Macro Research - The report highlights a "double hit" moment for US dollar assets due to Trump's comments on Greenland and tariff threats, alongside the early dissolution of the Japanese House of Representatives leading to a sell-off in Japanese bonds [3][4][22] - The US dollar's credit breakdown is re-emerging, with significant impacts on US stocks, bonds, and currencies, resulting in a strong performance of safe-haven assets like gold and silver, while cryptocurrencies face pressure [3][4][22] Strategy Research - In Q4 2025, active funds significantly reduced their holdings in A-shares and Hong Kong stocks, with a focus on increasing allocations to cyclical and financial value stocks, while reducing exposure to technology and healthcare sectors [7][26] - The report indicates a clear rotation in fund styles, with a notable shift towards large-cap cyclical and financial stocks, while growth and consumer sectors saw reductions in allocations [26][27] Fixed Income Research - The appreciation of the RMB and increased foreign exchange settlements may tighten interbank liquidity, depending on whether the central bank will actively increase the supply of base currency [11][14] Industry Research: Photovoltaic Equipment - The report anticipates a new cycle for the photovoltaic equipment industry driven by SpaceX and Tesla's plans to deploy a combined 200GW of solar capacity, with key equipment manufacturers expected to benefit [15][16] - The demand for solar expansion is expected to rise due to the increasing need for low-orbit satellites and the commercialization of space computing, which will drive the demand for core equipment [15][16] Fund Allocation Insights - The report notes a significant increase in allocations to cyclical and financial sectors, particularly in upstream industries like metals and chemicals, driven by improved supply-demand dynamics and geopolitical tensions [27][28] - The technology sector shows a marked divergence, with communication equipment receiving substantial increases due to AI infrastructure investments, while many tech segments faced reductions [27][28]

证券代码：688087 证券简称：英科再生 英科再生资源股份有限公司 2026 年第一次临时股东会会议资料 2026 年 2 月 1 目 录 | 英科再生资源股份有限公司 2026 年第一次临时股东会会议须知 3 | | | --- | --- | | 2026 年第一次临时股东会会议议程 | 6 | | 议案一：关于变更部分募投项目暨调整相关募投项目资产用途的议案 | | | | 8 | 2 英科再生资源股份有限公司 2026 年第一次临时股东会会议须知 为维护广大投资者的合法权益，保障股东在本次股东会期间依法 行使权利，英科再生资源股份有限公司（以下简称"公司"）根据《中华 人民共和国公司法》、《中华人民共和国证券法》、《上市公司股东会规则》 以及《英科再生资源股份有限公司章程》、《英科再生资源股份有限公司 股东会议事规则》等有关规定，特制定本会议须知： 一、公司负责本次股东会的议程安排和会务工作，出席会议人员 应当听从公司工作人员安排，共同维护好会议秩序。 二、为保证股东会的正常秩序，除出席会议的股东或者股东代理 人、董事、董事会秘书、其他高级管理人员、见证律师、本次会议议程 有关人员及会务工作人员以外 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in waste incineration and the opportunities for companies to expand overseas, particularly in Southeast Asia and India, where there is a projected increase in waste incineration capacity [10][15] - The report highlights the significant increase in sales of new energy sanitation vehicles and the growth of unmanned sanitation projects, indicating a shift towards automation and electrification in the industry [17][20] - The 2026 strategy focuses on the dual drivers of value and growth, emphasizing the importance of marketization and efficiency improvements in the environmental sector [24][28] Industry Trends - Waste Incineration Growth: The report estimates a potential increase of approximately 500,000 tons/day in waste incineration capacity in ASEAN countries and India, corresponding to an investment scale of about 250 billion yuan [10] - Unmanned Sanitation Equipment: In 2025, the total amount of contracts for unmanned sanitation projects exceeded 12.6 billion yuan, with a year-on-year increase of over 150% [17] - New Energy Sanitation Vehicles: Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate of 21.11%, reflecting a growing trend towards electrification in the sanitation sector [20][30] Company Recommendations - Key companies recommended for investment include Longjing Environmental, Gao Neng Environment, Sains, and others, focusing on their growth potential in both domestic and international markets [4][15] - The report suggests that companies like Weiming Environmental and Sanfeng Environment are expected to benefit significantly from overseas expansion and high-value projects [15][24] - The report also highlights the importance of dividend increases and return on equity (ROE) improvements for companies such as Huanlan Environment and Green Power [15][24] Market Dynamics - The report notes that the profitability of waste incineration projects in Indonesia is significantly higher than in China due to favorable pricing and operational conditions [12][15] - The report indicates that the market for lithium battery recycling is improving, with rising metal prices and better margins for recycling projects [38][39]

