2010 年6 月22 日发布的报告。
目 录
1、水务行业基本特征..........................................................................................4
1.1 行业界定与方法论基础..........................................................................4
1.2 水务产业价值链......................................................................................5
1.3 水务行业的商业模式..............................................................................8
2、不同生命周期下的价值分布........................................................................12
2.1 城市供水迈入成熟期............................................................................12
2.1 污水处理处于快速发展期....................................................................15
3、五力格局下的水业博弈：竞争结构分析....................................................16
3.1 潜在进入者分析....................................................................................17
3.2 替代品分析............................................................................................18
3.3 供应商议价能力分析............................................................................18
3.4 购买者议价能力分析............................................................................19
3.5 行业内部竞争........................................................................................19
4、多因素齐聚，中国水业起涟漪....................................................................21
4.1自然环境：水资源短缺与水污染日益加剧.........................................22
4.2政策法律环境：价格与政策是关键.....................................................23
4.3 经济环境：城市化拉动水需求............................................................25
4.4 社会文化环境：公众环保意识推动水处理业....................................27
4.5 技术环境：污水处理技术升级可期....................................................29
5、行业发展前景与盈利状况预测....................................................................29
5.1 城市供水平稳增长，污水处理发展空间广阔....................................29
5.2 水价上调将改善行业盈利水平............................................................30
6、国际比较：它山之石，可以攻玉................................................................30
6.1 制度变迁为法国水业腾飞插上翅膀....................................................31
6.2 威立雅+苏伊士：令人尊敬的全球水业巨头......................................33
6.3 鉴镜法国，期待中国水业崛起的制度环境........................................35
6.4 中法比较：首创、桑德看威立雅，望其项背需加油........................36
7、投资策略........................................................................................................38
7.1 营运能力强的公司更具投资价值........................................................38
7.2 关注价格改革进程................................................................................38
7.3 洞察水务产业的演进趋势....................................................................39
7.4 行业投资评级：优异............................................................................39
7.5 重点个股................................................................................................39