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。

In terms of volume, the global cladding market was 5,450.0 million sq. meters in 2016, which is expected to increase to 8,224.2 million sq. meters by 2025, at a CAGR of 4.8% over the forecast period. In terms of revenue, the industry is expected to grow from USD 70.58 billion in 2016 to USD 111.19 billion by 2025, growing at a 5.3% CAGR over the forecast period. Increasing consumer awareness regarding the aesthetic appeal and durable benefits of such products leading to increase in demand. Wide availability of raw materials such as steel, aluminum, ceramic and others leading to increase in production levels. Expanding residential & non-residential construction activities to support burgeoning population is expected to remain a key driving factor for cladding materials.