环保与公用事业行业周报：星辰大海：核技术应用空间广阔

Investment Rating - The industry rating is "Positive" (maintained) [4] Core Views - The report highlights the significant potential for nuclear technology applications, driven by the government's first top-level design policy aimed at accelerating the development of the nuclear technology application industry, targeting an economic output of 400 billion yuan by 2026 [2][3] - The entry of local state-owned assets into the environmental protection market is expected to alleviate funding pressures and accelerate industry reshuffling, with at least 23 provincial-level environmental groups already established [2][3] Summary by Sections Market Review - During the week of December 9 to December 13, the public utility sector index fell by 0.15%, outperforming the CSI 300 index by 0.86%. The environmental protection sector index decreased by 1.22%, underperforming the CSI 300 index by 0.22% [2][19] - As of December 13, 2024, the public utility (Shenwan) PE (TTM) was 17.65 times, and PB (LF) was 1.56 times; the environmental protection (Shenwan) PE (TTM) was 23.24 times, and PB (LF) was 1.51 times [2][34] Industry Dynamics - The government has issued a three-year action plan for the high-quality development of the nuclear technology application industry, marking the first time a top-level design has been specifically targeted at this sector [2][3] - The trend of local state-owned capital entering the environmental protection market is clear, which will help alleviate funding pressures and accelerate industry reshuffling [2][3] Key Investment Recommendations - For the public utility sector, the report recommends focusing on individual stocks such as China General Nuclear Power Technology, Fuzhou Gas, and Zhongmin Energy, with a strong recommendation for China General Nuclear Power Technology due to its backing by China General Nuclear Group and potential synergies with nuclear power and new energy sectors [3] - In the environmental protection sector, the report suggests focusing on stocks like Jingjin Equipment, Weiming Environmental Protection, and Yingfeng Environment, indicating that the overall industry valuation remains at historical lows [3][6]