According to citic sec's research reports, as the domestic water affairs industry enters the stock operation cycle, the intensity of capital expenditure significantly decreases, and the industry gradually establishes a high dividend foundation, expected to emerge several benchmark symbols with dividend attributes. Moreover, the expanding losses in the industry in recent years and the implementation of the new water price management measures in 2021 provide an objective basis for adjusting residential water prices, with a new round of residential tap water price adjustment cycle brewing. With the annual increase in sewerage costs, government subsidy pressures continue to rise, promoting the payer principle for sewerage users. Considering the recent changes in the water supply and drainage industry, the water affairs industry still possesses growth attributes.