（文章来源：证券日报） 证券日报网讯 2月10日，伟明环保在互动平台回答投资者提问时表示，安徽盛运科技工程有限公司输送 设备业务稳步恢复发展，并从事环保项目设备总包业务，营收波动主要受环保项目设备总包业务的影 响。公司将密切关注市场动态，持续优化经营策略。 ...

证券日报网讯2月10日，伟明环保（603568）在互动平台回答投资者提问时表示，招远项目特许经营期 25年，桐城项目特许经营期27年，凯里、宁阳、拉萨项目特许经营期30年。具体情况请以盛运环保公开 披露信息为准。 ...

证券日报网讯2月10日，伟明环保（603568）在互动平台回答投资者提问时表示，盛运环保在输送装备 领域拥有成熟的技术和解决方案，支持公司新材料业务相关设备需求。盛运环保将努力做好自身业务与 伟明环保的协同发展。 ...

（文章来源：证券日报） 证券日报网讯 2月10日，伟明环保在互动平台回答投资者提问时表示，垃圾发电项目不同期间的营业收 入可能会受各类停机检修技改、入厂垃圾量、垃圾热值波动和季节性等因素影响。拉萨盛运近年的营收 波动主要受上述第一个因素的影响。 ...

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 ...

公用事业行业周报 25Q4 基金持仓梳理：公用配置回升优 选"红利+成长" ，环保增配固废认可资源 化价值 2026 年 02 月 09 日 【投资要点】 公用事业板块要素动态： 1）电力跟踪：根据江苏电力交易中心公示，2026 年 2 月，江苏集中 竞价交易成交电价 312.80 元/MWh，环比下降 3.67%，同比下降 23.89%。根据山西省电力交易中心公示，2026 年 1 月，山西省月度 中长期交易综合价 288.65 元/MWh，环比下降 1.17%，同比下降 10.95%。2025 年 12 月全国总发电量约 8586 亿千瓦时，同比增加 1.46%，环比增加 10.19%。其中，火电/水电/风电/光伏/核电发电量同 强于大市（维持） 东方财富证券研究所 证券分析师：周喆 证书编号：S1160525040003 证券分析师：林祎楠 证书编号：S1160525080003 联系人：杨培梁 相对指数表现 -10% -2% 6% 14% 22% 30% 2025/2 2025/8 2026/2 公用事业 沪深300 相关研究 《HVO&SAF 及原料价格共振上行，重视 UCO 长期稀缺底色》 202 ...

公用事业行业周报 25Q4 基金持仓梳理：公用配置回升优 选"红利+成长" ，环保增配固废认可资源 化价值 2026 年 02 月 09 日 【投资要点】 公用事业板块要素动态： 1）电力跟踪：根据江苏电力交易中心公示，2026 年 2 月，江苏集中 竞价交易成交电价 312.80 元/MWh，环比下降 3.67%，同比下降 23.89%。根据山西省电力交易中心公示，2026 年 1 月，山西省月度 中长期交易综合价 288.65 元/MWh，环比下降 1.17%，同比下降 10.95%。2025 年 12 月全国总发电量约 8586 亿千瓦时，同比增加 1.46%，环比增加 10.19%。其中，火电/水电/风电/光伏/核电发电量同 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：周喆 证书编号：S1160525040003 证券分析师：林祎楠 证书编号：S1160525080003 联系人：杨培梁 相对指数表现 -10% -2% 6% 14% 22% 30% 2025/2 2025/8 2026/2 公用事业 沪深300 相关研究 《HVO&SAF 及原料价格共振上行，重视 UCO 长 ...

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]

Investment Rating - The report provides a "Buy" rating for several key stocks in the financial and manufacturing sectors, including China Resources Land and Beike-W [15][18][20][21]. Core Insights - The macroeconomic environment shows a continuation of strong supply and weak demand characteristics, with short-term growth pressure remaining manageable [9]. - The real estate sector is experiencing a valuation recovery opportunity for quality developers due to a resonance between fundamentals and policies [10]. - The banking sector is witnessing a recovery from oversold conditions, with stock prices rebounding ahead of improvements in the funding environment [20]. - The non-bank financial sector is expected to benefit from policy-driven high-quality development, with a focus on high-performing stocks [22]. - The new energy sector has established a bottom line, with attention on marginal changes in new technologies [25]. - The machinery sector is gaining order resilience from overseas solar expansion and new business developments, while space solar technology opens growth opportunities [31]. - The environmental sector is focusing on carbon neutrality opportunities, with overseas expansion and metal prices providing elasticity [33]. Summary by Sections Real Estate - The sector is expected to face challenges in 2026, but recent policy easing and improved second-hand housing sales indicate a potential recovery [14]. - China Resources Land is highlighted as a leading developer with strong operational capabilities and a solid financial position, projected to achieve a net profit of 26.2 billion, 27 billion, and 28.2 billion from 2025 to 2027 [15]. Banking - Nanjing Bank is recommended due to its expected double-digit revenue growth in 2025, driven by stable asset quality and improved net interest margins [21]. Non-Bank Financials - New China Life Insurance is noted for its high elasticity and potential for improved returns on equity, with projected intrinsic values of 292.1 billion and 329.0 billion for 2025 and 2026, respectively [24]. New Energy - The storage sector is expected to see demand stability supported by national capacity pricing, while lithium battery technology is anticipated to rebound with improved economic conditions [25]. - JunDa Co. is recognized for its strategic partnerships and potential growth in the space solar sector, with projected profits increasing significantly by 2027 [27]. Machinery - The machinery sector is benefiting from overseas solar project expansions, with companies like DiEr Laser positioned to capitalize on new technologies and increased order volumes [31][32]. Environmental - Weiming Environmental is highlighted for its potential in the Indonesian waste-to-energy market, with expected project launches in early 2026 [39]. - The company is projected to achieve net profits of 2.88 billion and 3.44 billion in 2025 and 2026, respectively [39]. Light Industry - The light industry is seeing a rebound in export-driven companies, with a focus on quality stocks that can leverage cost efficiencies and supply chain advantages [43]. Military Industry - The military sector is expected to benefit from the transition of military technology to civilian applications and increased military trade, with key recommendations including Aviation Power and AVIC Xi'an Aircraft Industry [51][53].

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]