Group 1: Macro Strategy and Market Outlook - The report highlights that the recent military actions by Israel and the US against Iran exceeded market expectations, leading to a temporary spike in gold and oil prices, followed by a market correction. It anticipates that the conflict will be controlled, with limited military actions expected to last 2-3 weeks, after which oil prices may stabilize between $60-70 and gold around $5200 [1][19]. - The geopolitical tensions are expected to drive a shift in investment strategies, with a focus on heavy assets and low obsolescence investments, particularly in sectors like energy and resources, which are deemed strategically significant for national economies [2][20]. Group 2: Impact on Major Asset Classes - The report indicates that the ongoing geopolitical risks are likely to sustain short-term risk aversion, leading to inflows into the US dollar and US Treasury markets, while the Chinese yuan may act as a safe haven [2][20]. - In the commodities market, the report suggests that short-term risk aversion will drive a simultaneous rise in gold and oil prices, while medium-term supply chain disruptions and inflation pressures could reshape the global economic landscape [2][21]. Group 3: Company-Specific Insights - Airo Energy's earnings forecast for 2025 has been adjusted downwards due to asset impairment, but projections for 2026 and 2027 have been increased, anticipating significant growth driven by the Australian storage market [9]. - Zhuhai Guanyu's profit forecast for 2025 has been revised down due to rising raw material costs and increased competition, yet it remains a strong player in the lithium battery sector with a "buy" rating maintained [10]. - Tian Nai Technology's profit estimates for 2025 have been lowered due to intensified competition, but the company is expected to see strong growth in its single-wall carbon tube segment in 2026 [12]. - Weichuang Electric's 2025 earnings report met expectations, with a focus on expanding its robotics business and maintaining growth in industrial automation [13].

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 ...

证券研究报告·策略报告·策略深度报告 策略深度报告 20260302 3 月度金股：内外博弈与应对 2026 年 03 月 02 日 [Table_Summary] ◼ 3 月，市场将围绕内部政策窗口与外部事件冲击的双重变量展开博弈 内部政策方面，今年两会总量政策预期偏平，结构性亮点值得关注。从历 史经验看，两会行情表现取决于政策预期差，大致分为几种情形：一是政 策大年，如 16 年供给侧改革、19 年减税、21 年双碳，会中会后以上涨为 主；二是政策预期落空或意外边际收紧，如 18 年去杠杆、22 年稳增长不 及预期，市场相对承压；三是市场对总量政策预期不高，但出现显著产业 亮点，如 24 年低空经济、25 年深海科技。对于今年，更可能演绎第三种 情形：市场对总量政策的预期相对温和，博弈或有限，因此两会期间大盘 指数层面大概率维持平稳震荡；市场对于产业政策的关注度较高，特别是 "十五五"规划潜在的重点方向，若两会期间出现超预期的表述或催化， 相关主题有望获得积极反馈。 外部因素方面，美伊冲突骤然升级为市场增添新的变数。本次冲突烈度较 高，美军直接参战并部署大规模力量，中东局势进入"白热化"阶段，后 续焦点在 ...

必用意亦 券研究报 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 博浩玮 A0230522010001 fuhw@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 申万宏源研究微信服务号 算力对区域电力影响更大 地缘ł 短期气价或再现高波动 申万公用环保周报(26/2/23~26/2/27) 2026 年 03 月 02 日 版》 中文 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 电力：中国发电供给充裕，煤电托底高度匹配算力需求。截至 2025 年底，全国发电装机容量 389134 万千瓦，同比增长 16.1%。其中火电装机占比 40%，太阳能发电和风电装机容量分别同比增加 35.4%、22.9%，在风光的快速增长下，清 洁能源的占比大幅提高。发电量 2025 年 1-12 月份，规上工业发电量 97159 亿千瓦时，同 ...

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].

