Core Viewpoint - The lithium extraction sector from salt lakes is experiencing significant upward momentum, driven by strong market sentiment and policy support, with leading companies like Salt Lake Co. and Cangge Mining showing robust performance and attracting investor interest [1][2]. Group 1: Market Performance - The salt lake lithium extraction sector has shown notable volatility and upward movement, with key players like Salt Lake Co. hitting the upper limit of stock prices, serving as a market sentiment indicator [1] - Cangge Mining has reached new highs, reflecting strong investor demand for quality salt lake lithium extraction stocks [1] - Other companies in the sector, including Beijiete, Yiwei Lithium Energy, Chuanheng Co., and others, have also seen synchronized gains, indicating a broad-based rally [1] - Overall trading volume in the sector has significantly increased compared to the previous trading day, providing solid support for price increases [1] Group 2: Policy and Supply-Demand Dynamics - The salt lake lithium extraction sector is set to benefit from government policies aimed at promoting supply-side reforms in the lithium battery upstream, particularly favoring integrated companies with their own lithium resources [2] - By 2026, the global lithium market is expected to shift from surplus to a tight balance, with the surplus narrowing from 140,000 tons in 2025 to approximately 30,000 tons, driven by surging demand in energy storage and resilient growth in electric vehicles [2] - The anticipated price range for lithium carbonate in 2026 is projected to be between 80,000 to 120,000 yuan per ton, with potential for prices to exceed 120,000 yuan in the latter half of the year [2] Group 3: Technological Advancements - Continuous breakthroughs in lithium extraction technology are accelerating the industry's green transformation, with upcoming exhibitions showcasing efficient extraction methods and environmental equipment [3] - Domestic companies have achieved significant technological advancements, enhancing lithium recovery rates and reducing production cycles, which contribute to cost reduction and efficiency improvements [3] Group 4: Demand Growth in Related Industries - The rising demand for lithium in the electric vehicle and energy storage sectors is expected to drive rigid growth in lithium requirements, supported by government subsidies and tax reductions for domestic lithium mining companies [4] - The lithium extraction sector's output will provide stable and low-cost raw materials for the power battery industry, aiding in cost reduction and efficiency improvements [4] - The stabilization and recovery of lithium prices will enhance profitability for lithium salt processing companies and provide stable support for cathode material industries [4]

图：主题对话现场 本次对话由全球中小银行可持续金融联盟负责人李新星担任主持，对话嘉宾包括中电环保董事长王政 福，四维传媒董事长罗险峰，易米基金董事长梁旭，易鑫集团副总裁夏令武，霍普股份副总裁、董事会 秘书何亮，爱旭股份董事会秘书李斌。 转自：新华财经 12月11日，在由绿色金融60人论坛（GF60）主办的2025第四届绿色金融北外滩论坛上，来自环保行 业、文化传媒、公募基金、汽车金融科技、工程建设和光伏新能源的多位企业代表围绕"企业可持续发 展的全球机遇与创新探索"展开深度对话，共同分享前沿绿色创新实践，展望可持续发展未来路径。 持续金融联盟负责人李新星 图：全球中小银行可 中电环保董事长王政福结合其三十年创业实践，分享了公司业务布局与行业思考。他介绍，中电环保作 为创业板上市公司，聚焦大工业水处理及市政水环境治理，并涉及固废和烟气治理，长期服务于核电、 火电、石化、煤化工、冶金、造纸等领域，在工业除盐水制备、海水淡化、污水处理、中水回用、高盐 废水零排放等核心技术方面积累了深厚优势和业绩。面对环保行业跌宕起伏的发展历程，他指出大工业 水处理具备真正的技术门槛和广阔市场前景，并强调随着AI、大数据等用电、用水 ...

