2025年环保行业年度策略：揽星衔月，扶摇可接：化债、成长、重组共振，环保市场化新生

Investment Rating - The report provides a positive outlook on the environmental engineering and services industry, emphasizing the potential for value re-evaluation and growth through debt resolution and restructuring strategies [2][4]. Core Insights - The report highlights three main themes: benefiting from debt resolution, focusing on quality growth, and leveraging restructuring as a pivotal point for value growth [2][4]. - It emphasizes the importance of cash flow, asset quality, and valuation in identifying investment opportunities within the industry [2][6]. Summary by Sections Debt Resolution Benefits - The report suggests that debt resolution can alleviate cash flow issues and enhance asset quality, leading to a potential doubling of valuations compared to overseas benchmarks [2][6]. - It identifies specific companies with high elasticity in asset valuations, such as China Everbright Environment (70%), Gree Power (55%), and Beijing Enterprises Water Group (51%) [2][6]. - Recommendations include focusing on companies like Hanlan Environment in solid waste management and Xinyuan Environment in water services [2][6]. Quality Growth - The report stresses the need to align with policy focal points and new production capabilities, particularly in the recycling sector and electric sanitation vehicles [3][4]. - It recommends companies involved in the recycling of waste household appliances and scrapped vehicles, such as Zhongzai Resources and Huahong Technology [3][4]. - The report also highlights the growth potential in the semiconductor and photovoltaic sectors, recommending companies like Meike Technology and Jinke Environment [3][4]. Restructuring as a Lever - The report discusses the role of restructuring in enhancing asset value and transitioning companies towards new production capabilities [4][6]. - It cites the case of Hanlan Environment as a model for achieving a "debt resolution-restructuring-growth" cycle, suggesting that companies like Wuhan Holdings could benefit from similar strategies [4][6].