1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The Haitian Convertible Bond (113700.SH) was available for online subscription on February 5, 2026, with a total issuance scale of 801 million yuan. After deducting issuance fees, the net proceeds will be used for several projects and to supplement working capital [2][3]. - The current bond floor valuation is 113.5 yuan, with a YTM of 2.16%. The conversion parity is 102 yuan, and the parity premium rate is -2.03%. The bond floor provides good protection [2][12]. - The terms of the convertible bond are standard, and the total equity dilution rate is 12.17%, exerting a certain dilution pressure on the equity [2][13]. - It is estimated that the listing price of the Haitian Convertible Bond on the first trading day will range from 125.75 to 139.83 yuan, with a conversion premium rate of around 30% [2][15]. - Since 2020, the revenue of Haitian Water Group Co., Ltd. has been growing steadily, with a compound growth rate of 15.60% from 2020 - 2024. In 2024, the company achieved an operating revenue of 1.519 billion yuan, a year - on - year increase of 18.95%. Meanwhile, the net profit attributable to the parent company slightly decreased, with a compound growth rate of 14.92% from 2020 - 2024. In 2024, it reached 305 million yuan, a year - on - year increase of 25.97% [2][17]. - The company's sales net profit margin and gross profit margin slightly declined, while the sales expense ratio, financial expense ratio, and management expense ratio decreased [2][20]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Basic Information - The issuance and subscription schedule of the Haitian Convertible Bond is from February 3 to February 9, 2026, including steps such as publishing announcements, online roadshows, and determining the allotment results [9]. - The convertible bond has a code of 113700.SH, a face value of 100 yuan, a term of 6 years, and a rating of AA/AA. The initial conversion price is 12.52 yuan per share, and the conversion period is from August 11, 2026, to February 4, 2032 [10]. - The proceeds from the issuance will be used for projects like the digital water supply and efficiency improvement project in Jianyang and the expansion project of Jiajiang Urban Domestic Sewage Treatment Plant, with a total of 801 million yuan [11]. - The bond - related indicators show a pure bond value of 113.5 yuan, a pure bond premium rate of -11.89%, and a pure bond YTM of 2.16%. The equity - related indicators show a conversion parity of 102.08 yuan and a parity premium rate of -2.03% [11][12]. 3.2 Investment Subscription Suggestion - By referring to comparable targets and the empirical model of the conversion premium rate on the first listing day, considering the good bond floor protection, rating, and scale of the Haitian Convertible Bond, it is expected that the conversion premium rate on the first listing day will be around 30%, and the corresponding listing price will range from 125.75 to 139.83 yuan [14][15]. - The original shareholders' priority allotment ratio is 100.00%, and the online winning rate is 0.0009% [16]. 3.3 Positive Stock Fundamental Analysis 3.3.1 Financial Data Analysis - The company has a diversified industrial system in the environmental protection industry. Since 2020, its revenue has grown steadily, and the net profit attributable to the parent company has also increased [16][17]. - The company's sales net profit margin and gross profit margin have fluctuated, and the sales expense ratio, financial expense ratio, and management expense ratio have decreased. The overall profitability remains at a high level but fluctuates periodically [20][27]. - The company's operating revenue mainly comes from the sewage treatment business, and the product structure changes annually. The revenue from the waste - to - energy business has been increasing year by year [23]. 3.3.2 Company Highlights - The company is an early private water service enterprise in the field of urban water supply and drainage and water environment comprehensive treatment. It has a mature "investment - construction - operation integration" model and certain competitive advantages in project acquisition, operation management, and cost control [32].

