环保：地下管网获优先支持，污水管网建设加速

Investment Rating - The report assigns an "Accumulate" rating for the industry [6]. Core Viewpoints - The National Development and Reform Commission (NDRC) has prioritized support for underground pipeline construction projects, indicating a significant investment opportunity in the pipeline industry [5]. - The underground pipeline construction is expected to accelerate, with a projected total of 600,000 kilometers of pipeline construction and renovation over the next five years, requiring an investment of 4 trillion yuan [5]. - The report highlights the substantial market potential in urban sewage pipeline construction, with a projected investment scale of over 100 billion yuan, benefiting leading water service companies [5]. Summary by Relevant Sections Investment Highlights - The NDRC's support for urban renewal projects, particularly underground pipeline construction, is expected to enhance the pipeline industry's growth [5]. - The report notes that the current sewage treatment capacity has improved, but the construction and renovation of sewage pipelines remain lagging, creating a significant market opportunity [5]. - The report recommends companies such as Chongqing Water, Xingrong Environment, Zhongshan Public Utilities, and Hongcheng Environment as beneficiaries of the sewage pipeline market [5]. Market Data - As of 2022, the lengths of various urban pipelines in China are as follows: water supply pipelines at 1,103,000 kilometers, drainage pipelines at 913,500 kilometers, natural gas pipelines at 980,400 kilometers, and heating pipelines at 493,400 kilometers [5]. - The report anticipates that the renovation of urban sewage pipelines will require the addition of 80,000 kilometers during the 14th Five-Year Plan period [5].