Investment Rating - The report recommends a "Buy" rating for several companies in the environmental sector, including Lianmei Holdings, Shanggou Environmental, Longkun Technology, Weiming Environmental, Hanlan Environment, Dadi Ocean, Shanghai Industrial Holdings, and Conch Venture [1]. Core Insights - The transition from "energy consumption dual control" to "carbon emission dual control" is emphasized, with a focus on circular reduction and green energy industries. The year 2026 marks the first year of full transition to carbon emission dual control, with significant efforts expected in carbon reduction [1][11]. - The report highlights the impact of the EU carbon tariff, which will officially be implemented on January 1, 2026, significantly increasing the cost of exports from China to the EU. Current carbon prices in the EU are around 80-90 euros per ton, compared to approximately 81 yuan per ton in China [1][16]. - Companies involved in the circular economy, such as those in recycling and green energy, are recommended for investment due to their potential to reduce carbon emissions and adapt to new regulations [1][17]. Summary by Sections Section 1: Carbon Emission Dual Control Implementation - The "14th Five-Year Plan" shifts focus to carbon emission control, emphasizing the need for a new energy system and the integration of carbon reduction, pollution reduction, and green growth [11][12]. Section 2: Fund Holdings in Environmental Stocks - As of Q4 2025, the fund allocation for environmental stocks is only 0.23%, a decrease of 0.13 percentage points year-on-year, indicating a recovery trend since the lows of 2020 [21][26]. Section 3: Biodiesel Market Insights - The price of UCO (Used Cooking Oil), a key raw material for biodiesel, has increased by 7.6% to $1,060 per ton, while SAF (Sustainable Aviation Fuel) prices have decreased slightly but remain high at $2,150 per ton [31][35]. Section 4: Policy and Event Tracking in the Dual Carbon Field - Recent policies emphasize the construction of zero-carbon factories and the promotion of green development, with specific targets set for various industries by 2030 [39][40]. Section 5: Key Company Valuations and Financial Analysis - The report provides detailed financial metrics for key companies, including earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE), indicating a generally positive outlook for the sector [4].

证券代码：688087 证券简称：英科再生 公告编号：2026-002 英科再生资源股份有限公司 关于变更部分募投项目暨调整相关募投项目资产用途的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 原募投项目："10万吨/年多品类塑料瓶高质化再生项目"。实施主体为英科再生资源股份有限公司 （以下简称"公司"）全资子公司Intco Malaysia SdnBhd（马来西亚英科），总投资约80,000万元，拟投 入募集资金总额40,000万元。 ● 拟变更后募投项目："年产500万m2新型装饰建材项目"。实施主体为公司全资孙公司山东英朗环保科 技有限公司，总投资15,000万元，拟投入募集资金14,263.84万元。 ● 变更募集资金投向的金额：本次拟变更募集资金投向金额为14,263.84万元，占公司首次公开发行募集 资金净额的比例为21.72%，原募投项目募集资金账户剩余的1,787.35万元（含募集资金账户产生的利息 收入扣除汇兑及手续费净额，具体以实际金额为准）用于支付原募投项目尚未支付的款项，不 ...

