环保周报：24年绿证核发交易量爆发增长，关注垃圾焚烧发电公司绿证增收弥补国补退坡

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection sector, consistent with the previous rating [2]. Core Insights - The report highlights a significant increase in the issuance and trading volume of green certificates in 2024, with a focus on how waste incineration power companies can leverage green certificate revenue to offset the decline in national subsidies [2][15]. - The average trading price of green certificates in 2024 is noted to be 5.59 yuan per certificate, indicating low market activity and limited short-term profit contribution for companies [2][30]. - The report emphasizes the growing demand for green certificates driven by policies encouraging high-energy-consuming industries to purchase green electricity certificates, which is expected to enhance revenue for waste incineration companies [2][22]. Summary by Sections Market Performance - As of April 25, 2025, the environmental protection sector rose by 1.02%, outperforming the broader market, with specific sub-sectors like water treatment and waste incineration showing positive growth [8][10]. Industry Dynamics - The report discusses recent policy developments, including the launch of enhanced green certificate verification functions by the National Energy Administration and guidelines for ultra-low emissions from waste incineration plants in Zhejiang Province [31][34]. - The green certificate system has seen explosive growth in 2024, with cumulative issuance reaching 4.955 billion certificates, a 21-fold increase year-on-year, and trading volume at 553 million certificates, a fourfold increase [15][19]. Investment Recommendations - The report suggests that the "14th Five-Year Plan" will continue to drive high demand for energy conservation and environmental protection, with a focus on quality operational assets in the water and waste incineration sectors [40]. - Key recommendations include companies like Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment and Junxin Co [40]. Company Announcements - The report includes financial performance highlights from various companies in the sector, indicating growth in revenue and net profit for several firms, such as Lankun Environment and Junxin Co [36][37][38].