GOLDEN SUN SECURITIES·2025-04-20 08:23Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including 惠城环保 (Hui Cheng Environmental) and 高能环境 (Gao Neng Environment) [4][29]. Core Insights - The Ministry of Ecology and Environment has issued guidelines to strengthen the management of new pollutants and construction waste, marking a shift towards precise pollution control in China. This is expected to create new opportunities in environmental monitoring, industrial pollution control, and hazardous waste treatment [10][18]. - The report highlights the importance of companies with core competencies in industrial pollution control and environmental monitoring equipment, recommending 聚光科技 (Juguang Technology) and 雪迪龙 (Xuedilong) as potential investment targets [18]. - The construction waste management sector is entering a phase of refined management, with new technical specifications aimed at reducing, classifying, and recycling construction waste. Companies like 翰蓝环境 (Hanlan Environment) and 洪城环境 (Hongcheng Environment) are identified as having technological advantages in this area [19][28]. Summary by Sections 1. Investment Views - The report discusses the Ministry of Ecology and Environment's guidelines on new pollutants, emphasizing the prohibition of projects that do not meet pollution control requirements [10]. - It also covers the draft technical specifications for construction waste pollution control, which aim to enhance management practices [19]. 2. Market Performance - The environmental sector underperformed compared to the broader market, with a decline of 0.69% against a 1.19% increase in the Shanghai Composite Index [31]. - Notable stock performances include 国中水务 (Guozhong Water) with a gain of 13.07% and 易世达 (Yishida) with a loss of 14.61% [31]. 3. Industry News - Recent developments include the establishment of a regular supervision mechanism for urban sewage treatment plants in Guizhou and the release of a draft management method for ecological environment-oriented development projects in Shandong [40]. - A new standard for greenhouse gas emissions reporting in the liquor industry has been introduced, effective from April 19, 2025 [41][42]. 4. Key Announcements - The report includes performance forecasts for various companies, indicating significant growth in net profits for some firms, such as 甘肃能源 (Gansu Energy) and 银星能源 (Yinxing Energy) [43].