证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 固废业绩现金流双升+提分红兑现，油气资产 重估下持续关注生物油板块 增持（维持） [投资要点 Table_Summary] 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 ◼ 风险提示：政策推广不及预期，财政支出低于预期，行业竞争加剧。 2026 年 03 月 31 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 2025/3/31 2025/7/30 2025/11/28 2026/3/29 环保 沪深300 相关研究 《光大环境 25 年业绩&分红大增；龙 净环保 25 年业绩大增 34%还原减值 影响增速更快》 2026-03-23 《垃圾焚烧稀缺绿电，现金流&绿色 价值大增，SAF 级 UCO 价格持续抬 升》 2026-03-16 东吴证券研究所 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公佈僅供參考，並不構成邀請或遊說收購、購買或認購證券之要約，或訂立協 議以進行任何有關事情之邀請，亦無意邀請任何要約以收購、購買或認購任何證券。 本公佈並非在美國或任何國家或司法權區提呈發售證券之要約或遊說購買證券之 要約（倘未有根據該等國家或司法權區之證券法例登記或獲得批准而於當地進行 任何有關提呈發售、遊說或出售行為，即屬違法）。本公佈提述之證券並無且不 會根據一九三三年美國證券法（經修訂）（「證券法」）登記，亦不會在美國境內提呈 發售或出售，除非獲豁免遵守證券法及任何適用之州或地方證券法例下之登記規 定，或有關交易不受證券法及任何適用之州或地方證券法例下之登記規定所規限， 則作別論。於美國公開發售任何證券將須以招股章程的方式進行，而招股章程須 載有關於提呈發售的公司以及其管理層及財務報表的詳盡資料。本公司在美國並 無登記且無意登記票據之任何部分。 本公佈及有關要約之任何其他文件或資料並非由英國《二 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Insights - The environmental protection industry is experiencing significant growth, with companies like Longjing Environmental reporting a 34% increase in net profit, and Guangda Environment showing a substantial increase in revenue and dividends [1][2] - The report emphasizes the importance of cash flow and green value in the waste-to-energy sector, highlighting the potential for growth in overseas markets [1][2] Industry Overview - The report discusses the "High-Quality Development Implementation Plan for Energy-Saving Equipment," which focuses on six core types of energy-saving equipment to enhance industrial green transformation [9][10] - The environmental protection sector is expected to benefit from government subsidies and market reforms, particularly in waste management and water services [13][14] - The report identifies key companies to watch, including Longjing Environmental, Guangda Environment, and others, which are positioned to capitalize on these trends [1][2] Company Performance - Guangda Environment's revenue for 2025 is projected at HKD 27.52 billion, with a net profit of HKD 3.925 billion, reflecting a 16% year-on-year increase [1] - Longjing Environmental's revenue is expected to reach CNY 11.9 billion, a 43% increase after accounting for asset impairment [1] - The report highlights the growth in the sales of new energy sanitation vehicles, which increased by 70.9% in 2025, indicating a shift towards electrification in the sanitation sector [34] Market Trends - The report notes a significant rise in the prices of biofuels, particularly biojet fuel, which has increased by 24.4% in Europe and 4.7% in China [19] - The sanitation equipment market is seeing a shift towards automation and electrification, with a 150% increase in contracts for unmanned sanitation equipment [34] - The lithium battery recycling sector is facing challenges due to declining prices for lithium and cobalt, impacting profitability [48][49]

