Core Viewpoint - Recent developments in the waste management sector, particularly concerning Waste Management Inc. (WM), highlight changes in policy and internal company dynamics that may influence market performance and investment opportunities [1]. Group 1: Policy Changes - The U.S. Environmental Protection Agency (EPA) is moving to revoke the greenhouse gas hazard finding established in 2009, which could potentially lower compliance costs for the waste management industry, presenting a favorable outlook for the sector [1]. - The Chinese government's release of the "Comprehensive Solid Waste Management Action Plan" may indirectly boost global solid waste management demand, benefiting WM as a leading player in North America [1]. Group 2: Stock Performance - WM's stock price exhibited a fluctuating upward trend over the past week, with a closing price of $226.79 on February 6 and reaching $233.92 by February 13, marking a 3.14% increase [2]. - The stock experienced a high of $236.45 on February 12 and a low of $225.36 on February 9, with a trading volume of $456 million on February 11, indicating varied market activity [2]. - The waste management sector rose by 1.16%, while major U.S. indices faced declines, showcasing WM's relative resilience in the market [2]. Group 3: Institutional Ratings - Institutional ratings for WM have shown divergence but remain generally positive, with Goldman Sachs initiating coverage with a "Buy" rating and a target price of $256, while Morgan Stanley maintained an "Overweight" rating with a target of $265 [3]. - Wells Fargo raised its target price to $250, while TD Securities downgraded its rating to "In-Line" with a target of $250, reflecting mixed sentiment among analysts [3]. - Analysts are particularly focused on the expected 13.53% year-over-year growth in earnings per share for Q4 2025, which may influence short-term market sentiment [3].

Financial Performance - The latest financial report for Waste Management (WM) was released on October 28, 2025, for the third quarter of fiscal year 2025, showing revenue of $18.891 billion, a year-on-year increase of 16.83%, but net profit of $1.967 billion, a year-on-year decline of 8.38% [1] - Investors should pay attention to the upcoming fourth quarter and full-year financial reports for 2025, typically disclosed between January and February of the following year, focusing on profit recovery and guidance for 2026 [1] Institutional Ratings - Goldman Sachs initiated coverage on WM on November 24, 2025, with a "Buy" rating and a target price of $256 [2] - JPMorgan maintained an "Overweight" rating on December 1, 2025, with a target price of $265 [3] - Scotiabank downgraded its rating to "In-Line" on January 21, 2026, with a target price of $250 [4] - The divergence in institutional ratings may impact short-term market sentiment, necessitating attention to any further adjustments from other institutions [5] Industry Policy and Environment - On January 1, 2026, the State Council of China released the "Comprehensive Solid Waste Management Action Plan," aiming for a comprehensive utilization of 4.5 billion tons of major solid waste by 2030 [6] - Although the policy directly targets the Chinese market, it may indirectly boost long-term demand in the global solid waste management industry, benefiting WM as a leading player in North America [6] Stock Performance - WM's stock closed at $229 on January 22, 2026, with a monthly increase of 4.23% and a year-to-date gain of 4.23% [7] - Trading volume reached $855 million on January 21, 2026, a 103.88% increase from the previous day, indicating a temporary rise in market activity [7] Future Development - Short-term focus should be on WM's next financial report for signs of profit recovery and changes in institutional ratings [8] - In the medium to long term, the impact of global solid waste management policies on industry demand should be monitored [8]

