2025（第三届）高分子循环再利用大会 ——化学回收、物理回收、创新应用、动态高分子 大会概况 高分子循环利用已成为缓解全球资源紧缺与环境压力的重要途径，世界许多国家都已出台强制使用再 生高分子的政策法规。新央企中国资源循环集团的重磅成立，或标志着我国高分子循环利用产业将迈 向新的发展地位，战略意义凸显。 世界不同区域对于高分子循环回收的最新态度和举措是什么？面向"十五五"，国家对于高分子循环利 用产业的顶层设计将有何指导？高分子循环回收到底能不能挣钱？究竟哪种先进技术能实现大规模可 复制？循环高分子材料的应用能为制品企业带来多少的税收减免红利？产品的碳足迹怎样追溯与核 算？如何在强制法规与产业"内卷"中脱颖而出？分子可逆设计能否从根本上打破高分子难回收枷锁？ 第三届高分子循环再利用大会 将于 12月11-13日 在 浙江宁波 召开，本届大会围绕 政策趋势、化学 回收&物理回收技术、循环材料高值化利用（纺织、家电、汽车、包装、风机叶片）、动态可持续高 分子 展开交流与合作。大会将邀请国际领先企业、代表性专家学者、政府、园区、资本、协会和联 盟等各方共探高分子循环利用之路。 组织机构 主办单位： 宁波德泰中研信 ...

Group 1 - The core viewpoint of the news is that Yingke Recycling has shown a slight increase in stock price and trading volume, with notable financing activities indicating investor interest [1] - As of November 14, Yingke Recycling's financing buy-in amounted to 15.26 million yuan, while financing repayment was 13.64 million yuan, resulting in a net financing buy-in of 1.62 million yuan [1] - The total balance of margin trading for Yingke Recycling reached 102 million yuan, accounting for 1.75% of its market capitalization, which is below the 10% percentile level over the past year, indicating a low financing balance [1] Group 2 - As of September 30, Yingke Recycling had 7,443 shareholders, a decrease of 3.27% from the previous period, while the average circulating shares per person increased by 3.39% to 25,022 shares [2] - For the period from January to September 2025, Yingke Recycling achieved operating revenue of 2.583 billion yuan, representing a year-on-year growth of 15.76%, and a net profit attributable to shareholders of 226 million yuan, up 16.29% year-on-year [2] - Since its A-share listing, Yingke Recycling has distributed a total of 120 million yuan in dividends, with 93.13 million yuan distributed over the past three years [2]

废塑料循环万亿市场启动在即 20251116 摘要 新型聚合物项目导致聚合物价格下降，压缩了物理循环再生材料的利润 空间，若情况持续，可能需要强制使用和回收以维持投资，而化学循环 市场因技术成熟和环境溢价展现增长潜力。 大型消费品公司如联合利华、高露洁调整了再生材料使用承诺，因低估 回收难度导致合格供应不足，更倾向于选择经 IICC 认证的化学循环产品。 每年超千万吨塑料垃圾入海，微塑料通过食物链威胁人体健康，塑料全 生命周期温室气体排放到 2050 年或占全球碳预算 15%，加剧气候变化， 治理成本高昂。 全球仅约 10%的废塑料被回收再生，化学循环技术可大幅提高回收率， 国际《结束塑料污染公约》旨在通过全生命周期管理治理塑料污染。 塑料回收面临技术、政策和经济成本挑战，现有制度鼓励一次性使用和 废弃，需建立新体系，全球正积极推动《结束塑料污染公约》。 欧洲循环经济立法超前，通过包装法案、数字护照等强制使用再生材料， 影响中国出口企业，中国将治理塑料污染列为国家重大改革任务。 按比例使用再生材料是解决玻璃、纺织品等低价值产品回收难题的关键， 化学循环可处理复杂混合物，汇成环保是目前唯一成熟商业化案例。 Q& ...

Group 1 - The core viewpoint of the news is that Yingke Recycling has seen a significant increase in its stock price, rising 5.07% to 32.53 CNY per share, with a total market capitalization of 6.313 billion CNY and a cumulative increase of 4.7% over the past four days [1] - Yingke Recycling, established on March 14, 2005, and listed on July 9, 2021, specializes in the recycling, regeneration, and utilization of renewable plastics, with its main business revenue composition being: finished products 40.80%, decorative building materials 37.27%, regenerated plastics 20.77%, environmental protection equipment 0.64%, and others 0.52% [1] Group 2 - According to data from the top ten holdings of funds, one fund under Puyin Ansheng has a significant position in Yingke Recycling, with the Puyin Ansheng Emerging Industry Mixed A Fund (519120) holding 778,400 shares, accounting for 3.17% of the fund's net value, ranking as the tenth largest holding [2] - The Puyin Ansheng Emerging Industry Mixed A Fund has achieved a year-to-date return of 22.62%, ranking 4218 out of 8140 in its category, and a one-year return of 23.85%, ranking 3102 out of 8056 [2] Group 3 - The fund manager of Puyin Ansheng Emerging Industry Mixed A Fund is Li Haoxuan, who has been in the position for 2 years and 330 days, with the fund's total asset size at 3.425 billion CNY and a best return of 104.41% during his tenure [3]

