行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - 2026 年 02 月 09 日 碳交易市场规模持续扩大 全球气价 回落 看好 —— 申万公用环保周报(26/2/02~26/2/06) 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 电力：2025 年碳市场交易规模持续扩大。截至 2025 年 12 月 31 日，全国碳排放权交易市场配额 累计成交量 8.65 亿吨，累计成交额 576.63 亿元。2025 年全 ...

证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 环保 2026-01-18 政策引领结构优化，固废处理质效齐升 乡村振兴拓需求，固废处理提质量。1、国务院出台乡村振兴一号文件，强 调农村生态环境治理与农业现代化建设深度融合，将为农村污水处理、生 活垃圾处置及农业面源污染防控等领域提供长期趋势。同时，政策强化污 染源管控和环境质量监测体系建设，有利于带动固废处理与环境监测服务 需求增长。推荐惠城环保、聚光科技等。2、广东发布 2025 年危废利用处 置能力建设引导性公告，明确广东全省危废处置能力总体充足，需引导新 增产能向危废资源化利用和高端处置方向优化布局，有助于推动行业由规 模扩张向质量提升的转型升级，将利好固废处理相关标的。推荐惠城环保、 高能环境等。 当周碳交易行情：本周（2.02-2.06）全国碳市场综合价格行情为：最高价 81.00 元/吨，最低价 74.00 元/吨，收盘价较上周五降低 3.62%。本周挂 牌协议交易成交量 23.46 万吨，成交额 1841.54 万元；大宗协议交易成交 量 50.00 万吨，成交额 3929.00 万元；本周无单向竞价；本 ...

证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 风险提示：环保政策及督查力度不及预期、行业需求不及预期、补贴下降 风险。 增持（维持） 行业走势 作者 分析师 杨心成 执业证书编号：S0680518020001 邮箱：yangxincheng@gszq.com 研究助理 黄琛睿 -10% -2% 6% 14% 22% 30% 2025-02 2025-06 2025-10 2026-02 环保 沪深300 相关研究 环保 政策引领结构优化，固废处理质效齐升 乡村振兴拓需求，固废处理提质量。1、国务院出台乡村振兴一号文件，强 调农村生态环境治理与农业现代化建设深度融合，将为农村污水处理、生 活垃圾处置及农业面源污染防控等领域提供长期趋势。同时，政策强化污 染源管控和环境质量监测体系建设，有利于带动固废处理与环境监测服务 需求增长。推荐惠城环保、聚光科技等。2、广东发布 2025 年危废利用处 置能力建设引导性公告，明确广东全省危废处置能力总体充足，需引导新 增产能向危废资源化利用和高端处置方向优化布局，有助于推动行业由规 模扩张向质量提升的转型升级，将利好固废处理相关标的 ...

证券之星消息，2月3日环境治理板块较上一交易日上涨1.66%，赛恩斯领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。环境治理板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 688335 复洁科技 | | 5242.91万 | 13.68% | -461.30万 | -1.20% | -4781.61万 | -12.48% | | 300779 | 惠城环保 | 3699.92万 | 7.20% | 725.88万 | 1.41% | -4425.80万 | -8.61% | | 603588 高能环境 | | 3559.06万 | 7.46% | -2223.80万 | -4.66% | -1335.26万 | -2.80% | | 002266 | 浙富控股 | 2439.57万 | 3.50% | -3156.32万 | -4.53% ...

