展会期间，金科环境与新加坡综合性浓盐水管理公司MediSun Energy签署了两项谅解备忘录。此次合作将有助于推广金科 环境的创新产品并实施其全球战略。根据备忘录，金科环境将把MediSun的技术引入中国市场，而MediSun则将在中东和非 洲地区推广"新水岛"产品。 此次合作将金科环境的"新水岛"产品与MediSun的技术相结合。"新水岛"是一款采用标准化设计、工厂化生产的智能装备化 水厂产品，通过"水萝卜AI智能体"进行运营和维护。它能为工业、园区和城镇提供高品质水，并具备苦咸水反渗透 （BWRO）和海水反渗透（SWRO）双重处理能力。通过整合两项技术，SWRO和BWRO系统能够实现能源回收和浓盐水 管理，从而提高水回收率并减少BWRO系统的浓盐水排放量。 "水萝卜AI智能体"集成了金科环境自主研发的多种模型，包括工艺优化预报、决策、计算机视觉、听觉和红外传感模型， 以及大型语言推理模型。这使其能够实现水厂的无人值守运营，确保其安全、稳定和高效。该系统已在中国无锡地区的5个 水厂项目中证明了其有效性，其中包括健鼎、安镇和龙亭的项目。在这些项目中，仅由一个10人团队便可完成运营管理工 作，与传统方法相比， ...

Group 1 - Jin Ke Environment has established a strategic partnership with China Pacific Insurance (Hong Kong) Investment Management Co., Ltd. to enhance the development of its new water island product through financial technology and sustainable infrastructure initiatives [1] - The partnership aims to leverage China Pacific's expertise in asset digitization, financial product design, and capital management to promote a sustainable and reliable water resource supply [1][2] - Jin Ke Environment's new water island product integrates AI algorithms and advanced technologies to provide comprehensive solutions for water treatment and resource recovery [2][3] Group 2 - The new water island product features a dual-mode architecture that combines physical assets with a digital twin system for lifecycle management and real-time data verification [3] - It aligns with international ESG standards and supports sustainable operations, potentially enhancing long-term asset valuation through environmental benefits [3] - The product's flexibility allows it to adapt to various regional and industry needs, providing stable cash flows and making it an attractive investment opportunity [3]

Core Viewpoint - The company, Jinko Environment Co., Ltd., is committed to the mission of "AI brings water freedom to humanity" and is implementing a strategy focused on "resource utilization, AI digitization, and productization" to promote efficient use and sustainable development of water resources, showing positive operational performance and business expansion [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 277 million yuan, representing a year-on-year growth of 13.16% [1] - As of June 30, 2025, the total order backlog reached 626 million yuan, indicating robust overall operations [1] Group 2: Technological Advancements - The company launched the core component of its AI digitization strategy, the Water Radish AI Intelligent System, which integrates self-developed process optimization forecasting and decision-making models, enhancing operational safety, efficiency, and cost-effectiveness in water treatment plants [2] - The Water Radish AI Intelligent System is expected to reduce labor costs by approximately 75%, decrease equipment failure rates by about 20%, and lower chemical and electricity consumption by around 15% each [2] Group 3: Product Development - The company has made significant advancements in the performance and scalability of its new water island product, achieving a 90% reduction in construction time and land area compared to conventional water treatment plants, while significantly lowering the total lifecycle cost [3] - The company has delivered a total of 8 new water island products as of the report date, indicating progress in production capabilities [3] Group 4: Market Expansion - The company is actively expanding its overseas market presence, achieving initial success in various regions, including securing direct drinking water project membrane component sales orders in Thailand and conducting experimental applications of the new water island in the UAE [4] - The company has established partnerships in North America and is building a cooperative network for future business expansion in the Middle East and Europe, indicating a gradual improvement in its overseas sales channel system [4]

Investment Rating - The industry investment rating is "Positive" [3] Core Viewpoints - The report emphasizes the investment opportunities in water assets combined with Real-World Assets (RWA) under innovative financing models. RWA refers to the tokenization of tangible or intangible assets through blockchain technology, allowing for the trading of these assets as digital tokens. As of July 30, 2025, the total RWA on-chain scale is $25.17 billion, with a total value of stablecoins at $253.66 billion [3][17][21]. - The report highlights the stable income and continuous cash flow characteristics of water assets, making them attractive for investment, especially in the context of the "14th Five-Year Plan" which emphasizes environmental quality and industrial green development [3][45]. Summary by Sections Market Performance - As of August 1, 2025, the environmental sector has underperformed the market, with a decline of 2.10%, while the Shanghai Composite Index fell by 0.94% to 3559.95. The top-performing sectors include pharmaceuticals and communications, while coal and non-ferrous metals saw significant declines [3][10][13]. Industry Dynamics - Recent statements from President Xi Jinping at the National Ecological Environment Protection Conference stress the importance of ecological civilization and the need for harmonious coexistence between humans and nature. Additionally, the Guangxi Zhuang Autonomous Region has allocated approximately $2.8995 million for air pollution prevention projects [27][28]. Investment Recommendations - The report suggests that the water and waste incineration sectors, as operational assets, are expected to see stable profit growth and positive cash flow. The report recommends focusing on companies such as Huanlan Environment, Xingrong Environment, and Hongcheng Environment, while also suggesting attention to Wangneng Environment and Junxin Co., Ltd. [3][45].

