Core Viewpoint - Jinko Environment (688466.SH) has signed a cooperation framework agreement with Kunheng International (Hong Kong) Limited to explore the issuance of RWA based on the recognition of the company's water plant robot - New Water Island product as a high-quality underlying asset [1] Group 1 - The collaboration aims to create digital circulation and efficient management of water assets, enhancing their market value [1] - The company is actively engaging with Kunheng International and other professional institutions with rich experience in RWA issuance to promote research and design of underlying asset projects [1]

Group 1: Market Outlook and Predictions - Citigroup sets a year-end target of 25,000 points for the Hang Seng Index, with a mid-2024 target of 26,000 points, and a year-end target of 4,200 points for the CSI 300 Index [1] - Bank of America predicts no interest rate cuts by the Federal Reserve before next year, with a projected economic growth rate of approximately 1.5% by year-end [2] - UBS expects the euro to rise to 1.23 against the dollar by June 2026, up from a previous forecast of 1.20 [3] Group 2: Sector Analysis - Citigroup upgrades the consumer sector from neutral to overweight, anticipating potential government stimulus, while downgrades the transportation sector to neutral due to global freight volume risks [1] - Fitch Ratings highlights that Japan's fiscal policy poses a significant risk to its credit rating, with increasing calls for large-scale fiscal spending and tax cuts [4] - ING notes that excessive short positions in the dollar may have led to a slight rebound after the CPI data release, but expects the dollar to continue rising [5] Group 3: Industry Trends and Opportunities - CICC reports that the chemical industry is at a low point in profitability and valuation, with potential positive changes expected due to declining capital investment and policy support [7] - CITIC Securities identifies opportunities in the domestic internet sector related to the potential resumption of H20 sales by Nvidia, which may boost capital expenditure [8] - CITIC Securities also recommends focusing on RWA issuance, financial IT, and cross-border payment sectors as stablecoin legalization expands the industry [9] Group 4: Economic and Urban Development - Galaxy Securities indicates that urban development in China is shifting towards quality improvement and efficiency in existing stock, presenting investment opportunities in related sectors [13] - The securities sector is expected to see an upturn due to supportive government policies and improved market conditions, making it a favorable time for investment [14]

Core Insights - In 2024, the company reported a revenue of 9.796 billion yuan and a net profit of 489 million yuan, showing a decline year-on-year; however, the net profit excluding non-recurring items increased by 190.83% to 294 million yuan [1] - For Q1 2025, the company achieved a revenue of 2.933 billion yuan, a year-on-year growth of 21.49%, and a net profit of 254 million yuan, up 35.15% year-on-year [1] - The performance improvement is attributed to the active development and operation of distributed photovoltaic and energy storage projects, alongside a decrease in fuel prices enhancing the performance of coal and gas power plants [1] Business Development - The company has established a diversified energy asset portfolio, including combined heat and power, wind, and clean energy, forming a scalable energy service network [2] - As of March 2025, the total installed capacity of the company reached 5,978.01 MW, with renewable energy accounting for 58.23% of the total [2] - New projects launched in 2024 include a 73.95 MW wind project in Chongqing and a 240 MW gas-fired combined heat and power project in Guangdong [2] Energy Services Expansion - The company has significantly increased its energy services revenue, reaching 1.194 billion yuan in 2024, a growth of 337.25% [3] - The focus areas for energy services include energy efficiency services and trading services, with substantial growth in distributed photovoltaic projects [3] - In 2024, the company added 1,719.98 MW of distributed photovoltaic capacity, with significant contributions from both commercial and residential sectors [3] Trading and Storage Services - The company is enhancing its virtual power plant and energy trading services, with a controllable load scale of approximately 550 MW in Jiangsu province [4] - In 2024, the company participated in market trading services for 27.057 billion kWh of electricity, including 442 million kWh of green electricity [4] - The total scale of grid-side energy storage reached 650 MW/1300 MWh, with user-side storage at 11.75 MW/31.96 MWh by the end of 2024 [4] Technological Innovation - The company is leveraging AI innovations in virtual power plants and electricity trading, enhancing operational efficiency through intelligent load forecasting and strategy algorithms [6] - Collaborations with technology partners have led to successful projects, including the first domestic issuance of RWA based on photovoltaic assets [6] - The company aims to expand its energy efficiency and trading services while focusing on technological platform capabilities for future growth [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不因本公告全部 或部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Virtual Mind Holding Company Limited 天 機 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1520） 自願公告 - W e b 3品牌推廣與R W A發行項目 本 公 告 由 天 機 控 股 有 限 公 司 （ 「 本公司 」 ， 連 同 其 附 屬 公 司 ， 統 稱 「 本 集 團」）董事（「董事」）會（「董事會」）自願刊發。 董事會欣然宣佈，於二零二五年一月二十四日，本公司於與信橋資本集團有限 公司（「信橋資本」）訂立一份不具法律約束力的合作框架協議（「框架協 議」）， 據此，雙方共同就王府中心 Web3 品牌推廣項目（「Web3 品牌推 廣」）與 RWA 發行項目（「RWA 發行」）進行合作。 根據框架協議，雙方擬合作的內容如下： 1. 全方位品牌推廣與行銷服務：信橋資本將協調利恒嘉匯國際企業管理（北 京）有限公司（其擁有王府中心特定物業資 ...