[Table_Page] 深度分析|环保 证券研究报告 [Table_Title] 固废行业巡礼（三） 东南亚出海视角：内生已稳，外延可期 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-06 | [Table_PicQuote] 相对市场表现 -10% -1% 8% 16% 25% 34% 02/25 04/25 06/25 09/25 11/25 02/26 环保 沪深300 | [分析师： Table_Author]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 ...

%% %% research.95579.com 1 丨证券研究报告丨 联合研究丨组合推荐 [Table_Title] 金融制造行业 2 月投资观点及金股推荐 %% %% research.95579.com 报告要点 [Table_Summary] 长江金融行业（地产、银行、非银）和制造行业（电新、机械、环保、轻工、军工）2026 年 2 月投资观点及金股推荐。 分析师及联系人 [Table_Author] 邬博华 于博 赵智勇 SAC：S0490514040001 SAC：S0490520090001 SAC：S0490517110001 SFC：BQK482 SFC：BUX667 SFC：BRP550 徐科 蔡方羿 王贺嘉 SAC：S0490517090001 SAC：S0490516060001 SAC：S0490520110004 SFC：BUV415 SFC：BUV463 SFC：BUX462 刘义 马祥云 吴一凡 SAC：S0490520040001 SAC：S0490521120002 SAC：S0490519080007 SFC：BUV416 SFC：BUT916 SFC：BUV596 请阅 ...

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]

伟明环保 20260125 摘要 伟明环保积极拓展印尼垃圾焚烧市场，受益于印尼总统令对商业模式的 明确，包括国家主权基金投资、电力公司收购电力及地方政府保障垃圾 供应，确保项目规模效应和降低回款风险，电价锁定为 0.2 美元/度，合 同期 30 年，不收取垃圾处置费，现金流稳定。 印尼首批垃圾焚烧项目单体投资额约 10-14 亿元人民币，高于国内项目， 国家主权投资基金持股 30%-51%，资金结构为 30%自有资金和 70% 债权融资，预计 2026 年第一季度启动，中标结果预计在 1 月底或 2 月 初公布。 印尼垃圾焚烧发电潜力巨大，垃圾吨发电量和上网电量均高于中国，单 吨收入约 612-758 元，远超中国水平，市场规模庞大，每年运营收入可 达 300-400 亿元人民币。 伟明环保布局新材料业务，已投运 2 万吨火法高冰镍产能，计划 2026 年上半年再投产 2 万吨，并建设低成本园区控制矿石价格，与邦普合作， 每年供给 2.4-4.8 万吨三元正极材料前驱体。 Q&A 伟明环保的核心投资逻辑是什么？ 伟明环保是国内垃圾焚烧领域的龙头企业，近期印尼垃圾焚烧市场的开启为其 提供了较大的成长空间。此外， ...

内容概况：工业固废处理行业是针对工业生产过程所产生的固态、半固态废弃物，进行系统化收集、专 业运输以及最终处理处置的综合性产业。目前，我国固废处理行业尚处发展初期阶段，产业化程度和市 场集中度仍然较低。随着全球经济的发展以及工业化、城市化进程的持续推进，工业固废的产生量不断 增加，推动了工业固废处理市场规模的扩大。数据显示，中国工业固废处理行业市场规模从2016年的 6868.4亿元增长至2024年的9837.79亿元，年复合增长率为5%。2025年中国工业固废处理行业市场规模 约为10899.2亿元。未来，在环保法规日趋严格、循环经济战略深入实施以及处理技术持续创新的共同 驱动下，工业固废处理行业将加速向规范化、精细化与资源化的高质量方向发展，市场容量与产业成熟 度有望同步提升。 相关上市企业：瀚蓝环境（600323）、格林美（002340）、富春环保（002479）、伟明环保 （603568）、启迪环境（000826）、光大环境（00257）、维尔利（300190）、东江环保（002672）、 中创环保（300056）、华光环能（600475）等。 相关企业：辽宁仁意工业固废处理有限公司、苏州城绿工业固废 ...

