公司牵头组建"合肥市全场景浸没式油基液冷技术创新联合体"，该联合体以开展技术研发项目为目的， 尚处于筹建阶段，短期不会投入较多资金，相关研发项目处于论证初期，研发团队正在组建过程中，研 发课题处于申报立项阶段，尚未形成相关技术、专利，能否成功产生研发成果及研发进展存在较大不确 定性风险，后续能否实现产业化存在较高不确定性。该项目与王晓东任职单位无任何关联。公司的主营 业务仍为节能环保领域，公司控股股东、实际控制人协议转让部分股份不会改变公司未来的主营业务和 战略发展方向。 1月23日，通源环境发布股票交易风险提示公告：公司关注到近期市场存在个别媒体关于协议转让受让 方王晓东及其任职单位的报道，经询证王晓东，本次协议转让仅为其个人投资行为，与其就职单位及其 家族无任何关联。经询证冯小伟，冯小伟曾任职小村资本高级投资经理，非小村资本创始合伙人。目 前，公司未从事光模块产业链相关业务，且与王晓东就职单位无任何业务联系。 ...

Investment Rating - The report assigns a neutral investment rating to the emerging industries sector, with the Emerging Industries PMI (EPMI) at 50, indicating a stable outlook for the industry [1][7]. Core Insights - The EPMI increased by 0.9 percentage points to 50% in January 2026, showing a recovery during the off-season, which is significantly stronger than the same period in the previous two years [2][7]. - Production volume and product orders both rose to mid-levels, driven by policy support and pre-holiday preparations, indicating a seasonal uptick in demand [2][24]. - Export orders increased by 1 percentage point to 44.7%, while import orders rose by 0.9 percentage points to 41.3%, maintaining low levels but suggesting potential for future trade surplus growth [2][32]. Summary by Sections Data Overview - The EPMI for January 2026 is reported at 50, reflecting a 0.9 percentage point increase from the previous month [1][7]. - Key indices include: - Production volume: 53.6, up 1.6 points - Product orders: 48.7, up 1.5 points - Export orders: 44.7, up 1 point - Import orders: 41.3, up 0.9 points [2][26]. Production and Orders - Production volume and product orders have both rebounded, supported by pre-holiday production and policy incentives, indicating a reversal of seasonal trends [2][24]. - The production index is at 53.6, while product orders are at 48.7, both showing positive momentum [24][26]. Prices and Costs - The purchasing price index rose to 53.8, indicating a slight increase in costs, while the sales price index is at 46.9, suggesting that profitability remains somewhat stable [25][26]. - The increase in purchasing prices reflects initial signs of demand recovery [3][25]. Employment and Labor - The employment index stands at 50.1, indicating stable employment conditions, with a slight increase in employee compensation [3][29]. - The report highlights a structural mismatch in talent supply and demand, particularly for high-skilled positions [22]. Export and Import Dynamics - Export orders have shown stability, with a slight increase to 44.7, while imports remain low at 41.3, reflecting ongoing challenges in the international market [32][36]. - Companies are adapting by diversifying markets and enhancing product competitiveness to address export challenges [18][20]. R&D and Innovation - R&D activity and new product launches both recorded an index of 50.1, indicating a stabilization in innovation efforts despite cash flow pressures [3][33]. - Companies are focusing on increasing R&D investments to drive future growth [3][33]. Financing and Liquidity - The difficulty of obtaining loans has risen to 52.5, indicating tighter credit conditions for businesses, particularly for small and medium enterprises [3][34]. - Companies are calling for improved financial support and more flexible financing options to alleviate cash flow pressures [21][35].

Core Viewpoint - The article emphasizes the importance of accelerating the formation of green production and lifestyle as a means to enhance the quality of life and promote sustainable economic development in Heilongjiang Province [1][3]. Group 1: Green Production and Lifestyle - Green production is defined as a production model focused on technological innovation, energy conservation, and carbon reduction, aiming for efficient resource utilization and sustainable environmental development [1][2]. - Green lifestyle reflects a profound change in people's consumption behaviors and social participation, promoting a green and low-carbon attitude in daily life, such as waste sorting and choosing green products [1][2]. Group 2: Interrelationship Between Green Production and Lifestyle - Green production provides the material basis and technical support for green lifestyles, making green products and services possible [2]. - Conversely, green lifestyles exert market pressure on production, encouraging enterprises to accelerate their green transformation, creating a virtuous cycle that integrates production, circulation, and consumption systems [2]. Group 3: Significance of Green Production and Lifestyle - Green development is a crucial part of the new development concept, promoting harmony between humans and nature, which is a distinctive feature of Chinese modernization [3]. - The transformation towards green lifestyles is essential for ecological civilization and the construction of a beautiful Heilongjiang, requiring public participation to enhance ecological awareness [3]. Group 4: Comprehensive Promotion of Green Development - To promote green development in Heilongjiang, it is necessary to integrate green and low-carbon concepts into all aspects of economic and social development, with a focus on systematically constructing green production and lifestyle [4]. - Continuous education and public awareness campaigns are essential to transform macro policy guidance into individual and community recognition of green values [4]. Group 5: Encouraging Green Consumption - Promoting sustainable green consumption can effectively drive the green transformation of production, with initiatives such as advocating for energy-saving and environmentally friendly consumption behaviors [5]. - Collaboration between government and enterprises is crucial to expand the supply of green products and services, utilizing subsidies and tax incentives to stimulate green consumption [5]. Group 6: Institutional Support for Green Development - Strengthening the institutional framework for green production and lifestyle is vital, including implementing strict environmental protection responsibilities and developing a robust support system for green innovation [5]. - Optimizing industrial structure and accelerating the development of green industries will facilitate low-carbon circular development, supported by market mechanisms that reward green practices [5].

Core Viewpoint - China Energy Conservation and Environmental Protection Group Co., Ltd. plans to increase its stake in Zhongjie Energy Wanrun Co., Ltd. with an investment ranging from RMB 365 million to RMB 730 million over a six-month period, starting from November 24, 2025, to May 23, 2026, to enhance investor confidence and support the company's sustainable development [2][4][6]. Group 1 - The main subject of the increase is China Energy Conservation and Environmental Protection Group Co., Ltd., which currently holds 23.01% of the company's total shares, while its wholly-owned subsidiary holds an additional 2.18%, totaling 25.19% [2][3]. - The purpose of the share increase is based on the confidence in the company's future development and long-term investment value, aiming to protect investor interests and promote stable growth [4]. - The increase will be executed through centralized bidding on the Shenzhen Stock Exchange, with funding sourced from the group's own funds and a special loan from Huaxia Bank [6][7]. Group 2 - The increase plan is set to be implemented within a six-month timeframe, and if the company's stock is suspended, the plan will be postponed until trading resumes [6]. - China Energy Conservation has committed not to reduce its holdings during the implementation period and will complete the increase as planned [7]. - The plan complies with relevant laws and regulations, ensuring that it will not affect the company's stock distribution or control [8].

Economic Performance Overview - In October, Henan Province's major economic indicators showed accelerated growth, consistently surpassing the national average and expanding its leading advantage [1] - The province's industrial production maintained rapid growth, with the industrial added value of above-scale enterprises increasing by 7.9% year-on-year in October, 0.1 percentage points faster than the previous month, and 3.0 percentage points higher than the national average [1] Fixed Asset Investment - From January to October, fixed asset investment in Henan Province grew by 4.5% year-on-year, matching the growth rate of the previous three quarters and exceeding the national average by 6.2 percentage points [2] - Investment in projects above 100 million yuan increased by 8.7%, contributing 5.6 percentage points to the overall investment growth in the province [2] Consumer Demand and Retail Sales - In October, the total retail sales of consumer goods reached 267.32 billion yuan, with a year-on-year growth of 4.1%, which is 1.2 percentage points higher than the national average [2] - The retail sales in rural areas increased by 2.2%, marking a recovery for five consecutive months, while urban retail sales grew by 4.8% [2] High-Quality Development and Modern Industry - The added value of high-tech manufacturing and strategic emerging industries grew by 19.0% and 16.5% year-on-year in October, respectively, indicating a solid advancement in high-quality development [3] - Investment in high-tech manufacturing increased by 6.7% from January to October, outpacing the overall fixed asset investment growth [3] Green Development - The added value of the energy-saving and environmental protection industry increased by 9.0% in October, reflecting steady progress in green development initiatives [3]