| | | 1月26日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点 | 德龙汇能 | 不涉及芯片及相关业务 | | | 东方日升 | 光伏产品未直接向商业航天卫星公司供货 | | 项目投资 | 川环科技 | 拟约11亿元投建川环科技(华东)智造总部基地 | | 合同中标 | 山科智能 | 中标智慧水务平台开发项目 | | 业绩换告 | 均胜电子 | 预计2025年归母净利润约13.5亿元,同比增长40.56% | | 股权转让 | 紫金矿业 | 拟收购AlliedGold Corporation 100%股权 | | 回购 | 吉祥航空 | 已实际回购1.67%公司股份 | | 增减持 | 开普检测 | 董事长姚致清拟减持不超过3%股份 | | 其他 | 浙海德曼 | 拟定增募资不超15.17亿元 | | | 特宝生物 | 拟发行可转债募资不超15.33亿元 片脂磨汇 | 【热点】 浙文互联(600986.SH)：旗下"派智"数字人业务产生的收入和利润占公司营业收入和净利润的比例均不到 1%，占比较小 东方日升(300118.SZ)：光伏产品未直接向 ...

Group 1 - The first "Excellence Engineer Education Certification Standards" has been released, marking a significant reform in the organized and large-scale training of excellent engineers in China, with nearly 26,000 master's and doctoral students recruited through school-enterprise collaboration, over 2,000 of whom have graduated and entered the workforce [3] - Shanghai universities are pioneering a new model for cultivating excellent engineering talent, which is replicable and scalable, with plans for cross-regional recruitment of around 60 engineering master's and doctoral students in collaboration with higher research institutes in Ningxia, Qinghai, and Anhui [3] - The collaboration between East China University of Science and Technology (ECUST) and Ningxia Higher Research Institute aims to cultivate practical talents who understand both technology and industry, addressing the core needs of regional development [5] Group 2 - The innovative "waste-to-waste" technology developed by a doctoral student is set to enter the pilot testing phase, potentially saving enterprises millions in pollution control costs [6] - In 2024, ECUST plans to enroll 49 engineering master's and doctoral students, accounting for 21% of the total enrollment at Ningxia Higher Research Institute, with ongoing recruitment efforts extending to Anhui and Qinghai [6] - A collaborative project between ECUST and a local water company has led to the development of a "smart water management platform," which is expected to enhance wastewater treatment capabilities significantly [12] Group 3 - The establishment of the Ningxia Higher Research Institute represents a strategic partnership aimed at addressing the urgent needs for industrial upgrading and green transformation in the Ningdong region, which is the largest coal chemical industry base in China [9] - ECUST has initiated a series of cooperative projects, including the establishment of a national innovation center in Ningdong, focusing on key technologies for digital and green transformation [10] - The collaboration has resulted in over 35 cooperative projects with a total investment exceeding 180 million yuan, demonstrating the effectiveness of integrating education and industry [12]

Core Viewpoint - The Wuhan government is focusing on promoting comprehensive green transformation in economic and social development as part of its 2026 work report, emphasizing pollution prevention, ecological protection, and carbon neutrality initiatives [1]. Group 1: Environmental Initiatives - Wuhan will implement a comprehensive governance action plan for key lakes, aiming to eliminate black and odorous water bodies and improve the resource utilization rate of domestic waste to over 78% [1]. - The city aims to enhance its ecological environment by protecting its lakes and mountains, which is crucial for its green transformation [1][3]. Group 2: Wastewater Treatment Challenges - The current wastewater treatment approach in Wuhan faces multiple challenges, including incomplete coverage of sewage networks and high operational costs of treatment plants [4]. - There is a pressing need to improve wastewater treatment capabilities due to the large volume of domestic sewage generated daily in the city [3][4]. Group 3: Proposed Technological Innovations - The introduction of new wastewater treatment technologies, such as the RhP technology, is recommended to enhance efficiency and reduce land use [5][6]. - The city plans to adopt a comprehensive governance model that includes efficient collection, treatment, resource reuse, and ecological enhancement of wastewater [4][6]. Group 4: Specific Recommendations for Improvement - Five key directions for introducing and promoting new technologies in wastewater treatment have been proposed, including: 1. Promoting land-saving technologies to alleviate land use constraints in new and expanded treatment facilities [5]. 2. Enhancing pipeline efficiency through self-cleaning technologies to prevent sewage discharge into water bodies [6]. 3. Exploring decentralized and resource recovery technologies for rural and weak sewage network areas [6]. 4. Integrating ecological purification methods to enhance the self-purification capacity of water bodies [6]. 5. Building a smart water management platform for real-time monitoring and intelligent scheduling of the entire wastewater treatment process [6].

