Investment Rating - The report maintains a "Buy" rating for key companies in the environmental protection sector, including Huicheng Environmental and GaoNeng Environment [5][31]. Core Insights - The report highlights the acceleration of urban renewal through new infrastructure, with a focus on air pollution control and the transition to cleaner energy sources. It emphasizes the positive impact of recent government policies on environmental monitoring and VOCs management [1][29]. - The macroeconomic environment is characterized by historically low interest rates, which favors high-dividend and growth-oriented assets in the environmental sector [2][31]. Summary by Sections Investment Views - The Ministry of Housing and Urban-Rural Development and other departments issued an action plan to enhance urban infrastructure resilience through digital and intelligent upgrades, benefiting environmental monitoring sectors [1][9]. - Jiangsu Province's 2025 air pollution prevention plan aims to eliminate high-emission equipment and promote clean energy, positively impacting VOCs management and environmental monitoring industries [17][29]. - The environmental sector is currently at a historical low in terms of institutional holdings and valuations, suggesting a potential for sustained rebounds [31]. Market Performance - The environmental sector underperformed the broader market, with a weekly decline of 2.45%, while the Shanghai Composite Index fell by 1.47% [34]. - The top-performing stocks in the environmental sector included Shuangliang Energy and Tianhao Energy, while the worst performers were Changqing Group and Hanwei Technology [34]. Industry News - The Ministry of Industry and Information Technology launched a major innovation initiative for environmental technology, focusing on key areas such as air and water pollution control [43]. - Guangdong Province introduced measures to accelerate technological upgrades in industrial enterprises, aiming to support over 9,000 companies annually [44]. - Chongqing released a compliance guide for enterprises to manage environmental risks throughout their lifecycle [45]. Key Companies - GaoNeng Environment focuses on hazardous waste resource utilization and environmental operation services, with a strong order pipeline due to regulatory changes [33]. - Huicheng Environmental is advancing in hazardous waste projects and has made significant progress in waste plastic recycling technology, indicating strong growth potential [33].

Group 1 - The company Huicheng Environmental Protection announced the convening of its 47th board meeting on October 15, 2025, in Qingdao, where it reviewed the proposal regarding the non-early redemption of "Huicheng Convertible Bonds" [1] - The annualized interest rate for leasing silver has surged to 35%, indicating a significant opportunity in the silver market [1] - There is a notable trend of silver being airlifted to the UK for profit, suggesting a major market movement and potential investment opportunities [1]

证券代码：300779 证券简称：惠城环保 公告编号： 2025-091 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 第三届董事会第四十七次会议决议的公告 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。 一、董事会会议召开情况 1、第三届董事会第四十七次会议决议； 2、保荐机构出具的核查意见。 青岛惠城环保科技集团股份有限公司（以下简称"公司"）第三届董事会第 四十七次会议于 2025 年 10 月 15 日下午 3:30 以现场方式在青岛市黄岛区萧山路 7 号惠城广场 417 会议室召开，会议通知于 2025 年 10 月 12 日通过电子邮件方式 送达各位董事。本次会议应出席董事 7 人，实际出席董事 7 人。会议由董事长叶 红主持。公司监事、高级管理人员列席会议。本次会议召集及召开程序符合《公 司法》和《公司章程》的有关规定，所作决议合法有效。 二、董事会会议审议情况 审议通过《关于不提前赎回"惠城转债"的议案》 根据《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》中可转换公司债券有条件赎回条款 ...

| 证券代码：300779 | 证券简称：惠城环保 | 公告编号：2025-092 | | --- | --- | --- | | 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 关于不提前赎回"惠城转债"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、自 2025 年 9 月 17 日至 2025 年 10 月 15 日，青岛惠城环保科技集团股份 有限公司（以下简称"公司"或"惠城环保"）股票已满足任意连续三十个交易 日中至少十五个交易日的收盘价格不低于当期转股价格（11.11 元/股）的 130% （含 130%，即 14.45 元/股），已触发"惠城转债"有条件赎回条款。 2、公司于 2025 年 10 月 15 日召开第三届董事会第四十七次会议，审议通过 了《关于不提前赎回"惠城转债"的议案》，董事会决定本次不行使"惠城转债" 的提前赎回权利，不提前赎回"惠城转债"，且在未来三个月内（即 2025 年 10 月 16 日至 2026 年 1 月 15 日），如再次触发"惠城转债"上述有条 ...