Core Viewpoint - Trinseo is facing significant challenges in the global resin market, with a reported loss of $2.41 per share and negative free cash flow of $38 million in Q3. However, the company's recycled plastics and high-value specialty resins business is showing strong growth, driven by increasing demand and strategic adjustments to focus on higher-margin products [2][3][5]. Group 1: Financial Performance - In Q3, Trinseo reported a loss of $2.41 per share and a negative free cash flow of $38 million, reflecting pressure from a weak global resin market and increased trade tensions [2]. - The sales in the engineered materials segment remained flat year-over-year, with growth in acrylic resins for automotive and construction being offset by a decline in the medical sector [2]. Group 2: Growth Drivers - The company's recycled plastics and high-value specialty resins have emerged as bright spots, with sales of high-formula PMMA products increasing by over 10% year-over-year since the end of Q3 [3]. - The recycled content pilot projects for ABS, acrylics, and polycarbonate have sold out, indicating strong market demand, with sales of recycled content products up 12% year-over-year [3]. Group 3: Regulatory Impact - The new EU directive on end-of-life vehicles mandates that by 2031, new cars must contain 20% recycled plastics, with 15% sourced from end-of-life vehicles, creating new opportunities for the recycled plastics industry [4]. - This regulation is expected to drive automotive manufacturers to increase the use of recycled ABS and PMMA, opening new growth avenues for Trinseo in the European market [4]. Group 4: Strategic Adjustments - To address industry volatility, Trinseo is restructuring by exiting high-cost production, including shutting down a native MMA production facility in Italy and a polystyrene plant in Germany, aiming for $30 million in EBITDA savings by 2026 [5]. - The company is focusing resources on high-margin specialty resins and circular recycled materials to achieve sustainable long-term growth [5]. Group 5: Competitive Landscape - Trinseo faces significant competitive pressure from increased imports of acrylic and ABS resins from Asia, which have risen by 20%-25% in Europe and the U.S., further squeezing profit margins [6]. - The company anticipates adjusted EBITDA for Q4 to be between $30 million and $40 million, reflecting ongoing market challenges [6]. Group 6: Industry Trends - Trinseo's strategic shift towards recycled plastics and specialty resins reflects broader trends in the plastic industry moving towards a circular economy and high-performance materials [7]. - The company's actions demonstrate that recycled plastics are becoming a new growth engine rather than just an environmental symbol [7].

新马集镇的问题不是个例，界首市纪委监委在监督检查中发现，田营镇、光武镇等乡镇（街道）也分布 着大量废旧资源回收利用企业，但规模小、分布散乱、行业集中度偏低，且因相关职能部门环境污染防 治工作监督管理不到位，对环境造成了一定的影响，制约着当地再生资源回收利用行业的发展。 清晨，安徽省界首市新马集镇申湖村塑料产业园里，机器轰鸣，工人们忙碌地将一袋袋已清洗破碎好的 废塑料投入造粒机里加工。 面对前来走访的界首市纪委监委工作人员，在产业园工作的马大姐回忆说："这里以前是做塑料回收加 工的'小作坊'，卫生条件差，整改之后不仅有干净明亮的厂房，我们的工作条件也好了很多。" 再生铅占全国市场的三分之一、再生塑料占全国市场的十分之一、新型动力电池占全国产能的五分之 一……如今，界首市工业产值、税收七成以上来自循环经济。 此前，界首市纪委监委结合市委巡察反馈的新马集镇塑料加工产业存在分拣点众多、不能稳定达标排放 等问题，对问题整改情况开展跟进监督，督促新马集镇党委和政府、市市场监督管理局、市生态环境分 局等相关单位，推动存在问题的企业进行整改或依法停产关闭，对合法合规并且具有市场发展潜力的废 旧塑料分拣、资源再生领域"小作坊" ...