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - The geopolitical tensions persist, and concerns about inflation have led to a decline in US Treasuries. The yields of 10 - year and 2 - year US Treasuries have risen significantly, with the 2 - year yield rising more, reflecting concerns about limited Fed rate - cut space due to rising inflation expectations. The situation's uncertainty remains high, and the duration of the Holmuiz Strait's navigation restrictions is crucial [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks, with the Bloomberg Barclays Chinese - funded US dollar bond total return index falling 0.5% last week [1][3]. - In the on - shore market, the yields of 3 - year and 10 - year government bonds have risen. Factors such as improved inflation expectations, good industrial production and export performance, improved fixed investment data, and reduced expectations of future monetary policy easing have jointly promoted the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [1][4]. Summary According to Relevant Catalogs Off - shore Market - There were 3 new issuances of Chinese - funded US dollar bonds exceeding $100 million last week, totaling $1.45 billion, mainly financial bonds; about 17.5 billion RMB of off - shore RMB bonds were newly issued, also mainly financial bonds [2]. - The yields of 10 - year and 2 - year US Treasuries rose 14 and 16 basis points respectively to 4.28% and 3.72% last week, mainly due to market concerns about potential inflation problems caused by the continuous high oil price [1][2]. - Key - term US Treasuries have fully reversed all their gains this year. The yields of 10 - year and 2 - year US Treasuries have risen 11 and 24 basis points respectively compared to the end of 2025 [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks. The Bloomberg Barclays Chinese - funded US dollar bond total return index fell 0.5% last week, and the spread narrowed by 2 basis points. Among them, the high - rating index fell 0.5%, and the spread narrowed by 3 basis points; the high - yield index fell 0.4%, and the spread widened by 3 basis points [1][3]. On - shore Market - The People's Bank of China net - withdrew 10.11 billion RMB of short - term liquidity through reverse repurchase operations last week, and inter - bank funding rates rebounded. The weighted average interest rates of 7 - day deposit - type institutional pledged repurchase and 7 - day inter - bank pledged repurchase rose 5 and 1 basis points respectively to 1.46% and 1.50% [4]. - The yields of 3 - year and 10 - year government bonds rose 1 and 3 basis points respectively to 1.37% and 1.81% last week [4]. - February's inflation data showed improved price pressure, and the continuous geopolitical tensions pushed up oil prices, improving market expectations of subsequent inflation. The macro data from January to February showed good industrial production and export performance, improved fixed investment data, and although retail data was still weak, it was better than market expectations. Coupled with the guidance of the People's Bank of China, market expectations of future monetary policy easing have weakened, jointly promoting the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [4]. Recent Newly Issued Chinese - funded US Dollar Bonds - Beijing Construction Engineering (Hong Kong) Co., Ltd. issued bonds with a coupon rate of 4.10%, an issue amount of $300 million, and a maturity date of March 19, 2029 [5]. Appendix: List of Chinese - funded US Dollar Bonds - The appendix provides a detailed list of various Chinese - funded US dollar bonds, including information such as the issuer, guarantor, coupon rate, issue amount, maturity date, and ratings from Moody's, S&P, and Fitch [17][19][21].

Investment Rating - The report maintains a "Buy" rating for China Water Affairs (855 HK) with a target price of HKD 6.52, indicating a potential upside of 19.2% based on a price-to-earnings ratio of 9.5 times FY27 earnings [1][8]. Core Insights - The new Water Supply Regulations, effective from June 1, 2023, are expected to have a positive overall impact on the company. The report outlines four key points regarding these regulations that support this view [1]. - The company’s net profit forecasts for FY26-28 remain unchanged, with expected profits of HKD 1.112 billion in FY26, HKD 1.116 billion in FY27, and HKD 1.156 billion in FY28, reflecting a growth rate of 3.5% in FY27 and FY28 [1][6]. Summary by Relevant Sections New Regulations Key Points - **Extension of Water Supply Networks**: The new regulations mandate that water supply networks must extend to rural areas when the population reaches a specified scale, which the company has already anticipated and acted upon, thus minimizing additional costs [2]. - **Ensuring Water Sources**: Local governments are required to reasonably arrange and enhance water source construction, which the company has been proactively managing through a diversified water source policy [3]. - **Multi-Department Collaboration**: The management of water supply facilities will involve various departments, including housing, health, and environmental sectors, with detailed regulations expected to clarify responsibilities [4]. - **Responsibility for Last Mile**: The new regulations stipulate that water supply operators will be responsible for the maintenance of new supply facilities, potentially allowing the company to charge additional fees and gain more user data [5]. Financial Data Overview - **Revenue and Profit Forecasts**: The company’s revenue is projected to decline from HKD 12.859 billion in 2024 to HKD 9.899 billion in 2026, with a growth rate of -9.4% in 2024 and -15.1% in 2026. However, a slight recovery is expected in 2028 with a growth rate of 1.1% [6][14]. - **Earnings Per Share**: The earnings per share are expected to be HKD 0.68 in FY26, HKD 0.69 in FY27, and HKD 0.71 in FY28, with a consistent dividend of HKD 0.28 per share across these years [6][14]. - **Valuation Metrics**: The price-to-earnings ratio is projected to be 8.0 times for FY26 and FY27, decreasing to 7.7 times in FY28, indicating a potential improvement in valuation as earnings stabilize [6][14].