Core Viewpoint - The article emphasizes the importance of seawater and brackish water desalination as a strategic measure to enhance water resource supply and optimize water distribution in China, particularly in coastal areas facing water scarcity [3][4][11]. Group 1: Policy and Strategic Initiatives - The Ministry of Natural Resources plans to advance large-scale seawater desalination projects in coastal regions, integrating them into the national water network and enhancing unified water resource allocation [3][4]. - The "14th Five-Year Plan" includes significant initiatives for promoting seawater desalination and marine energy utilization, with legal frameworks established to support unconventional water sources [3][11]. - The government aims to elevate the strategic status of seawater desalination, fostering technological and industrial innovation through policy support [3][11]. Group 2: Current Status and Future Projections - As of the end of 2024, China has 158 seawater desalination projects with a total capacity of 2.856 million tons per day, with over 600,000 tons per day currently under construction [4][6]. - The total desalination supply in 2024 is projected to exceed 400 million tons, effectively meeting the water needs of high-water-consuming industries and residents in water-scarce regions [4][6]. - The "Action Plan for Seawater Desalination Utilization (2021-2025)" targets a national desalination capacity of over 2.9 million tons per day by 2025, with significant contributions from coastal cities and islands [11]. Group 3: Technological Advancements - Domestic companies have made significant progress in developing seawater desalination technologies, particularly in reverse osmosis membranes, achieving a stable desalination rate of over 99.8% [7][8]. - The industry has transitioned from relying on imports to achieving self-sufficiency in key technologies, with domestic membrane manufacturers now competing on an international level [7][8]. - The seawater desalination sector is expected to stimulate growth in related industries, including equipment manufacturing, machinery, and chemicals, creating a cluster effect [8].

Core Viewpoint - DuPont has signed an agreement to acquire Zhonghua (Ningbo) Runwo Membrane Technology Co., Ltd. to expand its reverse osmosis (RO) manufacturing business in China and the Asia-Pacific region, addressing the growing demand for industrial water purification and reuse [1][2]. Group 1: Acquisition Details - The acquisition aims to enhance local production and improve logistics reliability while reducing carbon footprint. The transaction is expected to be completed by Q4 2025 [1]. - The new facility will be DuPont's third RO production base, following advanced facilities in Minnesota, USA, and Jubail, Saudi Arabia [1]. - The RO technology is crucial for desalinating brackish and seawater for various applications, including industrial and municipal water treatment [1]. Group 2: Company Background - Zhonghua (Ningbo) Runwo was established on January 8, 2019, with a registered capital of 675 million RMB, and is a state-owned enterprise controlled by Sinochem International [2]. - The company specializes in the research, manufacturing, and sales of composite RO membranes and nanofiltration membranes, with a planned annual production capacity of 220,000 RO membranes by March 2024 [2]. Group 3: Financial Performance - The financial performance of Zhonghua (Ningbo) Runwo shows a net loss of 20.91 million RMB in the first five months of 2025, with zero revenue and net assets of 37.85 million RMB [2][3]. - Sinochem International has also reported declining performance, with a 37.94% year-on-year drop in revenue to 54.27 billion RMB in 2023 and a net loss of 1.848 billion RMB, reflecting a significant decrease of 240.99% [3].

Core Insights - The Chinese government is prioritizing the development of seawater and brackish water desalination projects as a strategic measure to enhance water resource supply and optimize water distribution, which is crucial for sustainable economic and social development [1][5][10] Group 1: Policy and Strategic Initiatives - The Ministry of Natural Resources plans to support desalination projects through central budget investments and long-term special bonds, integrating these projects into the national water network [1][10] - The government aims to elevate the strategic importance of seawater desalination, promoting technological and industrial innovation while ensuring policy support [1][5] - The 14th Five-Year Plan emphasizes the large-scale utilization of seawater desalination and marine energy, with specific legal frameworks being established to support unconventional water sources [1][5] Group 2: Current Infrastructure and Capacity - As of the end of 2024, there are 158 seawater desalination projects in China, with a total capacity of 2.856 million tons per day, and over 600,000 tons per day currently under construction [2][5] - Major projects include the Zhejiang Green Petrochemical Base desalination project (515,000 tons/day) and the Tianjin South Port Industrial Area project, which is the largest single-unit membrane desalination facility in China (30,000 tons/day) [2][5] Group 3: Technological Advancements - Domestic companies have made significant progress in developing key desalination technologies, particularly in reverse osmosis membranes, achieving performance levels comparable to international standards [6][9] - The Chinese membrane industry has transitioned from a follower to a leader in the field, with local innovations reducing reliance on foreign technology and lowering operational costs [6][9] Group 4: Future Projections and Goals - The National Development and Reform Commission's action plan aims for a total seawater desalination capacity of over 2.9 million tons per day by 2025, with significant expansions planned for coastal cities and island regions [7][9] - The government is committed to enhancing the supply chain and modernizing the industry, with a focus on integrating desalination technologies with renewable energy and exploring new applications [9][10]

