Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Views - The issuance of the "Ecological Environment Protection Supervision Work Regulations" by the Central Committee of the Communist Party of China and the State Council aims to comprehensively promote the construction of a beautiful China [8] - The solid waste sector is expected to see improved cash flow and increased dividends due to reduced capital expenditures and enhanced operational efficiency [9][12] - The water service sector is experiencing stable growth and high dividends, with water price reforms expected to reshape growth and valuation [12][14] Summary by Sections Solid Waste Management - Capital expenditures are decreasing, leading to significant improvements in free cash flow and increased dividends [9] - Key companies such as Junxin Co. are projected to distribute cash dividends of 507 million yuan in 2024, a 37% increase year-on-year, with a dividend yield of 4.4% [9] - The industry is entering a mature phase, with operational efficiency being enhanced through cost reduction and collaborations in heating and IDC [9][10] Water Services - The water service sector's revenue is projected at 65.5 billion yuan in 2024, with a net profit of 11.2 billion yuan, reflecting a 27% increase [12] - Water price reforms in cities like Guangzhou and Shenzhen are expected to drive a new round of price adjustments, enhancing profitability and stability [13][14] - Companies such as Yuehai Investment are highlighted for their ability to frequently adjust prices, with an expected dividend yield of 6.9% in 2025 [14] Environmental Equipment - The penetration rate of new energy sanitation vehicles increased by 6.14 percentage points to 14.55% in the first four months of 2025, with sales of new energy sanitation vehicles rising by 73% [29] - The total sales of sanitation vehicles reached 24,542 units, with a slight year-on-year decrease of 0.2% [29] Biofuels - The prices of biodiesel and waste cooking oil have decreased, leading to negative profit margins [37][38] - The average price of biodiesel was 7,700 yuan per ton, down 5.5% week-on-week, while waste cooking oil averaged 6,018 yuan per ton, down 1.2% [37] Lithium Battery Recycling - The profitability of lithium battery recycling has slightly declined due to fluctuating metal prices and a decrease in discount coefficients [41][42] - The average unit gross profit for waste material is estimated at -0.71 million yuan per ton [41]

习近平总书记亲自谋划、亲自部署、亲自推动中央生态环境保护督察，始终关心推动督察制度建设。近 日，中共中央、国务院印发《生态环境保护督察工作条例》（以下简称《条例》），对生态环境保护督 察工作作出全面规范，进一步夯实了生态环境保护督察的制度基础，为更好发挥督察利剑作用，全面推 进美丽中国建设，推动实现人与自然和谐共生的现代化提供重要保障。 充分认识《条例》出台的重大意义 2015年7月，中央全面深化改革领导小组第十四次会议审议通过《环境保护督察方案（试行）》，明确 建立环境保护督察机制。2019年6月，中共中央办公厅、国务院办公厅印发《中央生态环境保护督察工 作规定》，首次以党内法规形式规范督察工作。以此为基本依据，自2015年督察试点至今，顺利完成两 轮督察全覆盖，第三轮完成3个批次督察任务，坚决查处一批破坏生态环境的重大典型案件、解决一批 人民群众反映强烈的突出生态环境问题，取得了很好的政治效果、经济效果、环境效果和社会效果。新 时代新征程，中共中央、国务院制定出台《条例》，将党和国家关于生态文明建设新部署和对督察工作 新要求转化为新的制度成果，对于坚持和加强党对生态文明建设和生态环境保护的全面领导，深入推 ...

Group 1 - The meeting emphasized the importance of actively serving the national diplomatic agenda and implementing high-quality initiatives for the Belt and Road Initiative, focusing on eight key actions [1] - The meeting highlighted the goal of establishing an inland reform and opening-up highland, leveraging platforms such as the Shanghai Cooperation Organization agricultural base and Xi'an International Land Port to enhance foreign exchanges in trade, science, education, and culture [1] - The meeting called for precise and effective support for foreign trade enterprises to help them address practical difficulties and respond to external shocks [1] Group 2 - The meeting stressed the need to promote the implementation of the Ecological Environment Protection Supervision Regulations, improving the provincial ecological environment protection supervision mechanism [2] - The meeting aimed to enhance the integration of water, soil, and ecological protection efforts, particularly in key areas such as the Qinling Mountains and the Yellow River basin [2] - The meeting focused on building a modern industrial system with unique characteristics of Shaanxi, emphasizing technology empowerment and collaboration between schools and enterprises for technological breakthroughs [2] Group 3 - The meeting underscored the importance of disaster prevention and drought resistance, calling for inter-departmental collaboration to ensure food and water supply [2]