[Table_Page] 跟踪分析|环保 证券研究报告 [Table_Title] 环保行业深度跟踪 碳减排双控元年，重视再生、垃圾焚烧 [Table_Summary] 核心观点： ⚫ 建议关注：联美控股、山高环能、朗坤科技、伟明环保、瀚蓝环境、大 地海洋、上海实业控股、海螺创业 [Table_Pic 相对市场表现 2025Quote] "能耗双控"转向"碳排放双控"，循环减排、绿能产业需求提振在 即。根据央广网，2026 年是从能耗双控全面转向碳排放双控的第一年， 减排已从前期准备进入实质攻坚阶段。结合"十五五"规划建议将"以 碳达峰碳中和为牵引，协同推进降碳、减污、扩绿、增长""加快建设 新型能源体系"纳入总体部署，根据《加快构建碳排放双控制度体系工 作方案》，"十五五"开始实施以强度控制为主、总量控制为辅的碳排 放双控制度，今年起各地政府将首次面临正式的碳中和目标评价考核。 从全球视角来看，欧盟碳关税已于 26 年 1 月 1 日正式开征，将加速全 球碳市场接轨进程。当前欧盟 ETS 碳价在 80-90 欧元/吨，而我国最新 碳价仅 81 元人民币/吨左右，将显著增加我国向欧盟出口产品的成本， 出口企业 ...

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。 根据《上海证券交易所上市公司自律监管指引第3号一一行业信息披露》，浙江伟明环保股份有限公司 （以下简称"公司"）现将2025年度第四季度项目运营并发电业务主要经营数据公告如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603568 证券简称：伟明环保公告编号：临2026-005 转债代码：113652 转债简称：伟22转债 浙江伟明环保股份有限公司2025年度第四季度主要经营数据公告 ■ 特此公告。 浙江伟明环保股份有限公司董事会 2026年1月24日 据公司初步统计，2025年第四季度，公司及下属相关控股子公司合计完成发电量118,611.48万度，上网 电量97,817.38万度，平均上网电价0.559元/度，垃圾入库量357.95万吨（含生活、餐厨、污泥等垃圾， 其中生活垃圾入库量338.48万吨）。2025年全年，公司及下属相关控股子公司合计完成累计发电量 462,260.62万度，同比增长5.02%，累计上网电量379,463.81万度，同比增长4. ...

证券代码：603568 证券简称：伟明环保 公告编号：临 2026-005 转债代码：113652 转债简称：伟 22 转债 浙江伟明环保股份有限公司 2026 年 1 月 24 日 | 相关经营数据分区域统计如下： | | --- | | 区域 | 项目 | 2025 | 年第四季度 | 2025 年度全年累计 | | --- | --- | --- | --- | --- | | 浙江省内 | 发电量（万度） | | 57,137.51 | 219,945.84 | | | 上网电量（万度） | | 46,807.74 | 179,108.08 | | | 平均上网电价（元/度） | | 0.601 | 0.606 | | | 结算电量（万度） | | | 161,114.49 | | | 垃圾入库量（万吨） | 165.53 | 650.79 | | --- | --- | --- | --- | | 浙江省外 | 发电量（万度） | 61,473.98 | 242,314.78 | | | 上网电量（万度） | 51,009.64 | 200,355.74 | | | 平均上网电价（元/度） | 0. ...

Group 1 - The core viewpoint of the news is that Weiming Environmental has shown a positive stock performance with a year-to-date increase of 9.46% and a significant rise of 25.70% over the past 60 days [1] - As of January 23, the stock price reached 27.78 CNY per share, with a market capitalization of 47.507 billion CNY [1] - The company's main business involves urban household waste incineration power generation, with revenue composition being 55.72% from equipment, EPC, and services, and 43.82% from project operations [1] Group 2 - As of September 30, the number of shareholders decreased by 4.24% to 27,800, while the average circulating shares per person increased by 4.62% to 61,281 shares [2] - For the period from January to September 2025, Weiming Environmental reported a revenue of 5.880 billion CNY, a year-on-year decrease of 2.74%, while the net profit attributable to shareholders increased by 1.14% to 2.135 billion CNY [2] - The company has distributed a total of 2.969 billion CNY in dividends since its A-share listing, with 1.492 billion CNY distributed over the past three years [2]

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]