Core Viewpoint - The 2025 International Symposium on Advanced Membrane Materials and Separation Technologies aims to enhance global collaboration in membrane science, focusing on innovations and applications in various strategic industries, including environmental governance, clean energy, and biomedicine [2][3]. Group 1: Conference Overview - The conference will take place on October 10-11, 2025, in Ningbo, China, organized by the Ningbo Institute of Materials Technology and Engineering, Chinese Academy of Sciences [4][6]. - The event will serve as a high-level platform for experts and scholars to share the latest scientific achievements in membrane technologies [2][3]. Group 2: Conference Themes - The summit will focus on three core themes: breakthroughs in fundamental membrane research, innovations in membrane technology applications, and pathways for industrial translation [3]. - Participants will exchange insights on the latest progress and future prospects in membrane materials, processes, and applications [3]. Group 3: Conference Agenda - The agenda includes a registration opening ceremony, plenary lectures, and various presentations by distinguished professors from renowned institutions, covering topics such as lithium recovery, nanofiltration membranes, and sustainable membrane development [7][8]. - Notable speakers include Professor Rong Wang, Professor Chuyang Y. Tang, and Professor Fu Liu, each presenting their research on advanced membrane technologies [12][17][25]. Group 4: Speaker Biographies - Professor Rong Wang has over 30 years of experience in chemical and environmental engineering, focusing on water and energy-related research [12][13]. - Professor Chuyang Y. Tang is recognized for his contributions to membrane technology and has published over 400 journal papers [17]. - Professor Fu Liu leads the Advanced Functional Membrane Team at the Ningbo Institute and has published over 150 papers in various scientific journals [25][26]. Group 5: Conference Logistics - The conference will be held at the Ningbo Institute of Materials Technology and Engineering, with accommodation options provided for attendees [6][74]. - Registration details and contact information for the organizing committee are available for interested participants [78].

Core Insights - Wharton Technology (000920) reported a total revenue of 880 million yuan for the first half of 2025, representing a year-on-year increase of 18.95% [1] - The net profit attributable to shareholders reached 124 million yuan, up 27.81% year-on-year [1] - The company's gross margin improved to 38.91%, an increase of 3.12% compared to the previous year [1] Financial Performance - Total revenue for Q2 2025 was 517 million yuan, showing a year-on-year growth of 27.66% [1] - Q2 net profit attributable to shareholders was approximately 80 million yuan, reflecting a 26.44% increase year-on-year [1] - Accounts receivable rose significantly, with a year-on-year increase of 46.91%, reaching 333 million yuan [1] Key Financial Ratios - Gross margin for the reporting period was 38.91%, up from 37.73% in the previous year [1] - Net profit margin improved to 14.64%, compared to 13.55% a year earlier [1] - The ratio of selling, administrative, and financial expenses to revenue decreased to 15.44%, down 6.02% year-on-year [1] Cash Flow Analysis - Operating cash flow per share decreased by 82.84% to 0.05 yuan, attributed to increased cash payments for goods and services [3] - The net cash flow from investing activities increased by 47.15%, due to reduced cash payments for fixed assets and other long-term assets [3] - Net cash flow from financing activities saw a significant decline of 242.15%, primarily due to increased dividend payments [3] Business Model and Operations - The company operates primarily in three segments: core membrane business, membrane separation engineering, and plant fiber business [4] - The core membrane business includes the R&D, manufacturing, and sales of separation membrane products, which are sold in over 130 countries [4] - The membrane separation engineering segment leverages membrane technology to provide comprehensive services, including project operation and maintenance [4]

