环保行业深度跟踪：财政部大力支持国产采购，环保公司利好频发

Investment Rating - The industry investment rating is "Buy" [5] Core Viewpoints - The report emphasizes the importance of state-owned enterprises in the environmental sector as key players in the ongoing debt resolution process, highlighting their potential for transformation and recovery through various financial strategies [28][24] - It suggests focusing on companies like Wuhan Holdings, Zhongjin Environment, and Green City Water, which are expected to benefit from increased government support and improved cash flow management [28][6] - The report notes that the environmental sector is currently at a historical low in terms of valuation, presenting opportunities for bottom reversal [46][6] Summary by Sections Section 1: Accelerated Debt Resolution - The Ministry of Finance has reiterated the need to expedite the resolution of hidden debts, with a target of 2 trillion yuan for debt resolution disclosed [24] - As of December 5, 2024, 31 regions have proposed issuing refinancing special bonds to replace hidden debts, with a total disclosed issuance amount of approximately 19,953 billion yuan [24][26] Section 2: Policy and Events Tracking in the Dual Carbon Field - The report highlights the release of the first corporate carbon information disclosure standard, aiming to enhance transparency in carbon management [31] - It also notes significant funding needs for climate change adaptation and mitigation, estimated at 16 trillion yuan over the next five years [31] Section 3: Weekly Policy Review - Recent policies include the promotion of new urban infrastructure construction and the implementation of intelligent municipal infrastructure upgrades [40][41] - The government has proposed a 20% price deduction for domestic products in procurement activities, enhancing competitiveness for local companies [40][44] Section 4: Key Announcements and Market Tracking - Companies like Hanlan Environment have reported significant receivables recovery, with approximately 4.4 billion yuan collected in the fourth quarter of 2024 [45] - The environmental sector's valuation is currently at a historical low, with the GFHB index showing a relative underperformance compared to the broader market [46][6] Section 5: Market Performance of Sub-sectors - The report details the performance of various sub-sectors within the environmental industry, with monitoring and sanitation sectors showing notable gains [55][56]