Guosheng securities issued a research report on March 5, saying that it gave Shandong Intco Recycling Resources Co.Ltd(688087) ( Shandong Intco Recycling Resources Co.Ltd(688087) .sh, latest price: 71.11 yuan) a buy rating for the first time. 1) the reasons for the steady growth of the whole industry chain include: 1) the main reasons for the steady growth of the whole industry chain; 2) The advantages of channel, technology and scale create a high moat; 3) Expand other products horizontally, reserve sufficient capacity and improve performance flexibility; 4) Benefiting from policy dividends, the industry has large space and high prosperity. Risk warning: the risk of market growth slowdown caused by policy changes; Risk of raw material supply and product sales of new projects; Foreign trade, tariff policy and exchange rate fluctuation risk; Risk of failure in new product development and production capacity launch less than expected; The risk of intensified competition in the plastic recycling industry in the future.