国君环保|国六标准加强执行力度,尾气催化剂有望受益

Investment Rating - The report recommends investment in mobile pollution source exhaust catalyst manufacturers, specifically highlighting Zhongzi Technology and Aofu Environmental Protection as beneficiaries [2]. Core Insights - The air quality in China has shown continuous improvement, with the proportion of days with good air quality in urban areas rising from 83.1% in 2016 to 85.5% in 2023, and the average PM2.5 concentration decreasing by 29% [2]. - Mobile sources, including light-duty vehicles, have become the primary source of pollution, contributing significantly to total emissions. In 2023, the total emissions from motor vehicles amounted to 14.473 million tons, with CO, hydrocarbons (HC), NOx, and PM emissions being 7.252 million tons, 1.742 million tons, 4.814 million tons, and 46,000 tons respectively [2]. - The implementation of the National VI standard for light-duty vehicles has tightened emission limits by 40-50% compared to the National V standard, with specific limits for CO and HC increased by one-third [3]. Summary by Sections Emission Standards - The National VI standard was released in December 2016, with compliance required for all light-duty vehicles sold and registered from July 2020 for standard 6a and from July 2023 for standard 6b [3]. - The current standards have execution loopholes, which the proposed amendments aim to address by enhancing management measures, including parameter calibration and recall systems [3][4]. Pollution Sources - Fixed pollution sources have been effectively controlled, leading to significant improvements in air quality, while mobile sources remain a challenge [2]. - The report emphasizes the need for stricter enforcement of emission standards for mobile sources to mitigate their impact on air quality [2].