记者丨林典驰 编辑丨骆一帆 视频 丨 杨浩凯 深圳罗湖一场大型城市疤痕修复工程，刷屏网络。 这处名为玉龙填埋场的地方，正在进行迄今为止全国体量最大、全量开挖的垃圾搬迁治理工程。这座已经封场20年的垃圾山，正在开启新的使 命。 玉龙填埋场建于1983年，1997年停用，2005年底封场，总堆填垃圾约250万立方米，可填满1000个国际竞赛泳池 。随着城市建设的快速推进， 它当初所在的城市边缘已变成城市中心区。该修复工程已于2024年开启全量开挖搬迁治理，预计在2026年9月底完成。 21世纪经济报道记者1月25日在现场看到，原来高达110米的垃圾山已被完全削平，填埋场已被巨大的防尘布覆盖。距离开挖现场四五百米的地 方，已建起了垃圾筛分车间，6条巨型传送带正在高速运转。据央视报道，周边居民既看不到裸露的垃圾，也闻不到明显异味。 这些被挖出来的陈年垃圾，在经过筛分精细分类后，部分回收和无害化利用，轻质物将送到生活垃圾焚烧厂进行焚烧发电。 传统的卫生填埋方式因占用大量土地资源、易产生二次污染（如渗滤液、甲烷气体排放）等问题，"垃圾围城"在上世纪90年代一度成为许多大 中城市的严峻挑战。 但谁也没有想到，一场技术革命悄 ...

证券日报网讯1月26日，三峰环境（601827）在互动平台回答投资者提问时表示，垃圾焚烧发电厂与火 电厂燃烧烟气在二氧化碳等污染物成分、浓度等方面存在显著差异。公司碳捕集技术基于垃圾焚烧发电 厂生产工艺研发，并与焚烧后产物处理深度融合，是基于行业前沿技术工艺的研发成果，与火力发电厂 的相关技术路线有显著区别。除这一领域外，公司正在垃圾焚烧电厂余热深度利用、污染物处理、资源 循环利用以及AI智慧焚烧等领域持续推进新技术和新工艺的研发创新工作。 ...

证券日报网讯1月26日，三峰环境（601827）在互动平台回答投资者提问时表示，自21世纪初以来，公 司与德国马丁公司保持了长期的技术合作关系，是马丁公司最重要的全球合作伙伴。2024年，公司与法 国苏伊士集团签署《全面战略合作框架协议》。目前公司正依托合作伙伴在欧盟成员国区域积极开展市 场调研和项目拓展工作，有望在相关市场区域获取更多市场项目。 ...

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]

Investment Rating - The report maintains a rating of "Buy" for the environmental protection industry [1] Core Insights - The environmental protection industry, particularly in waste incineration, is poised for significant growth, especially in overseas markets such as Southeast Asia and Central Asia, driven by high processing fees and electricity prices [5][10] - The investment potential in the ASEAN countries and India for waste incineration is estimated at approximately 250 billion RMB, with a daily waste incineration capacity increase of about 500,000 tons [5][11] - The profitability of overseas projects, particularly in Indonesia, is enhanced by favorable policies and high revenue from electricity sales, with projected single-ton income significantly higher than domestic projects [19][20] Summary by Sections 1. Waste Incineration Growth and Overseas Market Potential - The ASEAN countries and India are expected to generate a daily waste production of 1.46 million tons by 2024, with a potential waste incineration market space of 248.5 billion RMB if the incineration penetration rate reaches 50% [5][11] - Several domestic waste incineration companies, such as Kangheng Environment and China Tianying, are expanding their operations in Southeast Asia and Central Asia, with significant project footprints established [15][16] 2. Indonesian Policy Driving Business Model Optimization - Indonesia's recent policy changes have shifted the revenue model from local government subsidies to direct agreements with the national electricity company, significantly increasing the electricity price to 0.20 USD per kWh [24][25] - The government plans to construct 33 waste incineration plants nationwide, with a total investment of approximately 5.6 billion USD, indicating a strong commitment to developing the waste-to-energy sector [24][25] 3. Economic Assessment of Indonesian Waste Incineration Projects - Economic assessments show that the single-ton income from Indonesian projects can reach 582 RMB, significantly higher than domestic projects, driven by high processing fees and electricity prices [19][20][31] - The report highlights the sensitivity of project profitability to cost management, with potential increases in return on equity (ROE) if investment and operational costs are optimized [27][28]