Economic Performance - The province's major economic indicators accelerated in October, maintaining a steady and positive trend, with growth achieving qualitative improvements and reasonable quantitative growth [1] - The industrial production showed robust growth, with the added value of industrial enterprises above designated size increasing by 7.9% year-on-year in October, surpassing the national average by 3.0 percentage points [1] Industrial Growth - The added value of key industrial chains increased by 9.0% year-on-year in October, contributing 74.9% to the growth of industrial enterprises above designated size [1] - The electronic information industry experienced significant growth, with a year-on-year increase of 17.9%, which is 10.0 percentage points higher than the overall industrial growth rate [1] - The equipment manufacturing sector also saw a strong performance, with a year-on-year increase of 14.0% in October [1] Fixed Asset Investment - Fixed asset investment in the province grew steadily, with a year-on-year increase of 4.5% from January to October, and an 8.2% increase when excluding real estate development investment, outperforming the national growth rate of 6.5% [2] - Investment in key industrial chains rose by 16.8% year-on-year, significantly contributing to overall investment growth [2] - Private investment maintained a strong growth trend, increasing by 7.3% year-on-year from January to October, consistently outpacing overall investment growth since April of the previous year [2] Consumer Demand - Consumer demand accelerated, with the total retail sales of social consumer goods reaching 267.32 billion yuan in October, a year-on-year increase of 4.1%, which is 1.2 percentage points higher than the national average [2] - From January to October, the total retail sales of social consumer goods amounted to 2,372.32 billion yuan, reflecting a year-on-year growth of 6.0%, exceeding the national growth rate by 1.7 percentage points [2] High-Quality Development - The province is advancing high-quality development, with the added value of high-tech manufacturing and strategic emerging industries increasing by 19.0% and 16.5% year-on-year in October, respectively [3] - Investment in high-tech manufacturing grew by 6.7% year-on-year from January to October, outpacing the overall fixed asset investment growth [3] - The green development sector showed steady progress, with the added value of the energy-saving and environmental protection industry increasing by 9.0% year-on-year in October [3]

Group 1 - High-quality development is the primary task for building a modern socialist country, emphasizing the need for coordinated advancement of high-quality development and high-level protection [1][2] - The current stage of economic and social development in China is characterized by accelerated green and low-carbon high-quality development, with significant challenges due to the large population and existing pressures on ecological civilization [2][3] - The necessity to reduce resource and environmental costs through high-quality development is highlighted, with a focus on transforming economic and social structures towards sustainability [2][3] Group 2 - The approach to addressing resource and environmental issues involves adopting a green development philosophy and implementing comprehensive green practices across all sectors [2][3] - The promotion of industrial transformation and upgrading is essential, including the elimination of outdated production capacity and the advancement of strategic emerging industries that are resource-efficient and environmentally friendly [2][3] - The development of new productive forces centered on technological innovation is crucial for driving the transformation of production methods and enhancing efficiency, contributing to a green and low-carbon economy [3]

