股票代码：000826.SZ 股票简称：启迪环境 债券代码：112978.SZ 债券简称：19启迪G2 中德证券有限责任公司 重要声明 中德证券有限责任公司（简称"中德证券"）编制本报告涉及的内容来源于市场公 开信息。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜 做出独立判断，而不应将本报告中的任何内容据以作为中德证券所作的承诺或声明。 2 关于启迪环境科技发展股份有限公司 涉及诉讼（仲裁）案件进展的临时受托管理事 务报告 债券受托管理人 （北京市朝阳区建国路81号华贸中心1号写字楼22层） 2026年1月 一、公司债券基本情况 1、债券名称：启迪环境科技发展股份有限公司2019年公开发行绿色公司债券（面 向合格投资者）（第一期）（简称"本期债券"）。 根据启迪环境2026年1月15日公告的《关于涉及诉讼（仲裁）案件进展的公告》 （公告编号：2026-001），启迪环境涉及诉讼（仲裁）案件进展如下： （一）诉讼进展情况 2、债券简称及代码：19启迪G2、112978。 3、发行主体：启迪环境科技发展股份有限公司（简称"发行人"或"启迪环境"）。 4、发行规模：5亿元人民币。 5、债 ...

Core Insights - The industrial solid waste treatment industry in China is in its early development stage, with low industrialization and market concentration. The market size is projected to grow from 686.84 billion yuan in 2016 to 983.78 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5% [1][15] - By 2025, the market size is expected to reach approximately 1,089.92 billion yuan, driven by stricter environmental regulations, the implementation of circular economy strategies, and continuous innovation in treatment technologies [1][15] Industry Overview - Industrial solid waste treatment involves the systematic collection, professional transportation, and final disposal of solid and semi-solid waste generated during industrial production. The main goal is to achieve harmlessness, reduction, and resource recovery [2][4] - The industry includes various treatment methods such as physical, chemical, and biological processes, with applications in raw material utilization, incineration power generation, and pyrolysis gasification [2][6] Market Size and Growth - The market size of the industrial solid waste treatment industry in China is projected to grow from 686.84 billion yuan in 2016 to 983.78 billion yuan in 2024, with a CAGR of 5%. By 2025, it is expected to reach approximately 1,089.92 billion yuan [1][15] - The industrial solid waste treatment equipment and engineering market is also expanding, with a projected growth from 73.99 billion yuan in 2019 to 84.57 billion yuan in 2024, and an expected size of 86.86 billion yuan in 2025 [11] Policy Support - The Chinese government has implemented several policies to support the development of industrial solid waste treatment facilities, emphasizing the importance of harmless and resourceful treatment as essential infrastructure for urban development [7][8] - Key policies include the establishment of a waste recycling system by 2025 and the comprehensive management action plan for solid waste, which aims to enhance the management and tracking of industrial solid waste [7][8] Industry Chain - The industrial solid waste treatment industry chain includes upstream equipment manufacturing, midstream specialized collection and treatment, and downstream resource recovery and recycling [9][10] - Key equipment includes waste crushing, incineration, landfill, and recycling equipment, which are crucial for the effective treatment of industrial solid waste [9][11] Key Players - Major companies in the industrial solid waste treatment sector include Hanlan Environment, Greeenmei, Fuchun Environmental Protection, Weiming Environmental Protection, and others, which are competing based on technology integration, operational efficiency, and resource recovery depth [1][15][16] - Hanlan Environment has developed a comprehensive service capability for solid waste treatment, while Fuchun Environmental Protection has expanded its business model to include resource recovery and environmental monitoring [17][18] Challenges - The industry faces challenges such as insufficient treatment capacity, outdated technology, and non-standard management practices, which hinder effective waste treatment and increase environmental risks [19] - Many regions lack adequate treatment facilities, leading to an imbalance in treatment capacity across different areas [19] Future Trends - The industry is expected to evolve towards precision separation and high-value resource recovery, utilizing advanced technologies for better waste management [20][22] - There will be a shift from project-based operations to comprehensive lifecycle management and regional collaborative disposal, enhancing efficiency and reducing environmental risks [20][21] - The value proposition of industrial solid waste treatment companies will transform from being a cost center to creating measurable carbon reduction and sustainability solutions [22]

