2026影响力投资国际论坛1月28日在中国香港举行，金科环境股份有限公司(以下简称"金科环境")董事 长张慧春在接受媒体采访时表示，人工智能正在传统水处理领域掀起一场颠覆性变革，使水资源有望从 制约城市发展，转变为可持续、可循环、可负担的基础要素。 水资源长期以来是制约城市发展和产业布局的关键因素。张慧春介绍，过去无论是自来水厂、污水处理 厂还是工业水厂，基本模式都是"定制化工程"——从设计、土建到设备安装、调试，建设周期往往需要 一年甚至更久，占地大、用人多、成本高。 "金科环境通过人工智能在垂直行业中的深度应用，为水处理行业带来了一次从底层逻辑出发的重 塑。"张慧春表示，人工智能的引入，使水处理不再只是工程问题，而是可以被标准化、规模化复制的 产品化解决方案。 "过去，人类用水的方式极其不可持续——用完、变脏，就认为应该被丢弃。"而金科环境的解决方案， 是将达标排放的污水视为"原料"，通过治水机器人进一步处理，生产出高品质再生水，重新供应给工业 企业使用。这类再生水水质可达到甚至高于工业纯水标准，而成本却显著低于企业自行制水。 "对企业而言，是更便宜、更稳定的水；对地方政府而言，则同时缓解了水资源短缺和环 ...

Core Insights - The Chinese urban water supply industry is entering a mature phase, with total water supply expected to reach 704.88 billion tons in 2024, a year-on-year increase of 2.52% [1][13]. Industry Overview - Urban water supply is a vital municipal infrastructure system consisting of water source extraction facilities, water treatment plants, and distribution networks, adhering to principles of water source development and conservation [3]. - The industry is closely linked to urbanization, with the urbanization rate in China increasing from 58.52% in 2017 to 67% in 2024, driving demand for both domestic and industrial water [8]. Supply Scale - The total length of urban water supply pipelines in China has grown from 710,200 kilometers in 2015 to 1,199,500 kilometers in 2024, with a compound annual growth rate of 6% [9][10]. - The comprehensive production capacity of urban water supply is projected to be 34.418 million cubic meters per day in 2024, with a utilization rate of 56.11%, an increase of 0.08 percentage points year-on-year [11][12]. Demand Scale - The urban water user population in China increased from 451 million in 2015 to 564 million in 2023, with a compound annual growth rate of 2.85%. However, it is expected to slightly decline to 564 million in 2024 [15]. Competitive Landscape - The urban water supply industry features a diversified competitive landscape characterized by state-owned dominance, the rise of private enterprises, and foreign investment penetration. Major players include Beijing Enterprises Water Group, Beijing Capital Eco-Environmental Protection Group, and others [16][17]. Development Trends - The industry is shifting from a focus on quantity expansion to ensuring quality and safety in water supply, emphasizing comprehensive water quality monitoring and risk management [18]. - Business models are evolving from traditional water supply to integrated water service providers, offering a range of value-added services [19]. - Value creation is transitioning from cost control to leveraging data assets and smart operations, utilizing IoT and AI for enhanced efficiency and decision-making [20].

