Core Viewpoint - The Shanghai Composite Index fell by 0.41% on November 4, with only five sectors gaining, led by banking and public utilities, while the environmental protection sector also saw a rise. The overall market experienced significant capital outflow, particularly in the power equipment and electronic sectors [1] Market Performance - The banking sector saw a net inflow of 30.54 billion yuan, while the steel sector had a net inflow of 1.30 billion yuan, and the environmental protection sector had a net inflow of 70.07 million yuan [1] - A total of 28 sectors experienced capital outflow, with the power equipment sector leading at 13.39 billion yuan, followed by the electronic sector at 10.65 billion yuan [1] Environmental Protection Sector - The environmental protection sector rose by 0.15% with a net inflow of 70.07 million yuan, comprising 133 stocks, of which 70 increased in value and 3 hit the daily limit [2] - The top three stocks with the highest net inflow were Fulongma (5.41 billion yuan), Haixia Environmental Protection (903.08 million yuan), and Huicheng Environmental Protection (639.28 million yuan) [2] - The sector also had 21 stocks with net outflows exceeding 10 million yuan, led by Zhejiang Fuhua (862.53 million yuan), Shanghai Washba (608.81 million yuan), and Hongcheng Environment (356.69 million yuan) [3]

Core Insights - The environmental governance sector saw a rise of 0.39% on November 4, with Fulongma leading the gains [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Environmental Governance Sector Performance - Fulongma (603686) closed at 33.47, up 9.99% with a trading volume of 1.2548 million shares and a transaction value of 3.966 billion [1] - Haitan Co. (603759) closed at 12.91, up 9.97% with a trading volume of 458,200 shares and a transaction value of 569 million [1] - Haixia Environmental Protection (603817) closed at 7.63, up 9.94% with a trading volume of 576,100 shares and a transaction value of 421 million [1] - Other notable performers include Zhongchuang Environmental Protection (300056) up 4.55%, Feima International (002210) up 4.04%, and KJY (301372) up 3.33% [1] Fund Flow Analysis - The environmental governance sector experienced a net inflow of 53.7219 million from institutional investors, while retail investors saw a net inflow of 183 million [2] - The sector faced a net outflow of 236 million from speculative funds [2] Individual Stock Fund Flow - Fulongma had a net inflow of 475 million from institutional investors, while it faced a net outflow of 272 million from speculative funds [3] - Haixia Environmental Protection saw a net inflow of 94.4685 million from institutional investors, with a net outflow of 38.4562 million from speculative funds [3] - Huicheng Environmental Protection (300779) had a net inflow of 70.1025 million from institutional investors, but a significant net outflow of 91.4059 million from retail investors [3]

Core Viewpoint - The stock price of Huicheng Environmental Protection has shown significant volatility, with a year-to-date increase of 60.72% but a recent decline over the past 20 days of 20.94% [2] Company Overview - Huicheng Environmental Protection, established on February 27, 2006, and listed on May 22, 2019, is based in Qingdao, Shandong Province. The company specializes in providing waste catalyst treatment services for refining enterprises and produces various resource utilization products [2] - The main revenue composition includes hazardous waste treatment services (62.93%), resource utilization products (30.15%), and other services [2] Financial Performance - As of September 30, 2025, Huicheng Environmental Protection reported a revenue of 875 million yuan, reflecting a year-on-year growth of 1.47%. However, the net profit attributable to shareholders decreased by 36.59% to 27.55 million yuan [3] - The company has distributed a total of 85.27 million yuan in dividends since its A-share listing, with 40.27 million yuan distributed over the past three years [4] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 105.96% to 23,000, while the average circulating shares per person decreased by 51.18% to 6,847 shares [3] - Notable new shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, holding 1.4045 million shares and 1.2554 million shares, respectively [4] Market Activity - On November 4, the stock price rose by 2.02% to 156.70 yuan per share, with a trading volume of 383 million yuan and a turnover rate of 1.57% [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 48.01 million yuan on October 13 [2]

