每經AI快訊，中國銀河09月05日發布研報稱：給予環保公用推薦（維持）評級。

行(xing)(xing)業(ye)(ye)(ye)觀(guan)點(dian)：電(dian)(dian)(dian)(dian)力(li)(li)(li)(li)方面(mian)，8月(yue)31日12時(shi)11分，山(shan)西電(dian)(dian)(dian)(dian)網(wang)全省光(guang)伏出力(li)(li)(li)(li)達1493萬千瓦(wa)，占(zhan)當時(shi)全省用電(dian)(dian)(dian)(dian)負荷(he)的(de)(de)47.6%，創歷史新(xin)高(gao)(gao)。截(jie)至目(mu)(mu)前，山(shan)西電(dian)(dian)(dian)(dian)網(wang)光(guang)伏裝機(ji)(ji)(ji)總量達到(dao)2018萬千瓦(wa)，占(zhan)全省電(dian)(dian)(dian)(dian)網(wang)裝機(ji)(ji)(ji)容量的(de)(de)19.2%。環(huan)(huan)(huan)保(bao)(bao)(bao)方面(mian)，生態環(huan)(huan)(huan)境(jing)部等八部門發布了(le)關(guan)(guan)于(yu)深化(hua)氣(qi)(qi)候(hou)適應(ying)(ying)(ying)型城(cheng)市(shi)(shi)建(jian)設(she)(she)試點(dian)的(de)(de)通知。通知指(zhi)出，為貫徹落實(shi)《國(guo)(guo)(guo)家(jia)適應(ying)(ying)(ying)氣(qi)(qi)候(hou)變化(hua)戰略(lve)2035》，持(chi)(chi)(chi)續(xu)(xu)實(shi)施(shi)《城(cheng)市(shi)(shi)適應(ying)(ying)(ying)氣(qi)(qi)候(hou)變化(hua)行(xing)(xing)動(dong)方案》，積極探索(suo)氣(qi)(qi)候(hou)適應(ying)(ying)(ying)型城(cheng)市(shi)(shi)建(jian)設(she)(she)路(lu)徑(jing)和模式，有(you)效提(ti)升城(cheng)市(shi)(shi)適應(ying)(ying)(ying)氣(qi)(qi)候(hou)變化(hua)能(neng)(neng)(neng)(neng)力(li)(li)(li)(li)，決定(ding)在前期(qi)工作基礎上進一步深化(hua)氣(qi)(qi)候(hou)適應(ying)(ying)(ying)型城(cheng)市(shi)(shi)建(jian)設(she)(she)試點(dian)工作。投(tou)資策略(lve)及(ji)推薦關(guan)(guan)注標的(de)(de)：公(gong)用：上半年(nian)(nian)火(huo)電(dian)(dian)(dian)(dian)盈利(li)(li)(li)(li)高(gao)(gao)增(zeng)(zeng)長，下(xia)半年(nian)(nian)有(you)望持(chi)(chi)(chi)續(xu)(xu)提(ti)升。以SW火(huo)電(dian)(dian)(dian)(dian)指(zhi)數(shu)(shu)為例，2023H1實(shi)現(xian)(xian)(xian)營(ying)(ying)業(ye)(ye)(ye)收入6021億(yi)元(yuan)（同(tong)比(bi)+9.1%），實(shi)現(xian)(xian)(xian)歸母凈利(li)(li)(li)(li)潤(run)(run)274億(yi)元(yuan)（同(tong)比(bi)+522.3%），毛利(li)(li)(li)(li)率(lv)11.5%（同(tong)比(bi)+5.1pct），凈利(li)(li)(li)(li)率(lv)5.8%（同(tong)比(bi)+4.7pct）。