证 券 研 究 报 告 双碳引领绿色转型，零碳园区试点先行 零碳系列报告一 证券分析师： 王璐 A0230516080007 莫龙庭 A0230523080005 傅浩玮 A0230522010001 朱赫 A0230524070002 2026.3.2 投资案件 www.swsresearch.com 证券研究报告 2 3 2. 体系构建：碳评价+碳市场 行政及市场两手抓 3. 落地路径：源头绿色转型 零碳工厂/园区先行 1. 2030年碳达峰在即，十五五启动进入碳双控，推动全面绿色转型 15 25 35 67 90 98 100 103 101 101 106 99 105 106 0% -28.5% -37.0% -40.7% -48.1%-48.4% -50.9%-51.5%-51.5% -54.0% -65% -70% -60% -50% -40% -30% -20% -10% 0% - 20 40 60 80 100 120 1980 1990 2000 2005 2010 2011 2012 2013 2015 2016 2019 2020 2021 2022 2023 2024 2030 碳排 ...

Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a "Buy" recommendation for companies involved in these industries [1]. Core Insights - The power supply in China is abundant, with a projected installed capacity of 389,134 MW by the end of 2025, reflecting a year-on-year growth of 16.1%. The share of coal power is 40%, while solar and wind power capacities have increased by 35.4% and 22.9% respectively [2][6]. - The "East Data West Computing" project aims to establish a new computing network system, enhancing electricity demand in key provinces [8]. - Natural gas prices are expected to rise globally by 2025, influenced by geopolitical factors and supply-demand dynamics [2][40]. - The report highlights the significant role of coal power in stabilizing electricity supply, particularly for high-energy-consuming digital infrastructure [12]. Summary by Sections 1. Power Sector - The installed capacity of power generation in China is projected to reach 389,134 MW by the end of 2025, with a 16.1% increase year-on-year. Coal power accounts for 40% of this capacity, while solar and wind power are rapidly growing [2][6]. - The overall clean energy share is increasing, with coal power contributing 65% of the total electricity generation [6][7]. - The "East Data West Computing" initiative is expected to drive higher electricity consumption in provinces like Guizhou, Zhejiang, and Hebei, with growth rates of 7.7%, 7.2%, and 7.1% respectively [8]. 2. Natural Gas Sector - Global natural gas prices are anticipated to rise by 2025, with the US Henry Hub spot price expected to average $3.51 per million British thermal units, a 59.7% increase year-on-year [40]. - The report notes that geopolitical tensions, particularly in the Middle East, could lead to increased volatility in gas prices [2][20]. - The report recommends focusing on integrated natural gas companies and those benefiting from lower costs and improved supply dynamics [41]. 3. Environmental Sector - The report discusses the introduction of subsidies for green hydrogen projects in Yunnan, which could accelerate the development of the hydrogen and ammonia industry [2]. - Companies such as CIMC Enric and others are recommended for their potential benefits from these developments [2]. - The report emphasizes the importance of zero-carbon parks in enhancing green electricity consumption and reducing energy costs for computing enterprises [16].

【广发环保 陈龙&郭鹏】垃圾焚烧多元特性、AI时代下重估其价值 建议关注 大地海洋、卓越新能、海螺创业、伟明环保、雪迪龙、景津装备、瀚蓝环境、上海实业控股、山高环能 等 AI时代垃圾焚烧资产价值重估 以电力、供水、固废为代表的基础设施，凭借供给刚性、需求稳定及低淘汰风险 等特征，【以实体资产形态锁定 长期现金流，具备穿越周期的长期价值基础】：1）供给扩张受特许经营权、审批流程及高投入约束，新增产能释 放周期长 【广发环保 陈龙&郭鹏】垃圾焚烧多元特性、AI时代下重估其价值 建议关注 大地海洋、卓越新能、海螺创业、伟明环保、雪迪龙、景津装备、瀚蓝环境、上海实业控股、山高环能 等 AI时代垃圾焚烧资产价值重估 以电力、供水、固废为代表的基础设施，凭借供给刚性、需求稳定及低淘汰风险 等特征，【以实体资产形态锁定 长期现金流，具备穿越周期的长期价值基础】：1）供给扩张受特许经营权、审批流程及高投入约束，新增产能释 放周期长；2）服务基础公共需求，现金流可预测性强；3）资产寿命长，不易受技术迭代或商业模式变化影响。 具体到垃圾焚烧 ：1）特许经营权锁定当地供给，兼备排他、垄断特性；2）稳定民生刚需之一，量、价锁定，成 ...

