Group 1 - The Chinese government aims to establish a comprehensive national carbon market by 2030, focusing on quota control and a combination of free and paid allocation methods [1] - The average price of carbon emission allowances in China has increased from 46.60 yuan per ton in 2021 to 91.82 yuan per ton in 2024, nearly doubling [1] - In 2024, the total transaction volume of carbon emission allowances reached 189 million tons, with a total transaction value of 18.114 billion yuan, marking a new annual high for the carbon market [1] Group 2 - The strengthening of the carbon market in China presents significant opportunities for companies involved in carbon asset management, low-carbon technologies, high-emission industry transformation, and financial services [2] - Companies like Zhuoyue New Energy, a leader in the biodiesel industry, are expected to grow under the carbon reduction context [3] - Yingke Recycling, with its full industry chain advantage in "plastic recycling - regeneration - utilization," is recognized as a rare asset with global market presence and strong ESG attributes [3]

Core Viewpoint - The company, Yingke Recycling Resources Co., Ltd., has decided to repurchase and cancel 541,835 shares of restricted stock due to various reasons including employee departures and unmet performance targets for 2024 [2][5][6]. Group 1: Reasons for Repurchase and Cancellation - The repurchase and cancellation of restricted stock involve 366 individuals, with a total of 541,835 shares being affected [5][6]. - Reasons for the repurchase include the departure of 43 individuals who no longer meet the criteria for incentive stock, resulting in the cancellation of 88,550 shares [5]. - Additionally, 439,285 shares are being canceled due to the company's failure to meet performance targets set in the incentive plan [6]. - One individual became a company supervisor, leading to the cancellation of 14,000 shares [6]. Group 2: Decision and Approval Process - The decision for the repurchase was approved during the board and supervisory meetings held on April 25, 2025, and subsequently at the annual shareholders' meeting on May 20, 2025 [3][4]. - Legal opinions were obtained confirming that the repurchase complies with relevant laws and regulations [9]. Group 3: Financial Details - The repurchase price for the restricted stock is set at 20.11 yuan per share, plus interest from bank deposits [5][6]. - The company has established a dedicated securities account for the repurchase and expects to complete the cancellation by August 26, 2025 [7]. Group 4: Compliance and Commitments - The company assures that the decision-making process and information disclosure comply with legal requirements and internal regulations [8]. - The company has committed to handling any disputes arising from the repurchase and cancellation of shares [8].

证券代码：688087 证券简称：英科再生 公告编号：2025-044 英科再生资源股份有限公司 回购注销实施公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 回购注销原因：根据英科再生资源股份有限公司（以下简称 "公司"或"英科再生"）《2022 年限制性股票激励计划（草案）》 （以下简称"《激励计划（草案）》 "、"本激励计划"） 《2022 年限制性 股票激励计划实施考核管理办法》（以下简称"《考核管理办法》"） 的相关规定，由于部分激励对象离职、公司 2024 年业绩考核未达标、 一名激励对象成为公司监事等原因，公司决定将涉及的 366 名激励 对象已获授但尚未解除限售的 541,835 股限制性股票予以回购注销。 ? 本次回购注销的有关情况： 回购股份数量 注销股份数量 注销日期 一、 本次限制性股票回购注销的决策与信息披露 公司于 2025 年 4 月 25 日召开第四届董事会第十八次会议、第 四届监事会第十四次会议，分别审议通过了《关于调整 2022 年限制 性股票激励计划限制性股票回 ...

上海天衍禾律师事务所 关于 英科再生资源股份有限公司 之 法律意见书 法律意见书 致：英科再生资源股份有限公司 上海天衍禾律师事务所（以下简称"本所"）接受英科再生资源股份有限公司 （以下简称"英科再生"或"公司"）的委托，担任英科再生实施 2022 年限制性股 票激励计划相关事宜（以下简称"本次股权激励计划"或"激励计划"）的专项法律 顾问。本所律师根据《中华人民共和国公司法》（以下简称《公司法》）《上市公 司股权激励管理办法》（以下简称《管理办法》）《上海证券交易所科创板股票上 市规则》等有关法律及其他有关法律、法规、规范性文件，以及《英科再生资源 股份有限公司 2022 年限制性股票激励计划（草案）》（以下简称《激励计划（草 案）》 ）和《英科再生资源股份有限公司公司章程》 （以下简称《公司章程》）的相 关规定，对本次股权激励计划所涉及的回购注销部分限制性股票实施情况相关事 项出具本法律意见书。为出具本法律意见书，本所律师谨作如下承诺和声明： 《证券法》 《管理办法》等法律、法规和规范性文件， 按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，出具本法律意见书。 效的法律、法规及其他规范性文件发表法 ...

证券代码：688087 证券简称：英科再生 公告编号：2025-044 英科再生资源股份有限公司 2022年限制性股票激励计划部分第一类限制性股票 回购注销实施公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 回购注销原因：根据英科再生资源股份有限公司（以下简称 "公司"或"英科再生"）《2022 年限制性股票激励计划（草案）》 （以下简称"《激励计划（草案）》"、"本激励计划"）《2022 年限制性 股票激励计划实施考核管理办法》（以下简称"《考核管理办法》"） 的相关规定，由于部分激励对象离职、公司 2024 年业绩考核未达标、 一名激励对象成为公司监事等原因，公司决定将涉及的 366 名激励 对象已获授但尚未解除限售的 541,835 股限制性股票予以回购注销。 本次回购注销的有关情况： 一、 本次限制性股票回购注销的决策与信息披露 公司于 2025 年 4 月 25 日召开第四届董事会第十八次会议、第 四届监事会第十四次会议，分别审议通过了《关于调整 2022 年限制 性股票激励计划限制性股票回 ...