Group 1: Business Overview - The company operates in three main business segments: core membrane business, membrane separation engineering, and plant fiber business [1] - The core membrane business includes the R&D, manufacturing, and sales of separation membrane products, with applications in over 130 countries [1] - The plant fiber business focuses on the development and sales of eco-friendly furniture and bedding products [1] Group 2: Revenue Contribution - In 2024, revenue from membrane products reached CNY 1.033 billion, accounting for 59.23% of total revenue [2] - Plant fiber products contributed CNY 449.7 million, representing 25.79% of total revenue [2] - Membrane separation engineering generated CNY 156 million, making up 8.95% of total revenue [2] Group 3: Product Performance - Industrial membranes constitute approximately 70% of the membrane business revenue [2] - The impact of U.S.-China tariff adjustments on membrane business exports is minimal, as direct exports to the U.S. represent a small portion of total revenue [2] Group 4: Contract Performance - From January to March 2025, the company signed new contracts for membrane separation engineering worth CNY 62.76 million [2]

Group 1 - The core business of Walton Technology includes core membrane business, membrane separation engineering, and plant fiber business [1] - Membrane products are categorized into ultrafiltration membranes, nanofiltration membranes, and reverse osmosis membranes, with significant price differences between household and industrial membranes [1] - In 2024, the revenue share of household and industrial membranes is expected to be approximately 37% [1] - The growth in gross margin is attributed to increased production scale, production line upgrades, process improvements, and enhanced supply chain management [1] - The production base has reserved expansion space, enabling rapid initiation of new production line construction [1] - Nearly 30% of membrane product revenue comes from exports, with a small proportion of products exported to the United States, and overseas market growth is expected to exceed 20% in 2024 [1] - The membrane separation engineering business aims to explore broader application scenarios, transitioning the company into a comprehensive service provider [1] - The plant fiber business is developing steadily, consolidating its leading position in the palm fiber industry [1] Group 2 - Shanghai Dapu Asset Management Co., Ltd. was established in January 2012 and has a team with rich research and investment experience from well-known domestic securities research institutions and investment firms [2] - The investment team focuses on investment and research in the Chinese securities market, maintaining an active management and steady progress investment style [2] - The company adheres to the principles of standardized operation and professional investment, with a complete corporate governance structure that reflects sufficient incentives, investment independence, professional division of labor, and sustainable operation [2]

Group 1: Xianle Health - The company emphasizes its advantages in pharmaceutical DNA, innovation-driven approach, global supply chain, and comprehensive dosage forms, positioning itself as a leader in global nutrition and health solutions [1] - Xianle Health is facing dual opportunities from the evergreen market and new consumption market, with four competitive advantages: scale, ecosystem, internationalization, and technology [1] - The company expects to achieve a revenue of 4.211 billion yuan in 2024, representing a year-on-year growth of 17.56%, and plans to distribute a cash dividend of 6.5 yuan per 10 shares (tax included) [1] Group 2: Wharton Technology - Wharton Technology's business includes core membrane products, membrane separation engineering, and plant fiber business, with membrane products categorized into ultrafiltration, nanofiltration, and reverse osmosis membranes [2] - The revenue share of household membranes and industrial membranes is approximately 37%, with gross margin growth driven by increased production scale, production line upgrades, process improvements, and enhanced supply chain management [2] - The company anticipates over 20% growth in overseas markets in 2024, with nearly 30% of membrane product revenue coming from exports [2] Group 3: Borui Pharmaceutical - Borui Pharmaceutical has made progress in mylin target research, with BGM1812 showing potential for fat reduction with minimal muscle loss, and plans to submit IND applications in China and the U.S. [3] - The company believes that the mylin and dual-target combination has international competitiveness and plans to advance clinical trials in the U.S. [3] - Over half of the R&D investment is directed towards metabolic directions, with the remainder focused on high-barrier generics and innovative drugs, primarily in respiratory and inhalation formulations [3]