公用事业行业周报 "算电协同"驱动绿色转型，HALO 催 化价值重估 2026 年 03 月 01 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：周喆 证书编号：S1160525040003 证券分析师：林祎楠 证书编号：S1160525080003 联系人：杨培梁 相对指数表现 -10% -2% 6% 14% 22% 30% 2025/3 2025/8 2026/2 公用事业 沪深300 相关研究 《25Q4 基金持仓梳理：公用配置回升优 选"红利+成长"，环保增配固废认可资 源化价值》 2026.02.09 《HVO&SAF 及原料价格共振上行，重视 UCO 长期稀缺底色》 2026.01.26 《我国年用电量突破十万亿度，国网"十 五五"计划固定资产投资四万亿元》 2026.01.19 《循环经济持续加码，"十五五"固废资 源化领域有望迎来更大机遇》 2026.01.13 《光热发电建设提速，"规模提升+政策 支持"有望保障收益》 2025.12.29 行 业 研 究 / 公 用 事 业 / 证 券 研 究 报 告 板块一周回顾：2 月 24 日-2 月 27 ...

公用事业行业周报 "算电协同"驱动绿色转型，HALO 催 化价值重估 2026 年 03 月 01 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：周喆 证书编号：S1160525040003 证券分析师：林祎楠 证书编号：S1160525080003 联系人：杨培梁 相对指数表现 -10% -2% 6% 14% 22% 30% 2025/3 2025/8 2026/2 公用事业 沪深300 相关研究 《25Q4 基金持仓梳理：公用配置回升优 选"红利+成长"，环保增配固废认可资 源化价值》 2026.02.09 《HVO&SAF 及原料价格共振上行，重视 UCO 长期稀缺底色》 2026.01.26 《我国年用电量突破十万亿度，国网"十 五五"计划固定资产投资四万亿元》 2026.01.19 《循环经济持续加码，"十五五"固废资 源化领域有望迎来更大机遇》 2026.01.13 《光热发电建设提速，"规模提升+政策 支持"有望保障收益》 2025.12.29 行 业 研 究 / 公 用 事 业 / 证 券 研 究 报 告 板块一周回顾：2 月 24 日-2 月 27 ...

[Table_Page] 深度分析|环保 证券研究报告 [Table_Title] 环保行业深度跟踪 垃圾焚烧多元特性，AI 时代下重估其价值 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-01 | [Table_Pic 相对市场表现 2025Quote] -10% -3% 4% 10% 17% 24% 10/24 01/25 03/25 05/25 08/25 10/25 环保 沪深300 | [Table_Author 分析师： ]陈龙 | | | --- | --- | | SAC 执证号：S0260523030004 | | | 021-38003623 | | | shchenlong@gf.com.cn | | | 分析师： | 郭鹏 | | SAC 执证号：S0260514030003 | | | SFC CE No. BNX688 | | | 021-38003655 | | | guopeng@gf.com.cn | | | 分析师： | 荣凌琪 | ...

光伏组件回收迎来"退役潮"，新国标出台助力行业步入"正规化" 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2026 年 2 月 28 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 郭雪环保联席首席分析师 执业编号：S1500525030002 邮箱：guoxue@cindasc.com 吴柏莹环保行业分析师 执业编号：S1500524100001 邮箱：wuboying@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 光伏组件回收迎来"退役潮"，新国标出台助力行业 步入"正规化" 2026 年 2 月 28 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 上次评级 看好 [Table_Author] 化工行业： [Table_Summary ...

