作为宝鸡市打造韧性安全城市的重点民生项目，该工程于2023年4月启动，共铺设新型球墨铸铁管 道24.4公里。管线以冯家山水厂为起点，途经千河镇、陈仓大道、金台大道等区域，穿越引渭渠、千 河、陇海铁路线等多个复杂地段，最终抵达金渭路。为保障宝鸡市区正常供水，工程分两期推进，目前 已经实现全线贯通。新管线投用后日供水量可达12万立方米，解决了辖区群众的用水需求。 该项目负责人介绍，施工中创新采用不锈钢内衬非开挖工艺穿越引渭渠，既保障施工进度，又不影 响农业灌溉；过河段用"混凝土套管+钢管"双重防护，兼顾防洪与供水安全。输水一号管线的升级，将 为宝鸡市未来城市发展提供可靠的用水保障。（记者：李静茹） 11月20日，记者从宝鸡市自来水公司获悉：日前，历时900多天的宝鸡市输水一号管线更新改造工 程已顺利完工，全线通水并正式投用。这条全长24.4公里的城市"水命脉"更新完成，标志着宝鸡市供水 保障能力实现跨越式提升，为城市高质量发展和市民安居乐业奠定了更为坚实的用水基础。 ...

简介：供水行业龙头 ，管道直饮水持续发展公司为我国供水行业龙头企业，供水主业持续稳健发展, 管 道直饮水具备先发优势。截至FY2025，公司城市供水业务服务人口超3000 万人，管道直饮水业务服务 人口约1200 万。从业务结构来看，城市供水、环保、总承包建设、管道直饮水、物业开发及投资、所 有其他分部收入占比分别为64.3%、13.1%、5.7%、5.6%、3.1%、8.2%，供水业务为公司核心收入来 源。 公司无实控人，核心股东背景多元，股权分散均衡，主要股东方为董事会主席段传良先生（水务 27.4%，产业背景丰富）、欧力士（持股27.3%，日本综合金融服务集团）、长城人寿（险资）。 亮点：已过项目建设高峰期，有望实现持续稳定分红。公司资本开支高峰为FY2024 的51.4 亿港币， FY2025 降至32.4 亿港币，带动自由现金流转正至1.50 亿港币。公司计划FY2026 资本开支不超过20 亿 港币，资本开支拐点明确，自由现金流有望持续增加，分红有提升潜力。 机构：长江证券 研究员：徐科/贾少波/李博文/盛意 公司：产能建设步入尾声，产能分布呈现全国化特点。截至FY2025，公司供水、污水、原水已 ...

[Table_scodeMsg1] 港股研究丨公司深度丨中国水务（00855.HK） [Table_Title] 中国水务深度：供水和管道直饮水龙头，自由现 金流拐点已现 报告要点 [Table_Summary] 公司供水行业龙头企业，供水主业持续稳健发展, 管道直饮水具备先发优势。截至 FY2025，公 司城市供水业务服务人口超 3000 万人，管道直饮水业务服务人口约 1200 万。公司运营业绩稳 健，接驳和建造业务下行，后续盈利稳定性有望增强。公司自由现金流拐点已现，看好未来分 红提升潜力。 分析师及联系人 [Table_Author] 徐科 贾少波 李博文 SAC：S0490517090001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 盛意 SAC：S0490525070006 %% %% %% %% research.95579.com 1 丨证券研究报告丨 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 中国水务（00855.HK） cjzqdt ...

