生态环境法典草案即将提请审议，关注法治守护绿水青山下的环保机会

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The "Draft of the Ecological Environment Code of the People's Republic of China" is set to be reviewed at the fourth session of the 14th National People's Congress in March 2026, marking the beginning of a "codification" era in environmental law in China [2][6] - The draft consists of five parts, focusing on general principles, pollution prevention, ecological protection, green low-carbon development, and legal responsibilities, with a significant emphasis on green low-carbon development as a key area for the 14th Five-Year Plan [2][6] - The report anticipates a continued deepening of pollution reduction efforts, highlighting opportunities in waste incineration, water services, and air quality management, with a positive outlook on the performance and value reassessment of these sectors [2][6] Summary by Sections Legislative Framework - The draft code has undergone three reviews and will be formally presented for approval, establishing a comprehensive legal framework for ecological and environmental governance [6][10] - It includes 1242 articles across five sections, aiming to consolidate existing laws and regulations into a unified legal structure to support the goals of the 14th Five-Year Plan [6] Green Low-Carbon Development - The draft establishes a separate section for green low-carbon development, indicating a focus on reducing carbon emissions and promoting renewable energy sources [2][6] - Key opportunities identified include non-electric renewable energy, biomass energy, and the recycling of resources, which are expected to benefit from policy-driven growth [2][6] Pollution Reduction - The report emphasizes the stability of core business operations in waste incineration, water services, and air quality management, with ongoing reforms expected to enhance cash flow and industry valuations [2][6] - Specific companies in waste incineration and water services are highlighted as potential beneficiaries of these trends, including leading firms in the sector [2][6]