环保：重磅政策推出，利好环保红利资产

Investment Rating - The report assigns an "Accumulate" rating for the environmental protection industry [2]. Core Viewpoints - The introduction of significant policies is favorable for environmental dividend assets, benefiting companies in this sector through reduced financing costs and improved valuations [4][5]. - The central bank's announcement of a comprehensive monetary easing policy, including interest rate cuts and support for the stock market, is expected to significantly benefit heavy-asset environmental dividend companies [5]. - The establishment of stock market support tools and the promotion of market value management are likely to enhance the dividend willingness of leading companies in the environmental sector [5]. Summary by Relevant Sections Policy Impact - On September 24, a press conference by the State Council introduced unexpected financial policies aimed at supporting high-quality economic development, including the release of regulatory guidelines for listed companies on market value management [4]. Financial Benefits - The easing of financing costs will lead to substantial savings in financial expenses for solid waste and water service companies, which typically operate with high asset-liability ratios and significant interest-bearing debt [5]. - The overall environment of declining interest rates is expected to lead to a revaluation of high-dividend water and solid waste companies [5]. Investment Recommendations - The report suggests that the trend of declining financing costs will benefit environmental dividend companies, leading to increased cash flow and higher overall dividends in the industry [5]. - Specific recommendations include: - For solid waste companies: Focus on companies like China Everbright International, Sanfeng Environment, Gree Power, and Hanlan Environment, with Yongxing Co. and Junxin Co. identified as beneficiaries [5]. - For water service companies: Recommendations include Beijing Enterprises Water Group, Yuehai Investment, Hongcheng Environment, and Xingrong Environment, which are expected to benefit from improved water pricing policies [5].