After the final fight, the ending you choose starts the next run (NG+), back in the Asylum cell. You keep your level, stats and Humanity, nearly every weapon, armor, ring and item, your spells, how far each bonfire is kindled, your Estus upgrades, the Master Key and the Bottomless Box, and the covenant you are in with its rank: end this run as a Warrior of Sunlight at rank +1 (the row above), so the next run can offer the Soul of Gwyn at the Sunlight Altar. You lose every other key item (all the embers, the Lordvessel and with it warping, the Rite of Kindling, the smithboxes and repairbox, the Crest of Artorias) and two rings, the Covenant of Artorias and the Orange Charred Ring. Your sin is cleared and you start hollow. Bosses and people come back, doors and shortcuts close again, and the enemies hit much harder. So all ten upgrade trophies must be done in this run.