Core Viewpoint - The stock of Huicheng Environmental Protection has experienced fluctuations, with a year-to-date increase of 54.98%, but recent declines in the short term raise concerns about its performance [1][2]. Group 1: Stock Performance - On November 3, Huicheng Environmental Protection's stock fell by 2.05%, trading at 151.11 CNY per share, with a total market capitalization of 29.789 billion CNY [1]. - The stock has seen a net outflow of 14.9154 million CNY from main funds, with significant selling pressure observed [1]. - Year-to-date, the stock has risen by 54.98%, but it has declined by 2.23% over the last five trading days, 23.74% over the last 20 days, and 10.43% over the last 60 days [1]. Group 2: Company Overview - Huicheng Environmental Protection, established on February 27, 2006, and listed on May 22, 2019, is based in Qingdao, Shandong Province [2]. - The company primarily provides waste catalyst treatment services for refining enterprises, with its revenue composition being 62.93% from hazardous waste treatment, 30.15% from resource utilization products, and 2.43% from waste governance [2]. - As of September 30, the company reported a revenue of 875 million CNY for the first nine months of 2025, reflecting a year-on-year growth of 1.47%, while net profit attributable to shareholders decreased by 36.59% to 27.5452 million CNY [2]. Group 3: Shareholder Information - Since its A-share listing, Huicheng Environmental Protection has distributed a total of 85.2689 million CNY in dividends, with 40.2686 million CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders increased by 105.96% to 23,000, while the average circulating shares per person decreased by 51.18% to 6,847 shares [2][3]. - New significant shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, holding 1.4045 million shares and 1.2554 million shares, respectively [3].

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including High Energy Environment, Huicheng Environmental, and Hongcheng Environment [5][36]. Core Insights - The environmental remediation sector is expected to benefit significantly from new policies aimed at promoting green transformation and enhancing land value through soil remediation and capacity replacement [1][19]. - The Ministry of Industry and Information Technology has introduced new regulations for capacity replacement in the steel industry, which will directly benefit sub-sectors such as industrial solid waste treatment and environmental monitoring [1][19]. - The report highlights the strong performance of the environmental sector, which has outperformed the broader market indices, indicating a potential for continued growth [39]. Summary by Sections Investment Views - The Ministry of Ecology and Environment has issued a notice to standardize the "environmental remediation + development" model, which aims to enhance the technical threshold and project scale in the environmental remediation industry [10][18]. - The new steel industry capacity replacement regulations emphasize strict replacement ratios and comprehensive supervision, which are expected to drive quality improvements and green transformation in the industry [19][35]. - The current macroeconomic environment, characterized by historically low interest rates, favors investments in high-dividend and growth-oriented assets, particularly in the environmental sector [2][36]. Market Performance - The environmental sector has shown strong performance, with a weekly increase of 1.16%, outperforming both the Shanghai Composite Index and the ChiNext Index [39]. - Key sub-sectors within the environmental industry, such as air quality and solid waste management, have also demonstrated positive growth, with notable individual stock performances [39]. Industry News - Recent legislative changes, including amendments to the Environmental Protection Tax and new energy-saving regulations in Guangdong, are expected to further support the environmental sector's growth [47][48]. - The introduction of "Industrial Green Effect Loans" in Chongqing aims to facilitate the green transformation of the manufacturing sector, indicating a broader trend towards sustainable financing [48].

中德证券有限责任公司 关于 青岛惠城环保科技集团股份有限公司 2024 年度向特定对象发行 A 股股票 之 上市保荐书 保荐机构（主承销商） 二〇二五年十月 青岛惠城环保科技集团股份有限公司 2024 年度向特定对象发行 A 股股票 上市保荐书 保荐机构及保荐代表人声明 中德证券有限责任公司（以下简称"中德证券"、"保荐机构"或"本保荐 机构"）接受青岛惠城环保科技集团股份有限公司（以下简称"惠城环保"、"公 司"或"发行人"）的委托，担任本次惠城环保向特定对象发行 A 股股票的保 荐机构，并指定陈超、毛传武担任本次保荐工作的保荐代表人。中德证券及保荐 代表人特做出如下承诺： 中德证券及其保荐代表人已根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证券发 行注册管理办法》（以下简称"《注册管理办法》"）等法律法规和中国证券监督管 理委员会（以下简称"中国证监会"）及深圳证券交易所（以下简称"深交所"） 的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业自律规 范出具上市保荐书，并保证所出具文件真实、准确、完整。 如无特别说明 ...

