【东吴环保公用】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: debt resolution benefits, quality growth driven by policy, and restructuring as a pivotal point for value growth [2][3][4]. - It emphasizes the importance of cash flow, asset quality, and valuation in identifying quality operational assets that can benefit from debt resolution [2][3]. - The report suggests that the environmental sector is poised for a market-driven rebirth, with significant opportunities for companies that can effectively manage their cash flows and operational efficiencies [2][4]. Summary by Sections Debt Resolution and Growth - Debt resolution is seen as a key factor in improving cash flow and asset quality, with a focus on high-quality operational assets that can experience significant valuation increases [2][3]. - Companies like Everbright Environment and Green Power Environmental are highlighted for their strong cash flow elasticity and potential for value re-evaluation [2][3]. - The report recommends specific companies in the solid waste and water sectors, such as Hanlan Environment and Xingrong Environment, for their promising debt resolution strategies [2][3]. Quality Growth - The report identifies policy focus areas such as recycling resources and the electrification of sanitation services as critical for driving growth [3][4]. - Companies involved in the recycling of waste electrical appliances and vehicles are recommended due to their potential for significant growth driven by regulatory changes [3]. - The report also highlights the importance of new production capabilities in sectors like semiconductor and photovoltaic support, recommending companies like Meike Technology and Jinke Environment [3][4]. Restructuring as a Growth Lever - Restructuring is positioned as a crucial mechanism for enhancing asset value and facilitating the transition to new production capabilities [4]. - The report uses the case of Hanlan Environment to illustrate the potential for a "debt restructuring-growth" cycle, suggesting that companies like Wuhan Holdings could benefit from similar strategies [4].