证券之星消息，1月30日环保设备板块较上一交易日上涨0.09%，恒誉环保领涨。当日上证指数报收于 4117.95，下跌0.96%。深证成指报收于14205.89，下跌0.66%。环保设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688309 | 恒营环保 | 31.60 | 12.06% | 5.81万 | 1.75亿 | | 688376 | 美埃科技 | 69.02 | 2.77% | 5.55万 | 3.85亿 | | 300800 | 力合科技 | 12.69 | 2.59% | 3.73万 | 4680.58万 | | 001336 | 楚杯科技 | 26.78 | 2.45% | 2.31万 | 6091.78万 | | 301288 | *ST清研 | 19.87 | 2.42% | 8737.0 | 1726.18万 | | 600526 | 菲达环保 | 5.69 | 2.15% | 14.66万 | 8270.79万 | | 603282 | 亚米 ...

行业研究丨深度报告丨环保 [Table_Title] 2025 年环卫装备总结：全年销量重回正增长， 看好化债+降碳政策下新能源环卫装备发展 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2025 年环卫装备销量 7.90 万辆，同比增长 11.5%，系 2021 年以来首年重回正增长，其中， 新能源环卫车销量同比增长 76.8%，2025 年新能源累计渗透率已提升至约 21.7%，同比提升 8.0pct（10-12 月单月渗透率分别为 25.9%、25.7%、39.4%）。我们认为，环卫装备销量恢复 正增长的原因核心或源于国家化债政策的推进，看好化债政策进一步深化带来的环卫装备量 增；看好在"十五五"降碳政策驱动下，新能源环卫装备渗透率与经济性的提升。 分析师及联系人 [Table_Author] 徐科 贾少波 李博文 SAC：S0490517090001 SAC：S0490520070003 SAC：S0490524080004 SFC：BUV415 盛意 SAC：S0490525070006 请阅读最后评级说明和重要声明 2 ...

盘后数据显示，1月27日龙虎榜中，共47只个股出现了机构的身影，有20只股票呈现机构净买入，27只 股票呈现机构净卖出。当天机构净买入前三的股票分别是动力新科、宏景科技、协鑫集成，净买入金额 分别是2.81亿元、2.31亿元、2.18亿元。当天机构净卖出前三的股票分别是中国铀业、拉普拉斯、天奇 股份，净流出金额分别是3.4亿元、2.45亿元、1.89亿元。（第一财经） ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in waste incineration and the opportunities for companies to expand overseas, particularly in Southeast Asia and India, where there is a projected increase in waste incineration capacity [10][15] - The report highlights the significant increase in sales of new energy sanitation vehicles and the growth of unmanned sanitation projects, indicating a shift towards automation and electrification in the industry [17][20] - The 2026 strategy focuses on the dual drivers of value and growth, emphasizing the importance of marketization and efficiency improvements in the environmental sector [24][28] Industry Trends - Waste Incineration Growth: The report estimates a potential increase of approximately 500,000 tons/day in waste incineration capacity in ASEAN countries and India, corresponding to an investment scale of about 250 billion yuan [10] - Unmanned Sanitation Equipment: In 2025, the total amount of contracts for unmanned sanitation projects exceeded 12.6 billion yuan, with a year-on-year increase of over 150% [17] - New Energy Sanitation Vehicles: Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate of 21.11%, reflecting a growing trend towards electrification in the sanitation sector [20][30] Company Recommendations - Key companies recommended for investment include Longjing Environmental, Gao Neng Environment, Sains, and others, focusing on their growth potential in both domestic and international markets [4][15] - The report suggests that companies like Weiming Environmental and Sanfeng Environment are expected to benefit significantly from overseas expansion and high-value projects [15][24] - The report also highlights the importance of dividend increases and return on equity (ROE) improvements for companies such as Huanlan Environment and Green Power [15][24] Market Dynamics - The report notes that the profitability of waste incineration projects in Indonesia is significantly higher than in China due to favorable pricing and operational conditions [12][15] - The report indicates that the market for lithium battery recycling is improving, with rising metal prices and better margins for recycling projects [38][39]