Core Viewpoint - The article highlights the efforts of the Shandong Water Development Xian Da Water Co., Ltd. in ensuring the integrity of urban water supply systems through a dedicated leak detection team that operates at night, showcasing the integration of party responsibilities and professional duties [1][3]. Group 1: Team Operations - The leak detection team responds to the quality improvement requirements set by the Water Development Group's Party Committee, emphasizing the integration of party and business functions [3]. - Team members are required to complete 5 kilometers of night inspections each evening, conducting thorough checks on the water supply network while residents are asleep [3]. - The team utilizes specialized equipment such as leak detection instruments to identify anomalies in the water supply system, ensuring accurate data recording and effective water management [3]. Group 2: Achievements and Impact - Since the initiation of the leak detection operations in July, the team has identified 6 leak points, resulting in a reduction of nearly 10,000 cubic meters of water loss per month for the company [3]. - A recent operation involved a team member leading a rain-soaked inspection that lasted over 5 hours, ultimately locating a leak that was causing low water pressure in three residential communities, demonstrating the team's commitment and effectiveness [3]. - The article portrays the team as unsung heroes who, despite their low visibility to the public, play a crucial role in safeguarding public welfare through their diligent work [3].

Meeting Details - The first extraordinary general meeting of shareholders for Chendian International will be held on September 10, 2025, at 2:30 PM [1] - The meeting will take place at the 13th floor of the Wangguo Building, Youth Avenue, Chenzhou, Hunan Province [2] - The meeting will be hosted by Zhou Banghong, with all directors, supervisors, and senior management present [2] Agenda Items - The first agenda item is to discuss the proposal to abolish the supervisory board and amend the company's articles of association [2] - The reason for abolishing the supervisory board is based on the revised Company Law of the People's Republic of China (2023) and the actual situation of the company, with the supervisory board's powers being transferred to the audit committee of the board of directors [2][3] - The company aims to align its governance structure with the latest legal requirements and improve operational mechanisms [2][3] Amendments to Articles of Association - The amendments to the articles of association include changes to various clauses to ensure compliance with the latest regulations [3][4] - Key changes involve the governance structure, rights and obligations of shareholders, and operational guidelines [4][5] - The company will no longer have a supervisory board, and relevant rules will be abolished accordingly [2][3] Shareholder Rights - Shareholders will retain rights to vote, supervise company operations, and request information [11][12] - The company emphasizes the importance of protecting shareholder interests and ensuring fair treatment [11][12] Legal Compliance - The meeting will be witnessed by lawyers from Hunan Tiandi Law Firm to ensure compliance with legal standards [2] - The company will adhere to the guidelines set forth by the China Securities Regulatory Commission regarding corporate governance and shareholder meetings [2][3]

Core Viewpoint - After four months of consolidation, China Water (00855) is expected to enter a new market phase due to strong market conditions and its own operational improvements [1][2]. Market Conditions - The Hong Kong stock market has shown strong performance since April, with the Hang Seng Index rising over 33% in less than five months, reaching a peak of 25,918 points on August 25, the highest in nearly four years [1]. - The market's strength is attributed to three main drivers: valuation recovery, policy benefits, and significant inflows of southbound capital, which have exceeded HKD 970 billion this year, surpassing the total for 2024 [1]. - Southbound capital has shown a preference for high-dividend assets, particularly in sectors like banking, energy, and utilities, which positions China Water favorably for accelerated investment [1]. Company Developments - Recent news indicates increased shareholder investment in China Water, including significant stakes acquired by Great Wall Life and Taikang Life, as well as ORIX Corporation increasing its shareholding to 20.28% [2]. - Despite the current market focus on technology sectors driven by AI, there is a noticeable shift towards high-dividend utility sectors, with China Water benefiting from this trend [2]. Financial Performance - In the fiscal year 2025, China Water's total revenue decreased by 9.4% to HKD 11.656 billion, primarily due to a decline in urban water supply service revenue. However, adjusted EBITDA increased by 1.8% to HKD 5.257 billion, indicating slight growth in real profitability [3]. - The company's gross margin improved by 0.7 percentage points to 37.8%, with profit margins in urban water supply, direct drinking water, and environmental sectors increasing by 3.2, 2.7, and 3.4 percentage points, respectively [3]. - Capital expenditures decreased by HKD 1.9 billion to HKD 3.4 billion, leading to positive free cash flow for the first time, which supports a high dividend payout ratio that increased by 12 percentage points to 42% [4]. Future Outlook - For fiscal year 2026, China Water is expected to see steady growth, with 97.7 million tons per day of capacity under construction projected to come online, enhancing water sales [4]. - Accelerated water price adjustments are anticipated, with 8 to 10 projects expected to receive approval for price increases in fiscal year 2026, following recent successful adjustments [5]. - Analysts predict a rapid recovery in net profit for fiscal year 2026, with estimates from various brokerages indicating a potential increase of 27.64% to HKD 1.372 billion [5]. Investment Potential - Given the positive fundamental outlook and ongoing high dividend strategy, China Water is positioned to offer excess returns as southbound capital increasingly targets high-dividend assets [6]. - Analysts maintain a "buy" rating for China Water, projecting a target price of HKD 7.8, representing nearly a 30% upside from the closing price of HKD 6.21 on August 29 [6].

