环保检测氢能近期关键词：化债、筑底、能源法

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection sector [7]. Core Insights - The environmental protection sector is expected to benefit from debt reduction policies and mergers and acquisitions, leading to a recovery in financial statements for many companies. The sector has seen a stock price increase of 13.4% since October 12, outperforming the Shanghai Composite Index and the CSI 300 Index [7][8]. - The long-term growth potential remains strong under the "Beautiful China" initiative, with significant fiscal spending expected to continue in environmental protection [9]. Environmental Protection - Debt reduction policies are alleviating fiscal pressure, and the "Beautiful China" initiative outlines medium to long-term growth potential. The sector has experienced volatility, but recent policies are expected to stabilize and improve financial performance [7][9]. - The fiscal expenditure on energy conservation and environmental protection peaked at 744.4 billion yuan in 2019 and has since averaged 552.2 billion yuan from 2021 to 2023. The "Beautiful China" initiative sets ambitious targets for environmental quality improvements by 2027 and 2035 [9][20]. Testing Services - The testing services industry is transitioning from a phase of rapid expansion to a focus on efficiency and profitability. The demand for testing services is closely tied to economic activity and government funding capabilities [10][39]. - Revenue growth for 15 listed testing service companies was 4.7% year-on-year in the first three quarters of 2024, slightly below the 5.5% growth for the entire year of 2023. The industry has not yet reached a recovery point, with various sectors experiencing weak demand [10][39]. Hydrogen Energy - Hydrogen energy has been officially recognized under the new Energy Law, which is expected to accelerate the development of hydrogen production and infrastructure. The industry is still in its early stages, with significant investment opportunities in core components such as electrolyzers and fuel cells [10][11].