2025Q1 环保行业基金持仓市值 80 亿，向垃圾焚烧和设备龙头公司集中 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2025 年 5 月 4 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 上次评级 看好 [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 化工行业： 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 2025Q1 环保行业基金持仓市值 ...

2025Q1 环保行业基金持仓市值 80 亿，向垃圾焚烧和设备龙头公司集中 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2025 年 5 月 4 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 上次评级 看好 [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 化工行业： 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 2025Q1 环保行业基金持仓市值 ...

Group 1 - Guangzhou HuanTou Desijie Environmental Technology Co., Ltd. has been officially registered with a registered capital of 10 million RMB, primarily focusing on technology promotion and application services [1] - The company is 51% controlled by Guangzhou HuanTou Yongxing Group Co., Ltd. (601033.SH), with other shareholders including Zhejiang Desijie Environmental Technology Co., Ltd. (42%) and Shanghai Morandi Environmental Technology Co., Ltd. (7%) [1] - The business scope includes environmental technology services, energy-saving technology promotion, and research and integration of flue gas treatment equipment [1] Group 2 - The waste incineration industry is currently experiencing a wave of "ultra-low emission" technology upgrades, with stricter local standards being implemented across various provinces and cities [1] - The NOx emission limit in some regions has been reduced to 50 mg/m, significantly lower than the national standard of 300 mg/m and the EU 2010 standard of 200 mg/m [1] - HuanTou Desijie’s main technology direction includes the SNCR denitrification process based on polymer reducing agents, which has been patented by Zhejiang Desijie [2] - This technology is characterized by a wide reaction temperature range, strong flue gas adaptability, and low operating costs, making it a promising solution for waste incineration flue gas treatment [2] - HuanTou Yongxing's waste incineration projects have nitrogen oxide emissions that not only meet national standards but also exceed EU 2010 standards, although future upgrades will be necessary to meet stricter NOx emission standards [2] - The establishment of HuanTou Desijie will meet the environmental upgrade needs of multiple waste incineration projects and lay the foundation for entering the third-party denitrification market and expanding technology output [2] - In the long term, HuanTou Desijie is expected to become a key support for the environmental technology sector, fostering new business growth amid policy upgrades and industrial transformation [2]

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Viewpoints - The public utility market reform is progressing, which is beneficial for industry profitability and cash flow improvement. The report highlights a valuation recovery logic and is optimistic about quality targets in the waste incineration, water, and gas sectors [2][9] Summary by Sections Event Description - On April 29, 2025, the Guangzhou Development and Reform Commission announced a water price reform, effective June 1, with the first, second, and third tier prices set at 2.55, 3.82, and 7.65 yuan per cubic meter respectively [4] Event Commentary - The report emphasizes the necessity of price adjustments due to rising operational costs for water supply companies, which have seen losses increase from -447 million yuan in 2020 to -653 million yuan in 2022. The price adjustments reflect a balance between profitability and public affordability, with increases of 28.8%, 28.6%, and 93.2% for the respective tiers [9] - Shenzhen is also moving forward with water price adjustments, indicating a broader trend in public utility reforms [9] Market Trends - The report notes that major cities are implementing or considering water price adjustments, which will enhance the profitability of water companies. The waste incineration sector is also expected to benefit from new revenue models and fee structures, while gas pricing reforms are anticipated to improve margins for city gas companies [9] - The report recommends several companies in the waste incineration, water, and gas sectors, including Hanlan Environment, Weiming Environmental, and China Gas, as quality investment targets [9]