中共中央、国务院近日印发《生态环境保护督察工作条例》。《条例》用八章四十四条总结了新时代生态环境保护督察的理论和实践经验，对生态环境保 护督察工作作出全面规范。如何引领督察工作法治化、规范化、制度化开展，《条例》划重点一起了解。 明确生态环境保护督察的对象 2015年环境保护督察制度建立。当年年底，因空气质量而备受关注的河北省，成为首个督察试点。此后，两轮督察先后推进，实现了对31个省区市和新疆 生产建设兵团的全覆盖，并逐步将央企和国务院有关部门纳入督察范围。目前，正在进行的第三轮督察已经开展了三批。 《条例》明确，在党中央集中统一领导下，实行中央和省、自治区、直辖市两级生态环境保护督察制度。两级督察的督察对象各有侧重，具体为： (二)生态环境保护党内法规、法律法规、政 策制度、标准规范、规划计划、重大改革任务 的贯彻落实情况; (三)生态环境保护"党政同责"和"一岗双 责"推进落实情况; (四) 区域重大战略实施中生态环境保护要求 落实情况; (五) 环境污染防治、发展方式绿色转型、生 态保护修复、推进碳达峰碳中和等美丽中国建 设方面工作情况: (六) 中央生态环境保护督察反馈问题整改及 长效机制建设情况; ...

开展中央生态环境保护督察，是党中央、国务院推进生态文明建设的一项重大制度安排，也是一项重大 改革举措。近期，中共中央、国务院印发《生态环境保护督察工作条例》，以党内法规的形式对生态环 境保护督察工作专门作出全面规范，为新时代深入推进生态环境保护督察工作提供坚实制度保障。 有力推动《条例》各项规定落到实处，坚持问题导向，敢于动真碰硬，压实政治责任，中央生态环境保 护督察的利剑必将更为锋利，推动美丽中国建设持续迈上新台阶。 （文章来源：人民日报） 保护生态环境必须依靠制度、依靠法治。党的十八大以来，我国坚持以制度建设为主线，生态文明体制 改革全面深化、纵深推进，中央生态环境保护督察让生态环境保护真正成为硬约束，生态环境质量持续 改善，美丽中国建设迈出重大步伐。同时也要看到，我国生态环境保护结构性、根源性、趋势性压力尚 未根本缓解，生态文明建设仍处于压力叠加、负重前行的关键期。当前和今后10年是全面推进美丽中国 建设的关键时期，要完成2035年基本实现美丽中国、本世纪中叶全面建成美丽中国的奋斗目标，必须保 持战略清醒和战略定力，付出长期艰苦的努力。 生态环境保护能否落到实处，关键在领导干部，根本在制度保障。面临新的 ...

《生态环境保护督察工作条例》近日印发，相比之前的"督察工作规定"，此次出台的《条例》具有更高的层级，也更加具有权威性。 《条例》共设八章四十四条。确定了"组织领导和机构职责""督察对象和内容""工作程序和方式""督察整改"等内容。其中第六章"督察成果运用"对督察移交 问责、考核奖惩、追偿追诉等内容进行了明确。 《条例》依托督察10年发展取得的实践创新和理论创新成效，将行之有效的经验做法进行固化，如：采取例行督察和"回头看"、专项督察、生态环境警示片 等形式，成为推动地方政府落实生态环境保护责任的硬招实招。该条例自发布之日起施行。 10年累计受理转办环境信访举报34万多件 《生态环境保护督察工作条例》的出台为生态环保督察工作提供坚实的制度保障，10年来，督察牢牢牵住生态环境保护责任制这个"牛鼻子"，保持严的基 调，解决了一大批长期想解决而未能解决的突出生态环境问题。 据了解，2015年底我国首次启动河北省督察试点以来，中央生态环境保护督察已开展了三轮督察，先后共公开曝光323个典型案例，充分发挥警示震慑作 用，共梳理移交744个生态环境损害责任追究问题。在督察有力推动下，甘肃祁连山国家级自然保护区生态破坏、青海 ...

中共中央、国务院近日印发《生态环境保护督察工作条例》（以下简称《条例》），全面总结新时代生 态环境保护督察的理论和实践经验，进一步健全生态环境保护督察工作体制机制。《条例》的出台，对 于坚持和加强党对生态文明建设和生态环境保护的全面领导，深入推进生态环境保护督察工作，全面推 进美丽中国建设，具有十分重要的意义。 我们看到，《条例》从组织领导和机构职责、督察对象和内容、工作程序和方式、督察整改、督察成果 运用、队伍建设和纪律责任等方面作出了明确的制度安排。这些制度安排，既着眼当前工作中需要清除 的"模糊地带"以及需要加强的薄弱环节，也包含了对生态文明建设和生态环保工作趋势的准确把握以及 对中央生态环境保护督察的统筹谋划，为下一步相关工作的开展指明了方向和路径。 相较于2019年出台的《中央生态环境保护督察工作规定》，《条例》提出"在党中央集中统一领导下， 实行中央和省、自治区、直辖市两级生态环境保护督察制度"，有利于进一步坚持和加强党对生态环境 保护督察工作的领导，继续发挥督察利剑作用，推动地方党政领导干部、相关部门和单位生态文明建设 和生态环境保护责任落实；设立督察整改专章，规范整改责任主体、推进落实、整改情 ...

