[Table_Title] 各省政府工作报告强调降碳减污，"十五五"氢 能迈入全产业链发展阶段 联合研究丨行业深度 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 各省市发布 2026 年政府工作报告，2025 年部分省份化债成效显著，2026 年地方政府对化债 重视度不减，有望对存 G 端应收账款回款问题的环保企业产生实质性利好。碳中和：稳步推进， 多地降碳工作取得阶段性成效；水务：持续推进污水治理，重视农村水务发展；固废：推进无 废城市，强化再生资源回收利用；大气治理：未来聚焦多污染物协同控制与重点区域专项攻坚； 氢能：步入全产业链发展阶段，2026 年多地聚焦绿电制氢、全链条布局、场景拓展与区域协同 发展。 分析师及联系人 [Table_Author] 徐科 贾少波 司鸿历 SAC：S0490517090001 SAC：S0490520070003 SAC：S0490520080002 SFC：BUV415 SFC：BVD284 李博文 盛意 SAC：S0490524080004 SAC：S0490525070006 请阅读最 ...

实际上，公众有了解环保设施的需求，政府也提供了开放入口。顺着"环保设施向公众开放"小程序，人 们都可按照开放时间进行预约参观。不过，2025年12月初，通过前述小程序定位上海寻找可探访的环保 设施时，澎湃研究所研究员发现，当月大部分设施只有一两个半天开放，甚至有的还没有开放时间。很 多设施在6月的世界环境日、全国低碳日，以及9月的科普月前后，设置了开放的时间。 2025年12 "现在生活水平提高，大家冬天也每天洗澡。污水池里的水位，相比其他季节也没那么低了。" 上海徐泾污水处理有限公司厂区（下称徐泾污水厂）是一处科普基地，在此工作了20年的环境工程师王 栋说，有些设备趁着冬季污水少时正在维护；而中小学生一般在春秋季来参观，会看到污水厂在更大负 荷下如何运转，还能做泥水分离等简单实验。 王栋用人体的肠道系统比拟污水处理设施。"就像人体检要看大小便，污水处理的状况也是城市的镜 子。"城镇生活污水的原水，在历经过滤、沉淀和生化处理等环节后，能否变为符合指标的净水，不仅 取决于处理设施是否运转良好，还关乎污水的成分构成和对应规模。 月19日上午，徐泾污水厂中的一处二次沉淀池。王昀 图 在人工智能时代，这类身临其境的学 ...

Investment Rating - The report indicates a stable credit quality outlook for the water industry, with a focus on the need for further market-oriented water pricing reforms and diversified financing mechanisms to support the industry's transition to a smart and high-quality development phase [2][43]. Core Insights - The water supply industry in China is experiencing a slowdown in overall growth, with a shift from scale expansion to quality improvement, highlighting the increasing demand for intelligent and personalized services [2][18]. - The report emphasizes the importance of national water network construction and pipeline renovation as key development directions for the industry, alongside the need for a diversified financing mechanism to ensure funding supply [2][13]. - The industry is facing pressure from stricter wastewater discharge standards, which increases operational costs for water companies, while the financing demand remains robust, enhancing the motivation for refinancing and expansion [2][21]. Supply Capacity Analysis - In 2024, the total water consumption in China slightly increased, with water efficiency steadily improving. The average annual precipitation was 717.7 mm, and the total water resources reached 31,123.0 billion cubic meters, which is 12.7% higher than the long-term average [4]. - The overall growth rate of the water supply industry is slowing down due to negative population growth and a high urbanization rate, with the urban and county water supply penetration rates nearing saturation [5][8]. - The investment in water supply facilities has decreased, with fixed asset investments in cities, counties, and towns declining by 7.95%, 5.20%, and 11.50% respectively in 2024 [12]. Demand and Innovation Factors Analysis - The demand for high-quality water supply is increasing, with a notable shift towards personalized and intelligent services. The report anticipates rapid growth in the high-quality water supply segment [17][18]. - The rural water supply is transitioning from "having water" to "having good water," with a focus on standardization and management models for rural water supply [19]. - The integration of water services with IoT and AI technologies is identified as a core trend for future industry development, enhancing service delivery and operational efficiency [20]. Industry Chain Position Analysis - Water companies lack pricing power, with water prices being regulated by the government, which limits their ability to transfer costs and impacts profitability [21][22]. - The industry is characterized by a diverse competitive landscape, including market-oriented water service groups, local specialized water companies, and emerging technology firms [24]. Credit Situation Analysis - The profitability of water companies has declined, with government subsidies playing a significant role in supporting profits. In the first nine months of 2025, the net profit of sample companies was 280.37 billion yuan, with 24.89% of profits derived from government subsidies [25][26]. - The financing demand in the water market remains strong, with an increase in bond issuance and a shift towards longer-term financing structures [28][32]. - The credit quality of the water industry is stable, with no bond defaults reported, although there is a noticeable differentiation in the bond issuance structure [41].