关于 法律意见书 上海天衍禾律师事务所 英科再生资源股份有限公司 2022 年限制性股票激励计划回购注销部分限制性股票实施情况 之 法律意见书 致：英科再生资源股份有限公司 上海天衍禾律师事务所（以下简称"本所"）接受英科再生资源股份有限公司 （以下简称"英科再生"或"公司"）的委托，担任英科再生实施 2022 年限制性股 票激励计划相关事宜（以下简称"本次股权激励计划"或"激励计划"）的专项法律 顾问。本所律师根据《中华人民共和国公司法》（以下简称《公司法》）《上市公 司股权激励管理办法》（以下简称《管理办法》）《上海证券交易所科创板股票上 市规则》等有关法律及其他有关法律、法规、规范性文件，以及《英科再生资源 股份有限公司 2022 年限制性股票激励计划（草案）》（以下简称《激励计划（草 案）》）和《英科再生资源股份有限公司公司章程》（以下简称《公司章程》）的相 关规定，对本次股权激励计划所涉及的回购注销部分限制性股票实施情况相关事 项出具本法律意见书。为出具本法律意见书，本所律师谨作如下承诺和声明： 1、本所根据《公司法》《证券法》《管理办法》等法律、法规和规范性文件， 按照律师行业公认的业务标准、道德 ...

本文源自：金融界 作者：智投君 8月18日，沪深两融数据显示，英科再生获融资买入额0.11亿元，居两市第1527位，当日融资偿还额0.08 亿元，净买入316.08万元。 最近三个交易日，14日-18日，英科再生分别获融资买入0.11亿元、0.08亿元、0.11亿元。 融券方面，当日融券卖出0.00万股，净卖出0.00万股。 ...

Group 1 - The Shanghai government is establishing a new model for marine waste management, focusing on collaboration between government, enterprises, and society to create a sustainable system for marine plastic pollution [1] - The "Shanghai Marine Alliance" has been launched to facilitate dialogue and cooperation among various stakeholders in the marine waste industry chain [1][2] - Companies like Baosteel, China Agricultural Development Bank, Unilever, and PepsiCo are among the first members of the "Shanghai Marine Alliance," playing key roles in transforming marine waste into valuable resources [2] Group 2 - The use of blockchain technology by Zhejiang Blue View Technology Co., Ltd. is highlighted for tracking marine waste from collection to recycling, ensuring data integrity and preventing fraudulent environmental claims [2] - The Shanghai Carbon Benefit Platform has introduced a system where citizens can earn carbon credits for participating in green activities, which can be redeemed for various benefits [2] - Research is being conducted to link marine waste management with carbon benefits, potentially allowing citizens participating in beach clean-up activities to earn carbon credits [2]

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The expansion of the CCER (China Certified Emission Reduction) market is expected to benefit agricultural and forestry biomass, while the EU's Circular Economy Act emphasizes the importance of recycling resources [1][10] - The report highlights the potential for increased cash flow and profitability in the waste-to-energy sector as capital expenditures decline, similar to trends observed in the waste incineration industry [19][23] - The report suggests that the water services sector is approaching a cash flow inflection point, positioning it as the next growth area akin to waste incineration [23][24] Summary by Sections CCER Methodology and Market Expansion - The third batch of CCER methodologies focuses on agricultural biomass and methane reduction from oil and gas, indicating a growing supply and demand in the carbon market [8][10] - The average price of CCER has been reported at 89 RMB/ton, showing a premium over carbon allowances, reflecting tight supply conditions [10][12] EU Circular Economy Act - The EU is seeking public opinion on the Circular Economy Act, which aims to enhance the value of recycled materials and impose stricter regulations on waste management and recycling [15][16] - Key objectives include improving electronic waste collection and recycling rates, and extending producer responsibility for product lifecycle management [16][18] Waste-to-Energy Sector - The report notes a significant improvement in free cash flow for waste-to-energy companies as capital expenditures decrease, with projected dividend increases for major players [20][21] - The sector is expected to see a shift towards higher dividends and improved return on equity (ROE) as companies optimize operations and reduce costs [21][22] Water Services Sector - The water services market is anticipated to experience a cash flow boost as capital expenditures decline, with companies like Xingrong Environment and Yuehai Investment highlighted for their strong dividend potential [23][25] - The report emphasizes the importance of water pricing reforms in ensuring sustainable growth and returns for water service providers [24][25] Key Recommendations - The report recommends focusing on companies such as Guangda Environment, Xingrong Environment, and Green Power for their strong market positions and growth potential in the environmental sector [1][19][25]

Group 1 - The core point of the article highlights the financing activities of Yingke Recycling, which received a financing buy amount of 0.11 billion on August 14, ranking 1401st in the market [1] - Over the last three trading days from August 12 to August 14, Yingke Recycling had financing buy amounts of 0.08 billion, 0.05 billion, and 0.11 billion respectively [1] - On the same day, there were no shares sold or net sold in the securities lending market for Yingke Recycling [2]