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 - The core viewpoint of the news is that the well-known private equity firm, Qingshuiyuan, has conducted research on a listed company, Jinko Environment, highlighting the advantages of its new product, New Water Island, in data services and its collaboration with Kunheng International to enhance asset market value [1] - Jinko Environment's New Water Island product has been recognized for its data integrity and depth, making it suitable for various applications such as industrial, park, and urban seawater desalination [1] - The company has already implemented projects in locations like Taiyuan and Zhoushan, serving downstream clients in emerging industries such as PCB and photovoltaic, as well as traditional industries like chemical fiber and dyeing [1] Group 2 - Qingshuiyuan Investment Management Co., Ltd. was established in October 2011 and focuses on securities investment management, having been approved as a special member of the China Securities Investment Fund Industry Association in June 2013 [2] - The company has achieved top ten cumulative returns in 2012 and 2013 among nearly 1000 similar products, indicating strong performance in the investment management sector [2] - The core management team consists of individuals with backgrounds in public fund management and government departments, and the investment research team has an average of over ten years of experience in market research and investment management [2]

Group 1 - The core viewpoint of the news is that YuXiu Asset Management has conducted research on a listed company, Jinko Environment, highlighting its new product, New Water Island, which shows significant advantages in data services and is recognized for its data integrity and depth [1] - Jinko Environment has partnered with Kunheng International to issue RW business based on the New Water Island product, enhancing asset market value [1] - The New Water Island product has been implemented in projects in Taiyuan and Zhoushan, applicable to various scenarios such as industrial, park, and urban seawater desalination, providing high-quality water supply [1] Group 2 - The downstream customers of Jinko Environment include emerging industries such as PCB and photovoltaic, as well as civilian industries like chemical fiber and dyeing [1] - Future research and development plans for Jinko Environment encompass five major directions: standardized mass production, efficiency upgrades, and breakthroughs in seawater desalination scenarios [1] Group 3 - YuXiu Capital, established in January 2015, is a private equity fund management institution focusing on private securities investment [2] - The company operates on a partnership basis with limited liability, aiming to maximize team vitality and provide multi-strategy, high-quality asset management solutions for clients [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 - Kinko Environment has signed a cooperation framework agreement with Kunheng International for the issuance of Real-World Assets (RWA) based on its New Water Island product, aiming to enhance the market value of water assets through digital circulation and efficient management [1] - Kinko Environment emphasizes that recycled water should be the primary resource for global water utilization, capable of providing over 70% of resources through recycling, with the remaining 30% supplemented by other water sources [4] - The New Water Island, equipped with the self-developed WateRobot AI, integrates three functions: wastewater recycling, water supply, and wastewater treatment, significantly reducing land use by 80% and delivery time by 80%, while lowering the lifecycle costs of water plants [4] Group 2 - Kunheng International highlights two main advantages of the New Water Island as a quality underlying asset for RWA issuance: its dual nature as a physical and digital twin asset ensures real-time transparency and verifiability of operational data, and its status as a sustainable infrastructure generates stable cash flow with predictable long-term operational returns [5] - Kunheng International is a specialized service provider focused on RWA project solutions, leveraging its expertise in asset digitization, financial product design, and global network resources to offer efficient technology financial services across various sectors [5] - The collaboration aims to activate asset liquidity and reduce transaction costs by utilizing Hong Kong's position as an international financial hub, transforming traditional assets into freely tradable digital tokens through blockchain technology, thereby broadening financing channels and attracting diverse global investors [6]

Core Insights - The 2025 International Qingdao Water Conference gathered leaders and experts from the water treatment industry across 23 countries to discuss key areas such as industrial water conservation and seawater desalination [1] - Jinko Environment showcased its innovative product "New Water Island," which utilizes unconventional water resources to address water scarcity and achieve water freedom [1][2] - Jinko Environment's Chairman, Zhang Huichun, was awarded the title of "Top 100 Outstanding Figures in Desalination in China," highlighting the company's expertise and influence in the water treatment sector [2] Company Developments - The "New Water Island" product leverages artificial intelligence for unattended operation, transforming water treatment projects into standardized products, thus saving 80% in land area and delivery time [1] - The company officially joined the WATERPOSITIVE China Alliance, an international coalition focused on sustainable water resource management, marking a significant step towards efficient water utilization and sustainable development [2] - Joining the alliance allows Jinko Environment to collaborate with industry partners to explore new models and technologies for water resource recycling, promoting a greener and more efficient industry [2]