Investment Rating - The report maintains a rating of "Add" for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies such as Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for solid waste management overseas [16][17]. - The report highlights the growth potential in the environmental protection sector driven by policy support and economic validation, particularly in areas like waste incineration and electric sanitation vehicles [25][30]. Summary by Sections Government Policy Insights - The 2026 government work report outlines a shift from energy consumption control to carbon emission control, with specific targets for reducing carbon emissions per unit of GDP [9][10]. - The report also introduces a national low-carbon transition fund to foster new growth points in hydrogen and green fuels, marking a significant policy shift [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16][17]. - Wangneng Environmental has also secured a similar project in Indonesia, indicating a growing trend of Chinese companies expanding into international waste management markets [18][19]. Industry Trends - The report notes a significant increase in the sales of electric sanitation vehicles, with a year-on-year growth of 70.9% and a penetration rate of 21.11% in 2025 [30][31]. - The prices of biofuels, including biojet fuel and biodiesel, have remained stable, indicating a steady market environment for these products [41][42]. Investment Recommendations - The report recommends focusing on companies with strong growth potential in the environmental sector, such as Longjing Environmental, Green Power, and others involved in waste management and renewable energy [25][26].

Investment Rating - The report maintains a "Buy" rating for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies like Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for Chinese firms in the overseas waste management market [16][17]. - The report highlights the increasing demand for low-emission transformations in key industries such as cement and coking, with specific targets set for 2026 [21][22]. Summary by Sections Government Policy and Industry Trends - The government aims to transition from energy consumption control to carbon emission control, with a target of reducing carbon emissions per unit of GDP by 3.8% in 2026 [9]. - The establishment of a national low-carbon transition fund is intended to foster new growth points in hydrogen and green fuels, with green fuels being included in the government work report for the first time [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16]. - Wangneng Environment has also secured a similar project in Indonesia, indicating a robust market potential for waste-to-energy solutions in the region [17][18]. Market Performance and Recommendations - The report recommends focusing on companies such as Longjing Environmental, High Energy Environment, and Saince, which are expected to benefit from the ongoing green transformation and policy support [4]. - The environmental sanitation equipment sector is projected to see significant growth, with a 70.9% increase in sales of new energy sanitation vehicles in 2025 [30][31]. Biofuels and Recycling - Biofuel prices remain stable, with European biojet fuel averaging $2250 per ton and Chinese biojet fuel at $2150 per ton [41]. - The report notes a decrease in lithium and cobalt prices, which may enhance profitability in the lithium battery recycling sector [42].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國水務集團有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00855 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.01 HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.01 HKD | | 200,000,000 | 1. 股份分類 普通股 股份類別 不適用 於香港 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立並遷冊往百慕達之有限公司） （股份代號：855） 有關重續持續關連交易之 補充公佈 謹此提述中國水務集團有限公司日期為二零二六年二月九日之公佈（「該公佈」）。 除另有指明者外，本公佈所用詞彙與該公佈所界定者具有相同涵義。 有關該公佈第4頁所載建議年度上限及其釐定基準，現有框架協議項下之現有年 度上限使用率於二零二五財政年度已降至較低水平，且本集團與合營公司之間的 實際交易額自二零二四財政年度起一直呈下降趨勢。 1 鑑於上文所述並經考慮本集團與合營公司之間的過往交易，本公司於制定其管道 直飲水供應業務之發展計劃時已採取審慎方針。誠如該公佈所載，董事會注意到， 交易金額於二零二四財政年度達到最高約人民幣40,000,000元，並於二零二六財 政年度減少至最低約人民幣12,000,000元（按六個月數字人民幣5,870,000元估計）。 儘管過去兩年之交易金額有所下降，惟由於管道直飲水業務具 ...

上市規則之涵義 合營公司為本公司之非全資附屬公司。歐力士中國持有合營公司之20%股權。 歐力士中國為本公司主要股東ORIX Corporation之附屬公司。因此，合營公司為 本公司之關連附屬公司。框架協議項下之交易構成本公司之持續關連交易。由 於上市規則項下之相關百分比率均低於5%，因此框架協議項下之交易須遵守上 市規則第14A章項下之申報及公告規定，惟獲豁免遵守通函（包括獨立財務意見） 及股東批准之規定。 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立並遷冊往百慕達之有限公司） （股份代號：855） 重續持續關連交易 框架協議 謹此提述本公司刊發日期為二零二三年二月十六日之公佈，內容有關合營公司 根據現有框架協議向本集團供應該等產品。 現有框架協議將於二零二六年三月三十一日屆滿。於二零二六年二月九日（交 易時段後），銀龍與合營公司訂立框架協議，據此，合營公司同意向本集團供應 該等產品，自二零二六年四月一日起計為期三年。 緒 ...