环保公用-2026 年度策略：仓庚于飞，熠燿其羽 - 价值+ 成长共振，双碳驱动新生！20251216 摘要 欧洲碳关税和国内非电可再生能源考核强化双碳驱动，垃圾处理费 C 端 征收提升垃圾发电 ROE，炉渣涨价和国补加速增强分红潜力，垃圾焚烧 行业盈利能力有望提升。 绿电直连政策落地促进数据中心供电，固废板块出海空间广阔，瀚蓝环 境、绿色动力等公司在东盟市场表现突出，水务领域中山公用、首创环 保等公司受益于水价市场化。 双碳约束加强带来电解水制氢、生物油 SAF 和绿醇等投资机会，非电可 再生能源考核驱动生物油需求，二代油、SAF 供不应求，船运行业绿醇 投资机会显现。 设备类公司美埃科技受益于半导体和锂电资本开支，鼎津装备受益于锂 电修复，无人化环卫设备经济性拐点到来，宇通重工、静绿环境等企业 积极布局智能化。 瀚蓝环境、绿色动力等固废现金流价值标的表现突出，龙净环保因紫金 赋能绿电增长，美埃科技与鼎津装备因细分领域优势具备良好前景，朗 坤和山高环能及高能赛恩斯值得关注。 Q&A 东吴证券对环保行业 2026 年的年度策略有何主要观点？ 东吴证券对环保行业 2026 年的年度策略持积极乐观的态度，认为该板 ...

紫金矿业增持龙净环保股份对公司的影响是什么？ 紫金矿业通过定增形式进一步增持龙净环保股份，从 25%提升至 33.76%，投 入资金达 20 亿元人民币。这一举措有助于增强双方协同效应，提高公司长期 龙净环保 20251214 摘要 紫金矿业增持龙净环保股份至 33.76%，投入 20 亿元人民币，增强双 方协同效应，稳定管理层预期，对市场信心产生积极影响。现任董事长 谢总仍在紫金矿业董事会任职，原董事长林总担任紫金矿业总裁。 烟气治理业务受益于火电投资的强劲和非电行业提标改造需求，订单保 持微增态势，在手订单接近 200 亿人民币，毛利率维持在 26%左右。 中国空气质量标准提高将持续推动该领域投入。 绿电业务进展显著，马米错光伏项目预计年利润贡献接近 2 亿元人民币， 刚果金水电项目预计年利润贡献 3.5 至 4 亿元人民币，显著提升公司业 绩和 ROE，前三季度绿电影响力已达 1.7 亿元人民币。 储能业务通过与易伟合作实现扭亏为盈，目前产能达到 8.5GWh，预计 今年贡献 4,000 至 5,000 万元利润，明年盈利空间有望进一步提升，定 位为稳定盈利业务。 公司未来发展的关键驱动力包括烟气治理市 ...

Core Insights - The report emphasizes the investment themes for 2026 in the environmental sector, focusing on overseas expansion, carbon reduction, and pollution control as key strategies under the "14th Five-Year Plan" [3][6] - The environmental industry is experiencing a transition as domestic infrastructure peaks, with a projected 4.9% year-on-year growth in sector performance for the first three quarters of 2025 [6][28] Policy Guidance - The "14th Five-Year Plan" has not yet met carbon reduction targets, indicating a need for continued efforts in this area, while other environmental goals have been largely achieved [22][24] - The "15th Five-Year Plan" aims to synergize carbon peak and neutrality goals with pollution reduction and green growth initiatives [6][24] Overseas Expansion - The report identifies significant market opportunities in Southeast Asia and Central Asia for waste incineration, with a potential market size in the hundreds of billions [7] - Indonesia's upcoming waste incineration projects are highlighted, with expectations for rapid development starting in Q1 2026, supported by sovereign fund investments [7] - Key companies positioned for overseas expansion include Weiming Environmental, China Everbright, and others [7] Carbon Reduction - The carbon market is evolving, with ongoing improvements in the carbon emission control system and an expected rise in carbon prices [8] - Non-electric green energy sectors, such as renewable energy heating and biofuels, are anticipated to benefit from policy support and growing domestic demand [8] - Companies like Zhuoyue New Energy are noted for their potential in the biofuel sector, particularly in the context of EU anti-dumping influences subsiding [8] Pollution Control - The water and air sectors are expected to see continued investment in pollution control, with companies like Xingrong Environment and Aofu Technology highlighted for their growth potential [9] - The report notes that the implementation of the National VI emissions standards will create opportunities in the automotive emissions control market [9] Diverse Investment Opportunities - The report outlines various investment opportunities arising from new production capabilities, cyclical trends, and debt management strategies within the environmental sector [10] - Companies involved in smart technologies and battery materials are identified as potential beneficiaries of these trends [10]

