从资金流向上来看，当日重庆国企改革板块主力资金净流出1.19亿元，游资资金净流入5593.88万元，散 户资金净流入6264.92万元。重庆国企改革板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600689 | 上海三毛 | 14.29 | 0.78% | 3.03万 | 4326.63万 | | 600939 | 重庆建工 | 3.23 | 0.31% | 13.38万 | 4305.03万 | | 000565 | 渝三峡A | 8.62 | 0.23% | 24.76万 | 2.15亿 | | 001328 | 登康口腔 | 42.62 | 0.02% | 1.09万 | 4609.77万 | | 002168 | *ST惠程 | 4.07 | 0.00% | 3.85万 | 1567.88万 | | 600279 | 重庆港 | 5.46 | -0.36% | 10.00万 | 5478.97万 | | 601158 | 重庆水务 | 4.55 | -0.44 ...

中国企业自2023年起加速出海，凭借成本与工程能力优势在核心实现市占率加速提升。 高电价&处置费增厚盈利、关注运营及政策风险。 在统一规模（1000吨/日）的假设下测算，乐观情境下东南亚项 【广发环保】固废-东南亚出海视角：内生已稳，外延可期 千亿级市场需求亟待释放，格局重塑进行时 东南亚固废产生量持续扩张与末端处置能力不足（焚烧率 。 中国企业自2023年起加速出海，凭借成本与工程能力优势在核心实现市占率加速提升。 高电价&处置费增厚盈利、关注运营及政策风险。 【广发环保】固废-东南亚出海视角：内生已稳，外延可期 千亿级市场需求亟待释放，格局重塑进行时 东南亚固废产生量持续扩张与末端处置能力不足（焚烧率 。 同时，海外市场的高回报也隐含了更复杂的运营环境与政策博弈，对企业的属地化管理、风险对冲及综合运营能 力提出了更高要求。 #固废——现金流拐点确立，高分红与新曲线共振 1）【经营韧性】2025H1行业平均垃圾处置量、发电量、上网电量同比+8%、+7%、+8%； 2）【报表优化】：行业进入资本开支收缩期（在建产能占比降至10%以内），叠加债务优化带来财务费用下行， 现金流实质性改善。 3）【分红提升】充沛的 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The Southeast Asian waste incineration market is poised for significant growth, with a projected demand for incineration capacity reaching 222,000 tons per day by 2030 and 491,000 tons per day by 2050, representing an investment opportunity exceeding 100 billion [6][15] - The domestic waste incineration market in China has entered a mature phase, with the operational capacity reaching 1.16 million tons per day by the end of 2024, reflecting an 8% year-on-year increase [16][20] - The profitability of waste incineration projects in Southeast Asia is expected to be significantly higher than domestic projects, with potential net profit margins exceeding 25% under optimistic scenarios [6][15] Summary by Sections Domestic Waste Market - The domestic incineration market is relatively saturated, with listed companies' capacity under construction accounting for less than 10% of total operational capacity [16][26] - The business model of waste incineration is resilient, characterized by stable profits and strong cash flow, with a 4.9% year-on-year increase in revenue for the waste incineration sector in Q1-Q3 2025 [28][31] Southeast Asian Waste Incineration Market - Population growth and urbanization are driving waste generation, making incineration the preferred solution for urban management in Southeast Asia [6][15] - The incineration rate in Southeast Asia is expected to accelerate, with significant investment opportunities available [6][15] Profitability and Operational Risks - High electricity prices and disposal fees are enhancing profitability, with revenue from Southeast Asian projects estimated to be 1.8 to 2.7 times that of domestic projects [6][15] - The operational environment in overseas markets presents complexities that require enhanced local management and risk mitigation strategies [6][15] Recommendations - Focus on operators using BOT/BOO models for overseas investments, such as Weiming Environmental, Junxin Co., and China Tianying [6][15] - Consider equipment and engineering firms like Sanfeng Environment that leverage their manufacturing capabilities to enter overseas markets [6][15]

记者丨林典驰 编辑丨骆一帆 视频 丨 杨浩凯 深圳罗湖一场大型城市疤痕修复工程，刷屏网络。 这处名为玉龙填埋场的地方，正在进行迄今为止全国体量最大、全量开挖的垃圾搬迁治理工程。这座已经封场20年的垃圾山，正在开启新的使 命。 玉龙填埋场建于1983年，1997年停用，2005年底封场，总堆填垃圾约250万立方米，可填满1000个国际竞赛泳池 。随着城市建设的快速推进， 它当初所在的城市边缘已变成城市中心区。该修复工程已于2024年开启全量开挖搬迁治理，预计在2026年9月底完成。 21世纪经济报道记者1月25日在现场看到，原来高达110米的垃圾山已被完全削平，填埋场已被巨大的防尘布覆盖。距离开挖现场四五百米的地 方，已建起了垃圾筛分车间，6条巨型传送带正在高速运转。据央视报道，周边居民既看不到裸露的垃圾，也闻不到明显异味。 这些被挖出来的陈年垃圾，在经过筛分精细分类后，部分回收和无害化利用，轻质物将送到生活垃圾焚烧厂进行焚烧发电。 传统的卫生填埋方式因占用大量土地资源、易产生二次污染（如渗滤液、甲烷气体排放）等问题，"垃圾围城"在上世纪90年代一度成为许多大 中城市的严峻挑战。 但谁也没有想到，一场技术革命悄 ...

