我们认为1）项目储备弹性、2）融资空间、3）项目预期盈利能力，这三大要素是驱动固废行业股价上涨的核心驱动力。当前固废龙头公司储备项目产能充足，是已投运产能的0.63-1.9 倍，考虑其盈利能力稳定、具备充足杠杆空间推动项目落地，成长确定性高。我们预计固废龙头公司业绩增速有望维持25%以上，当前平均估值水平对应2019 年17 倍P/E 左右，性价比突出。推荐高能环境、光大国际、瀚蓝环境，建议关注旺能环境、伟明环保。

回收商业模式仍需不断完善。国内产业链整体回收体系仍需构建，工信部发布的第一批符合动力电池综合利用行业规范的企业仅有5家。目前动力电池回收市场较为规范的参与者包括动力电池（或材料）生产商、专业第三方回收企业、行业联盟等。目前国内主要参与电池回收的正规厂商多为第三方回收企业，且同车企合作开拓回收渠道，通过与汽车厂商合作，电池能够迅速返回回收工厂，我们预计未来产业链上下游战略联盟与合作将更加深入。

The chapter covers the analysis of the global waste to energy market with respect to different technologies and region. The chapter focuses on the key technologies used globally to the convert waste generated to energy, along with the factors supporting their growth. The segment further analyses the ongoing trends in the industry in the various regions by probing into the regulatory scenarios and the macro & micro economic factors.

The Europe waste to energy market is associated with the major companies providing technology and waste to energy conversion facilities. This varied range of market participants provide opportunities to other players willing to bear the high risks involved in the industry. This chapter details the latest strategies and technological developments adopted by the key market players in the Europe waste to energy market. In order to lead the market as well as engage in the process of market growth, a company needs to work in collaboration with the top market leaders, acquire the relatively weaker companies, bring new products and services to the market, and improve the existing products. Some of the key strategies adopted by the key market players are listed below