行业治理与智慧转型同步发力。出台全国首个市级港口基础设施维护管理细则，建成省级一类航闸应急 保障中心，《连云港市"十五五"内河水运发展规划》中间成果通过审查。构建"车、船、无人机"三位一 体巡检体系，处置航闸隐患329处，研发无人机电子存档终端，为养护决策提供数据支撑。 队伍建设焕发新气象。市港航中心荣获江苏省五一劳动奖状，在全省职业技能竞赛中斩获团体二等奖。 顺利通过"全国文明单位"复检，创作的情景剧获评全国"十佳交通故事"。2026年，港航系统将锚定新目 标，为"十五五"开好局，推动港航事业再上新台阶。 重大项目攻坚成果丰硕。全年19个港航重点项目完成投资45.23亿元，超额达成年度计划。连云港港30 万吨级航道改扩建工程完成年度投资计划的330%，徐圩港区液体散货泊位区进港航道扩建工程顺利开 工。宿连航道二期连云港段建成通航，入选水利部第一批国家水土保持示范工程创建名单。徐圩港区疏 港航道整治工程作为省级试点，实现管理与廉政防控"双提升"，连云区段成为全省首个"供地即拿证"航 道项目。 服务效能持续优化升级。连云港港全年完成货物吞吐量3.67亿吨、集装箱吞吐量715.98万标箱，同比分 别增长6.16% ...

Investment Rating - The report maintains a "Buy" rating for the environmental protection industry [1] Core Insights - The report emphasizes the importance of Sustainable Aviation Fuel (SAF) as the only viable solution for aviation decarbonization, highlighting the scarcity and value enhancement of waste oil resources during the SAF expansion cycle [14][15] - The environmental protection sector is expected to experience significant growth driven by policy support and market dynamics, particularly in solid waste management and new pollution control technologies [12][20] Industry Trends - The 2026 ecological and environmental work conference set the tone for the "14th Five-Year Plan," focusing on source governance and modern monitoring to drive industry upgrades [10][11] - The SAF market is projected to see a substantial increase in demand, with the EU mandating a gradual increase in SAF blending ratios from 2% in 2025 to 70% by 2050, leading to a forecasted demand of 3,662 million tons by 2050 [15][16] - The report notes that the domestic supply of waste oil is limited, with only about 400 million tons being utilized annually out of a theoretical production of 1,200 million tons, indicating a long-term supply-demand imbalance [16][18] Company Recommendations - Key companies recommended for investment include: - **Huanlan Environment**: Benefiting from overseas expansion and high nickel prices [4] - **Longjing Environmental Protection**: Focused on green electricity storage and mining equipment [22] - **Green Power**: Positioned for growth in the renewable energy sector [20] - **Sains**: Engaged in heavy metal pollution control and new business in resource recovery [4] - Companies to watch include **Dayu Water** and **Lian Tai Environmental Protection**, which are expected to benefit from market reforms and cash flow improvements [4][21] Market Performance - The report indicates that the environmental protection sector is expected to outperform the broader market, with significant growth in the sales of new energy sanitation vehicles projected to increase by 70.9% in 2025 [26][32] - The report highlights the increasing penetration rate of new energy sanitation vehicles, which is expected to reach 21.11% in 2025, up from previous years [26][30] Investment Strategy - The report outlines a three-pronged investment strategy focusing on: 1. **Value and Growth Resonance**: Emphasizing the importance of market-driven improvements and operational efficiency [20] 2. **Quality Growth**: Targeting companies with strong growth potential in the second curve and downstream sectors [22] 3. **Carbon Neutrality Drive**: Highlighting the importance of clean energy and recycling in achieving carbon reduction goals [24]