行业研究丨点评报告丨环保 [Table_Title] 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 报告要点 [Table_Summary] 《中华人民共和国生态环境法典（草案）》将于 2026 年 3 月十四届全国人大四次会议审议， 当前已历经三审。我国用法治守护绿水青山将正式迈入"法典化"时代。《草案》五编，包括 总则编、污染防治编、生态保护编、绿色低碳发展编、法律责任和附则编。其中，绿色低碳发 展单独成编，"十五五"降碳是发展重点，非电绿能、再生资源等因政策驱动存崛起契机；预 计减污将持续深化，看好垃圾焚烧、水务、大气业绩稳健+价值重估。 分析师及联系人 [Table_Author] 丨证券研究报告丨 SAC：S0490517090001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 徐科 贾少波 李博文 盛意 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 生态环境法典草案即将提请审议，关注法治守 2] 护绿水青山下的环 ...

经济大省奋力走在前、作示范、挑大梁，国有资本责无旁贷，必须挺身而出、主动担当。 作为广东省委、省政府重大战略投资平台和省级国有资本运营公司，2025年，广东恒健投资控股有限公司（下称"恒健控股公司"）立足服务全省发展大局， 在复杂环境中保持战略定力、在关键领域持续加力，全年完成投资120.17亿元，同比增长21%，实现"十四五"圆满收官。 2026年是"十五五"开局之年，也是广东增创新优势、实现新突破的关键一年。恒健控股公司将更好发挥战略投资平台和资本运营平台功能作用，不断增强战 略投资和创新投资支撑力，持续提升三大主营业务核心竞争力，为广东奋力跑出高质量发展加速度、确保"十五五"开好局起好步蓄势赋能。 横琴粤澳开发投资有限公司投资横琴深合区跨境电商和文旅产业园。恒健控股公司供图 三大板块协同发力 经营指标再创新高 国有资本是战略资本、耐心资本的重要载体，其投向结构和布局成效，事关现代化产业体系建设和高质量发展全局。立足这一功能定位，恒健控股公司以股 权管理、基金投资、资本运营三大业务板块为核心抓手，充分发挥国有资本功能作用，经营指标再创新高。 2025年，恒健控股公司持续提升专业化、市场化运作能力，推动三大 ...

Investment Rating - The investment rating for the environmental industry is "Positive" [2] Core Insights - As of the end of 2025, the total market value of environmental industry funds held is 5.827 billion, showing a quarter-on-quarter increase [3][18] - The environmental sector outperformed the broader market, with a 0.6% increase compared to a 0.4% rise in the Shanghai Composite Index [10] - The top ten stocks in the environmental sector by market value include Weiming Environmental, Huanlan Environment, and Shanghai Xiba [18][20] Summary by Sections Market Performance - The environmental sector showed a 0.6% increase as of February 13, outperforming the Shanghai Composite Index which rose by 0.4% to 4082.07 [10] - The best-performing sub-sectors included air governance with a 14.19% increase, while the water sector saw a decline of 1.46% [13][14] Fund Holdings - The total market value of environmental stocks held by funds is 5.827 billion, accounting for 0.14% of total fund assets, a slight decrease in percentage from the previous quarter [18] - The top ten environmental stocks by fund holdings include Weiming Environmental, Huanlan Environment, and Shanghai Xiba, with Huanlan Environment having the highest number of funds holding its shares [19][20] Industry Dynamics - The Ministry of Ecology and Environment announced the allocation of carbon emission quotas for key industries by specific deadlines in 2026 [28] - The State Council issued antitrust guidelines for public utilities, covering sectors such as water supply and waste management [27] Investment Recommendations - The report suggests that the "14th Five-Year Plan" will maintain high demand for energy conservation and environmental protection, with a focus on water and waste incineration sectors as stable profit generators [43] - Recommended stocks include Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment and Junxin Co. [43]