20230718-东吴证券-环保行业点评报告_国家发改委发布_产业结构调整指导目录（2023年本_征求意见稿）__8页_665kb

Summary of Environmental Protection Industry Analysis

Key Findings

• Natural Gas Consumption: 2023M5 gas consumption surged 124% year-on-year, supported by demand回暖 and improved profit margins, potentially leading to valuation upgrades.
• Policy Shift: The move from energy consumption dual control to carbon emission dual control aims to promote clean energy alternatives, enhance green electricity usage, and free up energy space.
• Investment Themes: Focus on semiconductor pollution control devices, water and gas sectors under "Chinese Characteristics Modernization" (中特估), waste resource recovery, and areas like filtration equipment.

Recommendations

• Key Recommendations: New奥股份, 景津装备, 美埃科技, 盛剑环境, 仕净科技, ST龙净, 洪城环境, 光大环境, 瀚蓝环境, 凯美特气, 华特气体, 国林科技, 金科环境, 三联虹普, 赛恩斯, 天壕环境, 英科再生, 高能环境, 九丰能源, 宇通重工.
• Suggested Attention: 蓝天燃气, 重庆水务, 兴蓉环境, 鹏鹞环保, 三峰环境, 再升科技, 卓越新能.

Risks

• Policy implementation delays, fiscal expenditure shortfalls, increased industry competition.