Economic Overview - The economic operation of the city in July shows a steady and positive development trend, focusing on high-quality development and implementing a combination of policy measures [1][4] Industrial Production - In July, the city's industrial added value above designated size increased by 11.3% year-on-year, up 2.4 percentage points from the previous month [1] - The manufacturing sector significantly contributed to this growth, with a contribution rate of 84.4% to the industrial added value [1] - The electricity sector saw a substantial increase, with industrial power generation rising by 33.3% year-on-year, accelerating by 40.3 percentage points compared to the previous month [1] Fixed Asset Investment - From January to July, fixed asset investment in the city grew by 5.4% year-on-year, an increase of 1.1 percentage points from the first half of the year [2] - Investment in major projects (excluding real estate development) increased by 14.3% year-on-year, contributing 7.3 percentage points to overall investment growth [2] - Industrial investment maintained a double-digit growth rate, increasing by 34.6% year-on-year, up 3.1 percentage points from the first half of the year [2] Consumer Demand - In July, the total retail sales of social consumer goods reached 49.23 billion yuan, a year-on-year increase of 4.6% [2] - From January to July, the total retail sales amounted to 382.97 billion yuan, growing by 6.3% year-on-year [2] Emerging Industries - New industries are rapidly developing, with the added value of the city's new energy vehicle industry and new generation information technology industry growing by 20.5% and 12.4% year-on-year, respectively [3] - Investment in emerging sectors such as computer and office equipment manufacturing, aerospace equipment manufacturing, and pharmaceutical manufacturing saw significant increases of 146.4%, 67.8%, and 44.1% year-on-year, respectively [3] Price Stability - From January to July, the Consumer Price Index (CPI) in the city decreased by 0.2% year-on-year, indicating overall price stability [4]

Group 1 - In the first half of 2025, the sales revenue of the ecological protection and environmental governance industry in Henan Province increased by 16.1%, while the sales revenue of the energy-saving and environmental protection industry grew by 21.9% [1] - The sales revenue of wind power generation and biomass power generation increased by 16.5% and 19.1% respectively [1] - The proportion of thermal power generation in total electricity production decreased by 6.1 percentage points compared to the same period last year, while the share of clean electricity increased by 5.4 percentage points, indicating an optimization in the electricity production structure [1] Group 2 - The 3MW rooftop photovoltaic project in Nanyang is expected to deliver an average of 3.2 million kWh of green electricity annually, saving approximately 1,120 tons of standard coal and reducing CO2 emissions by about 2,790 tons [2] - The project benefited from tax reductions of over 600,000 yuan, allowing for a 600,000 yuan investment in upgrading the smart component production line, which is expected to reduce electricity costs by 12% [2] - In Zhumadian, the company converted 15,400 tons of straw into clean electricity, achieving a stable daily output of 720,000 kWh, with a revenue of over 66.6 million yuan [2] - The company received a tax refund of over 890,000 yuan for resource utilization, easing financial pressure for further innovation and green transformation [2] - Henan Yuguang Gold Lead Group achieved a 10.4% increase in revenue and a 17.6% increase in industrial output value in the first half of the year, demonstrating the effectiveness of traditional industry transformation [2] Group 3 - The tax data reflects the effectiveness of the green tax system and showcases the vigorous development of the green industry and the accelerated transformation of traditional industries in Henan Province [3] - The tax system plays a crucial role in promoting green transformation and nurturing new productive forces [3]

Core Viewpoint - The establishment of the Jiangsu Energy Conservation and Environmental Protection Industry Innovation Alliance aims to promote high-quality development in the energy conservation and environmental protection industry, integrating industry, innovation, and talent chains [1][2]. Group 1: Industry Development - The energy conservation and environmental protection industry is recognized as a strategic emerging industry crucial for resource conservation, circular economy development, and ecological protection [1]. - Jiangsu Province has created 439 national-level green factories, 51 green industrial parks, and 80 green supply chain management enterprises, ranking among the top in the country [2]. Group 2: Policy and Innovation - The Ministry of Industry and Information Technology provided insights into policies aimed at promoting high-quality development in the environmental protection equipment manufacturing sector [1]. - Nanjing University and Nanjing Normal University presented innovative approaches to water pollution prevention and carbon measurement, respectively, highlighting new paths and opportunities for the industry under the "dual carbon" goals [1]. Group 3: Collaboration and Future Directions - Companies such as Nanjing Wehua Membrane Technology Co., Nanjing Mag Valley Technology Co., and others showcased their contributions to energy saving, resource recovery, and digital transformation, fostering collaboration within the industry [2]. - The Jiangsu Provincial Department of Industry and Information Technology emphasized the need for energy conservation cluster enterprises to focus on innovation, demand orientation, and service optimization to enhance the resilience of the industry chain [2].