“十五五”时期，零碳园区建设有望加速落地开花

Investment Rating - The report maintains a "Buy" rating for the environmental protection sector [3]. Core Insights - The report highlights that during the "14th Five-Year Plan" period, the construction of zero-carbon parks is expected to accelerate, with the goal of establishing around 100 national-level zero-carbon parks by 2026 [3][22]. - The core framework of zero-carbon parks includes a full-chain system of "source reduction - process control - end carbon fixation/offsetting," utilizing technologies such as green electricity substitution, energy efficiency enhancement, carbon capture, utilization, and storage (CCUS) [18][25]. - The report emphasizes the importance of a clean energy supply, deep decarbonization in industrial production, low-carbon upgrades in infrastructure, and smart management to achieve the goals of zero-carbon parks [26][27][28][30]. Summary by Sections Market Performance - As of March 13, the environmental protection sector rose by 0.8%, outperforming the broader market, while the Shanghai Composite Index fell by 0.7% to 4095.45 [10]. - The top-performing sub-sectors included water services (up 0.81%) and waste incineration (up 3.21%), while air pollution control and environmental restoration sectors saw declines [13][16]. Industry Dynamics - The report discusses the recent passage of the "Ecological Environment Code" by the National People's Congress, which will take effect on August 15, 2026, consolidating existing environmental laws into a comprehensive framework [32]. - It also mentions the issuance of a model contract for water-saving management projects by the Ministry of Water Resources and the State Administration for Market Regulation to promote healthy development in water conservation [33]. Investment Recommendations - The report suggests that the environmental quality and industrial green development requirements will remain high during the "14th Five-Year Plan," with energy conservation and resource recycling expected to maintain robust growth [49]. - Recommended stocks include: Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment, Junxin Co., Wuhan Holdings, and others [4][49]. Policy Support for Zero-Carbon Parks - The report outlines a series of policies supporting the development of zero-carbon parks, indicating a systematic approach to achieving national carbon neutrality goals [22][23]. - The establishment of a national low-carbon transition fund and the promotion of green technologies are highlighted as key initiatives [19].