环保行业周报：财政部、生态环境部计划通过设立专项资金推动废旧物资循环利用

Investment Rating - The report maintains the investment suggestion for the environmental protection industry [2] Core Viewpoints - The environmental protection industry is experiencing a valuation shift towards utility-like levels, with evident internal differentiation. Traditional environmental sectors are characterized by "low valuation, high dividend" traits, and their valuations are expected to be reassessed due to relatively high profit certainty. New industries are emerging, creating new environmental governance demands, such as semiconductor waste gas treatment, leading to the birth of several growth-oriented companies [3][34] - The report emphasizes the importance of sustainable and stable operational capabilities in the environmental protection industry. It suggests focusing on "low valuation, high dividend" stocks in the short term, while long-term attention should be given to companies with outstanding operational capabilities and potential for excess profits, as well as leading companies with significant potential in their second entrepreneurial phase [33][35] Summary by Sections Important Data Tracking - From October 8 to October 11, 2024, the national carbon market saw a trading volume of 979,500 tons, a significant increase of 521.74% compared to the previous period. The closing price for carbon emission allowances was 100.95 CNY/ton, showing a day-on-day decrease of 1.90% but an increase of 1.48% compared to the previous period [2][13] - In August 2024, the export volume of biodiesel and its mixtures was 60,000 tons, down 62.78% year-on-year and 40.82% month-on-month. The export price was 1,069.43 USD/ton, up 0.64% year-on-year and 1.93% month-on-month. The export volume of UCO was 299,000 tons, up 90.64% year-on-year and 66.11% month-on-month, with an export price of 897.24 USD/ton, down 1.82% year-on-year and 0.64% month-on-month [2][18] Sector Performance - During the period from October 8 to October 11, the A-share environmental protection index fell by 3.53%, while the H-share environmental protection index dropped by 10.38%. The overall market performance saw the Shanghai Composite Index decrease by 3.56%, the Shenzhen Component Index by 4.45%, and the ChiNext Index by 3.41% [20][21] - The report highlights the top five companies with the highest gains during this period: Deepwater Haina (31.10%), Chuangyuan Technology (18.49%), Zhongchuang Environmental Protection (11.39%), Qingyan Environment (10.63%), and Xianhe Environmental Protection (7.11%). Conversely, the bottom five companies were Haixin Nengke (-23.02%), Huakong Saige (-13.11%), Shenwu Energy Saving (-12.38%), Taihe Water (-12.03%), and China Tianying (-11.86%) [20] Industry News - The Ministry of Finance and the Ministry of Ecology and Environment have established a special fund management method for the treatment of waste electrical and electronic products, aiming to promote the recycling of waste materials. The fund will be managed by the two ministries and will be in effect from 2024 to 2027 [4][31] Key Company Announcements - The report includes significant announcements from key companies in the environmental sector, such as the planned major asset restructuring by Yuanda Environmental Protection and the dividend distribution plan by Qingda Environmental Protection [32][37]