东吴证券近日发布环卫无人化系列：2025年环卫无人中标项目总金额超126亿元(含服务)，同增150%， 广东位列第一。2025年，国内成功开标的无人环卫设备采购和试点项目已达220余项，披露的总金额超 126亿元，同比增长超过150%。涉及的无人环卫设备数量约1300台。广东项目中标数量占比达41%。 2025M1-8已开标的无人驾驶环卫设备采购总量达858台，"环卫+无人驾驶试点项目"占比69%。 以下为研究报告摘要： 投资要点 投资建议：我们预计伴随着政策驱动+经济性验证，环卫电动化逻辑兑现&无人化启航，2026-2027年有 望加速放量。建议关注【劲旅环境】【宇通重工】【福龙马】【玉禾田】【盈峰环境】【侨银股份】， 对应26年PE分别为17/19/50/14/30/19倍。(估值日期：2026/1/21) 风险提示：新能源渗透率不及预期，无人化不及预期，竞争加剧。(东吴证券袁理,陈孜文,田源) 环卫无人公司新闻：全国多地无人环卫装备试点运营，竞争格局较分散。①盈峰环境：无人清扫车"盈 峰小蜜蜂"于天津民园1920街区投运，该车每小时清扫效率达7150平方米，可连续工作3.5小时，自投入 使用以来日均清扫 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The report highlights a significant increase in the bidding amount for unmanned sanitation projects, which exceeded 12.6 billion yuan in 2025, marking a year-on-year growth of over 150% [4][14]. - Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate rising by 7.67 percentage points to 21.11% [31]. - The report anticipates accelerated growth in the unmanned and electric sanitation sectors driven by policy support and economic viability, with a focus on companies such as Jinjing Environment, Yutong Heavy Industry, and Fulongma [4][31]. Summary by Sections 1. Unmanned Sanitation - In 2025, the total bidding amount for unmanned sanitation projects surpassed 12.6 billion yuan, with Guangdong province leading in project numbers [4][14]. - The number of successful bids for unmanned sanitation equipment reached over 220 projects, covering 26 provinces [14]. - The report notes that unmanned sanitation equipment is entering a commercialization phase, with significant policy support from the government [10][24]. 2. New Energy Sanitation Vehicles - New energy sanitation vehicle sales reached 16,119 units in 2025, reflecting a year-on-year increase of 70.9% [31]. - The overall sales of sanitation vehicles amounted to 76,346 units, with a total growth of 8.82% [31]. - The report identifies that the highest sales growth for new energy sanitation vehicles occurred in Henan province, while Shanghai recorded the highest penetration rate at 69.5% [31]. 3. Policy Support - The report emphasizes the increasing frequency of policies promoting unmanned sanitation, which are accelerating market adoption [24]. - Key cities are implementing supportive measures, including funding subsidies and demonstration applications, to facilitate the deployment of unmanned sanitation vehicles [24][26]. 4. Economic Viability - The economic analysis indicates that small-tonnage unmanned sanitation vehicles can replace 3-4 workers, achieving cost-effectiveness within 2-5 years depending on the vehicle price [27]. - The report suggests that as the price of these vehicles decreases, their economic advantages will become more pronounced [27]. 5. Company Developments - Companies like Yingfeng Environment and Fulongma are actively deploying unmanned sanitation vehicles across various cities, with significant operational milestones achieved [12][30]. - The report highlights the competitive landscape, noting that the market is relatively fragmented with several players making strides in unmanned sanitation technology [22][30].

