每經AI快訊，中國銀河08月14日發布研報稱：給予環保公用推薦（維持）評級。

行業(ye)觀點(dian)：環(huan)(huan)(huan)保(bao)方(fang)面(mian)(mian)，水(shui)利(li)(li)部(bu)、國(guo)(guo)家發(fa)(fa)展(zhan)(zhan)改革委等9部(bu)門(men)聯(lian)合(he)印(yin)發(fa)(fa)《關(guan)(guan)于(yu)(yu)推廣合(he)同(tong)(tong)(tong)節(jie)(jie)(jie)(jie)水(shui)管(guan)理(li)(li)的(de)(de)若干措(cuo)施(shi)(shi)》（以下(xia)簡稱《若干措(cuo)施(shi)(shi)》），提(ti)出了激發(fa)(fa)合(he)同(tong)(tong)(tong)節(jie)(jie)(jie)(jie)水(shui)管(guan)理(li)(li)市場活力(li)、強化合(he)同(tong)(tong)(tong)節(jie)(jie)(jie)(jie)水(shui)管(guan)理(li)(li)技(ji)(ji)(ji)術支(zhi)(zhi)撐、提(ti)升節(jie)(jie)(jie)(jie)水(shui)服務(wu)企(qi)業(ye)能(neng)(neng)(neng)(neng)(neng)(neng)力(li)、加強財稅(shui)金融支(zhi)(zhi)持、做(zuo)好合(he)同(tong)(tong)(tong)節(jie)(jie)(jie)(jie)水(shui)管(guan)理(li)(li)組織實(shi)施(shi)(shi)等5方(fang)面(mian)(mian)15項措(cuo)施(shi)(shi)，為推廣合(he)同(tong)(tong)(tong)節(jie)(jie)(jie)(jie)水(shui)管(guan)理(li)(li)、促(cu)進(jin)(jin)節(jie)(jie)(jie)(jie)水(shui)產業(ye)發(fa)(fa)展(zhan)(zhan)提(ti)供有(you)(you)力(li)支(zhi)(zhi)撐。投(tou)(tou)資策(ce)略及推薦關(guan)(guan)注標(biao)的(de)(de)：公(gong)用：國(guo)(guo)網區域綠電(dian)(dian)(dian)(dian)(dian)交(jiao)(jiao)易(yi)(yi)(yi)(yi)規則(ze)修訂，下(xia)游需(xu)求有(you)(you)望跟進(jin)(jin)。8月9日北(bei)京電(dian)(dian)(dian)(dian)(dian)力(li)交(jiao)(jiao)易(yi)(yi)(yi)(yi)中心發(fa)(fa)布《北(bei)京電(dian)(dian)(dian)(dian)(dian)力(li)交(jiao)(jiao)易(yi)(yi)(yi)(yi)中心綠色電(dian)(dian)(dian)(dian)(dian)力(li)交(jiao)(jiao)易(yi)(yi)(yi)(yi)實(shi)施(shi)(shi)細則(ze)（修訂稿）》。今(jin)年以來(lai)(lai)綠電(dian)(dian)(dian)(dian)(dian)與(yu)綠證(zheng)交(jiao)(jiao)易(yi)(yi)(yi)(yi)規模顯(xian)著擴(kuo)大(da)，上半年國(guo)(guo)網經營區完成(cheng)綠電(dian)(dian)(dian)(dian)(dian)交(jiao)(jiao)易(yi)(yi)(yi)(yi)電(dian)(dian)(dian)(dian)(dian)量(liang)389億千瓦時(shi),超全(quan)年目標(biao)30%;交(jiao)(jiao)易(yi)(yi)(yi)(yi)綠證(zheng)142萬張,占同(tong)(tong)(tong)期全(quan)國(guo)(guo)的(de)(de)72%。