水务行业系列深度之光伏再生水：光伏新规大幅提升水耗要求，期待光伏再生水需求释放

Investment Rating - The industry investment rating is "Buy" [27]. Core Insights - The report highlights the significant market potential for recycled water in the photovoltaic industry due to new regulations requiring a 40% recycled water usage for new capacities [29][62]. - The Ministry of Industry and Information Technology (MIIT) has released new standards that increase water consumption requirements for silicon wafer and battery production, indicating a shift towards more sustainable practices [62]. - The current penetration rate of recycled water in the photovoltaic sector is low, but there is an expectation for growth as companies begin to actively engage in this market [29][62]. Summary by Sections Section 1: New Regulations and Investment Potential - The MIIT's new standards for the photovoltaic manufacturing industry set stricter water consumption limits and require a minimum of 40% recycled water usage for new projects [62]. - The estimated investment for recycled water per GW is between 12 to 14 million yuan, with a total investment potential of approximately 149.51 billion yuan for existing capacities [62][64]. Section 2: Demand for Recycled Water - The demand for industrial recycled water is increasing, particularly in water-scarce regions and high-water-consuming industries, with the national recycled water capacity reaching 9,886 million cubic meters per day in 2023, a year-on-year increase of 8.8% [53]. - The report emphasizes the importance of recycled water as a secondary water source, especially in areas facing water shortages [53]. Section 3: Company-Specific Insights - Tianyuan Environmental Protection has a robust order book with two ongoing photovoltaic wastewater treatment projects, indicating strong market positioning [5][29]. - The report suggests that companies like Jinko Environment and Tianyuan Environmental Protection are well-positioned to benefit from the new regulations and the growing market for recycled water [29].