证券研究报告 | 行业周报 gszqdatemark 2026 02 02 年 月 日 环保 政策驱动升级，固废循环迎新机 方案和办法双驱动，固废循环龙头受益。1、生态环境部等三部门联合印 发《生态文明建设示范区（生态工业园区）管理办法》，明确将" 减污降 碳协同"作为园区考核的核心导向，并提出从资金、金融等方面给予激励， 要求园区在能源结构优化和低碳技术改造上采取有效措施。直接利好工业 固废资源化利用等细分赛道。推荐关注固废治理服务领域的龙头标的惠城 环保等。2、四川省两部门联合印发相关实施办法，政策明确规定在固定资 产投资项目节能审查中必须同步开展碳排放评价，将碳排放水平、实施影 响及降碳措施作为项目审批的 硬约束"，并实行分级分类全流程监管。 这将直接创造对碳排放核算、碳评价咨询服务的刚性需求。推荐关注在环 境监测、及节能设备领域具有技术优势的标的，如先河环保、高能环境等。 当周碳交易行情：本周（1.26-1.30）全国碳市场综合价格行情为：最高价 82.00 元/吨，最低价 75.00 元/吨，收盘价较上周五下跌 2.47%。本周挂 牌协议交易成交量 26.21 万吨，成交额 2059.40 万元；大 ...

Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

2025 年氢燃料电池车产量同比增长 44%，零碳园区建设加快有望抬高 用氢需求 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2026 年 2 月 1 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 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 执业编号：S1500524100001 邮箱：wuboying@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，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] 2025 年氢燃料电池车产量同比增长 44%，零碳园 区建设加快有望抬高用氢需求 2026 年 2 月 1 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 [Table_Author] 请 ...

[Table_ReportInfo] 2026 年 01 月 28 日 证券研究报告•金融工程报告 机器学习金融工程月报 请务必阅读正文后的重要声明部分 机器学习因子选股月报（2026 年 2 月） 截至 2026年 1月 28日，1月当期多头组合超额收益最高的五个行业（除综合） 分别为国防军工、通信、农林牧渔、家电、电力设备及新能源，多头组合相对 行业指数超额收益分别为 11.41%、8.40%、7.85%、6.01%以及 4.98%。 近一年来看，多头组合月平均超额收益最高的五个行业（除综合）分别为房地 产、家电、商贸零售、建筑、国防军工，超额收益分别为 2.17%、2.09%、1.69%、 1.69%以及 1.58%。且 29 个中信一级行业（除综合）中， GAN_GRU 因子 多头组合近一年有 6个行业未跑赢对应中信一级行业指数（电子、煤炭、非银 金融、传媒、有色、通信）。 摘要 西南证券研究院 [Table_Author] 分析师：郑琳琳 执业证号：S1250522110001 邮箱：zhengll@swsc.com.cn 分析师：祝晨宇 执业证号：S1250525100004 邮箱：zhcy@sw ...

Core Insights - The Chinese urban water supply industry is entering a mature phase, with total water supply expected to reach 704.88 billion tons in 2024, a year-on-year increase of 2.52% [1][13]. Industry Overview - Urban water supply is a vital municipal infrastructure system consisting of water source extraction facilities, water treatment plants, and distribution networks, adhering to principles of water source development and conservation [3]. - The industry is closely linked to urbanization, with the urbanization rate in China increasing from 58.52% in 2017 to 67% in 2024, driving demand for both domestic and industrial water [8]. Supply Scale - The total length of urban water supply pipelines in China has grown from 710,200 kilometers in 2015 to 1,199,500 kilometers in 2024, with a compound annual growth rate of 6% [9][10]. - The comprehensive production capacity of urban water supply is projected to be 34.418 million cubic meters per day in 2024, with a utilization rate of 56.11%, an increase of 0.08 percentage points year-on-year [11][12]. Demand Scale - The urban water user population in China increased from 451 million in 2015 to 564 million in 2023, with a compound annual growth rate of 2.85%. However, it is expected to slightly decline to 564 million in 2024 [15]. Competitive Landscape - The urban water supply industry features a diversified competitive landscape characterized by state-owned dominance, the rise of private enterprises, and foreign investment penetration. Major players include Beijing Enterprises Water Group, Beijing Capital Eco-Environmental Protection Group, and others [16][17]. Development Trends - The industry is shifting from a focus on quantity expansion to ensuring quality and safety in water supply, emphasizing comprehensive water quality monitoring and risk management [18]. - Business models are evolving from traditional water supply to integrated water service providers, offering a range of value-added services [19]. - Value creation is transitioning from cost control to leveraging data assets and smart operations, utilizing IoT and AI for enhanced efficiency and decision-making [20].