证券日报网讯1月26日，三峰环境（601827）在互动平台回答投资者提问时表示，垃圾焚烧发电厂与火 电厂燃烧烟气在二氧化碳等污染物成分、浓度等方面存在显著差异。公司碳捕集技术基于垃圾焚烧发电 厂生产工艺研发，并与焚烧后产物处理深度融合，是基于行业前沿技术工艺的研发成果，与火力发电厂 的相关技术路线有显著区别。除这一领域外，公司正在垃圾焚烧电厂余热深度利用、污染物处理、资源 循环利用以及AI智慧焚烧等领域持续推进新技术和新工艺的研发创新工作。 ...

证券日报网讯1月26日，三峰环境（601827）在互动平台回答投资者提问时表示，自21世纪初以来，公 司与德国马丁公司保持了长期的技术合作关系，是马丁公司最重要的全球合作伙伴。2024年，公司与法 国苏伊士集团签署《全面战略合作框架协议》。目前公司正依托合作伙伴在欧盟成员国区域积极开展市 场调研和项目拓展工作，有望在相关市场区域获取更多市场项目。 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in waste incineration and the opportunities for companies to expand overseas, particularly in Southeast Asia and India, where there is a projected increase in waste incineration capacity [10][15] - The report highlights the significant increase in sales of new energy sanitation vehicles and the growth of unmanned sanitation projects, indicating a shift towards automation and electrification in the industry [17][20] - The 2026 strategy focuses on the dual drivers of value and growth, emphasizing the importance of marketization and efficiency improvements in the environmental sector [24][28] Industry Trends - Waste Incineration Growth: The report estimates a potential increase of approximately 500,000 tons/day in waste incineration capacity in ASEAN countries and India, corresponding to an investment scale of about 250 billion yuan [10] - Unmanned Sanitation Equipment: In 2025, the total amount of contracts for unmanned sanitation projects exceeded 12.6 billion yuan, with a year-on-year increase of over 150% [17] - New Energy Sanitation Vehicles: Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate of 21.11%, reflecting a growing trend towards electrification in the sanitation sector [20][30] Company Recommendations - Key companies recommended for investment include Longjing Environmental, Gao Neng Environment, Sains, and others, focusing on their growth potential in both domestic and international markets [4][15] - The report suggests that companies like Weiming Environmental and Sanfeng Environment are expected to benefit significantly from overseas expansion and high-value projects [15][24] - The report also highlights the importance of dividend increases and return on equity (ROE) improvements for companies such as Huanlan Environment and Green Power [15][24] Market Dynamics - The report notes that the profitability of waste incineration projects in Indonesia is significantly higher than in China due to favorable pricing and operational conditions [12][15] - The report indicates that the market for lithium battery recycling is improving, with rising metal prices and better margins for recycling projects [38][39]

Investment Rating - The report maintains a rating of "Buy" for the environmental protection industry [1] Core Insights - The environmental protection industry, particularly in waste incineration, is poised for significant growth, especially in overseas markets such as Southeast Asia and Central Asia, driven by high processing fees and electricity prices [5][10] - The investment potential in the ASEAN countries and India for waste incineration is estimated at approximately 250 billion RMB, with a daily waste incineration capacity increase of about 500,000 tons [5][11] - The profitability of overseas projects, particularly in Indonesia, is enhanced by favorable policies and high revenue from electricity sales, with projected single-ton income significantly higher than domestic projects [19][20] Summary by Sections 1. Waste Incineration Growth and Overseas Market Potential - The ASEAN countries and India are expected to generate a daily waste production of 1.46 million tons by 2024, with a potential waste incineration market space of 248.5 billion RMB if the incineration penetration rate reaches 50% [5][11] - Several domestic waste incineration companies, such as Kangheng Environment and China Tianying, are expanding their operations in Southeast Asia and Central Asia, with significant project footprints established [15][16] 2. Indonesian Policy Driving Business Model Optimization - Indonesia's recent policy changes have shifted the revenue model from local government subsidies to direct agreements with the national electricity company, significantly increasing the electricity price to 0.20 USD per kWh [24][25] - The government plans to construct 33 waste incineration plants nationwide, with a total investment of approximately 5.6 billion USD, indicating a strong commitment to developing the waste-to-energy sector [24][25] 3. Economic Assessment of Indonesian Waste Incineration Projects - Economic assessments show that the single-ton income from Indonesian projects can reach 582 RMB, significantly higher than domestic projects, driven by high processing fees and electricity prices [19][20][31] - The report highlights the sensitivity of project profitability to cost management, with potential increases in return on equity (ROE) if investment and operational costs are optimized [27][28]

