Citic Sec stated that as the domestic water affairs industry enters the existing operation cycle, the intensity of capital expenditure has significantly decreased. We believe that the industry is gradually developing a high dividend base and is expected to emerge several dividend benchmark symbols with dividend attributes. In addition, the gradual expansion of losses in the industry in recent years, combined with the introduction of the new Water Price Management Measures in 2021, provides an objective basis for adjusting residential water prices, and a new round of residential tap water price adjustment cycle is brewing. With the annual increase in sewerage treatment costs and the continuous upward pressure of government subsidies, it is promoting the spread of sewerage treatment user fees. Considering the recent changes in the drainage and wastewater industry, we believe that the water affairs industry still has growth potential.