Core Viewpoint - The news highlights a crackdown on accounts involved in capital market violations on the Xueqiu platform, following the penalty imposed on a prominent influencer known as "Jin Huo" for illegal stock recommendations and market manipulation [6][7]. Group 1: Account Bans - Xueqiu's security center announced a special governance initiative, resulting in the permanent banning of 22 accounts for violations related to capital market activities [1]. - The banned accounts include "Hangzhou Xincheng Road," "Lunhui 666," and others, with multiple rounds of bans issued throughout the day [1][2]. Group 2: Types of Violations - The platform is focusing on four categories of violations: excessive speculation and market manipulation, illegal securities investment consulting, organized illegal operations, and the dissemination of false information [3]. - Specific practices targeted include "speculative trading strategies," "paid groups," and the use of AI to spread rumors or distort public information [3]. Group 3: Regulatory Context - Recent regulatory signals indicate a heightened focus on addressing excessive speculation and market manipulation, with the China Securities Regulatory Commission (CSRC) emphasizing the need for strict enforcement [4][5]. - The CSRC has previously reported on the collaboration with the National Internet Information Office to tackle false information related to the capital market [4]. Group 4: Case of "Jin Huo" - "Jin Huo," a prominent influencer on Xueqiu, was fined over 80 million yuan and banned from the market for three years due to illegal stock recommendations and manipulative trading practices [6][7]. - The investigation revealed that "Jin Huo" had recommended 32 stocks while engaging in significant reverse selling shortly after, resulting in illegal gains of approximately 41.62 million yuan [7].

Core Viewpoint - The article discusses the regulatory actions taken against a prominent stock promoter, Jin Yongrong, who was fined and banned for manipulating stock prices while misleading followers on social media platforms about his investment intentions [1][4]. Group 1: Regulatory Actions - The Zhejiang Securities Regulatory Bureau imposed a fine of over 80 million yuan (approximately 12 million USD) on Jin Yongrong for manipulating the stock market [4]. - Jin Yongrong's illegal gains amounted to 41.62 million yuan (approximately 6 million USD), which was confiscated along with an equal penalty, totaling 83.25 million yuan [4]. - He received a three-year ban from participating in the securities market, during which he cannot trade securities directly or indirectly [4]. Group 2: Stock Promotion Activities - Jin Yongrong, under the alias "Jin Huo," gained significant popularity on the Snowball platform, amassing over 107,000 followers by April 2025, with individual posts averaging 1.3 million views [1][5]. - He publicly recommended 32 stocks, including "Qidi Environment," "Luwei Optoelectronics," and "Guanghua Technology," while simultaneously executing large sell orders shortly after his recommendations [2][4]. - His promotional activities extended beyond Snowball to platforms like Taoguba, WeChat, and Xiaohongshu, where he shared stock analysis and participated in trading competitions, significantly increasing his follower base [6]. Group 3: Manipulative Practices - Jin Yongrong engaged in a practice known as "robbing the hat," where he would promote stocks and then sell them shortly after, contradicting his recommendations [10]. - The regulatory investigation revealed that he often sold stocks within minutes of posting recommendations, indicating a clear intent to manipulate market perceptions [9][10]. - His posts included misleading signals about his trading positions, which were designed to influence followers' trading decisions, further solidifying his manipulative behavior [9].

Core Viewpoint - The recent crackdown on accounts involved in market manipulation and illegal stock recommendations on the Xueqiu platform highlights regulatory efforts to maintain market integrity and protect investors [1][4]. Group 1: Regulatory Actions - Xueqiu has initiated a special governance action against several accounts, permanently banning "Hangzhou Xincheng Road," "Lunhui 666," and "Fuluwaya Grandpa" for violations [1][3]. - The Zhejiang Securities Regulatory Bureau imposed a fine exceeding 80 million yuan on the prominent Xueqiu influencer "Jin Huo" (real name Jin Yongrong) and banned him from the market for three years due to illegal stock recommendations and market manipulation [7]. - The crackdown is part of a broader regulatory signal from the China Securities Regulatory Commission (CSRC) aimed at addressing excessive speculation and market manipulation [4][5]. Group 2: Types of Violations - The platform is focusing on four main types of violations: excessive speculation, illegal securities investment consulting, organized illegal operations, and the dissemination of false information [2]. - There is a strict prohibition against using AI technology or misleading narratives to spread rumors or distort public information, which could disrupt market order [2]. Group 3: Impact of Violations - Jin Huo's account had over 107,000 followers, and his posts averaged 1.3 million views, indicating significant influence in the securities investment field [8]. - The illegal activities included recommending 32 stocks and engaging in reverse selling shortly after recommendations, resulting in illegal gains of approximately 41.62 million yuan [7].

