Group 1: Research Overview - The research object is Binglun Environment, belonging to the general equipment industry, and the reception time was on September 26, 2025. The listed company's reception staff was the board secretary, Sun Xiuxin [17] Group 2: Detailed Research Institutions - The institutions participating in the research include China Bank Fund (a fund management company with relevant personnel such as Li Jian, Huang Jun, Yan Anqi, Zhang Xinyi, Zhang Jingyan, and Hua Xuqiao) and Industrial Securities (a securities company with relevant personnel Guo Ya'nan) [18] Group 3: Company Business and Product Information - The company is committed to providing advanced system solutions and full - life - cycle services in the energy and power fields. Its main products are compressors and heat exchange devices, covering a temperature range from - 271°C to 200°C. Specific products include various types of compressors, industrial heat pumps, energy storage devices, etc. It has created a full - series magnetic levitation compressor product matrix with significant technical advantages and market performance [21] - The company's products are widely used in commercial refrigeration systems, industrial refrigeration systems, commercial comfort air - conditioning, industrial special air - conditioning, and other fields, as well as in energy utilization, casting, and intelligent control [22] - The company's subsidiary Dunham - Bush and Binglun Heat Exchange Technology Company provide cooling equipment such as primary cold source equipment and heat exchange devices for data centers and liquid - cooling systems. Dunham - Bush's two products are on the list of advanced and applicable technology products for national green data centers. The company has served many domestic and overseas data center projects [24] - In July 2024, the company launched upgraded IDC - specific ACM magnetic levitation and air - suspension series new products and IDC - specific FanWal wind walls, further enhancing its competitiveness. Binglun Heat Exchange Technology Company offers various heat exchange products, and some of its technologies and products have won national honors [25] - The company's overseas manufacturing bases are expanding production, and domestic manufacturing bases have started to support overseas markets [26] Group 4: Company's Nuclear Power Products - Recently, the construction of nuclear power plants in China has shown signs of accelerating. The company focuses on core scenarios such as nuclear island cooling and nuclear energy heating, and has developed a series of innovative technologies [27] - The company's subsidiary Heat Exchange Technology Company has developed a non - powered air cooler for the containment shielding cooling water system. Dunham - Bush is a global nuclear island chiller service provider with 20 years of nuclear power service experience and is the main drafter of relevant nuclear standards. Huayuan Taimeng Company has developed technologies such as co - production and co - delivery of water and heat, which have been applied in nuclear energy heating projects [28][29]

Group 1: Business Overview and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, managing temperature control and pressure across a range of -271℃ to 200℃ [3] - A full range of magnetic levitation compressor products has been developed, showcasing significant technological advantages and market performance, particularly highlighted by their success in the Beijing Winter Olympic Village project [3] - Products are widely used in various industries, including food processing, cold chain logistics, industrial cooling systems, commercial air conditioning, and energy recovery systems [3][4] Group 2: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems, which have been recognized in the Ministry of Industry and Information Technology's directory of advanced applicable technologies [3] - Successful projects include major data centers across China, such as the National Supercomputing Center and various banks, with international collaborations in North America, Australia, Southeast Asia, and the Middle East [3] - Upcoming product launches include upgraded versions of magnetic levitation and air suspension series specifically designed for data centers, enhancing competitive edge [4] Group 3: Nuclear Power Industry Applications - The company is focusing on core scenarios in nuclear power, developing technologies for nuclear island cooling and heat recovery, which support the safe and efficient use of clean energy [4] - Key projects include service to multiple nuclear power stations in China, with innovations such as a no-power cooling system and collaboration with Tsinghua University on nuclear heating technologies [4] - The company is recognized as a leading service provider in the nuclear island refrigeration market, with over 20 years of experience and a comprehensive range of products [4]