Core Viewpoint - Dianchi Waterworks (03768) anticipates a decrease in pre-tax profit for the year ending December 31, 2025, estimated between RMB 255.8 million and RMB 217.9 million, a reduction of RMB 58.6 million to RMB 96.5 million compared to the previous year [1] Financial Performance - The expected profit attributable to equity holders of the company for the same period is projected to be between RMB 212.3 million and RMB 180.8 million, down from approximately RMB 263.2 million for the year ending December 31, 2024, indicating a decrease of RMB 50.9 million to RMB 82.4 million [1] Reasons for Profit Decrease - The decline in profit is primarily attributed to the sale of a subsidiary in 2024, which will lead to a reduction in revenue for 2025, resulting in a year-on-year profit decrease [1] - An increase in expected credit impairment losses for 2025 is also anticipated [1] - Additionally, a reduction in engineering investments is expected to contribute to a year-on-year decline in profits from the engineering construction business [1]

新华社内罗毕2月12日电 通讯｜中企为内罗毕重注"清凉之水" 新华社记者李卓群 杨定都 由荟圆 此前，本地承包方自欧洲进口的部分设备运行状况不佳，加之长期缺乏系统维护，清淤设施几近报废。雨季来临时，泵房易被洪水淹没，污水外 溢，施工环境恶劣。"凌晨一两点，臭味能把人从睡梦中熏醒。"项目工程部部长李茂武说。 项目于2023年2月21日正式开工。江西中煤完成改扩建进水渠及预处理结构物单元施工，完成满足日均300多辆次吸污车作业的弃污点施工，并对 23个厌氧池中约60万立方米淤泥进行清淤，同步建设控制室等附属设施，完善厂区围墙、厂区内部道路和防护系统。 2月6日，在肯尼亚内罗毕的丹多拉污水处理厂，当地居民经过一处污水处理池。新华社记者 谢剑飞 摄 2月6日，在肯尼亚内罗毕的丹多拉污水处理厂，江西中煤肯尼亚公司的工作人员查看污水处理设备运行情况。新华社记者 谢剑飞 摄 从卫星视角俯瞰，肯尼亚首都内罗毕中心城区向东约20公里，一大片规整的水域在城市边缘铺展开来，水渠纵横、池塘相连。日出时分，非洲秃 鹳、黑翅长脚鹬和野鸭在水面驻足，河马、鳄鱼偶尔探出水面。这片看似湿地的区域并非自然保护区，而是由中国企业负责修复扩建的丹多 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601158 证券简称：重庆水务 公告编号：临2026-005 债券代码：188048 债券简称：21渝水01 债券代码：242471 债券简称：25渝水01 债券代码：242472 债券简称：25渝水02 债券代码：113070 债券简称：渝水转债 重庆水务集团股份有限公司 第六届董事会第二十四次会议决议公告 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。 重庆水务集团股份有限公司（以下简称公司）第六届董事会第二十四次会议于2026年2月12日在公司11 楼会议室以现场加视频方式召开。本次会议的通知已于2026年2月5日通过电子邮件的方式送达全体董 事。本次会议由董事长郑如彬先生主持，公司应到董事7人，实到董事7人，其中，孙明华董事、张智董 事、石慧董事以视频方式出席，其余董事出席现场会议，公司部分高级管理人员列席会议。会议的召集 和召开符合《中华人民共和国公司法》《重庆水务集团股份有限公司章程》及《重庆水务集团股份有限 公司董事会议事规则》的有关规定。经全体董事认 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688466 证券简称：金科环境 公告编号：2026-003 金科环境股份有限公司 关于《锡东工业污水处理项目特许经营协议》终止 的进展公告 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、准确性和完整性依法承担法律责任。 重点内容提示： ● 金科环境股份有限公司（以下简称"公司"）实施的锡东工业污水处理项目因公司向园区排污企业收取 的污水处理费未能保证项目连续三个月正常运转和投资收益要求，触发各方于2023年签署的《锡东工业 污水处理项目特许经营协议》（以下简称"《特许经营协议》"）中项目回购约定情形。相关方于2025年 12月签订《锡东工业污水处理项目特许经营终止协议》（以下简称"《终止协议》"），特许经营权终止 日为2025年3月31日。近日，公司控股子公司无锡市锡山荷泰污水处理有限公司（以下简称"项目公 司"或"锡山荷泰"）与锡山经济技术开发区管理委员会（以下简称"锡山经开区管委会"）指定主体无锡 云隆园区建设发展有限公司（以下简称"无锡云隆"）签订《锡东工业污水处理厂项目回购协议》（以下 ...