Core Viewpoint - The article highlights the significant improvements in rural water supply systems in Sichuan Province, China, through the implementation of small-scale water diversion projects, enhancing water quality and accessibility for local communities [7][9][11]. Group 1: Project Implementation and Impact - The central government has allocated financial support for small-scale water diversion projects in 60 counties, with several projects in Sichuan Province, including those in Yilong County, Luxian County, and Dongxing District of Neijiang City [7]. - The projects aim to address the challenges of complex mountainous terrain and high costs of large-scale water supply, establishing a comprehensive water supply system from source to tap [7][9]. - As of now, the rural tap water coverage in Sichuan Province has reached 94.12%, with 76.16% of the rural population benefiting from large-scale water supply projects [7]. Group 2: Technological Integration - Yilong County has developed a smart water management platform that enhances the efficiency and safety of the water supply system, allowing for remote monitoring and control [9][10]. - The platform includes a comprehensive regulatory system with real-time monitoring of water quality and automated alerts for system failures, significantly improving operational efficiency [10]. Group 3: Specific Project Details - The Yilong County project, with a total investment of nearly 200 million yuan, includes the construction of a water pump station and extensive pipeline networks, ensuring a daily water supply of 20,000 cubic meters [9]. - Luxian County's water supply project, with an investment of 205 million yuan, aims to create a new water supply pattern that integrates urban and rural areas, enhancing the daily water supply capacity from 52,400 tons to 114,400 tons by the end of 2025 [12][13]. - The Dongxing District project, with an investment of 147 million yuan, focuses on establishing a stable second water source to improve water supply reliability for over 166,400 residents [14][15].

Core Viewpoint - The recent inclusion of lipid management in Shanghai's public health services reflects the efforts of international companies like Novartis to address chronic disease prevention and cardiovascular health in the city [1] Group 1: New Member Companies and Their Contributions - Six new member companies of the Shanghai Mayor's International Business Advisory Council include global giants such as Nike, Veolia, Vale, SK, Mizuho Financial Group, and Adidas, representing various sectors like semiconductors, finance, consumer goods, and mining [2] - Adidas has become the largest single-country market for the company in China, with a revenue of €3.459 billion in the previous year, marking a 10.3% year-on-year growth [2] - Veolia's project in Pudong supplies nearly 2 million cubic meters of drinking water daily to 4.3 million residents [2] - Vale's iron ore shipments to China reached approximately 140 million tons in the first three quarters of this year, accounting for 62% of the company's global iron ore sales during the same period [2] Group 2: Alignment of Corporate Goals with Shanghai's Development - Companies believe there is significant potential in the Chinese market, leading to the establishment of a dedicated area for energy transition metals at this year's China International Import Expo [3] - The alignment between Shanghai's development direction and corporate goals is emphasized, with companies like Veolia developing smart water management platforms tailored to local needs [3] Group 3: Engagement and Contributions of New Members - New members are expected to submit consulting reports starting from their second year, but Adidas has already begun contributing by suggesting standardized guidelines for sports event management in Shanghai [4] - Companies are leveraging their global presence to gather insights and propose actionable recommendations for Shanghai's development, with Mizuho Bank focusing on sustainable development and demographic challenges [4] Group 4: Corporate Growth and Interaction with Shanghai - Companies are looking to achieve "second growth" in Shanghai, with Adidas planning to relocate its Greater China headquarters and actively participate in local events [5] - Veolia aims to integrate advanced technologies in water, waste, and energy management to help Chinese industrial parks reduce carbon emissions by 15% to 30% [5] - Mizuho Bank is expanding its operations in China, having received approval to establish the first wholly-owned Japanese securities company in the country, aiming to create a foundation for future growth [5] - The interaction between Shanghai and member companies is increasing, with regular events organized to facilitate communication and collaboration [5]

