环保行业周报：国家发改委等部门印发关于大力实施可再生能源替代行动的指导意见，山东省加快构建废弃物循环利用体系

Investment Rating - The report maintains a "Recommended" investment rating for the environmental protection industry [2]. Core Insights - The environmental protection industry is experiencing a valuation re-evaluation, with a focus on "low valuation, high dividend" stocks amidst a turbulent market environment [24]. - New growth opportunities are emerging in the environmental sector, particularly in areas like semiconductor waste gas treatment, driven by domestic industrial trends [26]. - The report emphasizes the importance of operational stability and the potential for companies to explore new business lines for growth [27]. Summary by Sections Important Data Tracking - From October 28 to November 1, 2024, the national carbon market saw a trading volume of 885,900 tons, a decrease of 32.77% compared to the previous period [9]. - The closing price for carbon emission allowances was 104.43 CNY/ton, reflecting a slight increase of 0.17% from the previous period [9]. Market Performance - During the period from October 28 to November 1, 2024, the A-share environmental index increased by 0.85%, while the H-share environmental index decreased by 1.80% [17]. - The A-share environmental sector's price-to-earnings (PE) ratio was reported at 18 times as of November 1, 2024 [17]. Industry News - The National Development and Reform Commission issued guidelines to promote renewable energy substitution, emphasizing biomass power generation and the treatment of agricultural waste [22]. - Shandong Province has initiated a plan to establish a comprehensive waste recycling system by 2025, aiming for a 60% utilization rate of major solid waste [22]. Key Company Announcements - Qingda Environmental reported a revenue of 769 million CNY for the first three quarters of 2024, a year-on-year increase of 50.11% [23]. - Shengjian Technology reported a revenue of 994 million CNY for the same period, a decline of 7.34% year-on-year [23]. Investment Recommendations - The report suggests focusing on companies with strong operational capabilities and those that can generate excess profits, particularly in the water treatment and solid waste management sectors [27]. - Recommended companies include Hongcheng Environment, Huanlan Environment, and Weiming Environmental for solid waste treatment and resource utilization [27].