www.ccxi.com.cn 行业展望 2026 年 2 月 目录 中诚信国际 中国水务行业 中国水务行业展望，2026 年 2 月 2026 年，水务行业投资重心预计将转向重大水利工程与城乡供 排水管网更新改造两大领域，投资项目具备政策性资金保障，企 业直接资本开支压力相对可控；行业盈利能力有望随水价调整范 围扩大而提升，回款情况短期内或难实质性改善，关联企业资金 占用问题仍将存在，行业债务规模继续面临上升压力；得益于水 务企业外部融资渠道保持通畅，行业整体偿债能力维持稳定。 中国水务行业的展望维持稳定，中诚信国际认为未来 12~18 个月该行 业总体信用质量不会发生重大变化。 摘要 | 摘要 | 1 | | --- | --- | | 分析思路 | 2 | | 行业基本面 | 2 | | 行业内企业信用分析 | 6 | | 结论 | 11 | | 附表 | 12 | 联络人 | 作者 | | --- | | 柯 维 027-87339288 | | wke@ccxi.com.cn | | 黄靖雯 027-87339288 | | jwhuang.huang@ccxi.com.cn | 其他联络人 | 贺 ...

一、第二轮中央生态环境保护督察反馈意见问题情况 广西基础设施欠账多、建设慢，生活污水集中收集率远低于全国平均水平，但各地普遍重视不够、投入 不足。 二、责任单位 南宁市委、市人民政府 三、整改情况 自治区整改方案措施： （一）加快实施污水直排口、雨污混排口、雨水口等城市管网排水口摸底调查。建立入河入湖入海排污 口排查、监测、溯源、建档、整治等工作机制，全面摸清城市建成区范围内入河入湖入海排污口底数， 逐一登记在册，明确整治责任主体，有效管控各类入河入湖入海污染排放。 （二）开展污水管网排查检测。开展城市建成区生活污水管网排查检测，全面查清污水管网覆盖现状、 功能状况、错接混接漏接等基本情况及排水户接入情况，形成管网排查检测报告，为实施管网建设改造 提供技术支撑。 （三）加快推进污水管网建设改造。根据管网排查检测结果，制定完善建设改造方案，形成分年度建设 改造计划。到2025年底，基本完成城市建成区范围内生活污水管网错接混接漏接改造、老旧管网更新、 破损修复、清淤疏浚等工程，基本消除城市建成区生活污水直排口和收集处理设施空白区。 （六）加大资金投入力度。设区市在中期财政规划、年度计划中安排污水处理设施建设改造资 ...

Summary of the Conference Call for Yuehai Investment Industry and Company Overview - **Company**: Yuehai Investment - **Industry**: Water Supply, Real Estate, Highway, Power Generation, Hotel and Department Store Key Points and Arguments Water Supply Business - The Dongjiang water business is expected to grow by 2.4% in the 2026 base price agreement, with stable water supply in Shenzhen and Dongguan. Non-Dongjiang water business has seen a decline, but acquisition projects are expected to mitigate this impact [2][4] - The estimated renewal amount for Dongjiang water is between HKD 50 billion to 54 billion, requiring significant financial preparation [2][8] - The company plans to negotiate price increases for eligible water supply and sewage treatment projects to achieve a slight average price increase, compensating for the decline in water pipe connection business [2][11] Real Estate Business - The rental rate for Tianhe City Mall is good, close to 80%, while office leasing faces challenges with a rate below 80%. The mall's rental income may increase due to its favorable location [2][4] Highway Business - Revenue has been affected by new highway diversions, but it is expected that the impact will gradually diminish, leading to a recovery in traffic volume and toll income [2][7] Power Generation Business - The power generation sector benefits from low coal prices, leading to favorable profit expectations for 2026 [2][7] Financial Performance and Strategy - The company plans to maintain a 65% dividend payout ratio and control capital expenditures to address the significant funding needs for Dongjiang water source renewal [2][6] - In 2025, the overall performance met market expectations with a significant increase in net profit. Cash flow improved but still requires time to digest bond issuance [3][13] - The company aims to control capital expenditures at approximately HKD 2 billion annually and considers acquiring profitable projects worth HKD 1 billion to 2 billion to offset the decline in non-Dongjiang water profits [3][6] Future Outlook - The negotiations for Hong Kong water supply prices for 2027-2029 are expected to reference inflation rates and exchange rates, with limited increases anticipated [2][10] - The company has six ongoing projects, but new projects are expected to incur losses this year, relying on existing projects for profit growth [2][11] Cash Flow and Accounts Receivable - Cash flow is projected to reach HKD 9 billion in 2024, with overall cash flow manageable to support dividends, capital expenditures, and debt repayment [3][13] - The company has a significant portion of its loans (83%) denominated in RMB, with limited room for reducing financial costs in the future [3][16] Acquisition Strategy - The company prioritizes acquiring water supply projects over sewage treatment projects due to more stable returns and less impact from government payments [2][14][15] Conclusion - Yuehai Investment is strategically positioned in the water supply industry with a focus on maintaining profitability through careful financial management, strategic acquisitions, and adapting to market conditions. The company’s long-standing relationship with the Guangdong provincial government provides a competitive advantage in future negotiations and contract renewals [2][9]