其中(zhong)華(hua)(hua)(hua)能(neng)(neng)(neng)(neng)國(guo)(guo)(guo)際、粵(yue)電(dian)(dian)(dian)(dian)力(li)(li)(li)(li)、上海(hai)電(dian)(dian)(dian)(dian)力(li)(li)(li)(li)等企(qi)業(ye)(ye)(ye)實(shi)現(xian)(xian)(xian)扭(niu)虧為盈，華(hua)(hua)(hua)電(dian)(dian)(dian)(dian)國(guo)(guo)(guo)際、國(guo)(guo)(guo)電(dian)(dian)(dian)(dian)電(dian)(dian)(dian)(dian)力(li)(li)(li)(li)、皖能(neng)(neng)(neng)(neng)電(dian)(dian)(dian)(dian)力(li)(li)(li)(li)、浙(zhe)能(neng)(neng)(neng)(neng)電(dian)(dian)(dian)(dian)力(li)(li)(li)(li)等企(qi)業(ye)(ye)(ye)實(shi)現(xian)(xian)(xian)盈利(li)(li)(li)(li)高(gao)(gao)增(zeng)(zeng)長。隨著迎(ying)峰度(du)夏接近尾聲(sheng)，進入動(dong)力(li)(li)(li)(li)煤消(xiao)費淡(dan)季(ji)，目(mu)(mu)前市(shi)(shi)場煤價(jia)下(xia)降(jiang)至845元(yuan)/噸（同(tong)比(bi)-34%,較去年(nian)(nian)高(gao)(gao)點(dian)-49%），下(xia)半年(nian)(nian)火(huo)電(dian)(dian)(dian)(dian)盈利(li)(li)(li)(li)有(you)望持(chi)(chi)(chi)續(xu)(xu)提(ti)升。建(jian)議關(guan)(guan)注：三峽(xia)能(neng)(neng)(neng)(neng)源（600905.SH）、龍源電(dian)(dian)(dian)(dian)力(li)(li)(li)(li)（001289.SZ）、芯(xin)能(neng)(neng)(neng)(neng)科(ke)(ke)技（603105.SH）、太陽能(neng)(neng)(neng)(neng)（000591.SZ）、中(zhong)閩能(neng)(neng)(neng)(neng)源（600163.SH）、江(jiang)蘇新(xin)能(neng)(neng)(neng)(neng)（603693.SH）、華(hua)(hua)(hua)能(neng)(neng)(neng)(neng)國(guo)(guo)(guo)際（600011.SH）、國(guo)(guo)(guo)電(dian)(dian)(dian)(dian)電(dian)(dian)(dian)(dian)力(li)(li)(li)(li)（600795.SH）、大(da)唐發電(dian)(dian)(dian)(dian)（601991.SH）、浙(zhe)能(neng)(neng)(neng)(neng)電(dian)(dian)(dian)(dian)力(li)(li)(li)(li)（600023.SH）、江(jiang)蘇國(guo)(guo)(guo)信（002608.SZ）、皖能(neng)(neng)(neng)(neng)電(dian)(dian)(dian)(dian)力(li)(li)(li)(li)（000543.SZ）、福能(neng)(neng)(neng)(neng)股份（600483.SH）、粵(yue)電(dian)(dian)(dian)(dian)力(li)(li)(li)(li)A（000539.SZ）、上海(hai)電(dian)(dian)(dian)(dian)力(li)(li)(li)(li)（600021.SH）、寶(bao)新(xin)能(neng)(neng)(neng)(neng)源（000690.SZ）、協鑫能(neng)(neng)(neng)(neng)科(ke)(ke)（002015.SZ）、華(hua)(hua)(hua)能(neng)(neng)(neng)(neng)水電(dian)(dian)(dian)(dian)（600025.SH）、川投(tou)能(neng)(neng)(neng)(neng)源（600674.SH）、九豐(feng)能(neng)(neng)(neng)(neng)源（605090.SH）、新(xin)奧(ao)股份（600803.SH）。