Core Viewpoint - Yutong Heavy Industry (600817.SH) has not yet developed hydrogen fuel mining trucks, focusing instead on a range of other mining equipment products [1] Group 1: Product Offerings - The company's mining equipment includes both new energy mining vehicles and fuel mining vehicles [1] - New energy mining vehicles are categorized into several types: charging, battery swapping, range extension, hybrid, and drive-by-wire (autonomous driving) [1] - The product range covers various capacities including 90t, 105t, 120t, 135t, 145t, and 180t [1] Group 2: Applications and Recognition - The products are widely used in various work scenarios such as mining transportation, port transportation, hydropower projects, and tunnel construction [1] - The operational regions of the products span both domestic and international markets, receiving widespread recognition and positive feedback [1]

Core Viewpoint - Yutong Heavy Industry (600817) has confirmed that the company currently has sufficient cash reserves and has taken into account the funds needed for future development when formulating its dividend policy [1] Group 1 - The company is responding to investor inquiries regarding its financial status [1] - The company emphasizes its strong cash position [1] - The dividend policy is designed with future development needs in mind [1]

Core Viewpoint - The report emphasizes the critical role of Sustainable Aviation Fuel (SAF) in aviation decarbonization, highlighting the scarcity and price increase of waste oil resources during the SAF production expansion cycle [1][3]. Investment Recommendations - Key recommendations include companies such as Huanlan Environment (600323), Longjing Environmental Protection (600388), and others in the environmental sector [2]. - Companies to watch include Dayu Water-saving (300021) and Lian Tai Environmental Protection (603797) [2]. Industry Insights - SAF is identified as the only feasible solution for aviation decarbonization, with a focus on the HEFA route using waste oil (UCO) as raw material. The EU mandates increasing SAF blending ratios from 2% in 2025 to 70% by 2050, with projected SAF demand reaching 3,662 million tons by 2050 [3]. - By the end of 2025, domestic SAF production capacity is expected to reach 1.2 million tons per year, with total planned capacity of 4.4 million tons per year [3]. - The price of SAF is projected to rise significantly due to supply constraints, with a potential increase of over 50% from the beginning of the year [3]. Policy Tracking - The government is set to invest over 1 billion yuan in the Yangtze River protection projects from 2025 to 2027, with a focus on sewage pipeline construction and ecological restoration [4]. - Investment suggestions include companies involved in water treatment and sewage management, such as Bihui Source and Energy Conservation Guozhen (300388) [4]. Strategic Outlook for 2026 - The strategy focuses on value and growth, emphasizing the importance of marketization and efficiency improvements in the solid waste sector, with potential dividend increases [5]. - The report highlights the significance of the dual carbon drive, with recommendations for companies involved in renewable resources and waste oil production [6]. Industry Tracking - In the sanitation equipment sector, sales of new energy sanitation vehicles increased by 64.01% year-on-year, with a penetration rate of 18.60% [7]. - The price of biodiesel has decreased, leading to a decline in profit margins, while lithium battery recycling shows improved profitability due to rising lithium prices [7].

Core Viewpoint - Yutong Heavy Industry is actively promoting the integration of intelligent technology with the sanitation and mining equipment industries, focusing on the development of autonomous vehicles and automation solutions [1] Group 1: Autonomous Vehicles - The company has developed an L4 level 6-ton autonomous street sweeper in collaboration with suppliers, featuring capabilities such as full autonomous driving, automatic wake-up, automatic parking, intelligent charging scheduling, intelligent garbage dumping, and intelligent water refilling scheduling [1] - Public road tests for the autonomous street sweeper were conducted in cities like Guangzhou in 2022 [1] Group 2: Mining Automation - The company is leveraging its pure electric mining vehicle technology to fully deploy a drive-by-wire chassis, enabling line control for braking, steering, shifting, and acceleration, which is suitable for all working conditions in open-pit mining [1] - The mining autonomous operation solution developed by the company has achieved regular unmanned operations in locations such as Zoucheng, Shandong, and Baise, Guangxi [1] - Currently, the unmanned driving products are primarily focused on demonstration operation projects [1]