隨著綠電(dian)(dian)(dian)(dian)(dian)交(jiao)(jiao)易(yi)(yi)(yi)(yi)細則(ze)進(jin)(jin)一步細化，我們(men)認為各地將(jiang)陸續將(jiang)出臺可(ke)再(zai)生(sheng)能(neng)(neng)(neng)(neng)(neng)(neng)源(yuan)(yuan)(yuan)消納政策(ce)，將(jiang)消納責任合(he)理(li)(li)、科(ke)(ke)(ke)學地分(fen)配給高耗能(neng)(neng)(neng)(neng)(neng)(neng)用戶等下(xia)游需(xu)求側(ce)，綠電(dian)(dian)(dian)(dian)(dian)環(huan)(huan)(huan)境價(jia)值(zhi)有(you)(you)望充分(fen)兌現。建(jian)議(yi)關(guan)(guan)注：三(san)峽能(neng)(neng)(neng)(neng)(neng)(neng)源(yuan)(yuan)(yuan)（600905.SH）、龍(long)源(yuan)(yuan)(yuan)電(dian)(dian)(dian)(dian)(dian)力(li)（001289.SZ）、芯能(neng)(neng)(neng)(neng)(neng)(neng)科(ke)(ke)(ke)技(ji)(ji)(ji)（603105.SH）、太陽能(neng)(neng)(neng)(neng)(neng)(neng)（000591.SZ）、中閩(min)能(neng)(neng)(neng)(neng)(neng)(neng)源(yuan)(yuan)(yuan)（600163.SH）、江(jiang)蘇新(xin)(xin)能(neng)(neng)(neng)(neng)(neng)(neng)（603693.SH）、華(hua)能(neng)(neng)(neng)(neng)(neng)(neng)國(guo)(guo)際（600011.SH）、國(guo)(guo)電(dian)(dian)(dian)(dian)(dian)電(dian)(dian)(dian)(dian)(dian)力(li)（600795.SH）、大(da)唐(tang)發(fa)(fa)電(dian)(dian)(dian)(dian)(dian)（601991.SH）、浙(zhe)能(neng)(neng)(neng)(neng)(neng)(neng)電(dian)(dian)(dian)(dian)(dian)力(li)（600023.SH）、江(jiang)蘇國(guo)(guo)信（002608.SZ）、皖能(neng)(neng)(neng)(neng)(neng)(neng)電(dian)(dian)(dian)(dian)(dian)力(li)（000543.SZ）、福(fu)能(neng)(neng)(neng)(neng)(neng)(neng)股(gu)份（600483.SH）、粵(yue)電(dian)(dian)(dian)(dian)(dian)力(li)A（000539.SZ）、上海(hai)電(dian)(dian)(dian)(dian)(dian)力(li)（600021.SH）、寶新(xin)(xin)能(neng)(neng)(neng)(neng)(neng)(neng)源(yuan)(yuan)(yuan)（000690.SZ）、協鑫能(neng)(neng)(neng)(neng)(neng)(neng)科(ke)(ke)(ke)（002015.SZ）、華(hua)能(neng)(neng)(neng)(neng)(neng)(neng)水(shui)電(dian)(dian)(dian)(dian)(dian)（600025.SH）、川(chuan)投(tou)(tou)能(neng)(neng)(neng)(neng)(neng)(neng)源(yuan)(yuan)(yuan)（600674.SH）、九豐能(neng)(neng)(neng)(neng)(neng)(neng)源(yuan)(yuan)(yuan)（605090.SH）、新(xin)(xin)奧股(gu)份（600803.SH）。環(huan)(huan)(huan)保(bao)：綠證(zheng)擴(kuo)容利(li)(li)好垃(la)圾(ji)焚(fen)(fen)燒(shao)發(fa)(fa)電(dian)(dian)(dian)(dian)(dian)。