環(huan)(huan)(huan)保(bao)(bao)(bao)：環(huan)(huan)(huan)保(bao)(bao)(bao)業(ye)(ye)(ye)績(ji)增(zeng)(zeng)速放緩(huan)，關(guan)(guan)注細分領(ling)域機(ji)(ji)(ji)會(hui)。環(huan)(huan)(huan)保(bao)(bao)(bao)企(qi)業(ye)(ye)(ye)2023上半年(nian)(nian)業(ye)(ye)(ye)績(ji)披露完畢，受經濟下(xia)行(xing)(xing)、行(xing)(xing)業(ye)(ye)(ye)競爭加(jia)劇等多重(zhong)因素影響，環(huan)(huan)(huan)保(bao)(bao)(bao)企(qi)業(ye)(ye)(ye)業(ye)(ye)(ye)績(ji)增(zeng)(zeng)速有(you)所放緩(huan)。以SW環(huan)(huan)(huan)保(bao)(bao)(bao)指(zhi)數(shu)(shu)成分為例，2023H1實(shi)現(xian)(xian)(xian)營(ying)(ying)業(ye)(ye)(ye)收入1508億(yi)元(yuan)，同(tong)比(bi)增(zeng)(zeng)長0.93%，實(shi)現(xian)(xian)(xian)歸母凈利(li)(li)(li)(li)潤(run)(run)114億(yi)元(yuan)，同(tong)比(bi)增(zeng)(zeng)長2.88%。當前環(huan)(huan)(huan)保(bao)(bao)(bao)持(chi)(chi)(chi)倉依舊(jiu)處于(yu)低配，建(jian)議挖(wa)掘(jue)兩(liang)大(da)方向的(de)(de)投(tou)資機(ji)(ji)(ji)會(hui)，一是(shi)有(you)政策催化(hua)、市(shi)(shi)場空(kong)間(jian)大(da)、行(xing)(xing)業(ye)(ye)(ye)景氣(qi)(qi)度(du)高(gao)(gao)的(de)(de)成長性板塊，例如(ru)高(gao)(gao)景氣(qi)(qi)行(xing)(xing)業(ye)(ye)(ye)配套污染治理(li)設(she)(she)備(bei)；二是(shi)自身業(ye)(ye)(ye)務穩健，擁有(you)良好現(xian)(xian)(xian)金流支撐的(de)(de)運(yun)營(ying)(ying)類企(qi)業(ye)(ye)(ye)。建(jian)議關(guan)(guan)注：仕(shi)凈科(ke)(ke)技（301030.SZ）、盛劍環(huan)(huan)(huan)境(jing)（603324.SH）、國(guo)(guo)(guo)林科(ke)(ke)技（300786.SH）、景津裝備(bei)（603279.SH）、美埃科(ke)(ke)技（688376.SH）、高(gao)(gao)能(neng)(neng)(neng)(neng)環(huan)(huan)(huan)境(jing)（603588.SH）、路(lu)德(de)環(huan)(huan)(huan)境(jing)（688156.SZ）、山(shan)高(gao)(gao)環(huan)(huan)(huan)能(neng)(neng)(neng)(neng)（000803.SZ）、偉(wei)明環(huan)(huan)(huan)保(bao)(bao)(bao)（603568.SH）、久吾高(gao)(gao)科(ke)(ke)（300631.SZ）、賽恩斯(si)（688480.SH）、瀚藍環(huan)(huan)(huan)境(jing)（600323.SH）、清(qing)新(xin)環(huan)(huan)(huan)境(jing)（002573.SZ）。行(xing)(xing)業(ye)(ye)(ye)數(shu)(shu)據核心組合表現(xian)(xian)(xian)。