证券代码：688466 证券简称：金科环境 公告编号：2026-002 金科环境股份有限公司 一、回购股份的基本情况 关于实施回购股份注销暨股份变动的公告 2022年8月23日，公司召开第二届董事会第十五次会议，审议通过了《关于以集中竞价交易方式回购公 司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司股份用于实施员工持股计划 或股权激励，回购价格不超过人民币24.61元/股（含），回购资金总额不低于人民币1,500.00万元 （含），不超过人民币3,000.00万元（含），回购期限自董事会审议通过回购方案之日起6个月内。回购 股份将全部用于员工持股计划或股权激励，并在股份回购实施结果公告日后三年内转让。具体内容详见 公司于2022年8月25日在上海证券交易所网站（www.sse.com.cn）披露的《金科环境：关于以集中竞价 交易方式回购公司股份方案的公告》（公告编号：2022-034）。 2023年2月2日，公司完成上述股份回购，公司通过上海证券交易所系统以集中竞价交易方式累计回购公 司股份964,873股，占公司当前总股本123,119,025股的比例为0.78%，回购最高价格为16.7 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 金科环境股份有限公司（以下简称"金科环境"或"公司"）本次将注 销回购专用证券账户中的 964,873 股已回购股份，占注销前公司总股本 123,119,025 股的比例为 0.78%。本次注销完成后，公司的总股本将由 123,119,025 股变更为 122,154,152 股。 回购股份注销日：2026 年 1 月 28 日。 公司于 2025 年 11 月 24 日召开第三届董事会第十四次会议、第三届监事会 第十次会议，于 2025 年 12 月 10 日召开 2025 年第二次临时股东大会，审议通过 了《关于变更回购股份用途并注销暨减少注册资本、修订<公司章程>的议案》， 同意公司将存放于回购专用证券账户中的 964,873 股已回购股份的用途进行调整， 由"用于员工持股计划或股权激励"变更为"用于注销并相应减少注册资本"， 同时按照相关规定办理注销手续。公司于 2025 年 12 月 11 日在上海证券交易所 网站（www.sse.com.cn）披露了《 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in waste incineration and the opportunities for companies to expand overseas, particularly in Southeast Asia and India, where there is a projected increase in waste incineration capacity [10][15] - The report highlights the significant increase in sales of new energy sanitation vehicles and the growth of unmanned sanitation projects, indicating a shift towards automation and electrification in the industry [17][20] - The 2026 strategy focuses on the dual drivers of value and growth, emphasizing the importance of marketization and efficiency improvements in the environmental sector [24][28] Industry Trends - Waste Incineration Growth: The report estimates a potential increase of approximately 500,000 tons/day in waste incineration capacity in ASEAN countries and India, corresponding to an investment scale of about 250 billion yuan [10] - Unmanned Sanitation Equipment: In 2025, the total amount of contracts for unmanned sanitation projects exceeded 12.6 billion yuan, with a year-on-year increase of over 150% [17] - New Energy Sanitation Vehicles: Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate of 21.11%, reflecting a growing trend towards electrification in the sanitation sector [20][30] Company Recommendations - Key companies recommended for investment include Longjing Environmental, Gao Neng Environment, Sains, and others, focusing on their growth potential in both domestic and international markets [4][15] - The report suggests that companies like Weiming Environmental and Sanfeng Environment are expected to benefit significantly from overseas expansion and high-value projects [15][24] - The report also highlights the importance of dividend increases and return on equity (ROE) improvements for companies such as Huanlan Environment and Green Power [15][24] Market Dynamics - The report notes that the profitability of waste incineration projects in Indonesia is significantly higher than in China due to favorable pricing and operational conditions [12][15] - The report indicates that the market for lithium battery recycling is improving, with rising metal prices and better margins for recycling projects [38][39]

中国经济网北京1月19日讯 金科环境(688466.SH)昨晚披露持股5%以上股东减持股份计划公告称截 至公告披露日，Victorious Joy Water Services Limited（以下简称"利欣水务"）持有金科环境股份 8,675,171股，占公司总股本的7.05%。 | 股东名称 | Victorious Joy Water Services Limited | | --- | --- | | 计划减持数量 | 不超过:1,025,171 股 | | 计划减持比例 | 不超过:0.83% | | 减持方式及对应减持数量 | 集中竞价减持,不超过:1,025,171 股 | | 减持期间 | 2026年2月9日~2026年5月8日 | | 拟减持股份来源 | IPO 前取得 | | 拟减持原因 | 自身资金需求 | 金科环境2023年7月11日公布分红方案显示，每10股送2股，股权登记日为2023年7月14日，红股上 市日与除权除息日为2023年7月17日。 金科环境于2020年5月8日在上交所科创板上市，发行价格为24.61元/股。上市首日，金科环境开盘 报46.00元，涨幅86.92%，盘中 ...

Group 1: Important Market News - The People's Bank of China and the National Financial Regulatory Administration announced that the minimum down payment ratio for commercial housing loans is adjusted to no less than 30% [1] Group 2: Industry Insights - Domestic commercial aerospace companies are advancing their IPO processes, with China Aerospace Science and Technology Corporation's subsidiary, Zhongke Yuhang, changing its listing guidance status to acceptance. The company aims to become the first commercial aerospace stock in China [2] - The satellite communication industry is projected to reach a market size of 200 to 400 billion yuan by 2030, with an annual compound growth rate of 10% to 28%. This sector is transitioning from "concept validation" to "scale application," driven by technological maturity and cost reduction [2] - Major internet companies in China, including Alibaba, ByteDance, and Tencent, are intensifying competition in AI application products. Alibaba's newly launched Qianwen APP aims to serve as a personal AI assistant, integrating various services within its ecosystem [3][4] - Alibaba's Qianwen APP achieved over 10 million downloads within seven days of its launch, making it the fastest-growing AI application, directly competing with ByteDance's Doubao [4] - The brain-computer interface sector is gaining traction, with significant investments and advancements. A startup, Merge Labs, raised $252 million in seed funding, indicating strong interest in this technology [5][6] - The global market for brain-computer interface medical applications is expected to reach $40 billion by 2030 and $145 billion by 2040, highlighting its potential in treating neurological disorders [6] Group 3: Company Updates - Rongbai Technology is under investigation by the China Securities Regulatory Commission for misleading statements regarding a major contract [7] - San Da Membrane announced a plan to reduce its shareholding by up to 996,040 shares, representing no more than 3% of its total share capital [7] - He Shi Eye Hospital's shareholder plans to reduce its stake by up to 310,610 shares, accounting for 1.97% of the total share capital [7] - Jinke Environment reported a planned reduction of up to 102,520 shares by a significant shareholder, representing 0.83% of the total share capital [7] - Wei Si Medical announced a plan to reduce its shareholding by up to 287,310 shares, which is 3% of its total share capital [8] - Sifangda's controlling shareholder plans to reduce its stake by up to 483,150 shares, while other executives also plan to sell portions of their shares [8] - Chuhuan Technology reported a planned reduction of up to 239,560 shares by its significant shareholders [8]

