（编辑 袁冠琳） 证券日报网讯 2月24日，惠城环保在互动平台回答投资者提问时表示，公司20万吨/年CPDCC工业试验 装置于2026年2月7日19时开始满负荷试验，经80小时连续测试，装置实现100%负荷平稳运行，标志着 新进料模式对装置效能提升迈出了关键性一步，进一步验证了工艺的可行性。不存在网传因前端问题停 机情况。 ...

Core Viewpoint - The stock price of Huicheng Environmental Protection (300779) has risen due to a combination of factors including executive share purchases, improved earnings expectations, heavy institutional holdings, market capital inflow, and technical breakthroughs [1] Group 1: Executive Changes - Company director Zhang Xinguang purchased 31,100 shares, accounting for 0.0155% of the total share capital. Such executive purchases are typically interpreted by the market as a sign of management's confidence in the company's future, potentially providing positive support for the stock price [2] Group 2: Earnings Performance - The company's earnings forecast for 2025 indicates a projected net profit attributable to shareholders of between 55 million and 70 million yuan, representing a year-on-year growth of 29.11% to 64.32%. This earnings increase is primarily driven by deeper market penetration in the catalyst business, expansion of overseas operations, and progress in the chemical recycling of waste plastics, leading to market expectations of improved profitability [3] Group 3: Institutional Holdings - Two funds under Cinda Australia Fund hold a combined total of 1.9969 million shares of Huicheng Environmental Protection. The presence of institutional investors enhances market attention towards the company, and the recent stock price increase has allowed these funds to realize floating profits [4] Group 4: Capital Flow - On the day in question, the net inflow of main capital was approximately 49.77 million yuan, with main capital inflow accounting for 23% of the total. This positive change in capital flow has directly contributed to the rise in stock price [5] Group 5: Technical Analysis - The stock price broke through the 20-day moving average (101.62 yuan) on the day, and the MACD indicator showed a bullish crossover signal, indicating a strengthening of the short-term technical outlook [6]

Investment Rating - The report maintains a rating of "Buy" for key companies in the environmental sector, including Huicheng Environmental and GaoNeng Environment [6]. Core Insights - The report emphasizes the integration of rural ecological environment governance with agricultural modernization, driven by the State Council's rural revitalization policy, which is expected to boost demand in wastewater treatment, waste disposal, and agricultural pollution prevention [10][12]. - The Guangdong province has issued a guiding announcement for hazardous waste utilization and disposal capacity construction for 2025, indicating a shift towards optimizing the structure of hazardous waste disposal, which will benefit companies focused on quality improvement in waste treatment [13][17]. - The environmental sector is currently experiencing low macroeconomic interest rates, making it an attractive investment opportunity, particularly for companies with strong cash flow and high dividend yields [2][18]. Summary by Sections Investment Views - The report highlights the release of the Central Committee and State Council's document on rural modernization, which aims to integrate ecological governance with agricultural development [10]. - The Guangdong announcement encourages investment in hazardous waste projects, focusing on resource utilization and high-end disposal [13]. - The environmental sector is positioned for a rebound as institutional holdings and valuations are at historical lows, suggesting a favorable investment environment [18]. Market Performance - The environmental sector outperformed the broader market, with a decline of only 0.18% compared to a 1.27% drop in the Shanghai Composite Index and a 3.28% drop in the ChiNext Index [23]. - Notable stock performances include Kairun Environment with a rise of 28.91% and Shuangliang Energy with an 18.22% increase, while Shenwu Energy saw a decline of 11.25% [23]. Key Companies - Huicheng Environmental is recommended for its strong position in hazardous waste projects and innovative technology in waste plastic recycling [20]. - GaoNeng Environment is highlighted for its comprehensive environmental system services and a robust pipeline of hazardous waste projects [20]. - Hongcheng Environment is noted for its consistent revenue growth and high dividend yield, making it an attractive investment option [18].

Investment Rating - The report maintains a rating of "Buy" for key companies in the environmental sector, including Huicheng Environmental and Gaoneng Environment [6][20]. Core Insights - The report emphasizes the integration of rural ecological environment governance with agricultural modernization, driven by the State Council's policy, which is expected to boost demand in rural wastewater treatment, waste disposal, and agricultural pollution prevention [10][12]. - The Guangdong Province has issued a guiding announcement for hazardous waste utilization and disposal capacity construction for 2025, indicating a shift towards optimizing the structure of hazardous waste disposal, which will benefit companies focused on solid waste treatment [13][17]. - The environmental sector is currently experiencing low macroeconomic interest rates, making it an attractive investment opportunity, particularly for companies with strong cash flow and high dividend yields [2][18]. Summary by Sections Investment Views - The report highlights the release of the Central Committee and State Council's document on rural revitalization, which aims to integrate ecological governance with agricultural modernization, thus providing a long-term trend for rural environmental services [10][12]. - The announcement from Guangdong regarding hazardous waste management encourages investment in projects that focus on resource utilization and high-end disposal, promoting a transition from scale expansion to quality improvement in the industry [13][17]. - The report notes that the environmental sector's valuation and institutional holdings are at historical lows, suggesting a potential for sustained rebounds in the sector [18]. Market Performance - The environmental sector outperformed the broader market, with a decline of only 0.18% compared to a 1.27% drop in the Shanghai Composite Index and a 3.28% drop in the ChiNext Index [23]. - Among the sub-sectors, energy-saving and air treatment segments showed positive growth, while solid waste management experienced a slight decline [23]. Key Companies - Huicheng Environmental is recognized for its strong technological capabilities and significant projects in hazardous waste management, with a focus on resource recovery from waste plastics [20]. - Gaoneng Environment is positioned as a leading player in hazardous waste resource utilization, with a robust project pipeline and a commitment to environmental system services [20]. - Hongcheng Environment is highlighted for its consistent revenue growth and high dividend yield, making it an attractive investment option in the current market [18].

