Core Insights - The environmental protection industry is gradually returning to rational investment, focusing on the sustainable development of core businesses and cost reduction while actively exploring new sectors such as renewable energy, AI + environmental protection, and robotics to achieve steady growth amid market policy adjustments and industrial changes [1][2] Water Sector - In H1 2025, the water sector (16 listed companies) achieved revenue of 34.35 billion, a decrease of 0.9% year-on-year, while net profit increased by 4.6% to 5.42 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, providing growth opportunities for efficient water service companies [3] Solid Waste Sector - In H1 2025, the solid waste treatment sector (38 listed companies) generated revenue of 86.53 billion, an increase of 3.4%, but net profit decreased by 3.4% to 8.47 billion. Enhanced dividends from waste incineration and international expansion are anticipated to lead to valuation re-evaluation [4] Environmental Monitoring/Testing Sector - In H1 2025, the environmental monitoring/testing sector (9 listed companies) reported revenue of 4.31 billion, down 4.4%, with net profit dropping 41% to 0.162 billion. New carbon market policies are expected to expand industry participation and drive demand for carbon monitoring as China continues to pursue its dual carbon goals [5] Environmental Equipment Sector - In H1 2025, the environmental equipment sector (26 listed companies) achieved revenue of 30.00 billion, a decrease of 3.69%, and net profit fell by 15% to 1.92 billion. The year 2025 marks the end of the 14th Five-Year Plan, with government initiatives expected to boost demand for energy-saving cooling equipment [6]

信达证券近日发布环保板块2025年半年报总结：2025H1信达能源环保细分领域环保设备 板块（共26家上市公司）实现收入300.04亿元，同比减少3.69%；归母净利润合计19.17亿 元，同比减少15%。2025年是"十四五"收官之年，此前国务院印发的《2024—2025年节能降 碳行动方案》的通知中提出推动重点用能设备更新升级，加快数据中心节能降碳改造。 以下为研究报告摘要： 本期内容提要: 板块估值持续修复，水务运营稳健，垃圾焚烧分红提升。环保行业投资逐步回归理性， 重视自身核心业务的持续发展及降本增效的同时，也在积极跨界，布局新能源、AI+环保、 机器人等热门赛道，以求在市场政策调整和产业激荡中稳步发展。根据wind数据，信达能源 环保板块146家上市公司（其中水务16家、水处理36家、大气治理8家、固废处理38家、环境 监测/检测9家、综合环境治理13家、环保设备26家）2025H1共实现营业收入1870.37亿元， 同比增长0.2%；归母净利润169.53亿元，同比减少6.0%，主要系清新环境、博世科、维尔 利、太和水、仕净科技归母净利润大幅减少所致。 细分板块： 水务板块：2025H1信达能源环 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights that the environmental equipment sector is expected to recover driven by policy support, with specific focus on the integration of sewage treatment plants and networks [4][6] - The report indicates that the "14th Five-Year Plan" emphasizes the need for improved environmental quality and industrial green low-carbon development, which is likely to maintain high prosperity in energy-saving and environmental protection sectors [6][32] Summary by Sections Market Performance - As of May 16, the environmental sector remained flat compared to the previous week, underperforming the broader market; the Shanghai Composite Index rose by 0.76% to 3367.46 [5][8] - The water governance sector increased by 0.23%, while the water service sector decreased by 0.29%; air governance rose by 2.10% [10] Industry Dynamics - On May 15, the Central Committee and the State Council released opinions on promoting urban renewal, emphasizing the acceleration of underground pipeline construction and the establishment of a unified operation and maintenance mechanism for sewage treatment plants [23][25] - The report notes that the national carbon emissions trading market has expanded to include steel, cement, and aluminum industries, which is expected to boost the demand for carbon measurement and online monitoring systems [16][22] Investment Recommendations - The report suggests that water and waste incineration sectors, as operational assets, are expected to see stable profit growth and improved cash flow, benefiting from market reforms in public utilities [6][32] - Key recommendations include companies such as Huanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment and Junxin Co. [6][32]