环保行业跟踪周报：国债收益率下行重视水务固废红利资产，持续关注化债、成长、重组三大主线

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [3]. Core Views - The report emphasizes the benefits of debt restructuring, growth, and reorganization in the environmental sector, highlighting a new market-oriented approach [3][57]. - It identifies key investment opportunities in solid waste and water sectors, driven by stable cash flows and market reforms [21][41]. Summary by Sections Investment Highlights - Key recommendations include: - Strong Buy: Huanlan Environment (2.3% expected dividend yield), China Everbright Environment (6.2%), Sanfeng Environment (3.0%) - Attention: Green Power Environmental (5.2%), Yongxing Co. (3.7%), Junxin Co. (4.2%) [21][41]. - The report notes a decline in national bond yields, enhancing the value of cash flow assets in water and solid waste sectors [21][41]. 2025 Strategy - The strategy focuses on three main lines: 1. Debt restructuring benefits: Emphasizes cash flow and asset quality improvements, recommending companies like Huanlan Environment and China Everbright Environment for their strong cash flow resilience [57]. 2. Quality growth: Highlights policy focus on recycling resources and electric sanitation vehicles, recommending companies like Yutong Heavy Industries and Jingjin Equipment [45][59]. 3. Reorganization as a lever: Suggests monitoring companies like Wuhan Holdings for potential asset injections post-debt restructuring [57][59]. Industry Tracking - The report tracks the growth in the sanitation equipment sector, noting a 39% increase in new energy vehicle sales and a 4.15 percentage point rise in penetration rates [7][72]. - It also discusses the stability in biodiesel prices and the slight recovery in lithium battery recycling profitability [28][8]. - The carbon market is highlighted, with expectations of rising carbon prices as compliance deadlines approach [61].