Core Viewpoint - The news highlights the regulatory actions taken against prominent financial influencers on the Xueqiu platform, particularly focusing on the penalties imposed on the influencer "Jin Huo" for market manipulation and the subsequent banning of several other accounts for similar violations [2][3][9]. Group 1: Regulatory Actions - The Zhejiang Securities Regulatory Bureau imposed a fine exceeding 80 million yuan (approximately 11.2 million USD) on "Jin Huo" (real name Jin Yongrong) and banned him from the market for three years due to illegal stock recommendations and manipulative trading practices [3][9]. - Following the penalty on "Jin Huo," Xueqiu announced the permanent banning of three other accounts: "Hangzhou Xincheng Road," "Lunhui 666," and "Fu Lu Wa Ye Ye" as part of a broader crackdown on violations [2][5]. Group 2: Violations and Focus Areas - The platform is focusing on four types of violations: excessive speculation, illegal securities investment consulting, organized illegal operations, and the dissemination of false information [4]. - The regulatory environment is tightening, with the China Securities Regulatory Commission emphasizing the need to address excessive speculation and market manipulation, as well as the spread of false information related to the capital market [6][7]. Group 3: Impact on Influencer and Market - "Jin Huo" had a significant following, with over 107,000 followers on Xueqiu and an average article view count of 1.3 million during the period of his activity [10]. - The penalties and regulatory actions are indicative of a broader trend in the industry aimed at stabilizing the market and ensuring compliance with legal standards [6][9].

Group 1 - The article discusses the recent penalties imposed on certain stocks, highlighting the importance of transparency and caution in trading practices [1][17] - It mentions specific trading activities related to "启迪环境" (Qidi Environment), detailing various buy and sell transactions with prices and volumes [4][21] - The trading strategy employed by the author is characterized as value speculation, focusing on short-term trading and rolling positions [10][26] Group 2 - The author expresses concern over the consequences of trading practices, particularly regarding the classification of reverse trading and its implications [16][32] - There is a mention of the financial outcomes from trading activities, indicating a significant discrepancy between reported illegal gains and actual profits [31][32] - The article serves as a cautionary note for investors to avoid similar pitfalls in their trading activities [15][31]

Core Viewpoint - The Zhejiang Securities Regulatory Commission has issued an administrative penalty decision against Jin Yongrong for engaging in reverse trading and "hat manipulation" after publicly recommending stocks, revealing significant misconduct in the securities market. Group 1: Background and Influence - Jin Yongrong, born in 1988, has gained substantial recognition in the securities investment field through his "Jin Huo" account on the Xueqiu platform, where he published stock recommendations and engaged with audiences across various platforms including Taoguba, WeChat, and Xiaohongshu [1][2]. - As of April 2025, the "Jin Huo" account had over 107,000 followers, with an average reading of 1.3 million per post from September 2024 to April 2025, indicating a significant influence on the market [1][2]. Group 2: Manipulative Actions - Between September 2, 2024, and April 16, 2025, Jin Yongrong publicly recommended 32 stocks while simultaneously executing large reverse sell transactions on the same day or the following day, totaling approximately 630.59 million yuan in trading volume and yielding illegal gains of about 41.62 million yuan [1][2]. - The actions of Jin Yongrong were characterized by a clear contradiction between his public recommendations and subsequent selling activities, which were executed shortly after the recommendations [6][9]. Group 3: Regulatory Findings - The Zhejiang Securities Regulatory Commission determined that Jin Yongrong's activities constituted public stock recommendations, as his posts were widely disseminated and influenced investor behavior [8]. - The commission noted that the trading activities aligned with the typical characteristics of "hat manipulation," where the direction of trading was opposite to the recommendations made [9].

Core Viewpoint - The article discusses the regulatory actions taken against a prominent stock promoter, Jin Yongrong (alias Jin Huo), who was fined over 80 million yuan and banned from the market for three years due to market manipulation through stock recommendations on various platforms [3][6]. Group 1: Regulatory Actions - The Zhejiang Securities Regulatory Bureau imposed a fine of 83.25 million yuan on Jin Yongrong for manipulating the stock market, which included the confiscation of illegal gains amounting to 41.62 million yuan [6]. - Jin Yongrong's actions were deemed to have severely impacted the order of securities trading, leading to a three-year ban from participating in any securities trading activities [6][11]. Group 2: Stock Promotion Activities - Jin Yongrong utilized multiple platforms, including Xueqiu, Taoguba, WeChat, and Xiaohongshu, to promote stocks, significantly increasing his follower count from approximately 45,000 to over 107,000 within a few months [7][6]. - During the period from September 2024 to April 2025, he publicly recommended 32 stocks, including Qidi Environment and Luvi Optoelectronics, while simultaneously engaging in large-scale sell-off transactions shortly after his recommendations [4][6]. Group 3: Manipulation Techniques - Jin Yongrong's strategy involved posting stock recommendations and then executing significant sell orders on the same or next day, which was identified as a clear indication of market manipulation [8][11]. - The investigation revealed that he reinforced his stock recommendations through repeated postings and selective information sharing, misleading followers into believing in the viability of the stocks he promoted [9][10].

Group 1 - The core viewpoint of the article is that Qidi Environment aims to integrate energy and environmental protection development through various business platforms [2] - Qidi Environment has established a digital sanitation business platform, water ecological services, solid waste disposal, and research and manufacturing of sanitation vehicles and environmental protection equipment [2]