环保行业深度跟踪：UCO价格持续上涨，环保企业积极变革

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - The report emphasizes the continuous rise in UCO prices, benefiting the profitability of kitchen waste and solid waste companies. As of December 13, the industrial-grade mixed oil port price reached 6700-6800 CNY/ton, a significant increase from 6100 CNY/ton before the tax rebate cancellation [12] - The report suggests focusing on companies such as 聚光科技 (Juguang Technology), 中再资环 (China Recycled Resources), 瀚蓝环境 (Hanlan Environment), 金科环境 (Jinke Environment), 大地海洋 (Dadi Ocean), 中金环境 (Zhongjin Environment), 武汉控股 (Wuhan Holdings), and 朗坤环境 (Langkun Environment) [11] - Recent favorable developments in the environmental sector include 粤海投资 (Yuehai Investment) divesting its real estate business and 威派格 (Weipai Ge) accelerating AI applications in water management [12] - The report highlights the role of state-owned enterprises in debt restructuring and emphasizes the potential for significant transformations through mergers, acquisitions, and asset securitization [12] Summary by Sections Section 1: Policy Review - The Central Economic Work Conference reiterated the importance of promoting carbon reduction and green growth, emphasizing the need for a comprehensive green transformation in the economy [33] Section 2: Key Company Announcements - Recent announcements from companies like 粤海投资 (Yuehai Investment) and 军信股份 (Junxin Co.) indicate strategic shifts towards core water management operations and AI-driven solutions in water usage [24][12] Section 3: Market Trends - The report notes that the environmental sector's valuation is at historical lows since 2015, presenting potential opportunities for bottom reversal [26] Section 4: Company Focus - The report identifies three categories of companies to watch: those with significant state-owned enterprise backing, those facing performance declines with strong reform demands, and those with valuable assets that could be injected into the company [34] Section 5: Dividend Potential - The report highlights over 50 companies with strong dividend potential, with average dividend yields of 2.88% for A-shares and 4.92% for H-shares in 2023, indicating a focus on high-dividend sectors like solid waste and water management [38]