Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - Recent guidance from the Ministry of Finance emphasizes the need for local governments to fulfill payment obligations for existing PPP projects, which is expected to improve cash flow for waste incineration and water services [4][14] - As of August 22, 2025, 95% of the 2 trillion yuan quota for replacing hidden debts has been implemented, accelerating the issuance of local government special bonds [5][19] - The National Development and Reform Commission has reiterated the importance of adjusting public utility prices, with water and waste disposal fees being gradually increased across various regions [30][29] Summary by Sections Government Payment Implementation - The recent guidance on existing PPP projects highlights the necessity for local governments to include related expenses in their budget management and ensure timely payments [4][14] - The funding sources for these projects can include local government special bonds, central transfer payments, and local self-owned funds, which may strengthen the repayment guarantees for future PPP projects [15][14] Debt Replacement and Special Bonds - The issuance of special refinancing bonds has significantly accelerated, with 1.91 trillion yuan issued from January to August 2025, primarily aimed at replacing hidden debts [5][19] - Local governments are actively addressing existing hidden debt issues, which is expected to enhance liquidity for affected parties [19][22] Public Utility Price Adjustments - The report notes that many regions have been slow to adjust water and waste disposal fees, leading to financial losses for water supply companies [30][29] - Recent adjustments in water prices have been observed in cities like Guangzhou and Shenzhen, with average increases of 15.8% for residential water rates [30][34] Investment Logic - The combination of government payment implementation, debt replacement, and price adjustments is expected to positively impact cash flow in the waste incineration and water sectors [36][38] - The industry is experiencing stable growth, with improved cash flow and increased dividends, driven by market reforms and a shift towards direct sales to industrial and commercial clients [38][39]

Core Viewpoint - The paper industry sector experienced a 0.5% increase on August 20, with Annie Co. leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3766.21, up 1.04% [1]. - The Shenzhen Component Index closed at 11926.74, up 0.89% [1]. Group 2: Individual Stock Performance - Annie Co. (002235) closed at 9.04, with a rise of 4.15%, and a trading volume of 1.4162 million shares, totaling a transaction value of 1.258 billion [1]. - BoHui Paper (600966) closed at 5.31, up 3.31%, with a trading volume of 204,000 shares, totaling 106 million [1]. - QiFeng New Materials (002521) closed at 9.07, increasing by 2.14%, with a trading volume of 114,200 shares, totaling 104 million [1]. - Forest Packaging (605500) closed at 10.24, up 1.69%, with a trading volume of 147,300 shares, totaling 150 million [1]. - Hengfeng Paper (600356) closed at 9.28, increasing by 1.64%, with a trading volume of 49,900 shares, totaling 45.9795 million [1]. - Minfeng Special Paper (600235) closed at 6.63, up 1.38%, with a trading volume of 78,900 shares, totaling 52.0111 million [1]. - Yibin Paper (600793) closed at 25.59, increasing by 1.35%, with a trading volume of 69,800 shares, totaling 178 million [1]. - Qingshan Paper (600103) closed at 2.36, up 1.29%, with a trading volume of 489,200 shares, totaling 1.15 billion [1]. - Rongsheng Environmental Protection (603165) closed at 12.55, increasing by 1.13%, with a trading volume of 36,600 shares, totaling 45.8246 million [1]. - Guanmeng High-tech (600433) closed at 3.17, up 0.96%, with a trading volume of 185,600 shares, totaling 58.3962 million [1]. Group 3: Capital Flow - The paper sector saw a net inflow of 101 million from main funds, while retail funds experienced a net outflow of 11.7049 million [2].