Core Insights - The application software "Smart Water Management Platform" (V1.0) developed by Panzhihua Water Affairs Group and Chengdu Haide Control System has successfully passed the National Copyright Administration review, marking the first national-level software intellectual property for the group [1] - This project took three years to develop and includes six major production systems, facilitating a shift from "dispersed management" to "co-construction and sharing" of information resources [1] - The next steps for the group involve focusing on the iterative upgrade of the "Smart Water Management Platform" and expanding production data application scenarios to enhance operational efficiency and management levels [1] Summary by Sections Development and Features - The "Smart Water Management Platform" integrates key data from scheduling management, pipeline management, water quality management, and other critical systems [1] - It enables real-time monitoring of water production operations at various plants and supports precise scheduling, inspections, and emergency responses based on supply network data [1] Impact and Future Plans - The platform aims to establish a benchmark for smart construction applications in the southwestern region of Sichuan and northwestern Yunnan [1] - The group plans to inject new vitality into the high-quality development of Panzhihua City and contribute to the common prosperity experimental zone through enhanced information technology [1]

Group 1 - The company, Huaji Environmental Protection, announced on September 11 that it is integrating its self-developed wastewater treatment technology with a smart water management platform [2] - The company aims to provide a comprehensive solution for wastewater treatment by deeply incorporating Internet of Things (IoT) technologies [2]

Core Viewpoint - The sixth Golden Reed Industrial Design Award exhibition has commenced in Xiong'an New Area, showcasing over 500 cutting-edge design works from 13 countries and regions, aimed at accelerating the transformation of design achievements into real productivity for the "future city" [1][3]. Group 1: Exhibition Overview - The exhibition is themed "'Design' Tide Surging, Step by Step Upward" and features works across six major fields: industrial equipment, biomedicine, digital information, transportation, public facilities, and future scenarios [3]. - The event aims to connect design achievements with Xiong'an's innovative resources and policy benefits, facilitating the critical link from creativity to industrialization [3]. Group 2: Design Works and Participation - Featured works include smart processing equipment, intelligent water management platforms, smart transportation devices, eco-friendly interactive recycling devices, and furniture design, reflecting the latest achievements in the deep integration of industrial design with technology and industry [3]. - Since its global launch on June 10, the award has attracted 7,545 design entries from 54 countries and regions, gaining significant attention and enthusiastic response in the global industrial design field [3].

Core Insights - China Water Investment Group has established a comprehensive water supply network covering 16 provinces, with a water treatment capacity of 16 million tons per day and an annual treatment volume exceeding 2.4 billion tons [1][2] Group 1: Technological Innovations - The company has developed a smart water management platform that integrates various systems, significantly enhancing operational efficiency and service quality [2] - Advanced water quality testing equipment allows for the analysis of 170 indicators, ensuring high standards in water safety [2][3] - Automation and AI algorithms in wastewater treatment have led to substantial cost reductions in carbon source expenses [3] Group 2: Rural Water Supply Solutions - The company has initiated projects to improve rural water supply, addressing issues like outdated infrastructure and water quality, resulting in a supply capacity of 280,000 tons per day for 800,000 residents in Liyang [4] - Investments in new pumping stations and pipeline upgrades in Anhui have expanded water access to every corner of the county [4] Group 3: Business Expansion and Sustainability - The company is transitioning from a traditional water supplier to a comprehensive water ecological service provider, expanding its services to include water environment governance and rainwater recycling [6][7] - The focus is on building a sustainable water ecosystem that encompasses water supply, drainage, environmental management, and water reuse [7] - The company aims to enhance the safety, accessibility, and sustainability of water services while promoting high-quality development [7]