Core Viewpoint - The company successfully launched its 200,000 tons/year mixed waste plastic resource utilization project, achieving initial production and subsequent upgrades to address design issues, leading to stable operations and product delivery to customers [1] Group 1: Project Development - The project commenced its first feed on July 11, with successful verification of the process [1] - During the second trial production in August, design issues with the oil and gas pipeline were identified, prompting technical upgrades [1] - The project resumed production on September 29 after modifications, with outputs meeting expected standards as confirmed by third-party testing [1] Group 2: Production and Quality - The facility is currently in a state of continuous and stable production [1] - The company has constructed a hydrogenation unit to enhance product quality in the future [1]

Core Viewpoint - The rare earth permanent magnet sector has shown strong initial performance, with several companies experiencing significant stock price increases [1] Company Performance - An Tai Technology, Baogang Co., New Lai Fu have reached the daily limit increase in stock prices [1] - Jiu Ling Technology has seen a stock price increase of over 10% [1] - Benlang New Materials, Xi Magnetic Technology, and Huicheng Environmental Protection have also experienced stock price increases [1]

南财智讯10月13日电，惠城环保在投资者关系活动中表示，公司首创"一步法"混合废塑料深度催化裂解 （CPDCC）技术，具备连续稳定进料、跨相裂解和逆流床反应器设计三大核心优势，已实现工业化验 证。基于20万吨项目的成功经验，公司已在揭阳、岳阳、菏泽等地推动项目上报国家发改委，同时与地 方政府洽谈区域资源循环利用项目建设，并有国外企业提出合作意愿，公司将通过一级市场、二级市场 及金融贷款等多种方式保障扩产资金需求，稳步推进国内外业务布局。 ...

Core Insights - Qingdao Huicheng Environmental Protection Technology Group Co., Ltd. held an investor relations event with participation from 70 institutions including Nomura Asset Management and Yingsheng Asset Management [1] Group 1: Investor Relations Activity - The investor relations activity was conducted via a conference call on October 12, 2025, from 20:30 to 21:30 [1] - Key personnel from the company included Chief Technology Officer Zhang Xinkong and Board Secretary Ru Fan [1] Group 2: Project Updates - The 200,000-ton waste plastic project successfully commenced trial production on July 11, 2025, and resumed production on September 29, 2025, after addressing design issues [1] - The produced plastic cracking light oil has met expected standards and has been delivered to downstream customers [1] - The company is constructing a hydrogenation unit to enhance product quality [1] Group 3: Sales and Partnerships - Customers for plastic cracking light oil include Fujian United Petrochemical, which is currently testing the product [1] - Collaborations with companies like Amco have been established for raw material supply and chemical recycling products, benefiting from green premiums [1] Group 4: Future Expansion Plans - The successful industrial verification of the 200,000-ton/year mixed waste plastic resource utilization project lays the groundwork for future expansion [1] - The company is in discussions with multiple local governments for project construction, with plans submitted to the National Development and Reform Commission [1] - Funding for expansion projects will be sourced from primary and secondary markets as well as financial loans [1] Group 5: Technical Advantages - The company has developed a unique "one-step" process that includes three core technologies for efficient plastic recycling [1] - The project is currently operating at 70% to 80% capacity, with a target to reach full capacity by Q1 2026 [1] Group 6: Raw Material Supply - The project relies on government-provided waste resources, and a cooperation agreement has been signed with China Resources Recycling Group [1] - An automated project by Guangdong Huihai Recycling Resources Co., Ltd. is expected to commence production by the end of October 2025 [1] Group 7: Convertible Bond Issues - The company advises stakeholders to monitor announcements regarding the potential redemption of convertible bonds [1]

Group 1: Project Overview and Current Status - The company successfully resumed production of its 200,000 tons/year mixed waste plastic resource utilization project on September 29, 2025, after addressing technical issues identified during trial production [2][5]. - The current operational load of the facility is at 70%-80%, with a target to achieve full capacity production by the first quarter of 2026 [12]. Group 2: Product and Market Insights - The product yield from the 200,000 tons/year project shows that the yield of plastic cracking light oil is higher than that of liquefied plastic cracking gas, with ongoing adjustments based on market demand [3]. - The company has established agreements with clients such as Fujian United Petrochemical for product trials, and is negotiating green premium pricing for its products [3]. Group 3: Future Expansion Plans - The company is in discussions with various local governments to replicate the waste plastic resource utilization project in multiple regions, including Jieyang, Yueyang, and Heze, with plans to expand internationally [4][8]. - Funding for future expansion will be sourced through a combination of primary and secondary markets, as well as financial loans [4]. Group 4: Technical Advantages and Innovations - The company employs a unique "one-step" process that enhances the efficiency of large-scale industrial operations, overcoming traditional challenges in plastic chemical recycling [6]. - The technology allows for the processing of various types of plastics, with ongoing research to expand capabilities to include PVC and other materials [13]. Group 5: Raw Material Supply and Partnerships - The company relies on local governments for waste resource supply, ensuring sufficient raw material availability before project initiation [7][8]. - A strategic cooperation agreement has been signed with China Resources Recycling Group for resource acquisition and chemical recycling collaboration [8].

