Core Viewpoint - The company Huicheng Environmental Protection announced the acquisition of a 4.4586% stake in its subsidiary, Jiujiang Huicheng Environmental Protection Technology Co., Ltd., from shareholder Zhang Xinkong, with the transaction amount being zero due to unpaid capital contributions [2]. Group 1 - The board of directors and the supervisory board of the company approved the proposal for the acquisition of minority equity and related transactions on April 16, 2025 [2]. - Following the completion of this transaction, Jiujiang Huicheng will become a wholly-owned subsidiary of the company, and there will be no changes to the scope of consolidation [2]. - The company has completed the industrial and commercial change registration procedures and has obtained a new business license from the administrative approval bureau of Ruichang City [2].

一、关联交易的概述 青岛惠城环保科技集团股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日召开的第三届董事会第四十二次会议、第三届监事会第三十三次会议分别 审议通过《关于受让控股子公司少数股权暨关联交易的议案》。公司将受让控股 子公司九江惠城环保科技有限公司（以下简称"九江惠城"）股东张新功先生持 有的九江惠城 4.4586%股权，并于同日与张新功先生签订了《股权转让协议》。 鉴于张新功先生尚未出资实缴，故本次股权转让金额为人民币 0 元。本次交易完 成后，九江惠城将成为公司的全资子公司，本次交易不会导致公司合并范围发生 变更。具体内容详见公司于 2025 年 4 月 18 日在巨潮资讯网披露的《关于受让控 股子公司少数股权暨关联交易的公告》（公告编号：2025-028）。 二、关联交易的进展情况 近日，九江惠城已完成工商变更登记手续，并取得由瑞昌市行政审批局换发 的营业执照，具体登记信息如下： 青岛惠城环保科技集团股份有限公司 关于受让控股子公司少数股权暨关联交易的进展公告 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。 证券代码：30077 ...

Group 1 - The stock of Huicheng Environmental Protection fell by 2.24%, closing at 142.15 yuan, with a significant block trade occurring, totaling 180,000 shares and a transaction amount of 21.6 million yuan [1] - The first transaction price was 120.00 yuan for 180,000 shares, amounting to 21.6 million yuan, with a premium rate of -15.58%. The buyer was from China Merchants Securities Co., Ltd., and the seller was from Changjiang Securities Co., Ltd. [1] - In the last three months, the stock has recorded two block trades with a total transaction amount of 28.85 million yuan. Over the past five trading days, the stock has declined by 9.61%, with a net outflow of 308 million yuan from main funds [1]

Group 1 - The core transaction involved Huicheng Environmental Protection, with a total of 180,000 shares traded, amounting to 21.6 million yuan, which represented 4.06% of the total trading volume for the day [1][2] - The transaction price was set at 120 yuan per share, reflecting a discount of 15.58% compared to the market closing price of 142.15 yuan [1][2] - The buyer was Q商证券股份有限公司, while the seller was 长江证券股份有限公司, indicating a significant institutional interest in the transaction [2]

Group 1 - The company has successfully completed the third phase of long-term stable operation testing for its 200,000 tons/year mixed waste plastic resource utilization demonstration project, meeting expected operational goals [1] - The technological transformation will lay a foundation for subsequent equipment calibration and efficient stable operation, providing important demonstration experience for promoting the green and high-quality development of the waste plastic circular economy industry [1] - The construction of the hydrogenation unit is progressing steadily as planned, with commissioning expected to begin in early 2026 [1] Group 2 - An investor inquired about the reasons for advancing the technological transformation from the original plan during the Spring Festival to November, and whether the hydrogenation and PSA units would require downtime [3] - The investor also asked if the company would be able to quickly reach full production status after the technological transformation and if the facility could operate at 120% capacity once the upgrades are completed [3]

Core Viewpoint - The Chinese government has emphasized the importance of "Beautiful China" and green low-carbon development in its 14th Five-Year Plan, which is expected to drive the growth of the circular economy industry, highlighting the role of leading companies like Huicheng Environmental Protection in this transition [1] Group 1: Company Overview - Huicheng Environmental Protection has been a pioneer in waste treatment and resource recycling since its establishment in 2006, achieving significant technological advancements and industrial integration after its listing on the ChiNext board in 2019 [2] - The company has developed original technologies in large-scale solid waste harmless treatment and resource reuse, including the FCC waste catalyst resource utilization technology, which separates elements from non-recyclable waste catalysts to recover valuable materials [2] Group 2: Technological Innovations - The company has introduced a groundbreaking mixed waste plastic deep catalytic cracking technology (CPDCC), which allows for the direct conversion of mixed waste plastics into high-value products without the need for complex sorting [3] - This technology boasts a product yield of over 92% and significantly reduces carbon emissions compared to traditional waste incineration methods, with potential annual savings of 100-150 million tons of crude oil and a reduction of 250 million tons of CO₂ emissions based on processing 50 million tons of waste plastic [3] Group 3: Project Developments - The East Guangdong Chemical's 20,000 tons/year mixed waste plastic resource utilization demonstration project is set to begin trial production in July 2025, marking a significant milestone in the industrialization of the CPDCC technology [4] - The project is expected to generate an annual output value of 1.243 billion yuan and contribute 238 million yuan in taxes, showcasing the economic viability of the technology [4] Group 4: Future Plans and Collaborations - The company plans to expand its operations based on local waste collection volumes, with future projects potentially producing a wider range of chemical raw materials beyond just liquefied plastic cracking gas and light oil [5] - Strategic partnerships have been established with organizations like China Resource Recycling Company to enhance resource acquisition and chemical recycling efforts, aiming to create a replicable model for high-value waste plastic utilization [5][6] - The company is also collaborating with investment institutions to accelerate the deployment of chemical recycling projects across various provinces and internationally, targeting a total of 3 million tons of waste plastic processing by 2026 [6]