Core Viewpoint - After four months of consolidation, China Water (00855) is expected to enter a new market phase due to strong market conditions and its own operational improvements [1][2]. Market Conditions - The Hong Kong stock market has shown strong performance since April, with the Hang Seng Index rising over 33% in less than five months, reaching a peak of 25,918 points on August 25, the highest in nearly four years [1]. - The strong market performance is attributed to three main drivers: valuation recovery, policy benefits, and significant inflows of southbound capital, which have exceeded HKD 970 billion year-to-date [1]. - Southbound capital is particularly favoring high-dividend assets, with a notable focus on sectors like banking, energy, and utilities [1][2]. Company Developments - China Water has seen increased shareholder activity, with notable investments from Great Wall Life Insurance and TaiKang Life, as well as an increase in shares held by ORIX Corporation to 20.28% [2]. - Despite the recent market focus on technology sectors driven by AI, there is a noticeable shift towards utility sectors, with public utilities seeing a net inflow of HKD 10.23 million in recent days [2]. Financial Performance - For the fiscal year 2025, China Water's total revenue decreased by 9.4% to HKD 11.656 billion, primarily due to a decline in urban water supply service revenue [3]. - Adjusted EBITDA increased by 1.8% to HKD 5.257 billion, indicating a slight growth in real profitability [3]. - The company improved its gross margin by 0.7 percentage points to 37.8%, with profit margins in urban water supply, pipeline drinking water, and environmental sectors also showing improvements [3]. Cash Flow and Dividends - Capital expenditures decreased by HKD 1.9 billion to HKD 3.4 billion, leading to a positive free cash flow for the first time [4]. - The dividend payout ratio increased by 12 percentage points to 42%, reflecting the company's commitment to returning value to shareholders [4]. Future Outlook - China Water has 97.7 million tons per day of capacity under construction, expected to be operational by fiscal year 2026, which will enhance water sales [4]. - The acceleration of water price adjustment projects is anticipated to provide new momentum for the company's urban water supply business, with several projects already approved for price increases [5]. - Analysts predict a rapid recovery in net profit for fiscal year 2026, with estimates suggesting a growth of over 27% to HKD 1.372 billion [5]. Investment Potential - Given the positive outlook and high dividend yield, China Water is positioned to benefit from the increasing allocation of southbound capital towards high-dividend assets [6]. - Analysts maintain a "buy" rating for China Water, projecting a target price of HKD 7.8, indicating a potential upside of nearly 30% from the closing price of HKD 6.21 on August 29 [6].