证券代码：688087 证券简称：英科再生 公告编号：2026-002 英科再生资源股份有限公司 关于变更部分募投项目暨调整相关募投项目 资产用途的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 原募投项目："10 万吨/年多品类塑料瓶高质化再生项目"。实 施主体为英科再生资源股份有限公司（以下简称"公司"）全资子公司 Intco Malaysia Sdn Bhd（马来西亚英科），总投资约 80,000 万元，拟投 入募集资金总额 40,000 万元。 拟变更后募投项目："年产 500 万 m2 新型装饰建材项目"。实 施主体为公司全资孙公司山东英朗环保科技有限公司，总投资 15,000 万元，拟投入募集资金 14,263.84 万元。 变更募集资金投向的金额：本次拟变更募集资金投向金额为 14,263.84 万元，占公司首次公开发行募集资金净额的比例为 21.72%， 原募投项目募集资金账户剩余的 1,787.35 万元（含募集资金账户产生 的利息收入扣除汇兑及手续费净额，具体以实际金额为准）用于支 ...

证券代码：688087 证券简称：英科再生 公告编号：2026-003 英科再生资源股份有限公司 关于召开2026年第一次临时股东会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2026年第一次临时股东会 召开日期时间：2026 年 2 月 9 日 14 点 00 分 召开地点：山东省淄博市临淄区纬三路山东英朗环保科技有限公司 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 2 月 9 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 股东会召开日期：2026年2月9日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （二） 股东会召集人：董事会 （三） 投票方式： ...

国金证券股份有限公司 关于英科再生资源股份有限公司 首次公开发行股票 变更部分募投项目暨调整相关募投项目资产用途 的核查意见 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为英 科再生资源股份有限公司（以下简称"英科再生"或"公司"）首次公开发行 股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《上市公司募集资金监管规则》以及 《上海证券交易所科创板上市公司自律监管指引第1号——规范运作》等法律、 行政法规、部门规章及业务规则，对英科再生首次公开发行股票变更部分募集资 金投资项目（以下简称"募投项目"）暨调整相关募投项目资产用途的事项进行 了认真、审慎的核查，核查情况如下： 一、变更募集资金投资项目的概述 （一）募集资金基本情况 根据中国证券监督管理委员会于2021年5月25日出具的《关于同意山东英科 环保再生资源股份有限公司首次公开发行股票注册的批复》（证监许可 [2021]1802号），公司获准向社会公众公开发行人民币普通股（A股）3,325.8134 万股（每股面值人民币1元），并于2021年7月9日在上海证券交易所科创板上市 （以下 ...

有投资者在互动平台向英科再生提问："请问公司近年是否存在向欧盟成员国出口或销售的相关业务？ 如有，欧盟地区业务收入在公司整体营业收入中的占比大致为多少？此外，公司对欧盟市场的销售主要 通过哪种方式实现？是以境内主体直接向欧盟客户出口为主，还是通过在欧盟国家设立的子公司进行销 售，或通过第三方贸易商、代理商转销至欧盟市场？" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：公告君 针对上述提问，英科再生回应称："尊敬的投资者，您好！英科再生作为一家全球化布局的可再生塑料 循环利用企业，产品远销全球超130个国家，外销业务收入占比始终保持较高水平，截至2025年上半 年，欧美区域（含北美洲、中南美洲、欧洲）占比超过 70%，经营韧性持续增强。欧洲市场是公司海 外业务版图中的重要组成部分，欧盟成员国作为欧洲市场的核心组成部分，在公司海外业务布局中占据 重要地位。公司对欧洲相关市场的销售具体根据公司业务实际确定。感谢您对公司的关注与支持！" ...

证券之星消息，1月20日塑料板块较上一交易日下跌1.13%，博菲电气领跌。当日上证指数报收于 4113.65，下跌0.01%。深证成指报收于14155.63，下跌0.97%。塑料板块个股涨跌见下表： 从资金流向上来看，当日塑料板块主力资金净流出12.52亿元，游资资金净流入2.03亿元，散户资金净流 入10.49亿元。塑料板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 001255 博菲电气 | | 5533.34万 | 9.65% | -8567.33万 | -14.94% | 3033.99万 | 5.29% | | 002585 双星新材 | | 4542.30万 | 6.25% | 2398.66万 | 3.30% | -6940.96万 | -9.55% | | 920056 | 能之光 | 1930.82万 | 8.01% | 249.32万 | 1.03% | -181.59万 ...