证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 海螺集团拟对海螺创业增持 10.61%；重视矿 山双碳；持续关注 UCO 端山高、朗坤 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 24 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 -10% 0% 10% 20% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 环保 沪深300 相关研究 《解决航天核心资源瓶颈的钥匙， "铼"自资源卡位与提取技术突破》 2026-02-14 《矿业双碳：绿能、装备、资源&再生 资源！》 2026-02-13 东吴证券研究所 1 / 27 请务必阅读正文之后的免责声明部分 ◼ 重点推荐：龙净环保，高能环境，赛恩斯，瀚蓝环境，绿色动力环保，绿色动力， 海螺创业， ...

Group 1 - The core focus of the market regarding Huige Environmental (02613.HK) is on its extremely low liquidity, with no significant public events impacting the stock price recently [1] - The stock has shown a lack of actual trading activity, with multiple trading days (such as February 16 and February 20) closing at HKD 30.66, but with a trading volume of 0 shares and a turnover of HKD 0, indicating a "price without a market" situation [1] - Technical indicators such as the MACD histogram are negative at -0.129, and the J line in the KDJ indicator is at 34.238, reflecting a weak consolidation pattern [1]

Core Insights - The collaboration between Shichuang Guarantee and ICBC Beijing Branch successfully provided a loan of 10 million yuan to Beijing Times Taoyuan Environmental Technology Co., Ltd, a national high-tech enterprise and a representative of specialized and innovative small and medium-sized enterprises in Beijing [2][5] Group 1: Loan Details - The loan amount is specifically tailored to meet the funding needs of Times Taoyuan, which focuses on the harmless treatment and resource utilization of organic waste [6] - The loan period is extended to two years, enhancing the flexibility of fund usage and aligning with the long-term project needs of the enterprise [6] - The guarantee fee is controlled within 1%, and the bank loan interest rate is as low as 2.35%, significantly reducing the financing costs for the enterprise [6] Group 2: Strategic Implications - This collaboration marks the first breakthrough for ICBC Beijing Branch in this type of business, indicating a new phase of deep cooperation between banks and guarantee institutions to empower the development of private small and micro enterprises [2][5] - Shichuang Guarantee aims to deepen its collaboration with ICBC Beijing Branch, expanding the coverage of the "Changyingbao" product and focusing on key areas such as technological innovation and green development [7] - The initiative aims to provide one-stop services of "financing guarantee + comprehensive finance" to more private small and micro enterprises, facilitating the flow of financial resources to private investments [7]

Investment Rating - The report maintains an "Outperform" rating for the environmental protection industry [2] Core Insights - The environmental protection industry is entering a significant performance period, with expectations for intensified carbon reduction efforts [1] - The year 2026 marks the transition from energy consumption control to carbon emission control, with substantial progress anticipated in carbon reduction initiatives [5] - The report highlights the importance of companies focusing on performance and increased dividends, with 61 environmental companies expected to release their 2025 performance forecasts [5] Summary by Sections 2025 Performance Forecast - 61 environmental companies have released performance forecasts, with 14 companies expecting significant positive growth, 4 companies experiencing declines, 8 companies turning losses into profits, and 35 companies reporting losses [12] - Notable performers include: - Anhui Instrument Technology: Expected net profit of 42-62 million CNY, a year-on-year increase of 191.52%-330.34% [12] - GaoNeng Environment: Expected net profit of 750-900 million CNY, a year-on-year increase of 55.66%-86.79% [12] - Yuehai Investment: Expected net profit growth of 43%, reaching nearly 4.5 billion HKD [13] Biodiesel and UCO Market - The average export price of UCO is expected to reach 7,742 CNY/ton in 2025, a year-on-year increase of 21.6% [19] - UCO export volume remains high, with a total of 2.7558 million tons exported in 2025, despite a 17% decline in biodiesel exports [19] - The price of UCO has shown a consistent upward trend, with the latest price reaching 1,075 USD/ton, a 9.1% increase from early 2025 [29] Policy and Market Tracking - The report tracks significant developments in carbon reduction policies, including the establishment of a dual control system for carbon emissions and energy consumption [33] - The carbon trading market has seen a total transaction volume of 862,100 tons, with a closing price of 79.00 CNY/ton as of January 30, 2026 [36] - Recent policies emphasize energy efficiency and carbon reduction in public institutions, aligning with the "14th Five-Year Plan" goals [38]