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 不提前赎回"惠城转债"的核查意见 中德证券有限责任公司（以下简称"中德证券"或"保荐机构"）作为青岛 惠城环保科技集团股份有限公司（以下简称"惠城环保"或"公司"）向不特定 对象发行可转换公司债券、向特定对象发行股票的保荐机构，根据《证券发行上 市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易 所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易所上市公司自 律监管指引第 15 号——可转换公司债券》等有关规定，就惠城环保本次不提前 赎回"惠城转债"事项进行了审慎核查，发表核查意见如下： 一、"惠城转债"基本情况 经中国证券监督管理委员会《关于同意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注册的批复》（证监许可[2021]1178 号）核准，公 司于 2021 年 7 月 7 日公开发行 320 万张可转债，每张面值 100 元，发行总额 32,000.00 万元。经深圳证券交易所（以下简称"深交所"）同意，公司可转债 于 2 ...

证券之星消息，10月15日环境治理板块较上一交易日上涨0.69%，通源环境领涨。当日上证指数报收于 3912.21，上涨1.22%。深证成指报收于13118.75，上涨1.73%。环境治理板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688679 | 通源环境 | 24.51 | 9.96% | 5.54万 | | 1.32亿 | | 300056 | 中创环保 | 11.15 | 7.01% | 22.32万 | | 2.42亿 | | 002210 | 飞马国际 | 4.03 | 3.33% | 246.20万 | | 264.6 | | 002973 | 侨银股份 | 15.40 | 3.15% | 5.14万 | | 7806.59万 | | 300779 | 惠城环保 | 181.59 | 2.94% | 7.60万 | | 13.72亿 | | 301127 | 武汉天源 | 13.37 | 2.37% | 6.41万 | | 8450.06万 ...

Group 1 - The core viewpoint of the article is that Huicheng Environmental Protection's 200,000 tons/year mixed waste plastic resource utilization project is in a state of continuous and stable production [2] Group 2 - The company responded to investor inquiries on October 15, indicating the operational status of its project [2] - The project focuses on the comprehensive utilization of mixed waste plastics, highlighting the company's commitment to environmental sustainability [2]

Core Insights - The company has successfully launched a 200,000 tons per year mixed waste plastic resource utilization project, with initial production outputs including liquefied plastic cracking gas and plastic cracking light oil [2] Group 1: Project Details - The main products from the project are liquefied plastic cracking gas and plastic cracking light oil [2] - The customer for plastic cracking light oil is Fujian United Petrochemical, which is currently testing the product [2] - Liquefied plastic cracking gas is supplied to Litop New Materials and Maohua Shihua [2] Group 2: Partnerships and Collaborations - The company has established deep cooperation with several firms, including Amco, in the areas of raw material supply and chemical recycling products [2] - The company commits to timely information disclosure regarding any new agreements signed in the future [2]

Core Insights - Public fund institutions are increasingly conducting research on A-share listed companies, reflecting confidence in China's economic recovery and forward-looking expectations for future investments [1] - The overall performance of stocks researched by public funds has shown resilience, with a 0.43% increase despite a decline in the CSI 300 index [1] Industry Highlights - The mechanical equipment sector, particularly Sifangda, saw a significant increase of 12.35%, attracting attention from 16 public fund institutions [2] - The electric equipment sector, represented by Weili Transmission, experienced an 11.08% increase, while the basic chemical industry saw Qide New Materials rise by 10.42% [2][3] Research Activity - Eight stocks received at least three rounds of research from public funds, with Rongbai Technology being the most scrutinized, receiving 34 inquiries [3] - The electric equipment sector was the most researched, with a total of 45 inquiries, while the mechanical equipment sector had 20 inquiries across four stocks [3] Institutional Participation - A total of 26 public fund institutions participated in the research activities, with Xinda Australia Fund being the most active, conducting five inquiries [4] - Other notable participants included Rongtong Fund and Yifangda Fund, each conducting four inquiries [4]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Huicheng Environmental Protection, which saw a stock price increase of 5.02% to 185.25 CNY per share, with a total market capitalization of 36.519 billion CNY [1] - Huicheng Environmental Protection specializes in providing waste catalyst treatment services for refining enterprises and has a diverse revenue stream, with hazardous waste treatment accounting for 62.93% of its main business income [1] - The company was established on February 27, 2006, and went public on May 22, 2019, indicating a relatively recent entry into the public market [1] Group 2 - According to data, Zhongyou Fund has a significant holding in Huicheng Environmental Protection, with its top fund, Zhongyou Health and Entertainment Flexible Allocation Mixed A, holding 29,700 shares, which represents 8.71% of the fund's net value [2] - The fund has achieved a year-to-date return of 61.92% and a one-year return of 83.97%, ranking 298 out of 8161 and 110 out of 8015 in its category, respectively [2] - The fund manager, Gong Zheng, has been in charge for 3 years and 165 days, with the best fund return during this period being 118.9% [3]