中德证券有限责任公司 关于 青岛惠城环保科技集团股份有限公司 2024 年度向特定对象发行 A 股股票 之 发行保荐书 保荐机构（主承销商） 二〇二五年十月 青岛惠城环保科技集团股份有限公司 2024 年度向特定对象发行 A 股股票 发行保荐书 保荐机构及保荐代表人声明 | | | 青岛惠城环保科技集团股份有限公司 2024 年度向特定对象发行 A 股股票 发行保荐书 中德证券有限责任公司（以下简称"中德证券"、"保荐机构"或"本保荐 机构"）接受青岛惠城环保科技集团股份有限公司（以下简称"惠城环保"、"公 司"或"发行人"）的委托，担任本次惠城环保向特定对象发行 A 股股票的保 荐机构，并指定陈超、毛传武担任本次保荐工作的保荐代表人。中德证券及保荐 代表人特做出如下承诺： 中德证券及其指定保荐代表人根据《中华人民共和国公司法》《中华人民共 和国证券法》《证券发行上市保荐业务管理办法》《发行证券的公司信息披露内容 与格式准则第 27 号——发行保荐书和发行保荐工作报告》《上市公司证券发行注 册管理办法》等有关法律、法规和中国证监会的有关规定，诚实守信，勤勉尽责， 严格按照依法制订的业务规则、行业执业规范和道德 ...

股票简称：惠城环保 股票代码：300779 债券简称：惠城转债 债券代码：123118 青岛惠城环保科技集团股份有限公司 Qingdao Huicheng Environmental Technology Group Co., Ltd. （山东省青岛市黄岛区泊里镇港旺大道 395 号） 2024 年度向特定对象发行 A 股股票之 募集说明书 （注册稿） 保荐机构（主承销商） （北京市朝阳区建国路 81 号华贸中心 1 号写字楼 22 层） 二〇二五年十月 青岛惠城环保科技集团股份有限公司 2024 年度向特定对象发行 A 股股票 募集说明书 声 明 公司及控股股东、实际控制人、董事、监事、高级管理人员承诺本募集说明 书及其他信息披露资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真 实性、准确性及完整性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、深圳证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益 ...

青岛惠城环保科技集团股份有限公司 证券代码：300779 证券简称：惠城环保 公告编号：2025-095 债券代码：123118 债券简称：惠城转债 关于向特定对象发行股票提交募集说明书（注册稿）等 申请文件的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 青岛惠城环保科技集团股份有限公司（以下简称"公司"）向特定对象发行 股票的申请已于 2025 年 10 月 28 日获得深圳证券交易所（以下简称"深交所"） 上市审核中心审核通过，具体内容详见公司于 2025 年 10 月 29 日在巨潮资讯网 （www.cninfo.com.cn）披露的《关于向特定对象发行股票申请获得深圳证券交易 所上市审核中心审核通过的公告》（公告编号：2025-094）。 根据公司实际情况及相关审核要求，公司会同相关中介机构对募集说明书等 申请文件内容进行了更新和修订，具体内容详见公司于 2025 年 10 月 31 日在巨 潮资讯网（www.cninfo.com.cn）披露的相关文件。 公司本次向特定对象发行股票事项尚需获得中国证券监督管理委员会（以下 称"中国证监会" ...

Core Viewpoint - Huicheng Environmental Protection (300779) is currently collaborating with a third party to conduct a full lifecycle carbon accounting, with specific carbon emission data to be disclosed after the completion of the assessment [1] Company Summary - The company is actively engaging in carbon accounting initiatives to enhance transparency regarding its carbon emissions [1]