Investment Rating - The report maintains a positive outlook on the controllable nuclear fusion and deep-sea technology industries, highlighting investment opportunities in cryogenic equipment and compressors [3][5]. Core Insights - Controllable nuclear fusion is viewed as the ultimate energy source of the future, with low-temperature technology being an indispensable component. It offers safety, abundant raw materials, and clean outputs compared to other energy sources [4][14]. - China is actively participating in the ITER (International Thermonuclear Experimental Reactor) project, with expectations for commercial nuclear fusion by 2035, which will significantly expand the market for cryogenic equipment [4][6]. - The deep-sea technology sector encompasses various fields, with compressors playing a crucial role in deep-sea applications, facing high technical barriers [4][6]. - The marine economy is projected to grow significantly, with the market for compressors in deep-sea technology expected to expand from approximately 19.48 billion yuan in 2025 to 40.16 billion yuan by 2030, reflecting a compound annual growth rate of 15.57% [4][6]. Summary by Sections 1. Controllable Nuclear Fusion - Controllable nuclear fusion is recognized for its safety, cleanliness, and abundant raw materials, with the D-T fusion reaction being the most feasible [14][19]. - Magnetic confinement is identified as a promising method for large-scale controllable nuclear fusion, with tokamak devices being the most widely used globally [21][26]. - Low-temperature technology enhances the efficiency and stability of nuclear fusion reactions, which is critical for maintaining the necessary conditions for fusion [34][36]. - The global nuclear fusion market is projected to reach approximately 203.5 billion USD by 2055, with cryogenic equipment expected to capture a market space of about 10.175 billion USD from 2025 to 2035 [4][6]. 2. Deep-Sea Technology - Deep-sea technology includes advanced techniques for exploring and utilizing deep-sea resources, with compressors being essential for various applications [4][6]. - The marine economy is expected to grow from approximately 10.54 trillion yuan in 2024 to 14.31 trillion yuan by 2030, indicating strong growth potential [4][6]. - The report emphasizes the importance of compressors in deep-sea applications, highlighting the technical challenges that need to be addressed for successful implementation [4][6]. 3. Related Listed Companies - The report suggests focusing on companies such as Zhongtai Co., Ice Wheel Environment, Xue Ren Co., and Kaishan Co. for investment opportunities in cryogenic equipment and compressors within the controllable nuclear fusion and deep-sea technology sectors [5][6].

Core Insights - Ice Wheel Environmental Technology Co., Ltd. hosted a research meeting with four institutions, including Fidelity and Changjiang Securities, focusing on product layout, application scenarios, and business development [1] Group 1: Company Overview - The company is dedicated to the energy and power sector, providing advanced system solutions and full lifecycle services, with main products including compressors and heat exchangers that manage thermal energy with a temperature range of -271℃ to 200℃ [1] - The company has a significant advantage with its full range of magnetic levitation compressor products, which performed well in the Beijing Winter Olympic Village project and participated in drafting two national standards [1] Group 2: Product Applications - The products are widely used in various fields, including commercial refrigeration, industrial freezing, commercial comfort air conditioning, and industrial special air conditioning [1] - In the data center application area, the company's subsidiaries provide cooling equipment for data centers and liquid cooling systems, with high market recognition and numerous domestic and international project services [1] Group 3: Strategic Initiatives - In the industrial thermal management sector, the company launched an "Industrial Comprehensive Thermal Control Solution" under the dual-carbon strategy, benefiting from urban heat network renovations [2] - In the nuclear power sector, the company focuses on core scenarios such as nuclear island cooling, developing multiple innovative technologies, with several subsidiaries specializing in various aspects of nuclear power projects [2]

Core Viewpoint - The company, Ice Wheel Environment (000811), highlights the acceleration of nuclear power construction in China, focusing on innovative technologies for nuclear island cooling and energy supply [1] Company Summary - Ice Wheel Environment is concentrating on core scenarios such as nuclear island cooling and nuclear energy heating, having developed a series of innovative technologies including nuclear island cooling, waste heat recovery, and non-powered air coolers within safety shells [1] - The company has provided services to several nuclear power stations in China, including Hongyanhe, Ningde, Yangjiang, Fangchenggang, Haiyang, Xudabao, Sanmen, Lufeng, Taipingling, Cangnan, Shidao, and Bailong [1] Industry Summary - The recent signals from the national nuclear power construction indicate a speeding up of projects, which may present new opportunities for companies involved in nuclear energy technologies [1]

