环保及公用事业行业周报：十万亿国债发布，建议关注环保板块化债投资主线

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the environmental protection and public utilities sector [3]. Core Viewpoints - The issuance of 10 trillion yuan in government bonds is recommended as a focus for debt investment in the environmental sector. The decision to increase local government debt limits by 6 trillion yuan aims to address hidden debts, with a total of 10 trillion yuan in debt resources expected to be available for local governments over the next five years [10][40]. - Short-term focus is suggested on environmental companies with significant accounts receivable pressure, such as "BWS" and "Mongolia Grass Ecology." Long-term, sectors with clear business models like sanitation services, wastewater treatment, and waste incineration power generation are expected to benefit from improved cash flow [40]. - Continued attention is advised on strong companies with solid fundamentals that have been undervalued in the market, including leaders in reverse osmosis membranes, semiconductor cleanroom equipment, and plastic sanitary pumps [40]. Market Information Tracking - The national carbon market saw a total trading volume of 7.108 million tons and a total transaction value of 723 million yuan this week. The average transaction price in the Beijing market was the highest at 110.3 yuan/ton, while the lowest was in Fujian at 31.46 yuan/ton [42]. - The LNG import price in China was reported at 13.27 USD/mmbtu, a decrease of 4.53% from the previous week. The ex-factory price in Shanghai was 4570 yuan/ton, down 3.57% [45]. - Lithium carbonate prices increased by 2.03% to 75,400 yuan/ton, while cobalt sulfate prices decreased by 1.09% to 27,100 yuan/ton [46]. Industry News - The Ministry of Ecology and Environment released the "2024 Annual Report on China's Policies and Actions to Address Climate Change," indicating a further low-carbon shift in energy consumption, with non-fossil energy accounting for 17.9% of total energy consumption in 2023 [50]. - The "Energy Law of the People's Republic of China" will take effect on January 1, 2025, focusing on energy security and green low-carbon transformation [51]. - The Inner Mongolia Autonomous Region is promoting green and low-carbon building practices, emphasizing the integration of advanced manufacturing and digital technologies in the construction industry [52]. Industry Performance - Last week, the Shanghai Composite Index rose by 5.51%, the ChiNext Index increased by 9.32%, the public utilities index grew by 1.76%, and the environmental index climbed by 6.37% [55]. - Within the environmental sector, solid waste management saw a rise of 6.34%, while water management increased by 8.8% [55].