Critical infrastructure plays an active and dynamic part in supporting the seamless progression and assimilation of modern society. The performance, safety, reliability, continuous operation, maintenance, and protection of critical infrastructure are among the national priorities for countries around the world. Critical infrastructure (CI) offers essential services that underpin society and serve as the backbone of any nation's economy, health, and security. The power used in homes and industries, potable water, transportation, and communication systems is a part of critical infrastructure. The critical infrastructure sectors comprise assets, networks, and systems, whether physical or virtual. The physical protection of critical infrastructure can prevent the commission of high-impact terrorist attacks and avoid the cascading effects that are frequently associated with such attacks. INTERPOL has observed an increase of 200%, in the number of profiles of foreign terrorist fighters, between January 2017 and April 2018. Further, defense bases and facilities are widely supported by a variety of critical infrastructure and operational technology right from power generation and utilities to building automation and safety systems. Destruction or incapacitation of these bases can have a debilitating effect on the national economic security, safety, or any combination thereof such as loss of power, exposure of confidential information, interruptions to operations, and threats to the safety of personnel.

我们于今年 3 月 23 日发表名为《业绩没有惊喜，大市惊涛骇浪》的行业点评中提出观 点，认为华电福新(816 HK；未评级)和大唐新能源(1798 HK；未评级)两只港股合乎私有 化逻辑。华电福新于本周一(6 月 1 日)正正获得其大股东华电集团提出，按每股 H 股 2.50 港元收购价，进行私有化。该收购价代表公司停牌前股价 1.51 港元之 65.6%溢利；相等 于 6.9 倍 2021 年市盈率及 0.86 倍 2019 年市净率。华电集团表明不会提高收购价。参考 华能新能源(已退市)私有化案例，我们认为是次收购价合理。华能集团于 2019 年 10 月按 每股 H 股 3.17 港元，即相等于 6.3 倍 2020 年市盈率及 1.10 倍 2018 年市净率，提出私有 化华能新能源。

环保行业跑赢大盘，整体位于中游水平。环保子行业盈利分化明显，在环保行业4个子板块中，固废、 水务板块表现相对较好，大气、其他环境业绩下滑幅度较大（大气已剔除营收异常企业）。

我们于今年 3 月 23 日发表名为《业绩没有惊喜，大市惊涛骇浪》的行业点评中提出观 点，认为华电福新(816 HK；未评级)和大唐新能源(1798 HK；未评级)两只港股合乎私有 化逻辑。华电福新于本周一(6 月 1 日)正正获得其大股东华电集团提出，按每股 H 股 2.50 港元收购价，进行私有化。该收购价代表公司停牌前股价 1.51 港元之 65.6%溢利；相等 于 6.9 倍 2021 年市盈率及 0.86 倍 2019 年市净率。华电集团表明不会提高收购价。参考 华能新能源(已退市)私有化案例，我们认为是次收购价合理。华能集团于 2019 年 10 月按 每股 H 股 3.17 港元，即相等于 6.3 倍 2020 年市盈率及 1.10 倍 2018 年市净率，提出私有 化华能新能源。

两会释放积极信号，疫情之下环保工作不放松。两会顺利召开， 政府工作报告中指出，我国的污染防治持续推进，主要污染物排放量 继续下降，生态环境总体改善。疫情之下，环保不会放水，环保方向 不变，力度不减。