环保行业周报：三部门部署氢能综合试点应用，氢能应用领域有望全面拓展

Investment Rating - The investment rating for the environmental sector is "Positive" [2] Core Insights - The report highlights the deployment of comprehensive hydrogen energy pilot applications by three departments, indicating a broad expansion of hydrogen energy application fields [3][18] - By 2030, the average terminal hydrogen price is expected to drop below 25 yuan per kilogram, with a target of 10 million fuel cell vehicles in the country, doubling the number from 2025 [19] - The policy aims to shift hydrogen applications from solely fuel cell vehicles to a dual focus on transportation and industrial sectors, promoting a comprehensive ecosystem for hydrogen energy applications [19] Market Performance - As of March 20, the environmental sector declined by 5.59%, underperforming the broader market, which saw a 3.38% drop in the Shanghai Composite Index [3][10] - The water management sector fell by 3.06%, while the waste-to-energy sector decreased by 5.05% [3][13] Industry Dynamics - On March 20, a joint implementation plan for high-quality development of energy-saving equipment was issued, focusing on enhancing the efficiency of energy-saving equipment in key industries [32] - A seminar on "waste-free parks" and "waste-free enterprises" was held to promote resource utilization and environmental protection in industrial production [33] Investment Recommendations - The report suggests maintaining a positive outlook on energy-saving and resource recycling sectors, with specific recommendations for companies such as Huanlan Environment, Xingrong Environment, and Hongcheng Environment [4]