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 hydrogen energy comprehensive pilot applications by three departments, indicating a broad expansion of hydrogen energy application fields [3][18] - By 2030, the average price of hydrogen for end-use 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][20] - The policy aims to shift hydrogen applications from solely fuel cell vehicles to a dual focus on transportation and industrial applications, promoting a comprehensive ecosystem for hydrogen energy [19] Market Performance - As of March 20, the environmental sector has declined by 5.59%, underperforming the broader market, which saw a decrease of 3.38% [3][10] - The water management sector fell by 3.06%, while the waste-to-energy sector dropped by 5.05% [3][13] Industry Dynamics - On March 20, a joint implementation plan for high-quality development of energy-saving equipment was released, focusing on enhancing the efficiency of energy-saving equipment across various sectors [32] - The report discusses the importance of "waste-free" industrial practices, emphasizing the need for standards to guide industrial parks and enterprises in reducing waste and improving resource utilization [33] Investment Recommendations - The report suggests maintaining a focus on energy-saving and environmental protection sectors, which are expected to remain in high demand [4] - Specific companies recommended for investment include Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to companies like Wangneng Environment and Junxin Co [4]