Investment Rating - The industry investment rating is "Increase Holding" which indicates a potential increase of over 15% compared to the CSI 300 index [100]. Core Insights - The global ethylene industry is entering a phase of capacity clearing, with outdated capacity accounting for 18% of the total global ethylene capacity of 230 million tons in 2024 [47]. - The European ethylene market is experiencing a shutdown trend, with companies like Shell closing down significant production facilities [47]. - The domestic ethylene market is expected to achieve supply-demand balance within three years, driven by the growth of downstream demand [57]. - The plastic recycling market has significant growth potential under the backdrop of carbon reduction, with global plastic recycling rates currently below 10% [59]. Summary by Sections Ethylene Industry - Global ethylene capacity is projected to reach 230 million tons in 2024, with a significant portion of this capacity being outdated [45]. - The trade dynamics of ethylene are expected to be restructured as supply-demand conditions tighten in regions like Japan, Africa, and Europe [48]. Domestic Market - The domestic ethylene market is anticipated to balance supply and demand in approximately three years, influenced by the growth in downstream sectors [57]. - The development of new materials driven by emerging fields such as photovoltaics and lithium batteries is accelerating the domestic market's transition [57]. Recycling and Sustainability - The global plastic recycling market is poised for growth, driven by policy and capital investments, despite current low recycling rates [59]. - The polyester recycling sector shows significant scale effects and carbon reduction benefits, making it a key area for development [59]. Company Developments - Several domestic companies are actively developing the RPET (Recycled PET) industry chain, with various technological approaches and production capacities planned for the coming years [64].

Core Insights - GP Certified has established GP Laboratory, the first and only dedicated plastic testing facility in Sri Lanka, aimed at supporting the growing plastic recycling and polymer manufacturing sectors [1] - The laboratory addresses the lack of scientific validation for recycled plastics in Sri Lanka, which is crucial as plastic waste and sustainability become global priorities [1] - GP Laboratory will conduct comprehensive testing on both recycled and virgin plastics, enabling recyclers, manufacturers, and consumer brands to ensure their products meet the highest standards of quality, safety, and environmental compliance [1] - In addition to plastic testing services, the laboratory will also offer environmental monitoring services [1]

Core Viewpoint - Green Energy Technology Group (00979.HK) reported a revenue of approximately HKD 68.9 million from continuing operations for the fiscal year 2025, representing a year-on-year decrease of about 2.7%. The net loss attributable to shareholders was approximately HKD 16 million, an increase of 11.9% year-on-year, with a basic and diluted loss per share of HKD 0.0118 [1] Revenue and Profitability - The decrease in revenue and margin profit was primarily due to the decline in the renewable energy segment's performance during the fiscal year 2025 [1] - The group recorded impairment losses on property, plant, and equipment related to its plastic recycling business in fiscal year 2025, which were not present in fiscal year 2024 [1] Operational Challenges - The surge and volatility in international freight costs led to the cancellation of some orders from renewable energy customers in Europe [1] - The gross margin of the renewable energy segment was eroded due to rising raw material procurement costs and local transportation costs [1] Segment Performance - The performance of the construction waste and processing services business, as well as the plastic recycling/metal waste business in Germany, deteriorated due to increased employee and energy costs [1]

Core Insights - Scientists from China and the United States have developed a one-step method to safely convert toxic mixed plastic waste into gasoline, achieving over 95% conversion efficiency at room temperature [1][2] - This new process requires less energy, fewer steps, and less equipment compared to traditional plastic-to-fuel conversion methods, making it scalable for industrial applications [1] - The final products of the conversion process include gasoline components, chemical raw materials, and hydrochloric acid, which can be utilized in various industries such as water treatment, metal processing, pharmaceuticals, food production, and the oil industry [1] Group 1 - The global cumulative plastic production has reached 100 billion tons, with a significant portion destined to become difficult-to-recycle waste [2] - PVC, which constitutes about 10% of global plastic production, requires dechlorination before traditional energy recovery methods to prevent the release of toxic compounds [2] - The new strategy proposed by researchers aims to upgrade waste PVC into chlorine-free fuel-grade hydrocarbons and hydrochloric acid through a single-stage process [2] Group 2 - The team tested the conversion efficiency of PVC mixtures and polyolefin waste, achieving a solid conversion efficiency of up to 96% at 80 degrees Celsius [3] - The process is suitable for handling mixed and contaminated PVC and polyolefin waste commonly found in real-world scenarios [3]

Core Insights - Meituan's Qingshan Plan has made significant progress in promoting sustainable practices, with over 2.6 million merchants having "Merchant Qingshan Profiles" and more than 520 million users utilizing the "No Utensils" feature, resulting in over 10 billion related orders by July 2025 [1][2] - The plan has implemented large-scale waste classification and takeout box recycling projects in 24 cities across 20 provinces, recovering over 37,000 tons of plastic takeout boxes [1][2] - The initiative emphasizes a balanced approach of "reduction, substitution, and recycling" to tackle plastic pollution while ensuring food safety and consumer demand [1] Group 1 - The "Box Fusion" initiative aims to address the challenges of takeout box recycling by leveraging big data for site optimization and supporting infrastructure development for collection and recycling [2] - The establishment of a socialized recycling and high-value utilization system for takeout boxes is underway, with ongoing efforts to enhance the recycling chain through technological innovation [2][3] - Meituan's collaboration with industry partners and brands has led to the "Good Cup New Life" campaign, which encourages consumer participation in recycling through rewards and experiences [3] Group 2 - The Qingshan Plan has set a "2030 Goal" to drive low-carbon transformation across Meituan's businesses, aiming for 4 million merchants to provide green offerings and 700 million users to engage in low-carbon consumption [4] - A "Green Packaging and Recycling Fund" will be established to enhance packaging design and recycling levels, targeting a 50% usage rate of green packaging among merchants and a 40% comprehensive recycling rate for plastic takeout boxes and beverage cups [4] - The plan will continue to engage with public welfare merchants to promote biodiversity protection and zero waste initiatives, contributing to harmonious coexistence between humans and nature [4]

Core Insights - The research team from Dalian University of Technology has achieved a breakthrough in the uniform distribution of carbonyls in polyketone chains, enabling "customized" material properties and efficient compatibility between polyethylene and nylon, paving new paths for mixed plastic recycling [1][2] - Over 300 million tons of plastic waste are generated globally each year, with polyethylene and nylon being difficult to recycle together due to their differing chemical properties, often ending up in landfills or oceans [1] Group 1 - The study reveals the phase evolution mechanism between non-polar polyethylene and polar alternating polyketone, breaking the limitations of traditional alternating copolymerization [2] - The non-alternating structure is shown to be a new dimension for performance regulation, akin to building a molecular zipper bridge between polyethylene and nylon, allowing them to "shake hands" at the interface [2] - The non-alternating copolymerization reaction is a homogeneous polymerization process, avoiding issues related to slurry polymerization reactors, and making metal catalysts easier to recover and industrially scalable [2] Group 2 - The research received support from the National Natural Science Foundation's integrated project, Dalian Municipal Science and Technology Innovation Fund for applied basic research, and the Ministry of Education's Frontier Science Center for Intelligent Materials and Chemical Engineering [2]