Group 1 - The "15th Five-Year Plan" emphasizes the importance of establishing a solid foundation for development amidst global industrial chain restructuring and intensified technological competition, aiming to create a "555X" industrial development pattern and build world-class industrial clusters [1][2][3] - The economic growth during the "14th Five-Year Plan" period saw a significant increase, with the total economic output surpassing 6 trillion yuan, highlighting the effectiveness of leadership and strategic direction [2][3] - The government work report outlines clear goals for enhancing the real economy, promoting high-quality development, and deepening reforms, which are essential for achieving the objectives of the "15th Five-Year Plan" [3][4] Group 2 - The government is focused on supporting enterprises in establishing R&D institutions and participating in major technological breakthroughs, which is crucial for fostering innovation and enhancing competitiveness in various industries [4][5] - The report also emphasizes the need to improve modern agricultural development through a "100 billion enhancement" initiative, aiming to develop a full industrial chain for ten rural characteristic industries [6] - Cultural development is highlighted as a key area, with initiatives aimed at transforming rich cultural resources into economic strengths, thereby enhancing the cultural influence of Fujian [6][7]

Core Viewpoint - The company expects a significant decline in net profit for the fiscal year ending December 31, 2025, projecting between RMB 18 million to RMB 26 million, compared to a net profit of approximately RMB 120.3 million for the fiscal year ending December 31, 2024 [1] Group 1: Financial Performance - The projected net profit for 2025 is significantly lower than the previous year's figure, indicating a potential downturn in financial performance [1] - The decline in net profit is attributed to geopolitical tensions and tariff fluctuations impacting the Chinese shipbuilding and shipping industries [1] Group 2: Order and Revenue Impact - Many new orders signed for 2025 are long-cycle projects, resulting in related revenues not being recognized within the reporting period [1] - The company is facing challenges in revenue recognition due to the nature of its new contracts [1] Group 3: Strategic Initiatives - Despite the challenges, the company is actively pursuing strategic measures to mitigate adverse impacts, including accelerating market expansion and speeding up the development and collaboration of new products to meet potential demand [1]

Core Viewpoint - The company, Huige Environmental (02613.HK), expects a significant decline in net profit for the fiscal year ending December 31, 2025, projecting a range of approximately RMB 18 million to RMB 26 million, compared to a net profit of approximately RMB 120.3 million for the fiscal year ending December 31, 2024 [1] Group 1: Financial Performance - The projected net profit for 2025 represents a substantial decrease from the previous year's net profit of RMB 120.3 million [1] - The decline in net profit is attributed to geopolitical tensions and tariff fluctuations impacting the Chinese shipbuilding and shipping industries [1] Group 2: Operational Challenges - The company faces challenges due to many new orders signed for 2025 being long-cycle projects, resulting in related revenues not being recognized within the reporting period [1] Group 3: Strategic Initiatives - Despite these challenges, the company is actively implementing strategic measures to mitigate adverse effects, including accelerating market expansion and speeding up the development and collaboration of new products to meet potential demand [1]

Core Viewpoint - Qingxin Environment (002573.SZ) forecasts a net loss attributable to shareholders of between 270 million and 440 million yuan for the fiscal year 2025, compared to a loss of 378 million yuan in the same period last year [1] Financial Performance - The net profit excluding non-recurring gains and losses is expected to be a loss of between 300 million and 470 million yuan, compared to a loss of 411 million yuan in the previous year [1] Reasons for Performance Change - The main reasons for the performance change include: 1. The environmental protection industry cycle and intensified market competition have compressed profit margins, leading to a decline in gross profit margin [1] 2. Changes in the aging of receivables have resulted in an increase in credit impairment losses [1] 3. The termination of the contract for the Ampara D project in Uttar Pradesh, India, due to unilateral actions by the owner and local policy changes, has led to increased guarantee payments and asset impairment losses [1]

Core Viewpoint - China State Construction Environment Energy (300425.SZ) forecasts a significant decline in net profit for the fiscal year 2025, with expected earnings of 9 million to 13.5 million yuan, representing a year-on-year decrease of 89.80% to 84.69% [1] Financial Performance - The net profit attributable to shareholders is projected to be between 9 million and 13.5 million yuan, a substantial decline compared to the previous year [1] - The net profit after deducting non-recurring gains and losses is expected to be between 4 million and 6 million yuan, reflecting a year-on-year decrease of 92.01% to 88.02% [1] Business Operations - The company reports stable business orders and some success in debt collection efforts, leading to continuous optimization of operating cash flow [1] - Despite these improvements, net profit has declined due to several factors, including intensified competition in the industry and a decrease in gross profit margin caused by a slowdown in investment growth in the environmental protection sector [1] Accounts Receivable - The company has been actively strengthening debt collection, which has helped to curb the growth trend of accounts receivable [1] - However, due to ongoing financial strain on clients, the aging of some accounts receivable has increased, prompting the company to make provisions for bad debts in accordance with accounting standards and principles of prudence [1]

Group 1 - The company expects a net profit of 9 million to 13.5 million yuan for the fiscal year 2025, representing a year-on-year decline of 89.80% to 84.69% [1] - The decline in profitability is attributed to the macroeconomic environment and a slowdown in investment growth within the environmental protection industry [1] - Increased competition within the industry and a decrease in gross profit margins are contributing factors to the company's reduced earnings [1]