各位投资人大家晚上好 我是东吴环保公园的人一轩然后今天的话也是这个再次在这个进门财经这个平台上跟各位领导这边汇报一下龙进环保的最新观点就我们可以看到其实在近期我们团队已经组织了多场龙进环保的线上汇报那其实也可以主要的点点是来自于这个近期在这个大气治理这一块政策评出啊 我们可以看到其实可追溯的就至少是有三个政策也包括了今天要讲的非电这一块这么一个改造的政策比如说像上周也是全国的环境空气质量标准提标的标准是最新出台然后再往前的话我们也看到像2026年大气污染治理的专项资金是提前下发结合到今天结合到本周的这么一个 非电领域改造的这么一个2026年目标的这么一个下发我们可以看到就国外层面从政策包括说从资金两个角度的话对于大气治理这一块的支持力度其实是在这个十五的开局之年体验出了一个非常高的一个强度 那么就在这个背景之下的话龙津环保的这个传统业务就咱们这个环保主业公司作为这个大气治理里边最龙头的公司应该也是通风授予整个行业需求的一个稳步的一个释放那么可以对这个15期间公司环保这块业务的这么一个基本面会有一个更加积极的这么一个预期同时的话向公司围绕整个矿业双碳 根据生态环境部新闻发布会的一个通稿的话在十四五期间其实国内一 ...

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 ...

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 海螺集团拟对海螺创业增持 10.61%；重视矿 山双碳；持续关注 UCO 端山高、朗坤 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 24 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 -10% 0% 10% 20% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 环保 沪深300 相关研究 《解决航天核心资源瓶颈的钥匙， "铼"自资源卡位与提取技术突破》 2026-02-14 《矿业双碳：绿能、装备、资源&再生 资源！》 2026-02-13 东吴证券研究所 1 / 27 请务必阅读正文之后的免责声明部分 ◼ 重点推荐：龙净环保，高能环境，赛恩斯，瀚蓝环境，绿色动力环保，绿色动力， 海螺创业， ...

Core Viewpoint - The report highlights a decline in the production of air pollution control equipment in China, indicating potential challenges for the industry in the coming years [1]. Industry Summary - According to the National Bureau of Statistics, the production of air pollution control equipment in China is projected to be 33,000 units by December 2025, reflecting a year-on-year decrease of 3.4% [1]. - The cumulative production of air pollution control equipment for the entire year of 2025 is expected to reach 326,000 units, which represents a significant decline of 13.9% compared to the previous year [1]. Company Summary - Listed companies in the air pollution control sector include Longjing Environmental Protection (600388), Qingxin Environment (002573), Fida Environmental Protection (600526), Xuelang Environment (300385), China Electric Environmental Protection (300172), and Yongqing Environmental Protection (300187) [1].

同壁财经讯，企查查数据显示，根据《2号炉电除尘变频电源节能优化升级改造（第二次）中标结果公 告》，福建龙净环保股份有限公司于2026年2月14日公告中标广东粤电韶关发电厂有限公司采购项目， 中标金额为185.70万元。 相关上市公司：龙净环保(600388.SH) 同壁财经小贴士： 龙净环保（600388.SH）2024年营业收入为100.19亿元，营业收入增长率为-8.69%，归属母公司净利润 为8.30亿元，归属母公司净利润增长率为63.15%，净资产收益率为10.13%。 同壁财经小贴士： 龙净环保（600388.SH）2024年营业收入为100.19亿元，营业收入增长率为-8.69%，归属母公司净利润 为8.30亿元，归属母公司净利润增长率为63.15%，净资产收益率为10.13%。 2025年上半年公司营业收入为46.83亿元，营业收入增长率为0.24%，归属母公司净利润为4.45亿元，归 属母公司净利润增长率为3.27%。 目前公司属于工业行业，主要产品类型为电子元器件、工控机械、水电、物业出租和管理、烟气脱硫系 统，2024年报主营构成为除尘器及配套设备:49.57%;脱硫、脱硝工程项目:30. ...