环保行业周报：全国人大常委会审议批准相关议案，进一步增加地方政府化债资源

Investment Rating - The report maintains a recommendation for the environmental protection industry, indicating a focus on "low valuation, high dividend" stocks and companies with potential growth in emerging environmental sectors [2][27]. Core Insights - The environmental protection sector has shown a significant increase in stock performance, with the A-share environmental index rising by 6.80% and the H-share index by 0.54% during the reporting period [18]. - The report highlights the approval of a resolution by the National People's Congress to increase local government debt limits by 6 trillion yuan, which will enhance the financial resources available for local governments to manage debts [24]. - The report emphasizes the importance of operational stability and the potential for valuation re-rating in traditional environmental sectors, while also noting the emergence of new growth opportunities in areas like semiconductor waste gas treatment [3][29]. Summary by Sections 1. Important Data Tracking - The carbon market saw a significant decrease in trading volume, with national carbon emissions trading volume dropping to 44.13 thousand tons, a 50.18% decrease from the previous period [9][10]. - The average closing price for carbon emission allowances was 105.03 yuan per ton, reflecting a slight decrease of 0.35% day-on-day [9][10]. 2. Sector Performance - The A-share environmental index increased by 6.80%, with sub-sectors such as solid waste treatment and resource utilization, air pollution control, and water treatment showing positive growth rates [18]. - The report notes that the A-share environmental sector's PE (TTM) valuation stands at 19 times as of November 8, 2024 [18]. 3. Industry News - The National People's Congress approved a resolution to increase local government debt limits, which will provide additional resources for managing hidden debts and support economic development [24]. - The Ministry of Ecology and Environment issued a plan for soil pollution prevention, aiming for significant improvements by 2027 [24]. 4. Key Company Announcements - Companies like碧水源 and 侨银股份 have made significant announcements regarding share reductions and project bids, indicating active market participation [25][26]. 5. Investment Suggestions - The report suggests focusing on companies with strong operational capabilities and those that are well-positioned for growth in emerging sectors, such as 洪城环境 in water treatment and 瀚蓝环境 in solid waste management [31].