机构：国海证券 研究员：王宁/张婉姝 运营服务收入占比提升，业务结构继续优化。2025H1，公司运营服务收入达99.43 亿港元，同比增长 5%，占总收入比重提升至70%；建造服务收入则因在建项目减少而同比下降49%至18.44 亿港元，占比 降至13%；财务收入占比为17%。 生活垃圾设计处理规模突破16 万吨/日，运营效率稳步提升。截至2025 年6 月30 日，公司旗下环保能源 及绿色环保板块共落实垃圾发电项目196 个，设计日处理生活垃圾16.29 万吨/日（含委托运营规模）； 餐厨及厨余垃圾设计处理规模约8743 吨/日；水处理及供应设计处理/供应规模约761.86 万立方米/日。 2025H1，公司新增生活垃圾设计处理规模3000 吨/日，水处理及供应设计处理规模1 万立方米/日。 2025H1，公司共处理生活垃圾2857.2 万吨；其中环保能源板块垃圾发电项目平均入炉吨垃圾发电量约 460 千瓦时（yoy+3%），综合厂用电率约14.7%（yoy -0.3pct），实现项目运营提质增效。 派息比率同比提升。公司2025 年中期派发股息15.0 港仙/股，较2024年同期的14.0 港仙/股有所增 ...

Core Viewpoint - The Ministry of Finance, in collaboration with relevant departments, has drafted guidelines to standardize the construction and operation of existing government and social capital cooperation (PPP) projects, aiming to enhance the quality and efficiency of public service supply and promote stable economic development [2][3]. Summary by Sections Background of the Guidelines - The guidelines are a response to the need for effective management of existing PPP projects as the economic structure shifts from expansion to optimization of existing resources [2]. - The central government emphasizes the importance of establishing a long-term mechanism for government investment to effectively drive social investment [2]. Key Requirements for Smooth Operation of Existing PPP Projects - Local governments are required to take responsibility and implement targeted measures to support the stable operation of PPP projects [4]. - The guidelines outline four principles: systematic promotion, classified policies, cost reduction and efficiency enhancement, and strengthening guarantees [4][5]. Support for Existing Projects in Operation - Approximately 70% of existing PPP projects are in operation, and their performance directly impacts the quality of public services [6]. - Key requirements include adherence to contracts, timely performance-based payments, and ensuring that social capital providers meet quality standards [6][7]. Requirements for Projects Under Construction - For ongoing projects, the guidelines stress prioritizing projects based on local needs and financial conditions, accelerating construction progress, and ensuring financing needs are met [8][9]. Resource Utilization and Policy Tools - The guidelines advocate for comprehensive use of various resources and policy tools, including strict budget management and the use of local government bonds for financing [9][10]. Implementation and Coordination - The successful implementation of the guidelines requires collaboration among local governments, industry regulators, financial institutions, and project implementation agencies [11][12].