Group 1: Business Overview and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [3] - The product matrix includes various types of compressors such as screw, centrifugal, absorption chillers, and industrial heat pumps, showcasing significant technological advantages and market performance [3] - The company has participated in drafting national standards for centrifugal refrigerant compressors and oil-free suspended centrifugal chillers [3] Group 2: Applications and Market Segments - Products are widely used in sectors such as food processing, cold chain logistics, industrial cooling systems, and special environments like aerospace and mining [3] - The company has successfully served numerous data centers in China and abroad, including major projects like the National Supercomputing Center and various banking data centers [3][4] - The company’s cooling solutions for data centers include advanced technologies recognized in the national green data center product directory [4] Group 3: Industrial Heat Management and Nuclear Power - The company is a pioneer in industrial heat pump technology, focusing on clean, low-carbon energy systems and offering comprehensive heat control solutions [4] - In the nuclear power sector, the company has developed innovative technologies for cooling and heat recovery, supporting the safe and efficient operation of nuclear power plants [4][5] - The company has extensive experience in providing cooling solutions for various nuclear power stations across China [5]

Group 1: Business Overview and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [3] - The product matrix includes various types of compressors such as screw, centrifugal, absorption chillers, and industrial heat pumps, showcasing significant technological advantages and market performance [3] - The company has participated in drafting national standards for centrifugal refrigerant compressors and oil-free suspended centrifugal chillers [3] Group 2: Applications and Market Reach - Products are widely used in sectors such as food processing, cold chain logistics, industrial cooling systems, and commercial air conditioning [3] - The company has successfully served numerous data centers in China and abroad, including major projects like the National Supercomputing Center and various banking data centers [3][4] - The company’s cooling equipment for data centers includes advanced technologies recognized in the national green data center product directory [3][4] Group 3: Industrial Heat Management - The company is a pioneer in industrial heat pump technology, focusing on creating comprehensive solutions for energy efficiency and waste heat recovery [4] - The strategy aligns with national carbon reduction goals, emphasizing the integration of multi-source and multi-level system technologies [4] Group 4: Nuclear Power Industry Applications - The company has developed innovative technologies for nuclear power cooling and heat recovery, supporting the safe and efficient operation of nuclear power plants [4][5] - It has provided services to several nuclear power stations in China, enhancing its reputation in the nuclear energy sector [4][5] - Collaborations with academic institutions have led to advancements in technologies for nuclear energy utilization, including seawater desalination [5]

Core Business Overview - The company's core business includes cold chain equipment, energy and chemical equipment, central air conditioning, and energy-saving heating, while leveraging its compressor technology to expand into hydrogen energy, CCUS, and natural gas compression equipment [1] - Products are widely used in various sectors such as food and agricultural product freezing and processing, cold chain logistics, industrial refrigeration systems, commercial air conditioning, and special industrial air conditioning [1] Market Outlook - The main business is expected to reach an inflection point, with a mild recovery in domestic commercial refrigeration and potential for overseas expansion [1] - Recent signals from the national nuclear power construction indicate a speeding up, with the company focusing on core scenarios like nuclear island cooling and heat recovery technologies [1] - Strong refrigeration demand is noted in Southeast Asia and the Middle East [1] AIDC Business Growth - The AIDC business is experiencing rapid growth, contributing to a new growth curve for the company [2] - The company’s subsidiaries provide cooling equipment for data centers and liquid cooling systems, successfully serving multiple high-profile projects in China and collaborating with local integrators in North America, Australia, Southeast Asia, and the Middle East [2] Financial Projections - The company is projected to achieve net profits of 720 million, 850 million, and 1 billion yuan from 2025 to 2027, with relative valuations of 19.7x, 16.7x, and 14.2x PE respectively [2] - Compared to similar companies in the data center cooling equipment sector, the average valuation is significantly higher, indicating a favorable investment outlook [2]

