适应新形势新变化的需要。当前价格工作面临的形势发生明显变化，绝大多数商品和服务价格已由市场 形成，新经济新业态新模式不断涌现，一些行业低价无序竞争问题凸显，对价格调控监管提出新要求。 国家发展改革委7月24日消息，国家发展改革委、市场监管总局研究起草了价格法修正草案（征求意见 稿），现向社会公开征求意见。修正草案提出，完善低价倾销的认定标准，规范市场价格秩序，治 理"内卷式"竞争。 修正草案起草说明称，价格法自1998年实施以来，在引导资源优化配置、促进物价合理运行、保护消费 者和经营者合法权益等方面发挥了重要作用。随着经济社会发展和价格改革深化，价格法部分条款需要 修改完善。 健全价格违法行为法律责任。调整对经营者不正当价格行为的处罚规定，提高经营者违反明码标价规定 的处罚标准。明确经营者拒绝或者虚假提供成本监审、调查等资料的法律责任。 提升依法治价水平的需要。近年来价格工作的内涵、方法和手段发生变化，按照依法行政要求，需要以 法律形式完善价格管理职责和工作程序；随着互联网发展，政府听取意见有了更多实现手段，需要丰富 听取意见的方式，更好促进公众参与，增强政府定价的科学性、规范性。 （文章来源：中国证券报） ...

Core Viewpoint - The Hainan Provincial Development and Reform Commission is proposing to deregulate the pricing of baggage packing and storage services at airports, allowing for market-driven pricing in response to the operational conditions of these services and practices in other provinces and cities [1] Group 1 - The initiative aims to deepen price reform and enhance the delegation of power in the aviation sector [1] - The proposal is based on the operational status of baggage packing and storage services in Hainan Province [1] - Other provinces and cities have already implemented similar deregulation for airport extension service charges [1]

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]

Group 1 - The core viewpoint emphasizes the evolving role of the futures market in national economic development, highlighting the need for continuous reflection and adaptation to changing times [1] - The recent issuance of the "Opinions on Improving the Price Governance Mechanism" underscores the importance of allowing the market to determine prices where possible, reflecting the government's recognition of the futures market's function [1] - The document stresses the need to enhance the market price formation mechanism and accelerate the construction of key market areas, which includes optimizing futures product listings, trading, and regulatory rules [1] Group 2 - The futures industry is urged to adapt to changes and understand the critical role of deepening price reform within the socialist market economy, recognizing the importance of futures market construction from a national strategic perspective [2] - There is a call for strengthening regulation and risk prevention to improve the operational quality of the futures market, thereby enhancing its service to the real economy [2] - The industry is encouraged to focus on theoretical innovation and research to develop a regulatory system and business model that aligns with China's unique context, providing ongoing support for the futures market's development [2]

Core Viewpoint - The article discusses the issuance of the "Opinions on Improving Price Governance Mechanism" by the Central Committee and the State Council, aiming to deepen price reform and enhance the price governance mechanism in China. Group 1: Key Points of the Opinions - The direction of reform adheres to the socialist market economy, allowing the market to determine prices where possible, facilitating the efficient flow of high-quality production factors, and effectively serving the construction of a unified national market [2][5] - The opinions emphasize the need to improve the pricing mechanism for refined oil, deepen the market-oriented reform of natural gas prices, and accelerate the establishment of a coal market pricing mechanism [2][3] - It calls for the development of important commodity spot and futures markets, optimizing rules for futures listing, trading, and regulation, and solidifying the foundation for market price formation [3][4] Group 2: Price Regulation and Monitoring - The opinions propose to abolish price policies that hinder the construction of a unified national market and fair competition, preventing inappropriate government intervention in price formation [4][10] - It emphasizes the need for a transparent and predictable market price regulation mechanism, enhancing the supervision of market price behavior and maintaining market order [13][27] - The article highlights the importance of strengthening anti-monopoly regulation and enforcement to prevent and curb monopolistic behaviors in key sectors such as transportation, tourism, and education [4][9] Group 3: Agricultural and Energy Pricing Policies - The opinions outline the need to improve agricultural pricing policies to ensure stable and safe supply of food and important agricultural products, including mechanisms for price, subsidies, and insurance [3][23] - It also emphasizes the establishment of pricing policies that promote green and low-carbon transformation in energy, including mechanisms for natural gas power generation and energy storage [6][24] Group 4: Public Services and Digital Economy - The opinions call for the establishment of pricing policies for public services to ensure equitable access, including government-guided pricing for basic services in public and private institutions [4][24] - It highlights the need for innovative pricing policies for public data to facilitate the safe and efficient development of the digital economy [25][11] Group 5: Implementation and Coordination - The article stresses the importance of inter-departmental coordination and collaboration to effectively implement the opinions, ensuring that various tasks are clearly defined and executed [15][30] - It also mentions the need for a robust price monitoring and early warning system to enhance the timeliness and relevance of price monitoring [28][29]