业 及 产 业 公用事业 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 2026 年 01 月 19 日 2025 年用电平稳增长 三产及居民 贡献增量过半 看好 —— 申万公用环保周报(26/1/12~26/1/16) 本期投资提示： 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 行 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 - ⚫ 电力：国家能源局披露 2025 年用电量数据，年用电量首破 10 万亿千瓦时。2025 年我国全社会 用电量历史性突破 10 万亿千瓦时，达到 10.4 万亿千瓦时，同比 ...

[Table_Page] 跟踪分析|环保 证券研究报告 [Table_Title] 环保行业深度跟踪 碳减排攻坚，重视循环再生、垃圾焚烧 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-01-18 [Table_Pic 相对市场表现 2025Quote] -10% -3% 4% 10% 17% 24% 10/24 01/25 03/25 05/25 08/25 10/25 环保 沪深300 | [Table_Author 分析师： ]陈龙 | | | --- | --- | | | SAC 执证号：S0260523030004 | | | 021-38003623 | | | shchenlong@gf.com.cn | | 分析师： | 郭鹏 | | | SAC 执证号：S0260514030003 | | | SFC CE No. BNX688 | | | 021-38003655 | | | guopeng@gf.com.cn | | 分析师： | 荣凌琪 | | | SAC 执证号：S0260523120006 | | | 0 ...

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].

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

Group 1 - The company has operational waste-to-energy projects in Guangdong, Hunan, and Shanxi provinces [2] - The company has established overseas subsidiaries and is actively exploring related overseas business opportunities [2]

Group 1 - The core viewpoint of the article emphasizes that the quality of the company's core business is fundamental to investment value and an important aspect of market capitalization management [1] - The company is committed to strengthening corporate governance, improving operational efficiency, and maintaining sustainable profitability to enhance investment value through solid performance in its core business [1] - The company places a high priority on shareholder returns, with cumulative cash dividends since its listing amounting to 64.86% of the cumulative net profit attributable to shareholders during the same period, sharing development results with investors [1]

智通财经APP讯，永兴股份(601033.SH)发布公告，公司股东广州市城投投资有限公司(简称"城投投资公 司")在遵守有关法律法规及承诺的前提下，为满足企业自身发展资金需求，拟通过集中竞价及大宗交易 的方式减持所持有的部分公司股票，减持数量合计不超过937.5万股，即不超过公司总股本的1.042%， 减持期间为本计划披露之日起15个交易日后的3个月内。 ...

Core Viewpoint - The company Yongxing Co., Ltd. (601033.SH) announced that its shareholder Guangzhou Urban Investment Co., Ltd. plans to reduce its stake in the company through centralized bidding and block trading to meet its own funding needs [1] Summary by Category Shareholder Actions - Guangzhou Urban Investment Co., Ltd. intends to reduce its holdings by a total of up to 9.375 million shares, which represents no more than 1.042% of the company's total share capital [1] Timeline - The reduction period will commence 15 trading days after the announcement and will last for three months [1]

格隆汇1月9日丨永兴股份(601033.SH)公布，城投投资公司在遵守有关法律法规及承诺的前提下，为满 足企业自身发展资金需求，拟通过集中竞价及大宗交易的方式减持所持有的部分公司股票，减持数量合 计不超过937.5万股，即不超过公司总股本的1.042%，减持期间为本计划披露之日起15个交易日后的3个 月内，其中通过集中竞价减持股份总数不超过900万股，即不超过公司总股本的1.00%；减持价格根据 减持时的市场价格确定。 ...