Market Overview - The paper sector increased by 0.57% on August 18, with Hengda New Materials leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Hengda New Materials (301469) closed at 31.69, up 5.95% with a trading volume of 50,600 and a turnover of 158 million [1] - ST Morning (000488) closed at 2.30, up 3.60% with a trading volume of 477,500 and a turnover of 109 million [1] - BoHui Paper (600966) closed at 5.17, up 2.78% with a trading volume of 315,500 and a turnover of 164 million [1] - Other notable performers include Minshida (833394) up 2.67%, Huawang Technology (605377) up 2.58%, and Hengfeng Paper (600356) up 2.46% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 57.59 million from institutional investors and 13.46 million from speculative funds, while retail investors saw a net inflow of 71.05 million [2] - Notable net inflows from retail investors were observed in Sun Paper (002078) with 49.32 million, and Hengfeng Paper (600356) with 14.96 million [3] - Conversely, significant net outflows from institutional investors were noted in Sun Paper (-36.67 million) and Hengda New Materials (-28.62 million) [3]

Core Points - The company, Zhejiang Rongsheng Environmental Paper Co., Ltd., announced the interest payment for its convertible bonds "Rong 23 Convertible Bonds" on August 18, 2025 [2][11] - The total issuance of the convertible bonds was 576,000 units, with a total value of 576 million yuan, and the bonds have a maturity of six years from the issuance date [2][3] - The coupon rates for the bonds increase progressively from 0.20% in the first year to 2.00% in the sixth year [2][3] Summary by Sections Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission to issue convertible bonds, which were listed on the Shanghai Stock Exchange on September 13, 2023 [3] - The initial conversion price was set at 15.74 yuan per share but has been adjusted down to 11.11 yuan due to various corporate actions [3] Interest Payment Plan - The interest payment for the second year will be based on a coupon rate of 0.40%, resulting in a payment of 0.40 yuan per bond (before tax) [10][14] - The interest payment will be made annually, with the payment date set for August 18 each year, and the record date for interest payment is August 15, 2025 [6][11] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of 0.32 yuan per bond after tax [14] - Non-resident enterprises are exempt from corporate income tax on bond interest income until December 31, 2025, under specific regulations [15] Contact Information - The company and its underwriters have provided contact details for investor inquiries regarding the bonds [16]

Summary of Key Points Core Viewpoint The announcement details the interest payment schedule and terms for the convertible bonds issued by Zhejiang Rongsheng Environmental Paper Co., Ltd., highlighting the bond's issuance, interest rates, and payment procedures. Group 1: Bond Issuance Overview - The company issued 5.76 million convertible bonds on August 18, 2023, with a total value of 576 million yuan [2] - The bonds have a maturity period of 6 years, from August 18, 2023, to August 17, 2029 [2] - The coupon rates for the bonds are structured to increase over the years, starting from 0.20% in the first year to 2.00% in the sixth year [2] Group 2: Interest Payment Details - The interest payment for the second year will be calculated for the period from August 18, 2024, to August 17, 2025, at a rate of 0.40% [4] - The interest payment will be made annually, with the payment date set for August 18 each year [4][5] - The interest amount for each bond with a face value of 100 yuan will be 0.40 yuan (including tax) [6] Group 3: Conversion and Pricing Adjustments - The convertible bonds can be converted into shares starting from February 26, 2024, with an initial conversion price of 15.74 yuan per share [3] - The conversion price has been adjusted multiple times, with the latest price set at 11.11 yuan per share due to various corporate actions [3] Group 4: Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net interest payment of 0.32 yuan per bond after tax [6][7] - Non-resident enterprises are exempt from corporate income tax on bond interest income until December 31, 2025 [7] Group 5: Contact Information - The company’s contact details for inquiries regarding the bond are provided, including the address and phone number for the securities department [8]

| 证券代码：603165 | 证券简称：荣晟环保 | | 公告编号：2025-070 | | --- | --- | --- | --- | | 债券代码：113676 | 债券简称：荣 转债 | 23 | | 浙江荣晟环保纸业股份有限公司 关于"荣 23 转债"2025 年付息的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 浙江荣晟环保纸业股份有限公司（以下简称"公司"或"本公司"）于 2023 年 8 月 18 日发行的可转换公司债券将于 2025 年 8 月 18 日开始支付自 2024 年 8 月 18 日至 2025 年 8 月 17 日期间的利息。根据《浙江荣晟环保纸业股份有限公 司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 有关条款的规定，现将有关事项公告如下： 一、可转债发行上市概况 经中国证券监督管理委员会证监许可〔2023〕1376 号《关于同意浙江荣晟 环保纸业股份有限公司向不特定对象发行可转换公司债券注册的批复》同意注册， 公司于 2023 年 8 ...

