Is there any Z-Wave water meter that supports analog control … for example, If I want to close the valve 50% only to reduce water flow.
This one may have it:
Looks like it only has Switch Binary, so would be ON/OFF. I’m not aware of any that aren’t like this. Maybe it could be shut off quickly? There are some irrigation controllers that may have flow control, but they are typically not for potable water.
https://products.z-wavealliance.org/products/1845/classes
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Good idea to look at the available channels, your are right 
From the description I thought it may be possible:
Use to regulate water usage for outdoor spigots, showers, sinks or irrigation equipment
I looked up all water valves in the database, they all have only the switch_binary channels, no dimmer channels 
There are companies that make motorized ball valves (not Z-wave). It might be possible to combine one of those with a Z-wave roller shutter controller or similar to get finer control of the valve.
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Good idea.
but in this case there is no metering.