Group 1 - The US and China have made substantial progress in trade talks, significantly reducing bilateral tariffs, with the US canceling 91% of additional tariffs and China reciprocating with a similar reduction [2] - In April, US tariff revenue surged to $16 billion, marking a 130% increase year-on-year, the highest monthly tariff revenue in at least a decade [3] - China continues to enforce export controls on rare earth elements, raising concerns in the US about its ability to fill the supply gap, as over 90% of rare earth processing is done in China [7] Group 2 - In the first four months of the year, China's automobile production and sales both exceeded 10 million units for the first time, with new energy vehicle exports increasing by 52.6% year-on-year [8] - In March, domestic smartphone shipments in China grew by 6.5% year-on-year, with 5G smartphones accounting for 85.3% of total shipments [10] - The People's Bank of China and other authorities have issued opinions to enhance financial support for the Nansha area, aiming to strengthen its role in the Guangdong-Hong Kong-Macau Greater Bay Area [11] Group 3 - Guangdong province has announced measures to stimulate market vitality and accelerate the construction of a modern industrial system, including 12 specific initiatives [12] - Fujian province plans to increase support for corporate mergers and acquisitions, aiming to establish a 10 billion yuan provincial merger fund [13] - Sichuan province has implemented an action plan for the brain-computer interface and human-computer interaction industry, targeting key breakthroughs by 2027 [14] Group 4 - Zhengzhou has released a plan to promote the high-quality development of the private economy, aiming for significant qualitative and quantitative improvements over three years [15] - The US House of Representatives has proposed a tax bill that aims to reduce taxes by over $4 trillion over the next decade, a key part of the Trump administration's agenda [16] - Apple is considering raising iPhone prices later this year, while President Trump emphasizes Apple's plans to invest $500 billion in the US [23]

Group 1 - The US has committed to canceling 91% of tariffs on Chinese goods and modifying a 34% retaliatory tariff, with 24% of it suspended for 90 days, while retaining 10% [3] - China will reciprocate by canceling 91% of its retaliatory tariffs on US goods and suspending 24% of the 34% retaliatory tariffs for 90 days, keeping 10% [3] - The recent high-level economic talks between China and the US have made significant progress, laying the groundwork for further cooperation [3] Group 2 - China continues to enforce export controls on strategic minerals, including heavy rare earths, amid concerns from US research institutions about supply gaps [4] - The Chinese government has launched a special operation to combat smuggling of strategic minerals, which includes heavy rare earths [4] Group 3 - The Ministry of Commerce reported that the cumulative application for the vehicle trade-in subsidy has surpassed 10 million since the policy's implementation in 2024 [11] - The People's Bank of China and other financial regulatory bodies are actively researching the establishment of an international commercial bank in the Guangdong-Hong Kong-Macao Greater Bay Area [11]

Market Performance - US stock indices experienced significant gains, with the Nasdaq rising by 4.35% to 18,708.34 points, the S&P 500 increasing by 3.26% to 5,844.19 points, and the Dow Jones up by 2.81% to 42,410.10 points [1][2] Technology Sector - Major technology stocks saw substantial increases, including Microsoft up 2.4%, Apple up 6.31%, Nvidia up 5.44%, Amazon up 8.07%, Meta up 7.92%, and Tesla up 6.75% [2] Chinese Stocks - Chinese stocks also performed well, with notable gains in companies such as Xpeng Motors up 7.73%, Li Auto up 6.57%, JD.com up 6.47%, Pinduoduo up 6.14%, NIO up 5.67%, Alibaba up 5.76%, and Baidu up 5.08% [2] US-China Trade Relations - The US and China announced a joint statement from the Geneva trade talks, committing to modify tariffs on each other's goods by May 14, 2025, including a 24% tariff suspension for 90 days and retaining a 10% tariff [3][4] China CNR Corporation - China CNR Corporation signed several major contracts totaling approximately 54.74 billion yuan, which represents about 22.2% of the company's projected revenue for 2024 [7] China Pharmaceutical Group - China Pharmaceutical Group plans to acquire 100% of Beijing Jinsui Technology for 302 million yuan, aiming to enhance its e-commerce operations in the healthcare sector [11] Yunnan Copper - Yunnan Copper is planning to acquire 40% of Liangshan Mining and has suspended its stock trading as of May 13 [12] Market Outlook - Analysts from China Galaxy Securities expect the A-share market to maintain a range-bound pattern, suggesting focus on dividend-paying sectors, technology narratives, and consumer sectors [13]