本期投资提示：市政水务：整体运营平稳，工程业务有所下滑。市政供水及污水整体运营稳定，部分公司受益战略扩张及污水处理价格调整，同时污水工程则整体需求下降，工程业务预计有所下滑，预计2025 年Q1-3 归母净利同比整体平稳，其中天源环保同比+18%，兴蓉环境+5%，洪城环境+3%，中山公用+32%。垃圾焚烧：整体平稳，历史电费收入确认、折旧增加、收并购等带来分化。2025 年以来垃圾焚烧项目新建及...
Source Link本期投资提示：市政水务：整体运营平稳，工程业务有所下滑。市政供水及污水整体运营稳定，部分公司受益战略扩张及污水处理价格调整，同时污水工程则整体需求下降，工程业务预计有所下滑，预计2025 年Q1-3 归母净利同比整体平稳，其中天源环保同比+18%，兴蓉环境+5%，洪城环境+3%，中山公用+32%。垃圾焚烧：整体平稳，历史电费收入确认、折旧增加、收并购等带来分化。2025 年以来垃圾焚烧项目新建及...
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