2013年中央经济工作会议提出了2014年经济工作六大主要任务，明确指出要加大环境治理和保护生态的工作力度、投资力度、政策力度，加强区域联防联控，加强源头治理，把大气污染防治措施真正落到实处。成为市场各方研究解读的重要议题。市场分析认为，空气治理、污水处理、固废处理等三个细分领域将受政策大力扶持，有望成为资本市场的大热门。 2013年环保行业活跃,2014年景气延续。2013年,受益政策推动及环境污染事件频发,环保板块累计上涨了30.76%,大幅领先于沪深300指数。目前环保行业PE(TTM)为58倍,处于历史较高水平,高估值反映了行业的高增长预期。我们认为2014年政策将延续,行业活跃度将继续提升,重点关注政策及投资落实、企业融资并购,跨领域扩张、环保服务化趋势。 大气治理:国内雾霾问题频发,影响范围有扩大趋势,大气治理板块备受重视,政策及投资最为明确。火电脱硝改造步入高峰期,预计持续到2015年底,看好电厂尾气综合治理及特许经营,以及相关的环境监测设备需求。 污水处理:2014年《清洁水行动计划》即将出台,预计水处理投资将达2万亿。 市政污水处理需求稳步增长,工业污水处理投资需求空间达1000亿元以上,未来几年工业污水及膜技术水处理将有显著增长。 固废处理:2015年垃圾焚烧处理设施规模将达到30.72万吨/日,年均复合增长率约为28%,占比提升至35%左右,垃圾焚烧将逐渐成为垃圾处理的重要方式。上市公司垃圾焚烧项目拿单速度加快,未来几年将进入快速增长阶段。

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