环保行业周报：四川省推动空气质量持续改善行动计划，扎实推进绿色低碳转型

Investment Rating - The report maintains the investment suggestion for the environmental protection industry [2] Core Viewpoints - The Sichuan Province has launched an "Air Quality Continuous Improvement Action Plan," aiming to meet national air quality improvement targets and reduce nitrogen oxides and volatile organic compounds by 2025. The plan emphasizes green and low-carbon transformation in industry, energy, and transportation, along with source pollution control and regional collaborative governance [1][30] - The environmental protection sector is experiencing a valuation shift towards "low valuation, high dividend" characteristics, with traditional environmental companies showing stable operational capabilities. New growth opportunities are emerging in sectors like semiconductor waste gas treatment [3][34] - The report highlights the importance of operational stability and suggests focusing on companies with strong operational capabilities and potential for secondary growth [3][35] Summary by Sections Important Data Tracking - From September 2 to September 6, 2024, the national carbon market saw a trading volume of 321,200 tons, down 25.40% from the previous period. The closing price for carbon emission allowances was 93.13 yuan/ton, showing a slight increase [11] - The EU carbon emission allowance futures trading volume increased by 56.07% during the same period, with an average settlement price of 67.07 euros/ton, down 4.49% [8] Market Performance - During the period from September 2 to September 6, 2024, the A-share environmental protection index decreased by 1.79%, while the H-share index increased by 0.26%. The A-share environmental protection sector's PE (TTM) valuation stands at 15 times [19][36] Investment Recommendations - The report recommends focusing on companies with "low valuation, high dividend" characteristics and those with potential for growth in emerging environmental sectors. Specific recommendations include: - Water and wastewater treatment: Hongcheng Environment - Solid waste treatment and resource utilization: Hanlan Environment, Weiming Environmental - Emerging environmental sectors: Qinda Environmental [3][32][34]