國(guo)(guo)家發(fa)(fa)改委等三(san)部(bu)委發(fa)(fa)布的(de)(de)《關(guan)(guan)于(yu)(yu)做(zuo)好可(ke)再(zai)生(sheng)能(neng)(neng)(neng)(neng)(neng)(neng)源(yuan)(yuan)(yuan)綠色電(dian)(dian)(dian)(dian)(dian)力(li)證(zheng)書全(quan)覆(fu)蓋(gai)工(gong)作促(cu)進(jin)(jin)可(ke)再(zai)生(sheng)能(neng)(neng)(neng)(neng)(neng)(neng)源(yuan)(yuan)(yuan)電(dian)(dian)(dian)(dian)(dian)力(li)消費的(de)(de)通知》，提(ti)出對綠證(zheng)覆(fu)蓋(gai)范圍全(quan)面(mian)(mian)擴(kuo)容，對風電(dian)(dian)(dian)(dian)(dian)、太陽能(neng)(neng)(neng)(neng)(neng)(neng)發(fa)(fa)電(dian)(dian)(dian)(dian)(dian)、生(sheng)物質發(fa)(fa)電(dian)(dian)(dian)(dian)(dian)、地熱能(neng)(neng)(neng)(neng)(neng)(neng)發(fa)(fa)電(dian)(dian)(dian)(dian)(dian)等可(ke)再(zai)生(sheng)能(neng)(neng)(neng)(neng)(neng)(neng)源(yuan)(yuan)(yuan)發(fa)(fa)電(dian)(dian)(dian)(dian)(dian)項目核發(fa)(fa)可(ke)交(jiao)(jiao)易(yi)(yi)(yi)(yi)綠證(zheng)，對存量(liang)常規水(shui)電(dian)(dian)(dian)(dian)(dian)暫不核發(fa)(fa)可(ke)交(jiao)(jiao)易(yi)(yi)(yi)(yi)綠證(zheng)。政策(ce)要求僅(jin)對于(yu)(yu)不再(zai)享(xiang)受(shou)中央財政補(bu)貼(tie)的(de)(de)項目綠電(dian)(dian)(dian)(dian)(dian)收益(yi)歸發(fa)(fa)電(dian)(dian)(dian)(dian)(dian)企(qi)業(ye)所有(you)(you)，在垃(la)圾(ji)焚(fen)(fen)燒(shao)發(fa)(fa)電(dian)(dian)(dian)(dian)(dian)行業(ye)國(guo)(guo)補(bu)退坡背景(jing)(jing)下(xia)，新(xin)(xin)增垃(la)圾(ji)焚(fen)(fen)燒(shao)項目有(you)(you)望迎來(lai)(lai)多元的(de)(de)收益(yi)潛能(neng)(neng)(neng)(neng)(neng)(neng)。建(jian)議(yi)關(guan)(guan)注：仕(shi)凈(jing)科(ke)(ke)(ke)技(ji)(ji)(ji)（301030.SZ）、盛劍環(huan)(huan)(huan)境（603324.SH）、國(guo)(guo)林科(ke)(ke)(ke)技(ji)(ji)(ji)（300786.SH）、景(jing)(jing)津裝(zhuang)備（603279.SH）、美(mei)埃科(ke)(ke)(ke)技(ji)(ji)(ji)（688376.SH）、高能(neng)(neng)(neng)(neng)(neng)(neng)環(huan)(huan)(huan)境（603588.SH）、路德環(huan)(huan)(huan)境（688156.SZ）、山(shan)高環(huan)(huan)(huan)能(neng)(neng)(neng)(neng)(neng)(neng)（000803.SZ）、偉明(ming)環(huan)(huan)(huan)保(bao)（603568.SH）、久吾高科(ke)(ke)(ke)（300631.SZ）、賽恩斯（688480.SH）、瀚藍(lan)環(huan)(huan)(huan)境（600323.SH）、清新(xin)(xin)環(huan)(huan)(huan)境（002573.SZ）。行業(ye)數據(ju)。

