环保行业周报：明确多项政策补充地方政府财力，利好环保行业应收账款改善

Investment Rating - The industry rating is "Positive" (maintained) [7] Core Insights - The worst point has passed, and the industry is waiting for policy implementation. Recent meetings by the Central Political Bureau and the State Council have outlined significant economic stimulus policies, particularly benefiting the environmental protection industry through local government debt resolution and improved fiscal conditions [22][29] - Special funds for the treatment of waste electrical and electronic products are prioritized for implementation, with a total of 300 billion yuan allocated for equipment updates and consumer product replacement initiatives [3][26] Summary by Sections Investment Highlights - The Central Political Bureau's meeting on September 26 emphasized the introduction of various economic stimulus policies, including those related to environmental protection, which are expected to improve local government fiscal conditions and enhance the collection of accounts receivable in environmental projects [22][29] - The State Council's announcement on October 12 detailed measures to supplement local government finances, including an allocation of 400 billion yuan to support the resolution of existing government investment project debts and the clearance of overdue payments to enterprises [22][29] Market Review - From October 8 to October 11, 2024, the Shanghai and Shenzhen 300 Index fell by 3.25%, while the environmental protection index dropped by 3.82%, ranking 10th among 31 primary industries [4][29] - Within the environmental sub-sectors, the air pollution control sector rose by 1.24%, while water management, solid waste management, and environmental equipment sectors saw declines of 3.61%, 4.23%, and 3.85% respectively [4][29] Industry Dynamics - The Ministry of Finance and the Ministry of Ecology and Environment issued the "Management Measures for Special Funds for the Treatment of Waste Electrical and Electronic Products," which aims to promote the recycling of waste materials and specifies the funding support scope and management [34][26] - The ecological environment department introduced the "Supervision and Management Measures for Marine Pollutant Discharge Outlets (Trial)," which will take effect from January 1, 2025, focusing on comprehensive coverage and classification management [35][36] Investment Recommendations - Recommended companies include: - Jingjin Equipment (leading in filter press industry, growth from parts and complete equipment) - Weiming Environmental (leading in waste incineration operations, promising overseas market expansion) - Hanlan Environment (integrated development operator, incineration business expanded to Thailand) - Yingfeng Environment (leading in high-end sanitation equipment, advanced in electrification transformation) [5]