环保行业周报：五部门发文加强城市生活污水管网建设和运行维护

Investment Rating - The report maintains a positive outlook on the environmental protection industry, emphasizing the potential for valuation re-rating of low valuation, high dividend stocks [6][39]. Core Insights - The environmental protection sector is experiencing a divergence, with traditional operators showing low valuations and high dividends, while new industries are emerging due to changing economic and social demands [6][39]. - The report highlights the importance of operational stability and the potential for companies to create new growth avenues through second ventures [6][39]. Summary by Sections 1. Important Data Tracking - From March 18 to March 22, 2024, the national carbon market saw a trading volume of 192,900 tons, a decrease of 33.22% compared to the previous period [15]. - The closing price for carbon emission allowances was 83.83 yuan/ton, reflecting a 4.79% increase from the previous period [15]. - In the EU, carbon futures trading volume totaled 152 million tons, down 37.91%, with an average settlement price of 58.87 euros/ton, up 5.97% [12]. 2. Market Performance - During the period from March 18 to March 22, 2024, the A-share environmental index fell by 0.99%, while the H-share index dropped by 1.99% [24]. - The A-share environmental sector's PE (TTM) valuation stood at 16 times as of March 22, 2024 [24]. 3. Industry News - Five departments issued a notice to strengthen the construction and maintenance of urban sewage networks, aiming for a collection rate of over 73% by 2027 [35]. - The report mentions the government's focus on ecological civilization and green low-carbon development [3]. 4. Key Company Announcements - High Energy Environment won a bid for a sludge disposal project, which is expected to positively impact future performance [36]. - Yingfeng Environment secured multiple project bids totaling 879 million yuan [36]. - The report also notes various investment activities and project developments by other companies in the sector [36]. 5. Investment Recommendations - The report suggests focusing on companies with strong operational capabilities and those that are well-positioned to benefit from high-growth potential in emerging environmental sectors [42]. - Recommended companies include Hongcheng Environment in water treatment, and High Energy Environment, Huanlan Environment, and Weiming Environment in solid waste treatment [42].