Investment Rating - The report maintains a "Buy" rating for several companies in the environmental sector, including Huanlan Environment, Sanfeng Environment, and others, indicating a positive outlook for their stock performance [5]. Core Insights - The environmental industry is entering a critical phase of carbon reduction, with a focus on recycling and waste incineration. The demand for green energy and recycling industries is expected to rise significantly as China transitions to a dual control system for carbon emissions starting in 2026 [4][17]. - The introduction of the EU carbon tariff in 2026 is anticipated to increase the cost of exports from China, prompting companies to adopt greener practices to mitigate carbon emissions [4][17]. - High dividend assets in the environmental sector are expected to remain attractive in 2026, with companies like Guangda Environment and Huanlan Environment showing significant stock price increases in 2025 [4][5]. - The bio-diesel sector is experiencing a rise in UCO prices, which are expected to benefit companies involved in waste oil processing and bio-fuel production [19][25]. Summary by Sections Section 1: Market Performance - The environmental sector has shown strong performance in 2026, with water treatment, energy-saving, and recycling sectors leading the gains. Companies are diversifying into secondary businesses to enhance growth [11][14]. Section 2: Policy and Regulatory Developments - The report highlights the implementation of the "Solid Waste Comprehensive Governance Action Plan" aimed at reducing industrial solid waste and enhancing recycling efforts [33]. - The introduction of the carbon trading market and the EU carbon tariff are significant regulatory changes that will impact the industry [17][31]. Section 3: Company Performance and Recommendations - Key companies recommended for investment include Huanlan Environment, Shanghai Industrial Holdings, and others, which are expected to benefit from favorable market conditions and policy support [4][5]. - The report notes that the environmental sector's valuation is currently at a historical low, suggesting potential for future growth [45][52]. Section 4: Financial Analysis - The financial metrics for key companies indicate a positive outlook, with projected earnings per share (EPS) and price-to-earnings (PE) ratios suggesting undervaluation relative to historical performance [5]. Section 5: Market Trends - The report tracks the performance of various sub-sectors within the environmental industry, noting that energy-saving manufacturing and recycling have shown the most significant growth [49]. Section 6: Export and Pricing Trends - UCO prices have remained strong, with recent data showing a 6.1% increase compared to early 2025, indicating robust demand for bio-diesel feedstock [19][23]. Section 7: Carbon Market Activity - The carbon market has seen significant trading volumes, with recent data indicating a closing price of 78.50 CNY per ton, reflecting ongoing market activity and interest [31]. Section 8: Company Announcements - Recent announcements from companies like Dongjiang Environmental and Zhongyuan Environmental indicate strategic acquisitions aimed at enhancing operational capabilities and market positioning [42].

Core Insights - The report highlights that the electricity reform continues to deepen, and the green methanol market is on the rise [1][3] - In 2025, coal prices remained low, benefiting thermal power companies, while hydropower and nuclear power sectors showed stable operations [4][6] - The report emphasizes the investment potential in various segments of the utility industry, including thermal, hydropower, nuclear, and green energy [4][6] Thermal Power - The comprehensive electricity price for thermal power is expected to remain stable, enhancing the sector's profitability [6] - Coal prices are projected to maintain a low and fluctuating trend in 2026, with improvements in revenue structure due to rising capacity prices [6][53] - The report suggests focusing on regions with smaller electricity price reductions and companies with nationwide layouts to capture stable profits [57][63] Hydropower - The report indicates that large hydropower projects have significant dividend value, especially under low-interest conditions [78] - The construction of hydropower stations in the Lancang and Yarlung Tsangpo rivers is expected to enhance operational flexibility and profitability [75][79] Nuclear Power - The approval of new nuclear power units has become normalized, with a significant number of units under construction and planned for future operation [82][87] - The report notes that the marketization of nuclear power is increasing, with a growing proportion of market transactions [90][93] Green Energy - The report discusses the recovery of green energy installations and the impact of electricity reform on investment value [4][6] - The demand for green methanol is expected to surge due to the International Maritime Organization's (IMO) net-zero framework, which aims for significant emissions reductions by 2050 [105][114] - The report highlights the strong demand for green methanol, with a projected annual demand of approximately 1,107.3 million tons from newly adopted methanol-fueled vessels [115] Waste Incineration - The waste incineration sector is entering a mature phase, with an increase in cash flow and potential for higher dividend payouts [116][121] - The report notes that several companies have committed to long-term dividend plans, indicating a positive outlook for returns [121][124] - The expansion into Southeast Asia is highlighted as a growth opportunity for waste incineration companies [124]