Investment Rating - The report suggests that the current sector has investment value, recommending a focus on operators with potential for increased capacity utilization, leading indicators in power generation per ton and heating ratio, lower reliance on subsidies, and higher cash dividend capabilities [1]. Core Insights - The report highlights that the waste incineration sector is entering a phase of positive free cash flow, with significant increases in dividend ratios expected in the coming years. The average dividend ratio is projected to rise from 35% in 2023 to 47% in 2024, driven by a 307% year-on-year increase in free cash flow [3][23][30]. - The report emphasizes the importance of collaboration with IDC (Internet Data Center) operators, which is expected to optimize cash flow curves and business models for waste incineration operators. This partnership is anticipated to create a win-win scenario for all parties involved [3][54]. Summary by Sections Section 1: Industry Overview - The waste incineration industry has achieved a 100% harmless treatment rate for domestic waste by the end of 2023, with a significant shift towards incineration over landfill methods [12][13]. - The fixed cost structure of waste incineration plants is characterized by a high proportion of depreciation and amortization costs, approximately 42.8%, leading to stable cash outflows [15][18]. Section 2: Financial Performance - The report notes that the waste incineration sector is expected to see a substantial increase in free cash flow, with the first year of positive free cash flow occurring in 2023. The average dividend payout ratio is projected to increase significantly in 2024 [3][23][30]. - The cash flow structure is stable, with variable costs linked to fuel prices being only 5.5% of total costs, while the majority consists of labor and auxiliary costs [15][18]. Section 3: Risks and Challenges - The report identifies several risks, including delayed subsidy payments, lower-than-expected capacity utilization for newly commissioned plants, and potential issues with the commercial model leading to accounts receivable delays [2][26]. - The impact of subsidy reductions on project internal rates of return (IRR) is highlighted, with a decrease of 0.1 CNY/KWh potentially lowering IRR from 7.9% to 6.2% [29][34]. Section 4: Strategic Recommendations - The report recommends focusing on regional operators in high electricity price areas (e.g., Yangtze River Delta, Pearl River Delta, Beijing-Tianjin-Hebei) that have lower reliance on subsidies and higher cash dividend capabilities [1]. - Collaboration with IDC is seen as a strategic move to enhance cash flow and stabilize revenue streams, particularly in light of increasing energy demands from data centers [54][56].

Investment Rating - The report maintains a "Positive" investment rating for the waste incineration industry [9]. Core Insights - Recent attention has been drawn to waste incineration projects supplying power to IDC (Internet Data Centers), highlighting the potential for these projects to effectively reduce energy consumption and improve cash flow for B-end enterprises [3][16]. - The transition from energy consumption dual control to carbon emission dual control is expected to enhance the demand for renewable energy, particularly from industrial enterprises, benefiting the waste incineration sector [7][36]. - The report emphasizes the feasibility of direct power supply from waste incineration projects to B-end enterprises, which could lead to valuation recovery for the industry [3][8]. Summary by Sections Energy Consumption Control and Approval Process - The tightening of energy consumption policies necessitates energy efficiency assessments for fixed asset investment projects, with significant variations in approval timelines across different regions [5][22]. - IDC projects are specifically required to undergo energy efficiency assessments due to their high energy consumption levels, which often exceed 10,000 tons of standard coal annually [6][25]. Expansion of Green Energy Applications - The application of green energy from waste incineration is anticipated to expand beyond IDC to B-end enterprises, driven by increasing renewable energy demands and regulatory shifts towards mandatory green electricity consumption [7][38]. - The report notes that the carbon market's expansion, now covering over 60% of national CO2 emissions, will further enhance the demand for green certificates from waste incineration companies [7][8]. Challenges and Opportunities in Direct Power Supply - The current limitations on direct power supply to B-end enterprises stem from unresolved pricing mechanisms, but pilot projects in certain regions are beginning to explore direct green electricity supply [8][36]. - The report suggests that overcoming these challenges could lead to a new trend in direct green electricity supply for industrial enterprises, benefiting all stakeholders involved [8][36]. Investment Recommendations - The report recommends focusing on leading companies in the waste incineration sector, including Hanlan Environment, Weiming Environmental, and others, as they are well-positioned to benefit from the anticipated cash flow improvements and valuation recovery [8].

每经记者 朱成祥 每经编辑 杨夏 4月6日，紫金矿业公告称，2025年1月1日，公司澳大利亚全资子公司Norton Gold Fields Pty Ltd（简 称"诺顿金田"）与Minerals 260签署协议，约定诺顿金田将其全资子公司Bullabulling Gold Pty Ltd 100% 股权出售给MI6，交易对价包括现金1.565亿澳元及MI6向诺顿金田零对价增发的价值1000万澳元股票。 截至目前，诺顿金田已收到现金1.565亿澳元及价值1000万澳元的8333万股MI6股票，本次交易已正式完 成交割。 点评：紫金矿业子公司诺顿金田完成出售Bullabulling Gold Pty Ltd 100%股权，实现现金及股票对价共 计1.665亿澳元。此次交易符合公司优化资产结构、提升运营效率的战略规划，并实现了良好的投资回 报。紫金矿业通过"抓大放小"策略，进一步聚焦核心资产，增强企业竞争力。 NO.3 绿色动力：与固高科技签订战略合作协议 4月6日，绿色动力公告称，公司与固高科技于2025年4月3日签订《战略合作协议》，双方就智能巡检机 器人或无人机、智慧园区平台建设和碳减排等领域或方向，展开技术 ...

