格隆汇8月4日丨英科再生(688087.SH)公布，截至2025年7月31日，公司通过上海证券交易所交易系统以 集中竞价交易方式回购公司股份488,500股，占公司总股本的0.25%，回购成交的最高价为27.51元/股， 最低价为25.43元/股，支付的资金总额为人民币12,995,098.13元（不含交易费用）。 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes the importance of the recent price law revision, which is expected to enhance ROE and cash flow, particularly in the water pricing sector. The marketization of water prices is seen as a potential turning point for cash flow, similar to the previous developments in waste incineration [1][11] - The report identifies a cash flow turning point in water operations, suggesting that companies like Xingrong and Shou Chuang will see significant reductions in capital expenditures starting in 2025, leading to substantial increases in free cash flow [1][22] - The report highlights the strengthening of environmental inspections as a driving force for the industry, indicating a shift from policy-driven to governance-driven demand for environmental services [10] Summary by Sections Industry Trends - The environmental protection industry is transitioning towards a governance-driven model, with a focus on long-term, systematic management rather than temporary fixes [10] - The report notes a significant increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 90.56% in the first half of 2025, indicating a growing market for environmentally friendly equipment [31] Water Operations - The report predicts that the water operations sector will experience a cash flow turning point, with companies like Xingrong and Shou Chuang expected to reduce capital expenditures significantly starting in 2025, leading to increased free cash flow [1][22] - The report recommends companies such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment for their strong dividend potential and market positioning [23][24] Waste Incineration - The report discusses the expected decline in capital expenditures for waste incineration, which will enhance free cash flow and dividend payouts. Companies like Junxin and Green Power are highlighted for their strong dividend performance [18][20] - The report identifies new trends in waste incineration, including partnerships with data centers to enhance profitability and ROE [21] Policy Developments - The report outlines the implications of the price law revision, which aims to enhance market pricing mechanisms and improve cash flow for public utilities, particularly in water and waste management sectors [11][14] - The report emphasizes the importance of environmental inspections in driving industry growth and ensuring compliance with new regulations [9][10] Recommendations - The report recommends a focus on companies with strong operational capabilities and cash flow potential, such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment, while suggesting attention to emerging players in the waste management and renewable energy sectors [23][24][25]

Core Viewpoint - The company, Yingke Recycling, focuses on plastic recycling and has a notable market position in the environmental materials sector, despite a slight decline in stock price on July 29 [1] Financial Performance - On July 29, Yingke Recycling's stock price closed at 27.44 yuan, down 0.80% from the previous trading day [1] - The trading volume for the day reached 0.57 billion yuan, with a turnover rate of 1.11% [1] - The company's total market capitalization is 5.34 billion yuan, with a price-to-earnings ratio of 18.46 times [1] Capital Flow - On July 29, there was a net outflow of 5.31 million yuan in the main capital [1]

Summary of Key Points Core Viewpoint The announcement details the results of the 2025 Restricted Stock Incentive Plan of Yingke Recycling Resources Co., Ltd., including the number of shares granted, the adjustments made, and the implications for the company's share structure and financial reporting. Group 1: Granting of Restricted Stock - The first grant date for the restricted stock was July 21, 2025, with a total of 7.37 million shares granted [1]. - The number of incentive recipients was adjusted from 612 to 607 due to five individuals voluntarily giving up their shares, resulting in a reduction of 8,000 shares [1]. Group 2: Distribution of Restricted Stock - The distribution of the granted shares includes 525,000 shares (7.12%) to directors, senior management, and core technical personnel, while 6.84 million shares (92.88%) were allocated to other key management and technical personnel [2]. - The total number of shares granted under the incentive plan is 7.37 million, which represents 3.94% of the company's total share capital [2]. Group 3: Lock-up Period and Release Conditions - The restricted stock will have a lock-up period with specific release conditions, allowing for a gradual release of shares over a maximum of 72 months [3]. - The first release will occur 12 months after the registration completion, with 20% of the shares becoming available for sale [3]. Group 4: Financial Impact and Verification - The total funds received from the incentive recipients amounted to approximately RMB 88.51 million, with RMB 7.37 million recorded as paid-in capital and RMB 81.14 million as capital surplus [4]. - The completion of the stock registration increased the total number of shares from 187,226,610 to 194,596,610, without changing the controlling shareholder [4]. Group 5: Shareholder Structure Changes - The granting of restricted stock will lead to a dilution of existing shareholders' stakes, with specific changes noted for major shareholders [5]. - The actual control of the company remains unchanged despite the increase in total shares [5]. Group 6: Accounting and Financial Reporting - The company will account for the restricted stock in accordance with accounting standards, impacting the net profit over the years due to the amortization of the stock compensation expense [6]. - The estimated financial impact of the stock incentive plan is expected to be positive, enhancing management motivation and operational efficiency, outweighing the costs associated with the stock grants [7].

