环保行业跟踪周报：中办国办明确价格改革顶层设计，关注稳健运营、自主可控、再生资源主线-2025-04-08

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Viewpoints - The report emphasizes a strategy of "steady growth + price reform + increased dividends = comprehensive allocation," highlighting the importance of focusing on import substitution and the value enhancement of renewable resources [9][10] - The central government has clarified the top-level design for price reform, which is expected to lead to a revaluation of the water and solid waste sectors [16][17] - The collaboration between waste incineration and IDC (Internet Data Center) projects is seen as a key opportunity for achieving ultra-low PUE (Power Usage Effectiveness) and zero-carbon initiatives [18][19] Summary by Relevant Sections Industry Trends - The environmental protection sector is expected to benefit from a focus on domestic demand-driven defensive assets, including solid waste, water, electricity, and gas [9] - The report notes a 52% year-on-year increase in sales of new energy sanitation vehicles, with penetration rates rising to 13.57% [31] Solid Waste Management - The solid waste sector is entering a stable operational phase, with free cash flow improving and dividend logic being realized [10] - Key recommendations include companies like Huanlan Environment, Yongxing Co., and Green Power [10][16] Water Management - The water sector is characterized by rigid demand and pricing, with ongoing reforms expected to enhance profitability and lead to a revaluation of water companies [10][16] - Recommended companies include Xingrong Environment and Hongcheng Environment [10][16] Energy Sector - The electricity sector is noted for its strong cash flow performance, with recommendations for companies like Changjiang Power and Huadian International [11][12] Renewable Resources - The report highlights the strategic value of renewable resources, particularly in the context of rising import costs for soybeans and corn, which may enhance the competitiveness of alternative feedstocks like distiller's grains [14] - Companies such as Lude Environment are recommended for their focus on resource recycling [14] Lithium Battery Recycling - The report indicates a slight improvement in profitability for lithium battery recycling projects, with ongoing fluctuations in metal prices [46][47] Collaboration Opportunities - The report discusses the potential for collaboration between waste incineration facilities and data centers, emphasizing the economic and environmental benefits of such partnerships [20][23]