金吾财讯 | 中泰国际表示，近日中央多部门出台政策“组合拳”刺激经济，当中不少涉及利好房地产政策。主要地市也随后公布相关利好措施。环保新能源及公共事业板块中与房地产关系较大的行业包括供水及燃气。两者皆根据房地产项目进度而收取接驳费。例如供水行业，当房地产项目的上层建筑完成后，供水运营商可向房地产开发商根据单位数目收取现金流接驳费收入，毛利率估计60%以上，远高于水费收入的毛利率(约40%)。由于接驳费收取根据房地产项目开发进度，而不是直接与房地产销售挂钩，倘若在利好政策下房地产行业开始回复，部分工程恢复进度，供水行业可率先受惠，并从中分享接驳费业务的高利润 。关注中国水务(00855；买入；目标价6.30港元)、中国燃气(00384；中性；目标价7.06港元)
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