一、限制性股票授予情况 公司于 2025 年 6 月 23 日召开的第四届董事会第二十次会议，审议通过了《关 于向激励对象授予限制性股票的议案》，相关事项已经公司董事会薪酬与考核委 员会审议通过。本激励计划实际授予情况如下： 1、本次限制性股票授予日：2025 年 6 月 23 日 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： 根据中国证券监督管理委员会《上市公司股权激励管理办法》、上海证券交 易所、中国证券登记结算有限责任公司上海分公司有关规则的规定，英科再生资 源股份有限公司（以下简称"公司"或"本公司"）已于近日完成了公司 2025 年限 制性股票激励计划（以下简称"本激励计划"）限制性股票的授予登记工作，有关 具体情况如下： 证券代码：688087 证券简称：英科再生 公告编号：2025-042 英科再生资源股份有限公司 关于2025年限制性股票激励计划限制性股票 授予结果公告 5、本次限制性股票的股票来源：公司向激励对象定向发行的本公司 A 股普 通股 第一类限制性股票授予登记日：2025 年 ...

Investment Rating - The investment rating for the industry is "Increase" which indicates a relative increase of more than 15% compared to the CSI 300 index [28] Core Insights - The Central Financial Committee's sixth meeting emphasized the high-quality development of the marine economy and the exploration of marine carbon sink accounting [8] - The first international standard for algal carbon footprint has been officially released, marking a breakthrough in carbon footprint standards [8] - The national carbon market is expanding beyond the power sector, increasing the demand for CCER (Voluntary Carbon Emission Reduction) [9] - New methodologies for CCER are expected to accelerate expansion, including projects related to low-concentration gas utilization in coal mines and energy-saving in highway tunnel lighting [10] Summary by Sections Weekly Investment Perspective - The meeting highlighted the need for top-level design in marine economic development and encouraged social capital participation [8] - The national carbon market will include cement, steel, and electrolytic aluminum industries, with a target to cover 7.5 billion tons of greenhouse gas emissions by 2027 [9] Environmental Sector Performance - The environmental sector saw a weekly increase of 0.81%, with notable stock performances including Xuedilong (+31.74%) and Sandetech (+26.25%) [13][16] - The weekly trading volume for national carbon market emissions was 2.47 million tons, with an average price of 72.64 yuan/ton, reflecting a 62% decrease from the previous week [14] Carbon Neutrality Tracking - The CCER trading volume reached 103,000 tons with an average price of 87.04 yuan/ton [14] - The Shanghai pilot carbon market achieved 100% compliance for twelve consecutive years, with a significant increase in green electricity consumption [18] Investment Recommendations - Recommendations include leading waste incineration companies such as Sanfeng Environment and Huanlan Environment, as well as companies in the recycling sector like Zhuoyue New Energy and Sanlian Hongpu [11]