行業動態：1、生態環境部(bu)等(deng)八(ba)部(bu)門發(fa)布關于深化氣(qi)候適應型城市建設試點的通(tong)知；2、《云南(nan)省工業領域碳達峰實施(shi)方案》發(fa)布；3、湖南(nan)省大氣(qi)污染防治(zhi)“守護藍天”攻堅行動計劃（2023—2025年(nian)(nian)）；4、山西電(dian)網光伏出力達1493萬(wan)千瓦(wa)創新高；5、《2023年(nian)(nian)全球(qiu)海上風(feng)電(dian)報告》發(fa)布！預計未來10年(nian)(nian)新增3.8億千瓦(wa)；6、2023年(nian)(nian)第六批可(ke)再生能(neng)源發(fa)電(dian)補(bu)貼項目清單(dan)發(fa)布。

行(xing)(xing)業表(biao)現：環(huan)保(bao)：本周(zhou)(zhou)環(huan)保(bao)指(zhi)數(shu)（申萬）漲(zhang)跌(die)幅(fu)(fu)為-3.00%，相(xiang)對滬深300指(zhi)數(shu)變(bian)化-5.22%，其中惠城(cheng)環(huan)保(bao)、中航泰達、ST星源漲(zhang)幅(fu)(fu)分(fen)別(bie)為18.00%、8.90%、6.72%,表(biao)現較(jiao)(jiao)好(hao)；而清研(yan)環(huan)境、超越(yue)科(ke)技、巴安水務(wu)跌(die)幅(fu)(fu)分(fen)別(bie)為-13.14%、-14.15%、-14.66%，表(biao)現較(jiao)(jiao)差。目前(qian)環(huan)保(bao)行(xing)(xing)業PE(TTM)20.41倍(bei)、PB(LF)1.46倍(bei)。公(gong)用(yong)事(shi)業：本周(zhou)(zhou)公(gong)用(yong)事(shi)業指(zhi)數(shu)（申萬）漲(zhang)跌(die)幅(fu)(fu)為-0.26%，相(xiang)對滬深300指(zhi)數(shu)變(bian)化-2.48%，其中新(xin)疆火炬、林洋能(neng)源、新(xin)天然(ran)氣漲(zhang)幅(fu)(fu)分(fen)別(bie)為13.25%、9.97%、8.53%,表(biao)現較(jiao)(jiao)好(hao)；而陜天然(ran)氣、華能(neng)國際、聯美控股跌(die)幅(fu)(fu)分(fen)別(bie)為-6.18%、-6.32%、-6.68%，表(biao)現較(jiao)(jiao)差。目前(qian)公(gong)用(yong)事(shi)業行(xing)(xing)業PE(TTM)22.55倍(bei)、PB(LF)1.55倍(bei)。碳市(shi)(shi)場(chang)：本周(zhou)(zhou)全(quan)國碳市(shi)(shi)場(chang)綜合價格行(xing)(xing)情：最高價73.71元(yuan)/噸，最低價66.87元(yuan)/噸，收(shou)盤價較(jiao)(jiao)上周(zhou)(zhou)五下跌(die)6.34%。本周(zhou)(zhou)掛牌協議交(jiao)易成(cheng)交(jiao)量983,373噸，成(cheng)交(jiao)額(e)67,900,440.73元(yuan)，大宗協議交(jiao)易成(cheng)交(jiao)量5,477,711噸，成(cheng)交(jiao)額(e)338,909,497.54元(yuan)。本周(zhou)(zhou)全(quan)國碳排(pai)放配額(e)總成(cheng)交(jiao)量6,461,084噸，總成(cheng)交(jiao)額(e)406,809,938.27元(yuan)。截至(zhi)本周(zhou)(zhou)，全(quan)國碳市(shi)(shi)場(chang)碳排(pai)放配額(e)（CEA）累計(ji)成(cheng)交(jiao)量254,484,757噸，累計(ji)成(cheng)160交(jiao)額(e)11,928,103,264.84元(yuan)。

風(feng)(feng)險(xian)(xian)提示：原料價格大幅(fu)波動(dong)的風(feng)(feng)險(xian)(xian)；下游需求(qiu)不及預期的風(feng)(feng)險(xian)(xian)；政策執行力度不及預期的風(feng)(feng)險(xian)(xian)；行業競(jing)爭加劇(ju)的風(feng)(feng)險(xian)(xian)。

每經頭(tou)條（nbdtoutiao）——

(記者 蔡鼎)

免(mian)責聲(sheng)明：本文內容與數據(ju)(ju)僅(jin)供參考(kao)，不構成(cheng)投資建議，使(shi)用前(qian)請核實。據(ju)(ju)此操作，風險自擔。