"绿电"即绿色电力，指来源于风能、光伏、生物质、水能、地热能等可再生能源的电力，具有清洁、低 （零）碳和可持续特征。"绿证"即可再生能源绿色电力证书，是绿电的"身份凭证"。其不仅为绿电消费 提供权威且唯一性认证，也将绿电的环境属性转化为可定价和可交易的产权形式，是促进可再生能源开 发利用、推动碳减排的重要市场化工具。发展绿电与绿证市场，既是推进能源结构绿色低碳转型、构建 新型电力系统的关键抓手，也是激发市场主体活力、引导绿色消费、推动经济社会绿色转型的内在要 求。 今年3月，国家发改委等五部门联合印发《关于促进可再生能源绿色电力证书市场高质量发展的意 见》，从稳定供给、激发需求、完善机制、拓展应用场景、加强国际衔接等方面，对绿证市场建设提出 了明确要求。随着政策效应持续释放，应加快健全有利于激发需求侧潜力的绿电绿证市场制度体系，推 动绿电消费由"被动合规"向"主动选择"转变，构建"企业主动消费、产业链协同转型、市场机制反哺"的 良性生态链，打造高质量绿色产业链供应链，为实现"双碳"目标注入新动能。接下来，可从以下几个方 面着手推进： 四是加快与国际绿证标准的对接，推动我国绿电消费标准在国际绿电消费核算与认证中 ...

24 年绿证核发交易量爆发增长，关注垃圾焚烧发电公司绿证增收弥补国补退坡 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2025 年 4 月 26 日 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 上次评级 看好 [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 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 化工行业： 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，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] 24 年绿证核发交易量爆发增长，关注垃圾焚烧发 电公司绿证增收弥补国 ...

Investment Rating - The report maintains an investment rating of "Positive" for the environmental protection sector [2]. Core Viewpoints - The report highlights a significant increase in the issuance and trading volume of green certificates in 2024, with a focus on how waste incineration power companies can leverage green certificate revenue to offset the decline in national subsidies [2][15]. - The average trading price of green certificates in 2024 is noted to be 5.59 yuan per certificate, indicating low market activity and limited short-term profit contribution for companies [2][30]. - The report emphasizes the potential for increased demand for green certificates as policies encourage high-energy-consuming industries to purchase green electricity certificates [2][22]. Summary by Sections Market Performance - As of April 25, the environmental protection sector rose by 1.02%, outperforming the broader market, with specific sub-sectors like waste incineration and resource recovery showing notable gains [8][10]. Industry Dynamics - The report discusses the recent announcement from the National Energy Administration regarding the upgrade of green certificate cancellation functions, enhancing the trading system's efficiency [31]. - It also mentions the implementation of low emission technology guidelines for waste incineration plants in Zhejiang Province [31][34]. Special Topic - The report details the explosive growth in green certificate issuance and trading volume in 2024, with a total issuance of 4.955 billion certificates, a year-on-year increase of 21 times, and a trading volume of 553 million certificates, a fourfold increase [15][19]. - The report notes that the manufacturing sector accounts for nearly 70% of green certificate purchases, with data centers emerging as a new growth area for green certificate consumption [19][20]. Investment Recommendations - The report suggests that the "14th Five-Year Plan" will continue to drive high demand for energy-saving and environmental protection initiatives, particularly in the water and waste incineration sectors, which are expected to maintain robust profitability and cash flow [40]. - Key recommendations include companies like Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to companies such as Wangneng Environment and Junxin Co., Ltd [40]. Company Announcements - The report includes financial performance highlights from various companies in the sector, indicating growth in revenue and net profit for several firms, such as Lankun Environment and Junxin Co., Ltd [36][37][38].