环保行业2025年度投资策略：纲举目张，节能减排

Industry Rating - The report maintains a "Stronger than Market" rating for the environmental protection industry [1] Core Views - The report highlights the importance of energy conservation, carbon reduction, and emission reduction in the environmental protection industry, with a focus on the development of biomass energy and the promotion of circular economy [4] - The report emphasizes the potential of waste-to-energy projects in overseas markets, particularly in Southeast Asia, and the need for upgrading and transformation in the domestic waste treatment sector [4] - The report also discusses the significance of water conservation and emission reduction in the water industry, with a focus on the reuse of reclaimed water [4] - The report identifies the potential of bio-jet fuel (SAF) as a key area for future development in the bio-diesel industry [4] Market Review - In the first three quarters of 2024, 48 out of 137 listed companies in the environmental protection industry achieved year-on-year growth in net profit attributable to the parent company, while 47 companies experienced a decline [4] - The report notes that the environmental protection industry's revenue, operating costs, and net profit attributable to the parent company increased by 15.69%, 20.07%, and 12.58% respectively in the third quarter of 2024 [16] Outlook for 2025 - The report predicts that the environmental protection industry will continue to focus on energy conservation, carbon reduction, and emission reduction, with the implementation of the Energy Law and the promotion of circular economy policies [4] - The report also highlights the potential for waste-to-energy projects in overseas markets, particularly in Southeast Asia, and the need for upgrading and transformation in the domestic waste treatment sector [4] Waste Treatment - The report notes that the waste-to-energy industry has entered a phase of "operation as king," with a focus on improving energy conversion efficiency and reducing carbon emissions [38] - The report also highlights the potential for waste-to-energy projects in overseas markets, particularly in Southeast Asia, and the need for upgrading and transformation in the domestic waste treatment sector [49] Water Industry - The report emphasizes the importance of water conservation and emission reduction in the water industry, with a focus on the reuse of reclaimed water [73] - The report also notes that the water industry's energy consumption and carbon emissions are mainly concentrated in the water supply and drainage sectors, with a focus on reducing electricity consumption and optimizing chemical dosing [91] Bio-Diesel Industry - The report identifies the potential of bio-jet fuel (SAF) as a key area for future development in the bio-diesel industry [102] - The report also notes that the bio-diesel industry is facing challenges due to trade protectionism in the EU, but the long-term potential for capacity optimization and market expansion remains [114] Investment Recommendations - The report recommends focusing on companies in the waste-to-energy, water, and bio-diesel sectors, with a particular emphasis on companies that are expanding overseas, upgrading their operations, and optimizing their capacity [137]