GOLDEN SUN SECURITIES·2025-04-27 00:52Investment Rating - The report maintains a "Buy" rating for key companies in the environmental protection sector, including Hui Cheng Environmental and Gao Neng Environment [4][8]. Core Insights - The Ministry of Ecology and Environment has issued guidelines to enhance environmental impact assessments for new pollutants, promoting green transformation in traditional manufacturing [11][20]. - The Ministry of Finance has allocated a budget of 13.56518 billion yuan for energy-saving and emission reduction subsidies in 2025, which will accelerate the development of the new energy vehicle industry [21][24]. - The environmental protection sector has shown strong performance, outperforming the broader market indices [28]. Summary by Sections Investment Views - The report highlights the issuance of guidelines by the Ministry of Ecology and Environment to strengthen environmental impact assessments for key industries, focusing on new pollutants [11]. - The budget for energy-saving and emission reduction subsidies has been set at 13.56518 billion yuan, with significant allocations for new energy vehicles and charging infrastructure [21][24]. - The current macroeconomic environment, characterized by historically low interest rates, presents opportunities for high-dividend and growth-oriented assets in the environmental sector [25]. Market Performance - The environmental protection sector outperformed major indices, with a weekly increase of 2.49%, surpassing the Shanghai Composite Index by 1.93% [28]. - Notable stock performances include Hanwei Technology, Fuchun Environmental, and Yuntou Ecology, which saw significant gains, while Guozhong Water and Shenwu Energy experienced declines [28]. Industry News - Recent developments include the issuance of guidelines for low-emission waste incineration in Zhejiang Province and measures to promote high-quality development in enterprises in Sichuan [39]. - The report also notes the implementation of methane emission control plans in Hunan Province, reflecting ongoing efforts to address environmental challenges [39]. Key Companies - Hui Cheng Environmental is recognized for its technological innovations and significant projects in hazardous waste management, with expectations for continued revenue growth [27]. - Gao Neng Environment aims to become a leading environmental system service provider, benefiting from increased orders related to soil pollution prevention and waste management [27]. - Hong Cheng Environment is highlighted for its stable growth and high dividend payouts, making it an attractive investment option [27].