环保行业政策跟踪：水资源费改税全国试点推开，关注再生水+水务公司

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The implementation of the water resource tax reform pilot program aims to encourage water conservation and increase local fiscal revenue. The reform will differentiate tax rates based on water resource conditions and usage types, with higher rates for groundwater extraction in areas of severe water scarcity [1] - The total estimated water resource tax revenue nationwide is projected to be 48.2 billion CNY, with local government fiscal revenue expected to increase by 4.8 billion CNY [1] - The report highlights potential investment opportunities in recycled water, water-saving technologies, and water utility companies, particularly focusing on companies like Jinko Environment, Sanda Membrane, and Beikong Water Group [1][2] Summary by Sections Policy Changes - On October 16, the Ministry of Finance, State Taxation Administration, and Ministry of Water Resources jointly issued the "Implementation Measures for the Pilot Program of Water Resource Tax Reform," which will be fully implemented nationwide starting December 1 [1] - The reform aims to replace the previous water resource fee system with a tax system that varies based on water type and economic development [1] Financial Implications - The report estimates that the total water resource tax for both domestic and industrial use in 2022 was approximately 482.21 billion CNY, with surface water accounting for 83.3% and groundwater for 13.8% of total water usage [1][7] - The minimum average tax rates for surface and groundwater vary by province, with surface water rates ranging from 0.1 to 1.6 CNY per cubic meter and groundwater rates from 0.2 to 4 CNY per cubic meter [7] Company Focus - The report recommends focusing on companies involved in recycled water and water-saving technologies, such as Jinko Environment, which specializes in recycled water equipment, and Beikong Water Group, which is expected to benefit from improved local fiscal capabilities post-reform [1][2]