关键词：静电除尘器、静电除尘器市场规模、静电除尘器行业现状、静电除尘器发展趋势 一、行业概述 静电除尘器（Electrostatic Precipitator，ESP）是一种利用高压静电场实现气体中粉尘颗粒净化的工业设 备。其核心原理是通过高压电场使气体电离，粉尘颗粒与电子或离子结合后荷电，在电场力作用下向异 性电极（集尘极）迁移并沉积，最终通过清灰装置（如振打、水洗等）将粉尘收集至灰斗，实现气体与 粉尘的分离。该设备广泛应用于燃煤电厂、水泥厂、钢铁厂、垃圾焚烧厂等场景，可高效捕集0.01- 50μm的细微颗粒，适应高温、高压及高浓度粉尘工况，是工业烟气治理的关键技术之一。 静电除尘器除尘原理图 内容概况：中国静电除尘器行业当前处于技术升级与市场结构优化的关键阶段。2024年，中国静电除尘 器行业市场规模约为236亿元，同比增长8.26%。传统的静电除尘器对细微颗粒物（尤其是PM2.5）的捕 集效率有限。对此，山西大学的研究团队提出了创新性的解决方案：将金属集尘板替换为具有凹凸结构 的介电材料，并配备极低频双极性电源。这种设计利用介电弛豫效应，能显著增强电场并提高细微颗粒 的荷电量，从而实现对细颗粒物的精准捕 ...

郭晨凯 制图 ◎记者 王乔琪 李少鹏 12月9日，国内锂电池厂商德加能源发布通知，宣布因上游原材料价格持续上涨，电池生产成本提升， 公司决定自12月16日起对旗下电池系列产品售价上调15%。同日，孚能科技也向市场透露：公司正在和 客户沟通涨价事宜，部分产品已经实现涨价。其还表示"当前部分原材料价格有所上涨，叠加市场需求 持续扩大，锂电池价格上涨是行业趋势"。 伴随产业链价格传导，行业头部企业正加速通过长期协议锁定上游产能与供应链，巩固规模与成本优 势。"抢产能就是抢未来！"对于近期行业变化，一位头部电池企业高管向上证报记者如此感慨。 今年下半年以来，从上游的正极材料、电解液、铜箔，到终端的电芯与储能系统，一场以"锁量"为核心 的订单潮席卷产业链，产能紧俏、价格跳涨已成为常态。与此同时，行业龙头正通过技术迭代和全球化 布局，开拓增量市场，抢占技术制高点。业内预计，在储能需求爆发与全球能源转型的双重机遇下，中 国锂电企业依托技术与产能优势，将进一步提高全球产业话语权，重塑全球产业竞争格局。 储能引爆需求 锂电产业链满产满销 2025年下半年以来，锂电产业链"供不应求"的信号在多个环节同时释放。 "目前公司主要储能 ...

Macro Strategy - The report indicates a shift in policy focus from "preventing and mitigating risks in key areas and external shocks" to "better coordinating domestic economic work and international economic struggles," reflecting a more proactive approach to external economic conditions [1][2] - The emphasis has moved from stabilizing asset prices to stabilizing microeconomic entities, highlighting the importance of employment, enterprises, markets, and expectations [2] - The terminology has evolved from "extraordinary counter-cyclical adjustment" to "increasing counter-cyclical and cross-cyclical adjustment efforts," indicating a balance between short-term stimulus and long-term economic structure considerations [2] Financial Products - The A-share market is expected to continue a bottoming process, with a macro timing model scoring -2 points, suggesting a potential adjustment but limited space for decline [7] - The report notes that the overall market sentiment may remain subdued without significant catalysts or inflows of new capital, leading to a narrow fluctuation pattern [7] Fixed Income - The report highlights a decrease in the issuance of green bonds, with 24 new issues totaling approximately 20.737 billion yuan, a reduction of 12.902 billion yuan from the previous week [8] - The secondary market for green bonds saw a total transaction volume of 66.1 billion yuan, an increase of 2.6 billion yuan from the previous week [8] Industry Insights - The environmental protection industry is highlighted as having undervalued assets, with specific recommendations for companies like Huanlan Environment and Longjing Environmental Protection, which are expected to benefit from early budget allocations for environmental special funds [11][32] - The engineering machinery sector is projected to experience a profit growth rate of over 20% in the next 2-3 years, with a focus on overseas industry recovery [12] Gas Industry - The gas industry report emphasizes cost optimization for gas companies and the importance of price mechanism adjustments, with recommendations for companies like Xin'ao Energy and China Gas [14] Electric Power Equipment - The report anticipates a significant growth in energy storage demand, projecting a 60%+ increase next year, driven by various market factors [16] Automotive Industry - The automotive sector is undergoing a transition with a focus on AI and smart vehicles, with significant developments in Robotaxi strategies and partnerships [21][22] - The report suggests that the automotive industry is at a crossroads, with opportunities in AI smart vehicles and the need for innovation in supply chains [22] Non-Bank Financials - The non-bank financial sector is characterized by low average valuations, with a focus on insurance and securities industries benefiting from economic recovery and favorable policy environments [23][29] Computer Industry - The computer industry is experiencing a shift towards GPU-centric architectures, with significant implications for database technologies and related companies [24] Coal Mining - The coal mining sector is facing weak supply and demand dynamics, with a recommendation to focus on undervalued stocks like Haohua Energy and Guanghui Energy [27] Aluminum Industry - The aluminum industry is expected to see a shift from cyclical stocks to dividend assets, with a projected increase in aluminum prices due to structural changes in supply and demand [28]