Core Insights - The article emphasizes the significance of polymer recycling as a crucial approach to alleviate global resource scarcity and environmental pressure, with many countries implementing mandatory regulations for the use of recycled polymers [3] - The establishment of the new central enterprise, China Resource Recycling Group, marks a strategic advancement for China's polymer recycling industry [3] - The upcoming Third Polymer Recycling Conference will focus on policy trends, chemical and physical recycling technologies, and high-value applications of recycled materials [3][20] Conference Overview - The Third Polymer Recycling Conference will be held from December 11-13, 2025, in Ningbo, Zhejiang [5] - The conference aims to gather international leading companies, experts, government representatives, and capital to explore the path of polymer recycling [3][20] Key Topics - The conference will cover the latest attitudes and initiatives regarding polymer recycling from different regions, as well as China's top-level design for the polymer recycling industry during the "14th Five-Year Plan" [3][23] - Discussions will include the economic viability of polymer recycling, advanced technologies for large-scale replication, and the tax benefits for companies utilizing recycled materials [3][20] Featured Speakers - Notable speakers include Zhang Li Qun, an academician of the Chinese Academy of Engineering, and leaders from various companies specializing in recycling technologies [5][7] - The conference will feature experts from companies like BASF and Eastman, who will share advancements in chemical recycling technologies [10][11] Highlights of the Conference - Insight into global plastic recycling policies and China's "14th Five-Year" plastic recycling plan [20] - Sharing of advanced recycling technologies and case studies on the economic aspects and yield analysis of chemical and physical recycling [20] - Addressing challenges in balancing performance, compliance, and sustainability in various sectors such as textiles, appliances, and automotive [20] Agenda Overview - The agenda includes a macro forum on polymer recycling, advanced recycling technology discussions, and case studies on the circular use of PCR/PIR polymers [21][23] - Special activities will include a youth scientist forum aimed at discovering innovative teams and technologies in the polymer recycling field [27]

Core Insights - The environmental industry is being reshaped by three driving forces: "debt resolution," "marketization," and "green dual carbon" initiatives [1] Group 1: Investment Opportunities - Environmental investment is focusing on three main lines: systematic green transformation driven by dual carbon goals, marketization reforms in resource pricing, and debt resolution policies improving financial health of environmental companies [1] - The non-electric utilization of renewable energy, particularly hydrogen and ammonia, is becoming a significant avenue for green electricity consumption, with European regulations boosting demand for sustainable aviation fuel [2] - The dual drivers of "soil remediation" and "capacity replacement" are creating new opportunities in environmental monitoring and soil restoration sectors [3] Group 2: Asset Valuation and Market Trends - Water and waste incineration operational assets are expected to experience a "Davis double hit" due to increasing environmental quality demands and improved cash flows from debt resolution policies [4] - The market for solid waste management and wastewater treatment is anticipated to grow, with a focus on companies that can provide comprehensive solutions and have stable cash flows [5]

Group 1 - The core viewpoint of the article is that Yaxing Chemical is planning to acquire control of Shandong Tianyi Chemical through a combination of share issuance and cash payment, while also raising matching funds through share issuance [2] - Yaxing Chemical is a leading company in the global chlorinated polyethylene (CPE) industry, specializing in chlor-alkali chemical products, but has faced significant operational challenges due to cyclical industry fluctuations, resulting in a net profit loss of 97.03 million yuan in 2024 [2] - Tianyi Chemical, the target of the acquisition, is recognized as a "hidden champion" in the domestic bromine chemical sector, with an annual production capacity exceeding 60,000 tons and an annual output value reaching around 1 billion yuan [3] Group 2 - Tianyi Chemical has previously expressed intentions to enter the capital market, having signed a counseling agreement with Dongxing Securities in November 2022 to prepare for an A-share listing, but later withdrew its listing counseling record by the end of 2023 [4] - In 2021, Tianyi Chemical achieved a revenue of 1.638 billion yuan and a net profit of 240 million yuan, while in the first seven months of 2022, it reported a revenue of 1.178 billion yuan and a net profit of 227 million yuan [3]

Group 1 - The core viewpoint of the news is that Henan Recycling Technology Industry Group Co., Ltd. has fully acquired Jiangxi Green Recycling Materials Co., Ltd. from Greeenme Co., Ltd., marking a significant step in enhancing its electronic waste recycling and developing a new business in recycled plastics [1][2] - The acquisition includes five companies under Jiangxi Green Recycling, focusing on electronic waste recycling and recycled plastics, which will help Henan Recycling Group diversify its business structure and deepen its industrial chain [1] - Following this acquisition, the total number of electronic waste recycling projects under Henan Recycling Group will increase to 15, with an annual production capacity of 300,000 tons for recycled plastics, covering various plastic categories such as PP, PS, and ABS [1] Group 2 - The collaboration between Henan Recycling Group and Greenme signifies a deeper integration phase, aiming to create the largest electronic waste dismantling system and recycled plastic supplier in China [2] - Both companies plan to enhance their strategic cooperation in areas such as strategic planning, technology research and development, and global layout, aiming to establish a comprehensive circular economy ecosystem [2] - The partnership aims to set a new model for collaboration between state-owned and private enterprises in the circular economy sector, contributing positively to the achievement of carbon neutrality goals and the development of green industries [2]