国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为英科 再生资源股份有限公司（以下简称"英科再生"或"公司"）首次公开发行股票 并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证 券交易所科创板股票上市规则》《上市公司募集资金监管规则》及《上海证券交 易所科创板上市公司自律监管指引第 1 号——规范运作》等相关法律法规和规范 性文件的要求，对英科再生拟使用部分闲置募集资金临时补充流动资金的事项进 行了核查，核查的具体情况如下： 国金证券股份有限公司 关于英科再生资源股份有限公司 使用部分闲置募集资金临时补充流动资金的 核查意见 一、募集资金基本情况 根据中国证券监督管理委员会于 2021 年 5 月 25 日出具的《关于同意山东英 科环保再生资源股份有限公司首次公开发行股票注册的批复》（证监许可 [2021]1802 号），公司获准向社会公众公开发行人民币普通股（A 股）3,325.8134 万股（每股面值人民币 1 元），并于 2021 年 7 月 9 日在上海证券交易所科创板上 市（以下简称"本次发行"）。本次发行的发行价格为 21.96 元/股，本次发行募集 资金总额约 ...

证券代码：688087 证券简称：英科再生 公告编号：2025-041 英科再生资源股份有限公司 重要内容提示： 2025 年 7 月 1 日，英科再生资源股份有限公司（以下简称"公 司"）已将前次用于临时补充流动资金的募集资金 13,800 万元归还至 募集资金专用账户，并及时将募集资金归还情况通知保荐机构和保 荐代表人。 公司拟使用不超过人民币 12,000 万元的闲置募集资金临时补 充流动资金，使用期限自公司董事会决议通过之日起不超过 12 个月。 本次使用部分闲置募集资金临时补充流动资金不影响募集资 金投资项目正常建设及进展，且在上述规定期限内根据募投项目的 进展及需求及时归还至募集资金专用账户。 本次使用部分闲置募集资金临时补充流动资金仅用于公司主 营业务相关的生产经营活动，不会直接或间接用于新股配售、申购 或用于股票及其衍生品种、可转换公司债券等的交易，不存在变相 改变募集资金用途的情形。 一、募集资金基本情况 根据中国证券监督管理委员会于 2021 年 5 月 25 日出具的《关 于同意山东英科环保再生资源股份有限公司首次公开发行股票注册 的批复》（证监许可[2021]1802 号），公司获准向 ...

Summary of Key Points Core Viewpoint - The company has initiated a share repurchase program to enhance shareholder value and implement an employee stock ownership plan, with a total expected repurchase amount between RMB 40 million and RMB 80 million [1][2]. Group 1: Share Repurchase Plan - The share repurchase plan was first disclosed on April 8, 2025, and will be implemented from April 8, 2025, to April 7, 2026 [1]. - The maximum repurchase price is set at RMB 41.44 per share, with a minimum expected repurchase amount of RMB 40 million [1][2]. - The company has already repurchased a total of 38,154 shares, which accounts for 0.02% of the total share capital, with a total expenditure of RMB 973,465.25 [1][2]. Group 2: Progress of Share Repurchase - Following the annual equity distribution for 2024, the maximum repurchase price was adjusted to RMB 41.38 per share [2]. - The highest transaction price during the repurchase was RMB 25.59 per share, while the lowest was RMB 25.44 per share [2]. - The company will continue to make repurchase decisions based on market conditions and will fulfill its information disclosure obligations regarding the progress of the share repurchase [2].

一、回购股份的基本情况 英科再生资源股份有限公司（以下简称"公司"）于 2025 年 4 月 7 日召开第四 届董事会第十七次会议，审议通过了《关于以集中竞价方式回购公司股份方案的 议案》，同意公司使用自有资金及股票回购专项贷款以集中竞价交易方式回购公司 已发行的部分人民币普通股（A 股）股份，本次回购股份的价格不超过人民币 41.44 元/股（含），回购金额不低于人民币 4,000 万元（含），不超过人民币 8,000 万元（含）， 回购股份期限自公司董事会审议通过本次回购方案之日起不超过 12 个月。具体情 况详见公司披露于上海证券交易所网站（www.sse.com.cn）的《英科再生资源股份 有限公司关于以集中竞价方式回购股份的回购报告书》（公告编号：2025-005）。 证券代码：688087 证券简称：英科再生 公告编号：2025-040 英科再生资源股份有限公司 关于以集中竞价方式首次回购公司股份 暨回购股份的进展公告 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 | 20 ...