龙净环保 20251207 摘要 2026 年环保专项资金预算中，大气污染防治资金占比显著提升至 46%，达到 244 亿元，较 2025 年两批次合计预算增长 19%，表明财 政部对大气污染治理的重视程度增加。 龙净环保作为大气污染治理龙头企业，2025 年前三季度新增环保订单 76.26 亿，同比增长 1.1%，单三季度增长 12%，在手订单 197 亿，订 单充足，受益于市场释放，业绩稳健增长。 电力行业存量煤电机组改造需求和非电行业如钢铁、水泥等超低排放改 造，将持续推动大气污染治理设备需求增长，为龙净环保带来市场机遇。 龙净环保作为全球最大的大气环保装备研发制造商，每年新增订单接近 100 亿，在手订单接近 200 亿，能够支撑未来三年利润，发展态势稳定 且逐步加速。 龙岩国资和紫金矿业分别通过二级市场增持和全额认购定增，体现了股 东对龙净环保价值的认可及业务协同的信心，紫金矿业持股比例提升至 30%以上。 Q&A 2026 年提前下达的环保专项资金有哪些特点和结构？ 2026 年提前下达的环保专项资金总额为 528 亿元，涵盖大气污染、水污染、 土壤修复、农村环境治理和废弃电器电子产品处理等多个方 ...

证券研究报告·公司点评报告·环保设备Ⅱ 龙净环保（600388） 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 2026 年环保专项资金预算提前下达，大气治 理同比增长占比提高，大气龙头受益 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,973 | 10,019 | 12,097 | 13,285 | 14,299 | | 同比（%） | (7.64) | (8.69) | 20.74 | 9.82 | 7.64 | | 归母净利润（百万元） | 508.97 | 830.40 | 1,231.75 | 1,525.37 | 1,745.88 | | 同比（%） | (36.74) | 63.15 | 48.33 | 23.84 | 14.46 | | EPS-最新摊薄（元/股） | 0.40 | 0.65 | 0.97 | 1 ...

证券代码：600388 证券简称：龙净环保 公告编号：2025-082 2025 年 6 月 6 日，经公司第十届董事会第十五次会议审议通过了《关于第八期员 工持股计划存续期展期的议案》，同意第八期员工持股计划存续期展期 6 个月，即存 续期延长至 2025 年 12 月 6 日。 二、员工持股计划股票出售情况 鉴于公司第八期员工持股计划延长后的存续期已到期，截至本公告披露日，第八 期员工持股计划股票全部出售完毕。根据公司《员工持股计划管理规则》，第八期员 工持股计划清算完毕后即终止。 关于第八期员工持股计划股票出售完毕的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 鉴于福建龙净环保股份有限公司（以下简称"公司"）第八期员工持股计划延长 后的存续期已到期，截至本公告披露日，第八期员工持股计划所持公司股票已全部出 售完毕。现将相关事项公告如下： 一、员工持股计划已履行的相关审批程序 2014 年 9 月 11 日，公司第六届董事会第二十三次会议审议通过《福建龙净环保 股份有限公司员工持股计划（草案）》《福建龙净环保股份有 ...

格隆汇12月5日丨龙净环保(600388.SH)公布，公司第八期员工持股计划延长后的存续期已到期，截至本 公告披露日，第八期员工持股计划所持公司股票已全部出售完毕。 ...