Group 1 - The report emphasizes the defensive attributes of the public utility sector, particularly in light of recent policy changes aimed at enhancing price governance mechanisms [1][14][30] - In March, the Shanghai Composite Index fell by 0.07%, while the public utility index rose by 1.87%, indicating a relative outperformance of the sector [1][32] - The report highlights the significant drop in coal prices, which enhances the profitability of thermal power generation, with a projected increase in earnings per kilowatt-hour as coal prices decrease [2][16][18] Group 2 - The report recommends major thermal power companies such as Huadian International and Shanghai Electric, citing their resilience in the face of declining coal prices and electricity prices [3][30] - It notes that the water and waste incineration sectors are entering a mature phase, with improved free cash flow and a favorable investment environment due to declining risk-free rates [31] - The report identifies high-dividend water power stocks, particularly Changjiang Electric Power, as having strong defensive characteristics and long-term investment value [24][25][29] Group 3 - The report discusses the expected stability in nuclear power company earnings, recommending companies like China Nuclear Power and China General Nuclear Power [3][30] - It highlights the growth potential in the renewable energy sector, recommending leading companies such as Longyuan Power and Three Gorges Energy, which are expected to benefit from ongoing government support for new energy development [3][30] - The report also points out the significant market opportunity in the domestic waste oil recycling industry, recommending companies like Shanggou Environmental Energy as beneficiaries of upcoming EU policies [31]

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Insights - The national carbon market has expanded to include the steel, cement, and aluminum smelting industries, with a gradual tightening of quotas expected [8]. - There is a focus on garbage incineration to support ultra-low PUE zero-carbon projects, highlighting collaboration opportunities with IDC [9]. - The report emphasizes the importance of cash flow asset value reassessment in a low-interest-rate environment [17]. Summary by Sections Industry Trends - The carbon market expansion will cover over 60% of national carbon emissions, adding approximately 1,500 new enterprises and increasing carbon emissions coverage by about 3 billion tons [8]. - The distribution of quotas will be based on verified actual emissions, ensuring no shortfall for enterprises in 2024, with a balanced quota system for 2025 and 2026 [8]. Company Tracking - Green Power's dividend payout ratio for 2024 is raised to 71.45%, with a projected revenue of 3.399 billion yuan, a 14% decrease year-on-year [4]. - Yongxing Co. is expected to see a revenue increase of 65% to 3.765 billion yuan in 2024, with a significant rise in free cash flow [4]. Collaboration Opportunities - The report discusses three collaboration models for garbage incineration and IDC, highlighting the economic advantages and potential return on equity (ROE) increases [12]. - The collaboration is expected to enhance profitability and cash flow for garbage incineration companies, shifting their business model from government to business [15]. Market Performance - The environmental protection and public utilities index fell by 2.12%, underperforming the broader market [47]. - The report lists top-performing stocks in the environmental sector, with notable gains for companies like Huanhong Technology and Hanlan Environment [51].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report emphasizes the acceleration of "zero-carbon park" construction, with solid waste industrial parks being a key implementation scenario. The central government has highlighted the establishment of zero-carbon parks and factories, aiming for a significant reduction in energy consumption per unit of GDP by 2025 [7][14][20]. - The integration of waste incineration with AIDC (Artificial Intelligence Data Center) is seen as a promising model for developing zero-carbon parks in developed regions. This model can provide comprehensive energy supply and enhance resource utilization [7][14]. - The Shanghai Pudong zero-carbon industrial park, which incorporates waste incineration and AIDC, has achieved a solid waste resource utilization rate of 98.9% and a green energy share of 93.7% [7][27]. Summary by Sections 1. Policy Acceleration for Zero-Carbon Parks - The report discusses the emphasis on "zero-carbon park" construction in recent government meetings, with plans for accelerated implementation across various regions [14][15]. - The tightening of energy consumption indicators is highlighted, with a target of reducing energy consumption per unit of GDP by 3% in 2025 [20][21]. 2. Waste Incineration's Role in Zero-Carbon Parks - The report uses the example of the Shanghai Pudong project to illustrate how waste incineration can contribute to zero-carbon parks, achieving high resource utilization and energy efficiency [27][28]. - The project integrates multiple waste treatment facilities, enhancing the overall sustainability and energy supply stability of the park [27][28]. 3. Recommended Companies to Watch - The report suggests focusing on companies with advantageous locations and solid waste industrial park layouts, including Wangneng Environment, Junxin Co., and Yongxing Co. [7][8]. - It highlights the potential for these companies to benefit from the revaluation of their carbon reduction value and location advantages [7][8].