Core Viewpoint - The company is preparing to conduct full-load feed testing for its 200,000 tons/year mixed waste plastic resource utilization project, which is currently dependent on external natural gas supply [1] Group 1 - The natural gas supply for the project is currently provided by an external supplier [1] - The supplier's natural gas delivery pipeline is undergoing maintenance, leading to adjustments in the supply schedule [1] - The company will closely monitor the pipeline maintenance progress to ensure the smooth advancement of the project and expects to conduct full-load testing in the near future [1]

格隆汇2月5日丨惠城环保(300779.SZ)在投资者关系中表示，有被问到：请问公司20万吨/年混合废塑料 资源化综合利用项目是否已启动碳排放生命周期测算工作？若已启动，目前进展如何？ 答：目前公司正联合第三方开展全生命周期碳核算，具体碳排放量数据待核算完成后进一步披露。 ...

Group 1: Company Overview and Business Model - Qingdao Huicheng Environmental Technology Group Co., Ltd. was established in 2006, focusing on industrial solid waste resource utilization and environmental governance [2] - The company has three main business segments: catalyst-related services, high-sulfur petroleum coke hydrogen production ash utilization, and mixed waste plastic resource utilization [2][3] - The company successfully went public in 2019, accelerating its development with capital market support [2] Group 2: Catalyst-Related Business - The catalyst business provides waste catalyst disposal services and produces FCC catalysts, establishing a comprehensive service model [2][3] - The company has a stable market share domestically and is actively expanding into overseas markets [3] - The catalyst business is impacted by declining profitability in the petrochemical refining sector and increased competition [8] Group 3: High-Sulfur Petroleum Coke Utilization - The high-sulfur petroleum coke hydrogen production ash utilization project is a major revenue source, with the company being the sole technology provider for Guangdong Petrochemical [8] - The project converts hazardous waste into high-value products, addressing domestic technology gaps [3] - The project is expected to face profit reductions in 2025 due to lower steam prices and limited customer base [8] Group 4: Mixed Waste Plastic Resource Utilization - The company’s 200,000 tons/year mixed waste plastic resource utilization project is a key future development direction, aimed at addressing plastic pollution and achieving carbon neutrality [3][5] - The CPDCC technology used in this project has shown a total yield of over 92% for oil and gas products relative to effective carbon and hydrogen in waste plastics [3] - The project has received attention from both domestic and international partners for potential collaboration [4][5] Group 5: Market Position and Future Plans - The plastic chemical recycling market in China is still in its early stages, presenting significant growth opportunities [5] - The company is building a nationwide front-end recycling network, focusing on agricultural, industrial, and household waste plastics [7] - Future expansion plans will be funded through a combination of self-financing and various financing channels [12]

Group 1 - The core point of the article is that Huicheng Environmental Protection (300779) has successfully completed the engineering intermediate handover for its 200,000 tons/year mixed waste plastic resource utilization demonstration project, specifically the hydrogen dechlorination unit [1] Group 2 - The project aims to enhance the resource utilization of mixed waste plastics, indicating a significant step forward in environmental sustainability efforts [1] - The successful completion of the engineering handover marks a critical milestone in the project timeline, potentially leading to further advancements in waste management technology [1] - The company's engagement with investors through interactive platforms reflects its commitment to transparency and communication regarding project developments [1]

证券日报网讯2月5日，惠城环保（300779）在互动平台回答投资者提问时表示，公司始终严格遵守信息 披露相关法律法规，关于项目扩产的具体情况，敬请关注公司后续发布的相关公告。 ...

Group 1 - The company Huicheng Environmental Protection announced the convening of its fourth second board meeting on February 5, 2026, in Qingdao, where it reviewed the proposal regarding the non-early redemption of "Huicheng Convertible Bonds" [1] Group 2 - The article highlights the issue of millions of elderly individuals living alone in China and the challenges they face in aging gracefully, emphasizing the need for effective guardianship solutions [1]