Investment Rating - The report maintains a "Buy" rating for several companies in the environmental sector, including Huanlan Environment, Sanfeng Environment, and others, indicating a positive outlook for their stock performance [5]. Core Insights - The environmental industry is entering a critical phase of carbon reduction, with a focus on recycling and waste incineration. The demand for green energy and recycling industries is expected to rise significantly as China transitions to a dual control system for carbon emissions starting in 2026 [4][17]. - The introduction of the EU carbon tariff in 2026 is anticipated to increase the cost of exports from China, prompting companies to adopt greener practices to mitigate carbon emissions [4][17]. - High dividend assets in the environmental sector are expected to remain attractive in 2026, with companies like Guangda Environment and Huanlan Environment showing significant stock price increases in 2025 [4][5]. - The bio-diesel sector is experiencing a rise in UCO prices, which are expected to benefit companies involved in waste oil processing and bio-fuel production [19][25]. Summary by Sections Section 1: Market Performance - The environmental sector has shown strong performance in 2026, with water treatment, energy-saving, and recycling sectors leading the gains. Companies are diversifying into secondary businesses to enhance growth [11][14]. Section 2: Policy and Regulatory Developments - The report highlights the implementation of the "Solid Waste Comprehensive Governance Action Plan" aimed at reducing industrial solid waste and enhancing recycling efforts [33]. - The introduction of the carbon trading market and the EU carbon tariff are significant regulatory changes that will impact the industry [17][31]. Section 3: Company Performance and Recommendations - Key companies recommended for investment include Huanlan Environment, Shanghai Industrial Holdings, and others, which are expected to benefit from favorable market conditions and policy support [4][5]. - The report notes that the environmental sector's valuation is currently at a historical low, suggesting potential for future growth [45][52]. Section 4: Financial Analysis - The financial metrics for key companies indicate a positive outlook, with projected earnings per share (EPS) and price-to-earnings (PE) ratios suggesting undervaluation relative to historical performance [5]. Section 5: Market Trends - The report tracks the performance of various sub-sectors within the environmental industry, noting that energy-saving manufacturing and recycling have shown the most significant growth [49]. Section 6: Export and Pricing Trends - UCO prices have remained strong, with recent data showing a 6.1% increase compared to early 2025, indicating robust demand for bio-diesel feedstock [19][23]. Section 7: Carbon Market Activity - The carbon market has seen significant trading volumes, with recent data indicating a closing price of 78.50 CNY per ton, reflecting ongoing market activity and interest [31]. Section 8: Company Announcements - Recent announcements from companies like Dongjiang Environmental and Zhongyuan Environmental indicate strategic acquisitions aimed at enhancing operational capabilities and market positioning [42].

