Fire sprinkler system includes set of components of a fire suppression system that discharges water after predetermined temperature exceeds and fire is detected. Fire sprinkler system restricts spread of fire by extinguishing it in its early stages. The basic components of fire sprinkler systems include alarm valve, stop valve, fire sprinkler head, alarm test valve, and motorized alarm bell. Fire sprinkler system are employed in various sectors such as energy & power, oil & gas, manufacturing, transportation, and mining. For the purpose of analysis, the market is segmented into type, component, technology, application, and region. Depending on type, the market is segmented into products and services. The products segment is further classified into wet sprinkler system, dry sprinkler system, pre action sprinkler system, and deluge sprinkler system. The services segment is bifurcated into engineering services, installation & design, maintenance services, and inspection & managed services. By component, the market is bifurcated into stop valve, alarm valve, fire sprinkler head, alarm test valve, and motorized alarm bell. By technology, it is bifurcated into active fire protection and passive fire protection. By application, it is divided into residential, commercial, and industrial.

Energy conservation is the most promising way to curb greenhouse gas emissions, thereby ensuring protection to the environment. Industries and commercial organizations release carbon emissions as a byproduct, affecting the environment on a greater front. As a result, the climatic conditions are getting worst. Therefore, implementing energy conservation technologies and maintaining emission standards across all consumer categories can increase energy efficiency and protect the environment. According to the Intergovernmental Panel on Climate Change, by 2050, the carbon emission level would be 50% less compared to the level it was in the year 2000. Hence, there is an urgent requirement for efficient energy management practices in order to identify the areas of energy consumption, areas of excess energy usage, and therefore applying measures to reduce wastage. Moreover, energy management practices need to be implicated across every organizational stage to achieve optimum energy efficiency potential.

垃圾焚烧发电期待政策明朗。投资者对垃圾发电电价补贴政策和垃圾处理费定价的前景存在顾虑。政策明朗有助于投资者对企业中长期盈利前景有更加清晰的判断，并在估值中给予体现。

增持/回购代表产业信心，板块有望迎来“戴维斯双击”。建议重点关注：（1）增持/回购力度较大的联美控股、高能环境等；（2）产业并购频发的固废公司，如旺能环境、瀚蓝环境等；（3）更换控股股东，优化商业模式、卸下历史包袱即将逆境反转的碧水源、中金环境、兴源环境等。

投资建议：碳交易市场是实现碳中和的重要抓手，长期来看将成为企业经营的 重要影响因素。随着CCER审批迎来重启，可再生能源有望获得额外竞争优势 和附加收入，碳约束与碳收益将深刻改变传统能源与可再生能源的比较优势和 优先次序。以光伏、风电、储能、氢能、新能源汽车为代表的新能源，包括供 应链、制造端、运营端在内的全产业链将全面受益。 

《巴黎气候协定》核心目标是将全球气温上升控制在远低于工业革命前水平的2 摄氏度以内，并努力控制在1.5 摄氏度以内，碳中和的概念应运而生，碳中和指企业、团体或个人测算在一定时间内直接或间接产生的温室气体排放总量，通过植树造林、节能减排等一系列二氧化碳减排形式，以抵消自身产生的CO2 排放量，实现CO2“零排放”。

投资建议： 作为2030 碳达峰的落实，预期2030 年前二氧化碳排放达峰的行动方案也将很快出台。届时行业空间将从末端治污向前端减排扩充，带来环保板块新的增长点。我们看好城市碳减排带动环卫新能源装备渗漏率提升的盈峰环境、ST 宏盛，关注龙马环卫。

上交所、深交所发布基础设施公募RE I Is配套业务相关规则， 标志着中国基础设施R El Is渐行渐近。污水处理底层资产盈利稳定、现金流充足、 受经济波动影响小，适合RE I Is的发行，受到了投资者的广泛关注，我们认为污 水处理行业RE I Is有望实现多方共赢。