Core Viewpoint - The company has successfully completed the third phase of long-term stable operation testing for its 200,000 tons/year mixed waste plastic resource utilization demonstration project, and it is currently entering an optimization and modification phase expected to last about one month [2]. Group 1: Project Progress - The 200,000 tons/year mixed waste plastic resource utilization demonstration project has met expected operational goals after completing three systematic testing phases [2]. - The project has undergone tests to verify process stability and optimize equipment operating parameters [2]. - The third phase included optimization experiments focusing on key process elements such as raw material adaptability, reaction temperature variations, oil and gas residence time and temperature, and catalyst formulation for product selectivity [2]. Group 2: Future Plans - The project is now entering a shutdown optimization modification phase, which is anticipated to take approximately one month [2]. - This phase aims to lay the groundwork for subsequent device calibration and efficient stable operation [2]. - The project is positioned to provide important demonstration experience for promoting the green and high-quality development of the waste plastic recycling economy [2].

Core Insights - The environmental governance sector saw a slight increase of 0.45% on November 20, while the Shanghai Composite Index decreased by 0.4% and the Shenzhen Component Index fell by 0.76% [1] Group 1: Market Performance - The environmental governance sector's main stocks experienced mixed performance, with the leading stock being Beijete [1] - The Shanghai Composite Index closed at 3931.05, and the Shenzhen Component Index closed at 12980.82 [1] Group 2: Capital Flow - The environmental governance sector experienced a net outflow of 93.23 million yuan from main funds, while retail investors saw a net outflow of 73.20 million yuan [2] - Conversely, speculative funds recorded a net inflow of 166 million yuan [2] Group 3: Individual Stock Performance - Huicheng Environmental had a main fund net inflow of 97.52 million yuan, while retail investors had a net outflow of 86.75 million yuan [2] - Shengyuan Environmental saw a main fund net inflow of 86.25 million yuan, with a retail net outflow of 12.70 million yuan [2] - Beijete recorded a main fund net inflow of 75.07 million yuan, but faced a retail net outflow of 33.78 million yuan [2] - Other notable stocks included Fulongma, Sandamembrane, and Dechuang Environmental, each with varying levels of net inflows and outflows from different investor categories [2]

Core Viewpoint - The polymer recycling industry is crucial for alleviating global resource scarcity and environmental pressure, with many countries implementing mandatory regulations for the use of recycled polymers. The establishment of the China Resource Recycling Group signifies a new strategic position for China's polymer recycling industry [3]. Group 1: Conference Overview - The Third Polymer Recycling Conference will be held from December 11-13, 2025, in Ningbo, Zhejiang, focusing on policy trends, chemical and physical recycling technologies, and high-value utilization of recycled materials across various sectors [3][53]. - The conference aims to gather international leading companies, experts, government representatives, and capital to explore the path of polymer recycling [3]. Group 2: Key Speakers and Topics - Zhang Li Qun, an academician of the Chinese Academy of Engineering and president of Xi'an Jiaotong University, will lead discussions on advanced polymer materials [4]. - Li Ming Feng, president of Sinopec Research Institute of Petroleum Processing, will present on the chemical recycling of waste plastics [7][8]. - Experts from various organizations will share insights on innovative recycling technologies, including microwave-driven degradation and enzyme-based recycling methods [10][19][20]. Group 3: Highlights of the Conference - The conference will provide insights into global plastic recycling policies and China's 14th Five-Year Plan for plastic recycling [53]. - Advanced recycling technologies will be discussed, including thermal cracking and catalytic processes for mixed low-value waste plastics [53][56]. - The event will address the challenges of balancing performance, compliance, and sustainability in recycled plastics across industries such as textiles, appliances, and automotive [53]. Group 4: Youth Forum - The Youth Forum will focus on identifying promising teams and technologies in the polymer recycling field, featuring over 20 presentations on innovative recycling techniques and carbon footprint assessment [60].

Market Overview - The environmental governance sector experienced a decline of 1.73% on November 18, with Beijiete leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Notable gainers in the environmental governance sector included: - Jinyuan Co., Ltd. (Code: 000546) with a closing price of 6.91, up 10.03% and a trading volume of 556,400 shares, totaling 384 million yuan [1] - Huicheng Environmental (Code: 300779) closed at 155.40, up 5.30% with a trading volume of 80,700 shares, totaling 1.24 billion yuan [1] - ST New Power (Code: 300152) closed at 2.99, up 4.55% with a trading volume of 752,100 shares, totaling 22 million yuan [1] - Major decliners included: - Beijiete (Code: 300774) closed at 16.38, down 12.55% with a trading volume of 250,300 shares, totaling 433 million yuan [2] - Qingshuiyuan (Code: 300437) closed at 17.50, down 10.67% with a trading volume of 611,100 shares, totaling 1.12 billion yuan [2] - Fulongma (Code: 603686) closed at 28.09, down 10.00% with a trading volume of 1,045,400 shares, totaling 3.03 billion yuan [2] Capital Flow - The environmental governance sector saw a net outflow of 1.409 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.231 billion yuan [2][3] - Specific stock capital flows included: - Huicheng Environmental had a net inflow of 101 million yuan from institutional investors, but a net outflow of 35.6 million yuan from retail investors [3] - Jinyuan Co., Ltd. experienced a net inflow of 26.5 million yuan from institutional investors, with retail investors also showing a net outflow [3]