Core Viewpoint - The demand for waste paper pulp is surging due to the rapid growth of e-commerce and logistics in China, driven by a stable domestic economy and supportive government policies promoting recycling and circular economy initiatives [1][12][21]. Industry Overview - Waste paper pulp, also known as recycled pulp, is produced from waste paper and cardboard through various processing techniques. The production methods include dry and wet processes, with dry methods being more cost-effective [3][7]. - The production of waste paper pulp in China is projected to increase from 54.44 million tons in 2018 to 63.18 million tons by 2024, reflecting a compound annual growth rate (CAGR) of 2.5% [1][12]. Market Dynamics - The "ban on waste" policy has led to a complete halt in imported waste paper, exacerbating the shortage of virgin pulp and prompting companies to ramp up waste paper pulp production to meet market demands [1][12]. - The waste paper recovery volume in China is expected to reach 69.71 million tons by 2024, with a recovery rate of 51.1% and a utilization rate of 51.6% [10]. Government Policies - The Chinese government has implemented various policies to support the recycling industry, including the "14th Five-Year Plan" which emphasizes the establishment of a comprehensive recycling system for waste materials [5][6]. - Recent policies encourage the deep processing of recycled resources, including waste paper, to enhance the recycling industry's efficiency and output [5][6]. Competitive Landscape - The waste paper pulp industry features a diverse competitive landscape, with both large enterprises and small to medium-sized companies. Major players include Shanying International, Sun Paper, and Chenming Paper [16][17]. - The industry is expected to undergo consolidation, driven by policy and capital influences, leading to increased market concentration [16]. Future Trends - The waste paper pulp industry is anticipated to maintain steady growth, supported by increasing consumer demand for eco-friendly products and ongoing government initiatives [21]. - Future production will focus on green and intelligent manufacturing, with investments in environmental technologies and automation to enhance efficiency and reduce emissions [22][23]. - The collaboration across the waste paper recycling supply chain is expected to strengthen, improving the overall recovery and utilization rates of waste paper [24].

Market Overview - On August 4, the paper sector rose by 0.12% compared to the previous trading day, with Kane Co. leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Individual Stock Performance - Kane Co. (002012) closed at 6.31, with a gain of 5.87% and a trading volume of 994,100 shares, amounting to a transaction value of 625 million [1] - ST Morning (000488) closed at 2.05, up 3.02%, with a trading volume of 425,400 shares and a transaction value of 86.34 million [1] - Xianhe Co. (603733) closed at 22.00, increasing by 2.28%, with a trading volume of 40,900 shares and a transaction value of 89.94 million [1] - Other notable stocks include Minfeng Special Paper (600235) with a closing price of 6.57, up 1.23%, and Hengda New Materials (301469) at 27.97, up 1.05% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 81.62 million from institutional investors, while retail investors saw a net inflow of 43.91 million [2] - Notable net inflows from retail investors were observed in ST Morning (000488) with 12.04 million and Xianhe Co. (603733) with 474.99 million [3] - Conversely, significant net outflows were recorded for Sun Paper (002078) with -26.84 million from institutional investors and -34.59 million from retail investors [3]

Core Points - The company, Rongsheng Environmental Protection, announced on August 1 that it has repurchased a total of 7,201,232 shares through the Shanghai Stock Exchange's centralized bidding system as of July 31, 2025 [2] - This repurchase represents 2.64% of the company's total share capital of 272,623,728 shares as of the same date [2]

2024 年第二期以集中竞价交易方式回购股份的预案》（公告编号：2024-070）、《浙 江荣晟环保纸业股份有限公司关于 2024 年第二期以集中竞价交易方式回购股份的 回购报告书》（公告编号：2024-080）。 | 证券代码：603165 | 证券简称：荣晟环保 | | | 公告编号：2025-069 | | --- | --- | --- | --- | --- | | 转债代码：113676 | 转债简称：荣 | 23 | 转债 | | 浙江荣晟环保纸业股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/10/25 | | --- | --- | | 回购方案实施期限 | 待股东大会审议通过后 12 个月 | | 预计回购金额 | 10,000万元~20,000万元 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | ...