Core Points - The company Shanghai Industrial Environment (00807) has received a registration notice from the China Interbank Market Dealers Association for the issuance of medium-term notes [1] - The registered amount for the medium-term notes is set at 3 billion yuan, valid for two years from the date of the notice, which is July 24, 2025 [1] - The company is allowed to issue the medium-term notes in tranches during the validity period [1] - The raised funds must be used strictly according to the disclosed purposes in the offering memorandum [1] - Any significant issues during the issuance, redemption, or existence of the medium-term notes must be reported to the Dealers Association in a timely manner [1]

一、中期票据注册金额为30亿元，注册额度自本通知书落款之日起2年内有效，《注册通知书》落款日 期为2025年7月24日。 四、在中期票据发行、兑付过程中和中期票据存续期内如遇重大问题，应及时向交易商协会报告。 二、在上述注册有效期内可分期发行中期票据。 格隆汇8月1日丨上海实业环境(00807.HK)发布公告，为进一步优化公司融资结构、满足业务发展资金需 求，公司近日收到中国银行间市场交易商协会("交易商协会")出具的《接受注册通知书》(中市协注 〔2025〕MTN693号，"《注册通知书》")，就公司拟发行中期票据事宜获得接受注册。现将主要内容公 告如下： 三、本次发行应严格按照募集说明书披露的资金用途使用募集资金。 ...

格隆汇8月1日丨旺能环境(002034.SZ)公布，截至2025年7月31日，公司通过回购专用证券账户以集中竞 价交易方式累计回购公司股份9,366,000股，占公司目前总股本的2.16%，最高成交价为20.20元/股，最 低成交价为14.00元/股，成交总金额为人民币1.4998亿元(不含交易费用等)。 ...

每日观点 今日沪深三大指数小幅调整，两市成交缩量至1.62万亿。昨日国家统计局公布7月PMI指数，制造业和 非制造业指数均较前值有所回落，其中制造业PMI超预期回落，结构上生产和需求指数均进入收缩区 间，究其原因，一方面生产进入淡季呈现季节性回落，叠加高温多雨等极端天气影响；另一方面此前 的"抢出口"效应逐渐弱化，出口订单出现回落。但数据中也有亮点，"反内卷"政策令大宗商品价格反 弹，主要原材料购进价格指数和出厂价格指数均有回升，前者自今年3月份以来首次升至临界点以上。 往后看，7月政治局会议再次强调"反内卷"，可关注中下游反内卷效果及内需的变化。 消息面 国务院常务会议审议通过《关于深入实施"人工智能+"行动的意见》，大力推进人工智能规模化商业化 应用，推动人工智能在经济社会发展各领域加快普及、深度融合。会议部署实施个人消费贷款贴息政策 与服务业经营主体贷款贴息政策，更好激发消费潜力、提升市场活力。 简评：今年以来，在一系列增量政策措施推动下，国内消费市场回升向好，但恢复的态势并不稳固，特 别是居民消费需求仍然较为疲软。贴息政策通过财政金融联动的方式，降低居民信贷成本和服务业经营 主体融资成本，有助于更好激 ...

Group 1 - The report suggests that the current market adjustment is not expected to be sustained, presenting a potential short-term accumulation window, driven by high-growth sectors such as PCB, optical modules, and innovative pharmaceuticals [2][3] - It is recommended to moderately increase positions in leading sectors in August, while also paying attention to potential rotation directions [3] - The report emphasizes the importance of semiconductor and medical device industries, which are currently at relatively low levels and closely related to the main logic of the current market trend, offering dual advantages of valuation recovery and sustained growth [6][8] Group 2 - The report highlights the automotive industry as worthy of attention due to its low valuation and potential for marginal improvement under the influence of policies aimed at reducing internal competition [6][8] - The report identifies several low-position industries with marginal improvements, including electric motors, automotive, and environmental protection, indicating positive trends in key indicators such as export amounts and production levels [7][8] - The report notes that the political bureau meeting's content did not meet expectations, leading to market corrections in sectors like anti-involution, real estate, and cyclical industries [6][8]

借鉴成功案例并结合笔者的研究与思考，建议在汛期环境风险防控中，一要强化风险源头管控，对尾矿 库、化工园区等重点领域开展汛期拉网式排查，针对高风险企业建立环境风险台账，确保隐患不整改不 放过、风险不消除不放过。二要提升应急处置能力，督促重点企业完善汛期环境风险应急预案，定期开 展自查和实战演练，配齐应急物资，确保发生突发事件时，能够做到第一时间发现、报告、处置，最终 控制并消除影响。三要构建联防联控机制，建立跨部门、跨区域汛期环境风险应对协作平台，形成统一 指挥、协同作战的工作格局。四要加强科技支撑保障，推进人工智能、大数据等技术应用，提升汛期环 境风险预警和处置的科学化、精准化水平。 当前正值汛期，环境风险防控形势严峻。特别是在强降雨等极端天气条件下，工业企业若存在环境风险 隐患，很容易发生污染问题。因此，必须加强汛期水生态环境管理，做好各类隐患排查和管网清疏，及 时恢复受损污水管网，持续强化汛期突发环境事件应对。 科学防控能够有效化解风险，比如2024年7月湖南省娄底市曾成功处置了闪星锑业管道破损事件。当 时，公司工作人员发现污水处理站进水量异常下降后立即自查，并在第一时间向当地生态环境部门报 告，相关部门 ...

Group 1: Defu Technology - Defu Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil [1] - Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual production capacity of 16,800 tons [1] - The projected revenue for Luxembourg Copper Foil in 2024 is €134 million, with a net profit of -€370,000; however, it is expected to achieve a quarterly profit of €1.67 million in Q1 2025 [1] - Defu Technology's total production capacity for electrolytic copper foil has increased to 191,000 tons per year, making it the largest globally [1] - The company plans to invest ¥183 million in R&D in 2024, resulting in 17 new invention patents, focusing on high-frequency, high-speed, ultra-thin, and functional technology strategies [1] Group 2: Jinko Environment - Jinko Environment's new product, New Water Island, shows significant advantages in data service adaptability for RWA, with recognized data integrity and depth [2] - The company has partnered with Kunheng International to enhance asset market value through RW business based on the New Water Island product [2] - New Water Island has been implemented in projects in Taiyuan and Zhoushan, suitable for industrial, park, and urban seawater desalination scenarios, providing high-quality water supply [2] - Downstream clients include emerging industries such as PCB and photovoltaic, as well as traditional industries like chemical fiber and dyeing [2] - Future R&D plans will focus on five key areas: standardized mass production, efficiency upgrades, and breakthroughs in seawater desalination scenarios [2]

Group 1: Su Shi Testing - The company has maintained a positive trend in demand for testing equipment and services in the first half of the year, achieving performance growth through enhanced market promotion, customer management, and accelerated project implementation [1] - The company remains optimistic about the second half of the year, focusing on emerging industries and resource integration [1] - Gross margin has declined due to intensified market competition and cost pressures, with plans to address this through technological innovation and refined management [1] - The integrated circuit sector is in a capacity ramp-up phase, with gross margins affected by competition and costs, and future efforts will focus on market promotion and capacity expansion [1] - Progress has been made in the development of vacuum testing equipment, with potential for further enhancement in aerospace business [1] - Variations in laboratory performance are primarily due to order structure and confirmation fluctuations, with a clear trend towards specialization, intensification, and scaling in the industry [1] - Demand for third-party testing institutions in the testing equipment sector is recovering, while special industry demand in testing services remains strong, although demand for new energy vehicles is slowing [1] - Capital expenditure will focus on emerging industries, strengthening technological reserves and testing service capabilities [1] Group 2: Jinko Environment - The new product "New Water Island" by the company has significant advantages in data services, recognized for its completeness and depth [2] - The company collaborates with Kunheng International to enhance asset market value through RW business based on the New Water Island product [2] - The New Water Island has been implemented in projects in Taiyuan, Zhoushan, and other locations, suitable for industrial, park, and urban seawater desalination scenarios, providing high-quality water supply [2] - Downstream clients include emerging industries such as PCB and photovoltaic, as well as civilian industries like chemical fiber and dyeing [2] - Future R&D plans encompass five major directions, including standardized mass production, high-efficiency upgrades, and breakthroughs in seawater desalination scenarios [2] Group 3: Company Overview - Xiamen Zhonglue Investment Management Co., Ltd. was established in 2009 with a registered capital of 10 million yuan, primarily engaged in securities investment management, consulting, and project investment [3] - The company has achieved asset preservation and appreciation through several years of investment operations, developing an effective investment management methodology and system [3] - Currently in a growth phase, the company is steadily expanding its managed asset scale and will focus more on asset safety and stable profitability as investment scale increases [3] - The company aims to enhance research capabilities and refine investment processes, striving for overall improvement through incremental gains [3] - The company is committed to maintaining long-term focus and patience in the market, seeking to achieve mutual benefits with investors through investment [3]

Group 1 - The stock price of Zhongke Environmental on July 31 closed at 5.39 yuan, down 0.11 yuan, representing a decline of 2.00% from the previous trading day [1] - The trading volume on that day was 227,961 hands, with a transaction amount of 1.24 billion yuan [1] - Zhongke Environmental operates in the environmental protection industry, focusing on waste incineration power generation and biomass energy utilization, employing a "combined heat and power" model for resource recycling [1] Group 2 - According to the company's performance report, in the first half of 2025, it achieved operating revenue of 848 million yuan, a year-on-year increase of 4.48%, and a net profit of 196 million yuan, a year-on-year increase of 19.83% [1] - The company plans to disclose its semi-annual report on August 13, 2025 [1] - On July 31, the net outflow of main funds for Zhongke Environmental was 14.23 million yuan, accounting for 0.42% of the circulating market value [1]

Regulatory Insights - The national carbon market has seen a significant increase in both volume and price, with a transaction value exceeding 46.6 billion yuan [2] - The Ministry of Ecology and Environment highlighted the need for clearer pathways for the steel industry's green and low-carbon transition as it was included in the national carbon market this year [2] Policy Updates - Three major economic provinces are piloting the issuance of distributed green certificates, which are crucial for promoting green consumption and production [2] - The development of zero-carbon parks is accelerating, with renewable energy and digitalization companies benefiting from this trend [3] - The People's Bank of China and other regulatory bodies have included green trade and consumption in the support scope of the new green finance project directory, effective from October 1, 2025 [3] - The National Energy Administration has set mandatory consumption targets for renewable electricity, particularly for the electrolytic aluminum industry [3] Cover Article - The national carbon market has expanded to include the steel, cement, and aluminum smelting industries, covering approximately 8 billion tons of emissions, with around 3,700 key emission units expected to participate [3] Industry Insights - China's new climate goals aim to cover the entire economy and all greenhouse gases by 2035, as stated in a joint declaration with the EU [4] - The installed capacity of renewable energy in China has surpassed that of coal power, marking a significant milestone in the country's energy development [4] - 90% of large banks in China have fully disclosed their operational carbon emissions, while smaller banks are lagging behind [4] - New tea beverage companies face challenges in food safety and compliance, necessitating the integration of ESG into their strategies for long-term growth [5] - The white wine industry is increasingly looking to overseas markets for growth amid intensified domestic competition, with a reported decline in the wine index since May [6] ESG Discussions - The national carbon market's expansion is expected to add 1,500 key emission units, covering over 60% of national CO2 emissions [7] - The global focus on transition finance is growing, as traditional high-carbon industries face financing challenges while green investment continues to rise [7]