行業動態：1、廈門市“十(shi)(shi)四五”時期“無(wu)廢城市”建(jian)設(she)實(shi)施(shi)方案印發；2、九(jiu)部門出臺措施(shi)推(tui)廣合同節(jie)水管理；3、《天(tian)津市“十(shi)(shi)四五”城市基礎設(she)施(shi)建(jian)設(she)實(shi)施(shi)方案》發布；4、國網區域綠色(se)電(dian)力交(jiao)易(yi)實(shi)施(shi)細則修訂；5、山西(xi)明確跨(kua)省跨(kua)區外(wai)送電(dian)力輔(fu)助(zhu)服務費用分(fen)攤有關事項：跨(kua)省跨(kua)區外(wai)送電(dian)量均應公平承擔費用；6、《山東電(dian)力爬坡輔(fu)助(zhu)服務市場交(jiao)易(yi)規則》：獨立儲能、100MW及以上(shang)發電(dian)機組參與。

行業(ye)(ye)(ye)表(biao)現：環保(bao)：本周(zhou)環保(bao)指(zhi)數(shu)（申萬）漲(zhang)跌(die)幅(fu)為(wei)(wei)-3.07%，相(xiang)對滬深300指(zhi)數(shu)變化0.32%，其中清研環境、*ST京(jing)藍、中環裝(zhuang)備漲(zhang)幅(fu)分(fen)別(bie)為(wei)(wei)14.26%、8.79%、4.69%,表(biao)現較(jiao)好(hao)；而惠城環保(bao)、復潔環保(bao)、聚光科技(ji)跌(die)幅(fu)分(fen)別(bie)為(wei)(wei)-8.89%、-11.46%、-11.76%，表(biao)現較(jiao)差。目前環保(bao)行業(ye)(ye)(ye)PE(TTM)21.76倍(bei)(bei)、PB(LF)1.47倍(bei)(bei)。公(gong)用事業(ye)(ye)(ye)：本周(zhou)公(gong)用事業(ye)(ye)(ye)指(zhi)數(shu)（申萬）漲(zhang)跌(die)幅(fu)為(wei)(wei)-2.22%，相(xiang)對滬深300指(zhi)數(shu)變化1.17%，其中首華燃氣、貴州(zhou)燃氣、水(shui)發(fa)燃氣漲(zhang)幅(fu)分(fen)別(bie)為(wei)(wei)21.46%、8.90%、4.14%,表(biao)現較(jiao)好(hao)；而大(da)連(lian)熱(re)電(dian)、建投(tou)能源、杭州(zhou)熱(re)電(dian)跌(die)幅(fu)分(fen)別(bie)為(wei)(wei)-8.04%、-8.51%、-10.13%，表(biao)現較(jiao)差。目前公(gong)用事業(ye)(ye)(ye)行業(ye)(ye)(ye)PE(TTM)24.03倍(bei)(bei)、PB(LF)1.62倍(bei)(bei)。碳(tan)市(shi)場(chang)(chang)：本周(zhou)全國碳(tan)市(shi)場(chang)(chang)碳(tan)排放配(pei)額(e)（CEA）總成(cheng)(cheng)交(jiao)(jiao)量(liang)836,534噸(dun)，總成(cheng)(cheng)交(jiao)(jiao)額(e)55,524,992.50元(yuan)(yuan)。掛(gua)牌協(xie)議交(jiao)(jiao)易周(zhou)成(cheng)(cheng)交(jiao)(jiao)量(liang)224,534噸(dun)，周(zhou)成(cheng)(cheng)交(jiao)(jiao)額(e)15,080,992.50元(yuan)(yuan)，最(zui)高(gao)成(cheng)(cheng)交(jiao)(jiao)價70.00元(yuan)(yuan)/噸(dun)，最(zui)低成(cheng)(cheng)交(jiao)(jiao)價66.00元(yuan)(yuan)/噸(dun)，本周(zhou)五收盤價為(wei)(wei)69.90元(yuan)(yuan)/噸(dun)，較(jiao)上周(zhou)五上漲(zhang)5.91%。大(da)宗協(xie)議交(jiao)(jiao)易周(zhou)成(cheng)(cheng)交(jiao)(jiao)量(liang)612,000噸(dun)，周(zhou)成(cheng)(cheng)交(jiao)(jiao)額(e)40,444,000.00元(yuan)(yuan)。截至本周(zhou)，全國碳(tan)市(shi)場(chang)(chang)碳(tan)排放配(pei)額(e)（CEA）累計成(cheng)(cheng)交(jiao)(jiao)量(liang)242,044,378噸(dun)，累計成(cheng)(cheng)交(jiao)(jiao)額(e)11,165,407,627.01元(yuan)(yuan)。

風險(xian)提示：原料價格(ge)大幅波動(dong)的(de)風險(xian)；下游需求不及預期(qi)的(de)風險(xian)；政策(ce)執行(xing)力度不及預期(qi)的(de)風險(xian)；行(xing)業(ye)競爭加劇(ju)的(de)風險(xian)。

每經(jing)頭條（nbdtoutiao）——

(記者 王瀚黎)

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