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]

Core Viewpoint - The article highlights the significant advancements made by Qingdao Huicheng Environmental Technology Group in the recycling of low-value mixed plastic waste, showcasing their innovative CPDCC technology that enables the conversion of waste plastics into high-value chemical raw materials, thus contributing to a circular economy and reducing plastic pollution [2][6][9]. Summary by Sections Project Progress - Huicheng Environmental announced key progress in its 200,000 tons/year mixed plastic waste resource utilization project, achieving a closed-loop cycle from waste plastic to plastic raw materials, with products meeting quality standards [2][6]. Technology and Innovation - The CPDCC technology addresses six critical bottlenecks in the resource utilization of mixed waste plastics, including efficient sorting, core reactor design, and energy efficiency, significantly enhancing economic viability and reducing carbon emissions [6][7]. - The technology can produce chemical raw materials equivalent to three times the amount obtained from one kilogram of crude oil, while avoiding landfill or incineration [7]. Expansion and Collaboration - Huicheng Environmental has signed cooperation agreements with Zhongzi Environmental and is steadily advancing expansion projects in multiple locations, including Jieyang, Yueyang, and Heze [7]. - The company aims to establish a green recycling system and has completed the ISCC PLUS certification for its project, promoting the construction of waste sorting centers and agricultural film recovery projects [7][8]. Industry Impact - The successful integration of technology and industry collaboration demonstrates that waste plastics can be incorporated into the circular economy, transforming them into valuable resources [8][9]. - The company is committed to providing high-quality recycled materials and innovative solutions for the petrochemical industry and solid waste resource utilization [8][9]. Upcoming Conference - Zhang Xinkong, the founder and CTO of Huicheng Environmental, will present at the 2025 (3rd) Polymer Recycling Conference in Ningbo, sharing insights on the company's advancements and contributions to the industry [2][8].

证券代码：300779 证券简称：惠城环保 公告编号：2025-097 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 关于使用部分自有资金及暂时闲置募集资金 进行现金管理的进展公告 | 人公告为 | 准。 | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每周最多 | 开放三 | | | | | | | | | | | | | | | | | | | | | | | | 次，实际 | 开放日以 | | | | | | | | | | | | | | | | | | | | | | | | 以华福证券 | 上海兴瀚资 | 兴瀚资管-福 | 管理人公 | 资产管理 | 2025 | 年 | 7 | 月 | 官网披露的 | 闲置自有 | | | | | ...

Core Points - The Shanghai Composite Index is at 4019.98 points, slightly down by 0.24%, with a total trading volume of 157.39 billion yuan [1] - A total of 58 A-shares have surpassed their annual line, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The top three stocks with the highest deviation rates from the annual line are: - Dae Oriental (600327) with a deviation rate of 9.69% and a daily increase of 10.06% [1] - Huaying Technology (000536) with a deviation rate of 6.49% and a daily increase of 9.94% [1] - *ST Jinke (000656) with a deviation rate of 4.38% and a daily increase of 4.76% [1] Trading Activity - The trading turnover rate for Dae Oriental is 15.27%, while Huaying Technology has a turnover rate of 4.22% [1] - The overall trading volume for A-shares today is reported at 157.39 billion yuan [1] Additional Stocks - Other stocks that have recently crossed the annual line include: - Huicheng Environmental Protection (300779) with a deviation rate of 3.10% [1] - Guizhou Sanli (603439) with a deviation rate of 2.82% [1] - Yiduoli (300381) with a deviation rate of 2.61% [1]

Group 1 - The core viewpoint of the news is the performance and market position of Huicheng Environmental Protection, which saw a stock price increase of 5.66% to 151.71 CNY per share, with a total market capitalization of 29.907 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, Huicheng Environmental Protection is a significant holding in the Huaxia Growth Enterprise Mid-cap 200 ETF, which reduced its holdings by 7,500 shares in the third quarter, now holding 11,500 shares, representing 1.33% of the fund's net value [2] - The Huaxia Growth Enterprise Mid-cap 200 ETF has achieved a year-to-date return of 29.89% and ranks 1882 out of 4216 in its category [2] - The fund manager, Hualong, has a tenure of 3 years and 86 days, with the best fund return during this period being 111.52% [3]

Group 1 - The core point of the article is that Huicheng Environmental Protection (300779) has changed the status of its application for a specific stock issuance to "submitted for registration" [1] - The company plans to issue no more than 58.1971 million shares [1] - The expected funds to be raised from this issuance amount to 850 million yuan [1] - The underwriting institution for this issuance is Zhongde Securities Co., Ltd. [1]