Group 1 - Tianan New Materials plans to reduce its shareholding by no more than 0.22%, totaling up to 667,000 shares, due to personal funding needs [1] - Fulongma's urban service robots are still in the initial expansion phase, primarily used for internal sanitation projects, with low external sales [1][2] - Shennma Co. intends to repurchase shares worth between 100 million and 200 million yuan, with a maximum repurchase price of 14.97 yuan per share, aiming to reduce registered capital [3] - Poly Developments plans to issue corporate bonds not exceeding 15 billion yuan, with proceeds intended for debt repayment, working capital, project construction, and acquisitions [4] - Ganli Pharmaceutical signed a significant contract for the Brazil PDP project, expected to exceed 3 billion yuan, involving the supply of insulin raw materials and injection devices over ten years [5] - Jingce Electronics' actual controller plans to transfer 5.02% of the company's shares at a price of 60.24 yuan per share [6] - ST Xingnong's shareholder intends to reduce holdings by up to 3% of the company's shares, totaling approximately 811,350 shares [7] - Zhejiang Lino plans to reduce its shareholding by up to 3.25%, involving multiple stakeholders [8] - Chuling Information holds a minor indirect stake of 0.0229% in Moer Thread through its investment in Zhongyi Fund [9] - Jinpu Titanium Industry has decided to terminate a major asset restructuring due to market uncertainties [10] - ST Lian Stone's stock will be subject to delisting risk warning following its bankruptcy reorganization application [13] - Aerospace Technology appointed Zhong Min as the new general manager [14] - Aerospace Technology's subsidiary plans to publicly transfer 50% of its intangible assets related to a drilling system [14] - Nanxing Co. plans to reduce its shareholding by up to 3.03%, with multiple executives also planning to reduce their stakes [15] - Jiangsu Guotai's actual controller is planning a non-compensatory transfer of state-owned equity, changing the actual controller to a state asset management center [16] - Yashida Optoelectronics plans to reduce its shareholding by up to 400,000 shares due to personal funding needs [17] - Yuntuo Holdings successfully acquired a 49% stake in Shenglong Mining, with plans to provide financial support for its operations [18] - Ice Wheel Environment's directors and executives plan to reduce their holdings by no more than 22,750 shares [19] - Ruijia New Materials' actual controller will change following a non-compensatory transfer of state-owned equity [20] - Zhejiang Xiantong plans to establish a joint venture with Haohai Starry Sky, investing 40 million yuan for a 10% stake [21] - Inspur Software received approval from the CSRC for a stock issuance to specific investors [22] - Chuangye Huikang's shareholder plans to reduce holdings by up to 37,038,000 shares [23]

Meeting Overview - The first extraordinary general meeting of Icewheel Environmental Technology Co., Ltd. for 2025 was held on September 23, 2025, in Yantai City, with a total of 392 shareholders and their proxies present, representing 432,375,224 shares, accounting for 43.5582% of the total voting shares [4][5]. Proposal Voting Results - The proposal to repurchase and cancel part of the restricted stock was approved with 432,231,355 votes in favor, accounting for 99.9667% of the valid votes [6]. - The proposal to change the registered capital and amend the company’s articles of association was approved with 432,210,615 votes in favor, accounting for 99.9619% of the valid votes [9]. - The proposal to appoint the auditing firm for the 2025 fiscal year and pay the audit fees was approved with 432,149,005 votes in favor, accounting for 99.9477% of the valid votes [10]. - The proposal to elect Mr. Chuhang Zheng as a director of the company was approved with 432,103,865 votes in favor, accounting for 99.9372% of the valid votes [13]. Legal Opinions - The meeting was witnessed by lawyers from Shandong Ruiyang (Yantai) Law Firm, who confirmed that the meeting's convening, holding, and voting procedures complied with the Company Law, Shareholders' Meeting Rules, and the company's articles of association [17]. Stock Repurchase Announcement - The company announced the repurchase and cancellation of a total of 160,160 shares of restricted stock due to the resignation and retirement of certain incentive targets, which no longer meet the criteria set forth in the 2023 restricted stock incentive plan [20][21].