Core Insights - Hangzhou has experienced a significant increase in water consumption due to hot weather, with daily water supply reaching a record high of 1.9393 million tons on August 18, surpassing the previous peak of 1.8875 million tons [1] - The total daily water supply within the integrated service area of the municipal water group reached 4.2716 million tons, exceeding the historical maximum of 4.1929 million tons [1] - The current water supply capacity of the municipal water group is 5.483 million tons per day, with the Jiangbei main urban area capable of supplying 2.55 million tons per day, meeting the summer peak demand [1] Group 1 - The municipal water group has implemented special measures to ensure peak water supply, including enhancing the operation management of water treatment plants, coordinating station networks during peak periods, and strengthening water quality monitoring [1] - Recent infrastructure improvements include the expansion of Xiangfu Water Plant, which will double its capacity from 250,000 tons per day to 500,000 tons per day by December 2024 [1] - Successful completion of the DN1600 water supply connection pipeline has further enhanced the water delivery capacity of Xiangfu Water Plant [1] Group 2 - In January, the DN1600 water supply pipeline on Fengqi East Road in the main urban area was put into operation, addressing the growing water demand in the Xiasha area [2] - The entire western line water supply network in Jiande City was completed, ending the history of decentralized water supply for towns like Datong and Lijia [2] - Multiple connecting pipelines in Fuyang District have been completed, improving the interconnectivity and complementary capacity of the water supply network across different areas [2]

Core Insights - Hangzhou has experienced a significant increase in water consumption due to hot weather, with daily water supply reaching a record high of 1.9393 million tons on August 18, surpassing the previous peak of 1.8875 million tons [1] - The total daily water supply within the integrated service area of the municipal water group reached 4.2716 million tons, exceeding the historical maximum of 4.1929 million tons [1] - The current water supply capacity of the municipal water group is 5.483 million tons per day, with the Jiangbei main urban area capable of supplying 2.55 million tons per day, meeting the peak summer demand [1] Group 1 - The municipal water group has implemented special measures to ensure peak water supply, including enhanced management of water treatment plant operations, coordination during peak hours, water quality monitoring, and inspection of key supply pipelines [1] - Recent infrastructure improvements include the expansion of the Xiangfu Water Plant, which will double its capacity from 250,000 tons per day to 500,000 tons per day by December 2024 [1] - Successful completion of the DN1600 water supply connection pipeline has further enhanced the water delivery capacity of the Xiangfu Water Plant [1] Group 2 - In January, the DN1600 water supply pipeline on Fengqi East Road was put into operation, addressing the growing water demand in the Xiasha area [2] - The entire western supply network in Jiande City was completed, ending the history of decentralized water supply in towns like Datong and Lijia [2] - Multiple connecting pipelines in Fuyang District have been completed, improving the interconnectivity and complementary capabilities of the water supply network across different areas [2]

Core Viewpoint - China Water Affairs (00855) is currently valued at a significant discount compared to its peers, with a target price of HKD 7.80 and a "Buy" rating from CITIC Securities, reflecting a 20% valuation discount based on a target PE of 10x for FY2025 [1] Group 1: Financial Performance - The company's overall gross margin improved by 0.7 percentage points to 37.8% in FY2025, with notable increases in profitability across all business segments, including urban water supply, pipeline drinking water, and environmental protection [2] - The company’s sales, management, and financial expense ratios showed mixed changes, with financial expenses increasing due to a high proportion of US dollar debt, but there is potential for reduction through debt restructuring and a declining interest rate environment [2] Group 2: Growth Drivers - In FY2025, the company commissioned 81.7 million tons per day of new water production capacity, leading to a 7.0% increase in water sales volume to 1.5 billion tons, with further growth expected as additional capacity comes online in FY2026 [3] - The company has implemented water price adjustments in several projects, with expectations that total adjustments could exceed 1 million tons per day, benefiting from ongoing reforms in water pricing across major cities [3] Group 3: Cash Flow and Dividends - For the first time since 2020, the company achieved positive free cash flow of HKD 1.58 billion in FY2025, supported by a reduction in capital expenditures [4] - The company maintained its dividend at HKD 0.28 per share, with a 12 percentage point increase in the payout ratio to 42%, indicating a commitment to returning value to shareholders [4]