Core Insights - The report highlights that the electricity reform continues to deepen, and the green methanol market is on the rise [1][3] - In 2025, coal prices remained low, benefiting thermal power companies, while hydropower and nuclear power sectors showed stable operations [4][6] - The report emphasizes the investment potential in various segments of the utility industry, including thermal, hydropower, nuclear, and green energy [4][6] Thermal Power - The comprehensive electricity price for thermal power is expected to remain stable, enhancing the sector's profitability [6] - Coal prices are projected to maintain a low and fluctuating trend in 2026, with improvements in revenue structure due to rising capacity prices [6][53] - The report suggests focusing on regions with smaller electricity price reductions and companies with nationwide layouts to capture stable profits [57][63] Hydropower - The report indicates that large hydropower projects have significant dividend value, especially under low-interest conditions [78] - The construction of hydropower stations in the Lancang and Yarlung Tsangpo rivers is expected to enhance operational flexibility and profitability [75][79] Nuclear Power - The approval of new nuclear power units has become normalized, with a significant number of units under construction and planned for future operation [82][87] - The report notes that the marketization of nuclear power is increasing, with a growing proportion of market transactions [90][93] Green Energy - The report discusses the recovery of green energy installations and the impact of electricity reform on investment value [4][6] - The demand for green methanol is expected to surge due to the International Maritime Organization's (IMO) net-zero framework, which aims for significant emissions reductions by 2050 [105][114] - The report highlights the strong demand for green methanol, with a projected annual demand of approximately 1,107.3 million tons from newly adopted methanol-fueled vessels [115] Waste Incineration - The waste incineration sector is entering a mature phase, with an increase in cash flow and potential for higher dividend payouts [116][121] - The report notes that several companies have committed to long-term dividend plans, indicating a positive outlook for returns [121][124] - The expansion into Southeast Asia is highlighted as a growth opportunity for waste incineration companies [124]

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 Insights - The GDP ranking of China's top 30 cities for the first three quarters of 2025 has been released, with Chongqing ranking fourth at 24,449.36 billion yuan, highlighting its economic resilience and development potential [1] - The increasing focus on sustainable development in the capital market has led to the evaluation of listed companies based on their performance in environmental, social, governance, and value creation aspects [1] ESG-V Rating System - The ESG-V rating system developed by Jiaan Jinxin evaluates companies not only on environmental, social, and governance compliance but also introduces a "value" dimension, aiming to assess whether corporate responsibility translates into operational resilience and long-term value [2] - The E dimension emphasizes environmental impact and resource efficiency, S focuses on compliance and stakeholder responsibility, G measures governance transparency and internal control mechanisms, while V observes value creation and pricing rationality from an investment perspective [2] Leading Companies - Giant Network received the only AAA rating, showcasing exceptional governance and stable long-term value creation, distinguishing itself in a competitive market [3] - Other AA-rated companies include Longxin General, Sanfeng Environment, and China Automotive Research, which excel in environmental governance, social responsibility, and sustainable value creation, becoming leaders in Chongqing's capital market [3] Mid-Tier Companies - Among the 65 evaluated companies, nearly 60% are rated BBB (16 companies), BB (14 companies), and B (7 companies), indicating a foundational compliance and governance framework but facing challenges in improving their ESG-V ratings [4] - Key challenges include enhancing environmental management, improving governance transparency, and stabilizing value creation amidst market volatility [4] Low-Rated Companies - Companies rated CCC (6), CC (5), and C (2) generally exhibit deficiencies in environmental management, governance transparency, and stable value creation [5] - The primary challenge for these companies is to convert external pressures into internal improvements, enhancing governance capabilities, environmental management, and stabilizing their business models [5] - The ESG-V rating list serves as a "stress test" for Chongqing's capital market, indicating that companies must balance responsibility and value to secure future investment value and market position [5]

Group 1 - The State Council has issued the "Solid Waste Comprehensive Management Action Plan," which emphasizes the principles of reduction, resource utilization, and harmlessness in solid waste management [1] - The Action Plan aims to establish a comprehensive management system for solid waste, focusing on source reduction, process control, end-use, and full-chain harmless management [1] - By 2030, the plan targets significant improvements in solid waste management, including controlling historical stockpiles, curbing illegal dumping, achieving an annual comprehensive utilization of 4.5 billion tons of major solid waste, and recycling 510 million tons of main renewable resources [1] Group 2 - Related A-share concept stocks include companies such as Greenmeadow and Sanfeng Environment, which may benefit from the new policies outlined in the Action Plan [2]