环保行业跟踪周报：中央经济工作会议明确降碳减污扩绿增长目标，固废综合治理行动计划值得期待

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The Central Economic Work Conference has set comprehensive goals for carbon reduction, pollution control, and green growth, with a solid waste comprehensive management action plan expected to drive industry development [1][15]. - The 2025 strategy for the environmental protection sector emphasizes debt reduction, growth, and restructuring, indicating a new phase of marketization in the industry [1][35]. Summary by Sections Latest Views - The Central Economic Work Conference has outlined key tasks for economic work in 2024, including increased fiscal spending and support for projects in areas like renewable resources and urban infrastructure [15][16]. - The conference emphasizes a coordinated approach to carbon reduction, pollution control, and green growth, highlighting the establishment of a product carbon footprint management system [16][35]. Industry Strategy for 2025 - The report identifies three main themes: benefiting from debt reduction, focusing on quality growth, and leveraging restructuring as a pivot for value growth [35]. - Key recommendations include focusing on companies with strong cash flow and asset quality, such as Huanlan Environment and Guangda Environment, which are expected to benefit from debt reduction measures [35][36]. - The report highlights the importance of policy focus on recycling resources and the electrification of sanitation vehicles, with companies like Yutong Heavy Industry positioned to benefit [38][39]. Industry Tracking - The report notes a 39% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 11.68% [48]. - The average price of biodiesel has increased to 7200 RMB/ton, reflecting a tightening supply of waste oils [63]. - The lithium battery recycling sector is experiencing fluctuating metal prices, with a slight decrease in profitability [65].