[Table_Page] 深度分析|环保 证券研究报告 [Table_Title] 固废 AI+系列 [Table_PicQuote] 相对市场表现 -14% -6% 1% 9% 16% 24% 03/24 05/24 08/24 10/24 12/24 03/25 环保 沪深300 | [分析师： Table_Author]郭鹏 | | | --- | --- | | | SAC 执证号：S0260514030003 | | | SFC CE No. BNX688 | | | 021-38003655 | | | guopeng@gf.com.cn | | 分析师： | 陈龙 | | | SAC 执证号：S0260523030004 | | | 021-38003623 | | | shchenlong@gf.com.cn | | 分析师： | 荣凌琪 | | | SAC 执证号：S0260523120006 | | | 021-38003686 | | | ronglingqi@gf.com.cn | | 分析师： | 陈舒心 | | | SAC 执证号：S0260524030004 | | | 021- ...

2 月 15 日-2 月 21 日，上证综指单周累计上涨 0.97 个百分点，报 3379.11；沪深 300 指数单周上涨 1 个百分点。环保（申万）指数 上涨 2.2%，跑赢沪深 300 指数（上涨 1%）1.2 个百分点，跑输创 业板指数（上涨 2.99%）0.79 个百分点。2025 年初至今，环保工 程及服务板块整体指数表现一般，累计涨幅为 1%，跑输沪深 300 指数 0.11 个百分点。 投资建议： 证券研究报告·行业动态 民营企业座谈强调清偿账款，环 保行业盈利质量有望增强 核心观点 近期召开的民营企业座谈会明确提出对民营企业公平参与市场 竞争、解决融资难融资贵、解决拖欠民营企业账款问题等做出部 署；此后，国家发改委也表示要加力推动解决拖欠民营企业账款 问题，加快促进民营经济发展。具体来看，中央财办有关同志表 示 2025 年解决拖欠账款相关工作将进一步深入推进，地方政府 要落实属地责任，用好新增地方政府专项债等政策，尽最大能力 加快偿还拖欠企业账款。对于环保行业来说，地方政府是企业的 主要客户，受地方账款拖欠的影响较大。伴随化债资金的就位和 地方转向债券的发行，环卫行业应收账款有望加速回收， ...

Summary of Conference Call Records Industry Overview - The conference call discusses the **IDC (Internet Data Center)** industry in China, highlighting the competitive landscape and key barriers to entry such as land availability, energy consumption metrics, and bandwidth access [1][5][9]. Key Insights and Arguments - **Market Dynamics**: The IDC industry experienced growth before 2020 due to the rise of cloud computing and video gaming. However, post-2020, new infrastructure policies led to oversupply, and demand decreased due to restrictions on platform economies and the pandemic. A resurgence in AI application demand is expected from late 2024 to mid-2025, particularly in first-tier cities, which will likely drive prices up [1][9][12]. - **Energy Efficiency**: The Shanghai Pudong Li Ming Intelligent Computing Center utilizes waste incineration to meet 70% of its power needs and saves 30% energy through waste heat cooling. This model demonstrates how waste-to-energy plants can reduce operational costs for data centers [1][11]. - **Valuation Potential**: The IDC industry in China still has room for valuation growth, with internet companies increasing their AI capital expenditure expectations. The limited availability of resources near first-tier cities is expected to push prices higher [1][2][12]. Additional Important Points - **Investment Trends**: The waste incineration sector is seeking new growth avenues as major cities complete their incineration projects. Companies like Junxin Co. and Universal Environment are highlighted for their strong cash flow and potential for high dividends [13][14][19]. - **Technological Integration**: The integration of waste incineration with data centers offers advantages such as stable steam supply for cooling, which can significantly lower operational costs compared to traditional energy sources [17][18]. - **Future Outlook**: The IDC industry is projected to grow robustly due to supportive policies, technological advancements, and increasing market demand. Major companies with land reserves, such as GDS Holdings and Century Internet, are expected to see significant growth potential [12][19]. Noteworthy Companies - Companies to watch include **Junxin Co.**, **Universal Environment**, and **Hanlan Environment**, which are well-positioned in first-tier cities and have strong cash flow to support future investments [19]. This summary encapsulates the key points from the conference call, focusing on the IDC industry's current state, future prospects, and the strategic advantages of integrating waste management with data center operations.