转自：科技日报 ◎本报记者 赵汉斌 通讯员 侬继嫣 近日，云南铝业股份有限公司（以下简称"云铝股份"）市值突破1000亿元。"正是'绿色'与'无废'的理 念，驱动企业转向精细化管理，开辟了新的发展路径。"公司党委书记、董事长张得教接受科技日报记 者采访时说。 残阳极是铝电解精炼的残余部分。在云南云铝涌鑫铝业有限公司电解生产中心，残阳极回收有了新方 法。"我们自主研发了在线式残阳极底部自动清理装置，实现集成协同控制及全过程自动化运行；同 时，优化甩链机链条分布轨迹、升级喷吹系统结构与性能，大幅降低残阳极内杂质，将达标残阳极转运 至阳极生产企业进行再利用。"该中心副经理王红波算了一笔账，"每利用1吨残阳极，可节约生产成本 约1700元"。 大修渣、炭渣及铝灰是电解铝行业典型危险废物，被列入国家危险废物名录。云南云铝润鑫铝业有限公 司近年来实现固废处理突破。该公司工程师陈本松说："我们建成大修渣、炭渣协同无害化生产线，既 解决处置难题，还攻克了大修渣、炭渣提锂技术，实现二次资源高值化利用，技术创新让昔日废渣变 身'宝贝'。" 云南文山铝业有限公司则研发并建成国内首条铝灰资源化利用生产线，采用两段法工艺回收铝资源，协 ...

12月19日，"建设无废城市，共创绿色未来"第五期环境新闻茶座在北京成功举办。活动由中国环境新闻 工作者协会主办，北京市企业家环保基金会（SEE基金会）协办，阿里巴巴公益、蒙牛集团、上海浦东 乐芬环保公益促进中心（捡拾中国）支持。21世纪经济报道等媒体代表受邀参加本次茶座活动，结合一 线实践分享见解。 绿色发展是中国式现代化的鲜明底色。党的二十届四中全会提出，加快经济社会发展全面绿色转型，建 设美丽中国。城市作为人口与产业的核心载体，其绿色转型是美丽中国建设的重要一环，固体废物污染 防治则是筑牢城市生态底线的"硬支撑"、检验绿色发展水平的"试金石"，也是连接生态保护、资源循环 与民生福祉的关键纽带。"十四五"以来，我国固体废物污染防治工作取得明显成效，无废城市建设持续 深化。 中国环境新闻工作者协会主席刘友宾在致辞中指出，为无废城市建设提供有力舆论保障，是生态环境新 闻肩负的一项重要职责使命。如何更好凝聚共识，助力固废治理与城市绿色发展，为建设美丽中国贡献 媒体力量？刘友宾提出三点建议：一是做美丽中国建设的积极传播者，在知与行之间架起认知桥梁。二 是做城市绿色转型的建设性监督者，在权与责之间找准定位。三是做环 ...

Investment Rating - The report maintains a "Buy" rating for the public utility sector [5] Core Views - The report emphasizes the importance of green electricity consumption and solid waste management in the context of the "dual carbon" goals set for 2026, suggesting a focus on the green electricity sector for potential valuation recovery [4][8] - The report highlights the ongoing decline in electricity prices and the need for adjustments in the installation rhythm of new green electricity projects based on regional supply and demand [4][3] - The report suggests that the electricity market reform is progressing, with a focus on expanding the electricity spot market and auxiliary services, while also noting the transformation of thermal power's functional positioning [4] Summary by Sections Market Review - The SW public utility sector experienced a slight decline of 0.09% this week, ranking 11th among 31 SW sectors, while the Shanghai Composite Index fell by 0.34% [23] - Among sub-sectors, thermal power increased by 0.22%, while hydropower decreased by 0.26% [23] - The top five performing stocks in the public utility sector this week were: Jiaze New Energy (+9.71%), Yinxing Energy (+8.58%), Zhongtai Co. (+7.79%), Xichang Power (+5.38%), and Chenzhou International (+4.14%) [29] Price Updates - The report notes a significant drop in thermal coal prices, with Qinhuangdao port's 5500 kcal thermal coal price decreasing by 39 CNY/ton this week [2][9] - The average settlement price for electricity in Guangdong was reported at 292.88 CNY/MWh, down from 354.64 CNY/MWh the previous week [10] Key Events - Various provinces have begun releasing results for the "136" document's incremental project bidding, with significant volumes of green electricity being auctioned at varying prices [3][7] - The Central Economic Work Conference reiterated the commitment to the "dual carbon" goals, emphasizing the need for a comprehensive green transition and the expansion of green electricity applications [8]