环保行业跟踪周报：COP29通过《巴黎协定》第6.4条，环保受益化债关注成长/运营重估/弹性

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Insights - The COP29 has passed Article 6.4 of the Paris Agreement, marking a new phase for the global carbon market, which includes international cooperation mechanisms and enhanced transparency and regulation for carbon trading [7][28]. - The upcoming compliance deadline for the third phase of the national carbon market is driving up carbon prices, which have reached 104.78 RMB/ton as of November 15, 2024, maintaining a high level [8][33]. - The report emphasizes the benefits of debt restructuring in the environmental sector, focusing on cash flow, asset quality, and valuation recovery, with a recommendation for companies with strong operational capabilities and growth potential [9][35]. Summary by Sections Latest Insights - The COP29 agreement facilitates international cooperation for greenhouse gas reduction and provides funding opportunities for developing countries through carbon credit sales [28][29]. - The national carbon market is approaching its compliance deadline, with a projected carbon quota gap of 20-70 million tons for 2023 and 2024, leading to a tightening supply and rising prices [30][33]. - Debt restructuring is expected to alleviate cash flow issues for companies, with a focus on operational assets and growth leaders in the environmental sector [9][35]. Industry Tracking - In the sanitation equipment sector, the penetration rate of new energy vehicles increased by 3.90 percentage points to 11.11% in the first nine months of 2024, with new energy vehicle sales rising by 38% [10][41]. - The price of biodiesel has remained stable, with an increase in the price of waste cooking oil, leading to a profit of 747 RMB/ton for biodiesel production [11][54]. - The lithium battery recycling sector is experiencing fluctuating metal prices and a slight decline in profitability, with the average unit profit for waste material at -12,400 RMB/ton [12][59]. - The electronic specialty gases market is stable, with prices for xenon, krypton, neon, and helium remaining unchanged, indicating a balanced supply and demand situation [13][66]. Recommended Companies - Key recommendations include: - Strong Buy: China Everbright Environment, Kunlun Energy, Sanfeng Environment, and others [1]. - Focus on Growth: Companies like Jingjin Equipment and Yutong Heavy Industry are highlighted for their growth potential in the context of macroeconomic recovery [35]. - The report suggests monitoring companies with significant cash flow recovery potential and operational stability, such as Everbright Environment and Green Power Environmental [35][40].