Core Insights - The environmental governance sector saw a 0.7% increase on October 10, with Zhonghuan Environmental leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Environmental Governance Sector Performance - Zhonghuan Environmental (300692) closed at 10.63, up 19.98% with a trading volume of 290,500 shares and a transaction value of 301 million [1] - Zhongshan Public Utilities (000685) closed at 14.00, up 8.95% with a trading volume of 1,025,300 shares [1] - Other notable performers included Weili (300190) up 4.95%, Gaon Environment (603588) up 4.82%, and Deepwater Haina (300961) up 4.82% [1] Decliners in the Sector - Huicheng Environmental (300779) saw a significant decline of 13.09%, closing at 142.40 with a trading volume of 121,700 shares [2] - Yihai Xidan (603200) dropped 10.00%, closing at 85.04 with a trading volume of 172,600 shares [2] - Other notable decliners included Fuzhijie Environmental (688335) down 3.91% and Qiaoyin Co. (002973) down 3.64% [2] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 905 million from institutional investors, while retail investors saw a net inflow of 757 million [2][3] - Notable net inflows from retail investors were observed in Zhonghuan Environmental and Deepwater Haina, while significant outflows were noted in Zhongshan Public Utilities [3]

Market Overview - The Shanghai Composite Index closed at 3897.03 points, with a decline of 0.94% [1] - The total trading volume of A-shares reached 25,341.46 billion yuan [1] Technical Analysis - A total of 67 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Dongjie Intelligent: -3.62% - Huicheng Environmental: -1.82% - Bainacheng: -1.27% [1] Individual Stock Performance - Dongjie Intelligent (300486): Decreased by 1.64% with a trading turnover of 4.89% [1] - Huicheng Environmental (300779): Decreased by 13.09% with a trading turnover of 7.73% [1] - Bainacheng (300291): Increased by 1.30% with a trading turnover of 3.22% [1] - Other notable declines include: - Xianhui Technology (688155): -8.59% - Nuochen (688428): -9.16% [1] Additional Stock Data - The following stocks also showed a decline in their 5-day moving averages compared to their 10-day moving averages: - Ankai Micro (688620): -7.46% - Daili New Materials (300700): -3.56% [2] - The overall trend indicates a bearish sentiment in the market, with many stocks underperforming relative to their moving averages [1][2]

Core Points - The Shanghai Composite Index is at 3929.76 points with a slight decrease of -0.11% as of 10:30 AM, and the total trading volume of A-shares is 1.251855 trillion yuan [1] Group 1: Stock Performance - A total of 56 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include Dongjie Intelligent (-3.58%), Huicheng Environmental (-1.64%), and Bainacheng (-1.26%) [1] Group 2: Individual Stock Data - Dongjie Intelligent (300486) has a current price of 20.48 yuan, down 1.25% today, with a 5-day moving average of 21.80 yuan and a 10-day moving average of 22.61 yuan [1] - Huicheng Environmental (300779) has seen a significant drop of 11.13% today, with a current price of 145.61 yuan, and its 5-day moving average is 176.17 yuan [1] - Bainacheng (300291) is up 1.47% today, with a current price of 6.23 yuan, and its 5-day moving average is 6.52 yuan [1]

| 证券代码：300779 | 证券简称：惠城环保 | 公告编号：2025-089 | | --- | --- | --- | | 债券代码：123118 | 债券简称：惠城转债 | | 青岛惠城环保科技集团股份有限公司 关于 2025 年第三季度可转债转股情况的公告 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。 特别提示： 1、"惠城转债"（债券代码：123118）转股期为 2022 年 1 月 13 日至 2027 年 7 月 6 日；初始转股价格为 17.11 元/股，最新转股价格为 11.11 元/股。 根据《深圳证券交易所创业板股票上市规则》等相关规定和《青岛惠城环保 科技股份有限公司向不特定对象发行可转换公司债券募集说明书》的约定，公司 本次发行可转换公司债券的转股期自可转债发行结束之日满六个月后的第一个 交易日起至可转债到期日止，即 2022 年 1 月 13 日至 2027 年 7 月 6 日。 （四）可转换公司债券转股价格调整情况 2、2025 年第三季度，共有 640 张"惠城转债"完成转股（票面金额共计 64,000.00 元人民币）， ...

Group 1 - The core point of the article highlights the recent decline in the stock price of Huicheng Environmental Protection, which fell by 5.03% to 166.20 CNY per share, with a trading volume of 1.09 billion CNY and a turnover rate of 3.97%, resulting in a total market capitalization of 32.763 billion CNY [1] - Huicheng Environmental Protection, established on February 27, 2006, and listed on May 22, 2019, primarily provides waste catalyst treatment services for refining enterprises and develops, produces, and sells FCC catalysts and other resource utilization products. The revenue composition includes hazardous waste treatment services (62.93%), resource utilization products (30.15%), and other services [1] Group 2 - From the perspective of major fund holdings, Southern Fund has a significant position in Huicheng Environmental Protection, with the Southern CSI 1000 ETF holding 1.2685 million shares, accounting for 0.35% of the fund's net value, ranking as the third-largest holding. The estimated floating loss today is approximately 11.163 million CNY [2] - The Southern CSI 1000 ETF, managed by Cui Lei, has a total asset size of 64.953 billion CNY and has achieved a year-to-date return of 28.58%, ranking 2093 out of 4221 in its category, with a one-year return of 34.04%, ranking 1521 out of 3848 [2][3]