的生命线，更是守护千家万户用水安全的根基。为深入贯彻全国第24个"安全生产月"活动要求，6月26日，武陟国源水务有限公司 组织全体员工在公司三楼会议室开展安全生产教育培训，通过观看《人人讲安全个个会应急——查找身边安全隐 ...

中山公用事业集团股份有限公司 编号：信评委函字2025跟踪 1095 号 中山公用事业集团股份有限公司 声 明 ? 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次 评级行为独立、 客观、公正的关联关系。 ? 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚 信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实 性、完整性、准 确性不作任何保证。 ? 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、 公正的原则。 ? 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判 断，未受评级委托 方、评级对象和其他第三方的干预和影响。 ? 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国 际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品 的依据。 ? 中诚信国际不对任何投资者使用本报告所述的评级结果而出现的任何损失负责，亦不对评级委托 ...

板块表现： 证券研究报告 环保 行业点评报告 hyzqdatemark 2025 年 06 月 16 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 现金流改善+分红率提升 建议关注港股固废水务公司 投资评级： 看好（维持） ——市政环保类红利资产梳理 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 垃圾焚烧发电、水务公司遵循准许收益率模型，盈利稳定性远超其他行业。垃圾焚烧发电企业 和水务企业多以 BOT 作为主要经营模式，合约中大多明确约定准许回报率，并以此为基础执 行调价条款，以供水为例，早在 1998 年，《城市供水价格管理办法》就已明确，供水企业合 理盈利的平均水平应当是净资产利润率的 8～10%。受此影响，垃圾焚烧发电企业和水务企 业大多能顺畅调价，以传导经营改造或运营成本的增加，从而保持盈利的稳定性。 联系人 行业步入存量运营期，资本开支大 ...

证券代码：601368 证券简称：绿城水务 公告编号：2025-012 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 ? 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经广西绿城水务股份有限公司（以下简称"公司"）2025 年 4 月 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本882,973,077股为基数，每股派发现 金红利0.03元（含税），共计派发现金红利26,489,192.00元（含税）。 三、 相关日期 | | | | | 现金红利发放 | | --- | --- | --- | --- | --- | | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | | | | | | 日 | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | 四、 分 ...

5月28日，市场监管总局在北京举办反垄断合规讲堂，为供水行业经营主体"送法上门"，宣介反垄断法 律制度，增强经营主体反垄断合规意识，促进行业规范健康发展。供水服务直接关系民生福祉。本期反 垄断合规讲堂全面梳理供水行业反垄断案例，系统分析供水行业多发易发垄断问题，深入解读《中华人 民共和国反垄断法》及配套法规，引导经营主体科学识别、精准评估、有效防范垄断风险，积极营造更 加公平、更有活力的市场环境。市场监管总局强调，供水行业经营主体要高度重视反垄断合规建设，主 动排查可能存在的垄断风险，防止利用垄断优势向上下游竞争性环节延伸，切实保护市场公平竞争和人 民群众合法权益。(市场监管总局) ...

Core Viewpoint - Chongqing Water Group maintains a stable AAA credit rating, supported by a favorable external environment, strong water treatment capabilities, and high market share in the region [1][4]. Financial Overview - Total assets for Chongqing Water Group are projected to increase from 319.58 billion in 2022 to 338.63 billion in 2024 [1]. - Total liabilities are expected to rise from 147.88 billion in 2022 to 166.13 billion in 2024 [1]. - Total revenue is forecasted to decline from 77.79 billion in 2022 to 69.99 billion in 2024 [1]. Operational Performance - The company’s water supply capacity is expected to grow from 322.15 million cubic meters per day in 2023 to 328.91 million cubic meters per day in 2024 [5]. - The utilization rate of water supply capacity is projected to be around 62.95% in 2024 [5]. - The revenue from water supply operations is anticipated to slightly decrease from 17.50 billion in 2023 to 17.44 billion in 2024 [5]. Wastewater Treatment - The company’s wastewater treatment capacity is expected to increase, with a projected revenue growth of 7.78% in 2024 due to price adjustments in the Kunming project [6][10]. - The wastewater treatment service price in Chongqing is set at 2.35 yuan per cubic meter, which is lower than the previous period [6]. Market Position - Chongqing Water Group holds approximately 54% market share in the water supply business within the main urban area of Chongqing and around 80% in the wastewater treatment market [4][6]. - The company has a significant presence in other regions, including Chengdu, Anlu, and Kunming, contributing to about 10% of its wastewater treatment capacity [4]. Strategic Direction - The company aims to enhance its position as a leading comprehensive environmental service provider, focusing on internal growth and scale development in water supply, drainage, and sludge treatment [4][10]. - The company is actively optimizing its organizational structure to improve management efficiency and reduce operational costs [4].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [6][9]. Core Views - The company is recognized as a leading player in environmental governance, with a balanced development strategy focusing on solid waste treatment as its core business, complemented by water and energy services [8][11]. - The acquisition of Yuefeng Environmental is expected to drive significant growth, enhancing the company's operational capacity and market position [11][32]. Summary by Sections Basic Data - The closing price of the company's stock is 24.01 CNY, with a total market capitalization of approximately 19,576.48 million CNY [4]. - The company has a total share capital of 815.35 million shares and a net asset value per share of 16.96 CNY [4]. Financial Forecast and Valuation - Projected revenues for 2023 to 2027 are 12,541 million CNY, 11,886 million CNY, 11,931 million CNY, 12,008 million CNY, and 12,222 million CNY, respectively, with a growth rate of -2.59%, -5.22%, 0.38%, 0.65%, and 1.78% [7][9]. - Expected net profits for the same period are 1,430 million CNY, 1,664 million CNY, 1,767 million CNY, 1,887 million CNY, and 2,040 million CNY, reflecting growth rates of 24.71%, 16.39%, 6.21%, 6.79%, and 8.08% [7][9]. - The company's price-to-earnings (P/E) ratios are projected to be 13.69, 11.77, 11.08, 10.37, and 9.60 for the years 2023 to 2027 [7]. Business Overview - The company has established a comprehensive operational model for solid waste management, with a focus on high operational efficiency and a capacity utilization rate of 119% [11][28]. - The solid waste segment generated a net profit of 10.25 billion CNY in 2024, with the majority coming from waste incineration [11][28]. - The acquisition of Yuefeng Environmental will increase the company's total waste incineration capacity to 88,000 tons per day, positioning it as the largest national waste incineration operator in A-shares [11][38]. Water and Gas Business - The company has a stable water supply business with a capacity of 1.7 million cubic meters per day, and it is expected to benefit from upcoming water price increases in the region [39][44]. - The gas business has shown recovery in profit margins, with a sales volume of 9.8 to 10.2 billion cubic meters from 2021 to 2024 [51]. Dividend Policy - The company has committed to increasing its dividends per share (DPS) by at least 10% annually from 2024 to 2026, reflecting its strong cash flow position [20][28].