Group 1 - New stock subscriptions: Agricultural University Technology subscription code 920159, issue price 25 yuan/share, subscription limit 720,000 shares. Zhenstone Co. subscription code 780112, issue price 11.18 yuan/share, subscription limit 54,500 shares [6] - The China Securities Regulatory Commission (CSRC) held a system work meeting on January 15, 2026, emphasizing the need to maintain market stability and enhance monitoring and regulation to prevent market volatility [7] - The CSRC is investigating Rongbai Technology for misleading statements regarding a major contract, which the company estimated at a total of 120 billion yuan with CATL [9] Group 2 - Minexplosion Optoelectronics plans to acquire Xiamen Zhizhi Precision and Jiangxi Maida, both focusing on core consumables in PCB manufacturing [10] - Yanjing Co. intends to purchase 98.54% equity of Yongqiang Technology, expanding its business into high-end electronic interconnection materials for integrated circuits [11] - Qizhong Technology plans to invest 50 million yuan in a stake in He Xin Integrated, a company in the advanced packaging and testing field [12] Group 3 - Tianyuan Intelligent's actual controller and chairman, Wu Yizhong, has been detained [14] - Tian Tie Technology's actual controller, Xu Jiding, has had his compulsory measures changed to bail pending trial [15] - Guolian Minsheng expects a net profit increase of approximately 406% year-on-year for 2025 [16] Group 4 - Oke Yi anticipates a net profit increase of 67.53% to 91.96% year-on-year for 2025 [17] - I Love Home expects a net profit increase of 40.78% to 56.42% year-on-year for 2025 [17] - Longi Green Energy expects a net profit loss of 6 billion to 6.5 billion yuan for 2025 [17]

Economic Information - Several smartphone manufacturers, including Xiaomi, OPPO, vivo, and Transsion, have lowered their annual shipment forecasts, with Xiaomi and OPPO reducing by over 20%, vivo by nearly 15%, and Transsion to below 70 million units [2] - Silver prices have surged over 50% in one month and over 150% in six months, impacting the photovoltaic industry, which consumes a significant amount of silver. The cost of raw materials for solar cells has increased by nearly 20% due to rising silver prices [2] - The company Xibei is expected to incur cumulative losses exceeding 600 million yuan from September 2025 to March 2026, leading to the closure of 102 stores, accounting for 30% of its total outlets [2] Company Alerts - Shenghong Technology anticipates a net profit increase of 260%-295% year-on-year for 2025, although Q4 performance fell short of expectations [4] - Cambridge Technology expects a net profit increase of 51%-67% year-on-year for 2025, with Q4 results also below expectations [4] - Multiple companies, including Weimait and Youyan Silicon, have announced plans to reduce their shareholdings by up to 4.98% and 3% respectively [4][11] Overseas Alerts - The three major U.S. stock indices collectively declined last Friday, with the Nasdaq China Golden Dragon Index dropping by 1.15%. Notable declines were seen in Chinese stocks such as Alibaba and JD.com [5] - The European Union is considering imposing tariffs on U.S. goods worth 93 billion euros in response to U.S. tariffs on eight European countries, which could take effect on February 6 if no agreement is reached [5]

Core Viewpoint - On January 18, no A-share listed companies disclosed any increase in shareholding, while nine companies announced share reductions, indicating a trend of selling among certain stakeholders in the market [1]. Group 1: Share Reduction Details - Yunda Lifi: Some directors and senior management personnel reduced their shareholdings [2]. - Sifangda: Controlling shareholder and concerted actors plan to reduce holdings by no more than 4.8801 million shares [2]. - Chuhuan Technology: Pre-IPO employee shareholding platform intends to reduce no more than 3% of its shares [2]. - He’s Eye Hospital: Advanced Manufacturing Fund plans to reduce no more than 1.97% of its shares [2]. - Sandam Membrane: Qingyuan China intends to reduce no more than 3% of its shares [2]. - Anbiping: Nanjing Qianjing plans to reduce no more than 1.61% of its shares [2]. - Weisi Medical: Controlling shareholder's concerted actors plan to reduce no more than 3% of its shares [2]. - Aidi Te: Shareholders Junlian Xinkang and HAL plan to reduce no more than 3% of their shares [2].