环保行业周报：国常会研究黄河流域生态保护有关工作

Investment Rating - The report maintains a recommendation for the environmental protection industry, emphasizing "low valuation and high dividend" stocks as well as companies with potential growth in emerging environmental sectors [4][7][48]. Core Insights - The environmental protection sector is experiencing a valuation shift towards utility-like characteristics, with traditional companies showing low valuations and high dividend yields, which may lead to a revaluation [7][48]. - New environmental demands are emerging from industries such as semiconductor waste gas treatment, creating growth opportunities for new companies [7][50]. - The report highlights the importance of operational stability and cash flow in selecting investment targets, focusing on companies with strong operational capabilities and those undergoing second growth phases [7][51]. Summary by Sections Important Data Tracking - From December 9 to December 13, 2024, the national carbon market saw a trading volume of 4.4552 million tons, a 63.55% increase from the previous period [4][22]. - The closing price for carbon emission allowances was 100.74 CNY/ton, showing a slight daily increase of 0.84% but a decrease of 0.20% compared to the previous period [4][22]. Market Performance - During the same period, the A-share environmental index decreased by 1.19%, while the H-share environmental index increased by 9.19% [4][33]. - The A-share environmental sector's PE (TTM) valuation stands at 19 times [4][33]. Industry News - The State Council is focusing on ecological protection in the Yellow River basin, emphasizing the need for continuous improvement in environmental quality and pollution prevention [6][44]. Key Company Announcements - Companies like Yuanda Environmental and Chongqing Water have made significant announcements regarding new projects and management changes, indicating ongoing developments in the sector [44][45][46]. Investment Suggestions - The report suggests focusing on companies with strong operational capabilities and those that are well-positioned in emerging sectors, such as water treatment and solid waste management [7][52]. - Recommended companies include Hongcheng Environment for water treatment, and Huanlan Environment and Weiming Environmental for solid waste management [7][52].