环保行业跟踪周报：中央经济工作会议强化双碳转型，优质运营资产迎市场化改革、国际化拓展-20251215

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Viewpoints - The Central Economic Work Conference emphasizes a comprehensive green transition and energy independence, with expectations for market-oriented reforms and international expansion in the environmental sector [9][10] - The environmental industry is set to benefit from debt resolution and market-oriented pricing reforms, which are expected to enhance cash flow and return on equity (ROE) [10][12] - The report highlights the importance of green trade and international expansion, particularly in Southeast Asia and Central Asia, where opportunities in waste incineration and wastewater treatment are significant [10][11] Summary by Relevant Sections Industry Trends - Key recommendations include companies such as Hanlan Environment, Longjing Environmental Protection, and High Energy Environment, among others [4] - The report tracks policies from the Central Economic Work Conference that guide the development of the environmental industry, including a focus on carbon market construction and solid waste management [10][11] - The report notes a significant increase in sales of new energy sanitation vehicles, with a 61.32% year-on-year growth and a penetration rate increase to 18.02% [24] Investment Suggestions - The report suggests focusing on clean energy and recycling resources, recommending companies like Longjing Environmental Protection and High Energy Environment for hazardous waste resource recovery [12][13] - It emphasizes the potential for cash flow improvement in the water sector, with companies like Yuehai Investment and Xingrong Environment highlighted for their growth prospects [18] - The report also points to opportunities for overseas expansion in waste incineration, recommending companies such as Weiming Environmental Protection and Sanfeng Environment [13] Market Performance - The environmental industry is expected to see a resonance of value and growth driven by the dual carbon goals, with a focus on optimizing operational efficiency and marketization [16][20] - The report indicates that the solid waste sector is likely to see enhanced dividend capabilities and improved cash flow due to national subsidies and market reforms [17] - The water sector is projected to experience a significant increase in free cash flow, with market pricing reforms expected to drive growth and valuation improvements [18]