环保行业周报：广西推进2024-2025秋冬季大气污染防治攻坚行动

Investment Rating - The report maintains a recommendation for the environmental protection industry, emphasizing "low valuation and high dividend" stocks as well as companies with potential growth in emerging sectors [5][46]. Core Insights - The environmental protection sector has shown a valuation shift towards utility-like characteristics, remaining at relatively low levels while experiencing internal differentiation. Traditional environmental companies are characterized by "low valuation and high dividend" traits, with a potential for revaluation due to stable profitability [5][46]. - New industries are emerging, such as semiconductor waste gas treatment, creating new growth opportunities for companies in the sector. Companies leveraging their existing advantages to explore new growth avenues are also worth monitoring [5][49]. Summary by Sections Important Data Tracking - From November 25 to November 29, 2024, the national carbon market saw a trading volume of 3.6721 million tons, an increase of 84.06% compared to the previous period. The closing price for carbon emission allowances was 102.38 CNY/ton, showing a slight daily increase of 0.06% but a decrease of 2.29% compared to the previous period [3][19]. Market Performance - During the same period, the A-share environmental protection index rose by 2.56%, with sub-sectors such as solid waste treatment and resource utilization, air pollution control, and environmental monitoring showing respective increases of +2.02%, +4.55%, and +7.00%. The A-share environmental protection sector's PE (TTM) valuation stands at 18 times [2][30]. Industry News - The Guangxi region has launched the "2024-2025 Autumn and Winter Air Pollution Prevention Action Plan," focusing on various tasks including the prohibition of straw burning, industrial pollution control, and comprehensive management of air quality [2][44]. Key Company Announcements - Companies like ChaoYue Technology and Junxin Co. have reported significant government subsidies and successful asset acquisitions, indicating positive developments within the sector [44][45]. Investment Recommendations - The report suggests focusing on companies with strong operational capabilities and those that can generate excess profits. Recommended stocks include Hongcheng Environment in the water and wastewater treatment sector, and Huanlan Environment and Weiming Environmental in solid waste treatment [5][51].