国内产能日渐饱和，人均垃圾产量及焚烧比例均接近发达国家水平。东南亚国家生活习惯与中国较为相似， 且人口密度较大，垃圾焚烧处置设施需求较为紧迫，预计随着经济水平不断提升，或将迎来焚烧替代填埋的高峰建设期。国内垃圾焚烧企业业绩稳定增长，企业自由现金流将大幅改善，企业估值较低，股价下行风险较低，且股息率有可能会进一步提升的背景下，值得关注。

近日，生态环境部发布关于公开征求《京津冀及周边地区、汾渭平原2023-2024年秋冬季大气污染综合治理攻坚行动方案（征求意见稿）》。《方案》提出各城市PM2.5浓度控制和重度及以上污染天数控制的主要目标。在具体任务方面，《方案》提出钢铁行业全流程超低排放改造、企业 VOCs 治理设施建设或改造、散煤治理、落后燃煤锅炉、炉窑淘汰更新等任务。

CCER即将重启，首批项目类型或已明确。根据21世纪经济报，生态环境部正在审 核并将于近期通过第一批温室气体自愿减排方法学或将开放4类项目，包括造林碳汇 (含竹林)、红树林修复、并网海上风电、并网光热发电等。符合条件的项目可以按照方法学要求设计、审定温室气体自愿减排项目，以及核算、核查温室气体自愿减排项目的减排量，也就是可以纳入CCER交易标的。目前对于环保可纳入行业政策并未有提及，但参考历史项目，甲烷减排、循环再生均存在纳入可能。同时，垃圾焚烧可纳入绿证减排。我们更加建议关注CCER等碳中和等事件不断催化对于环保产业远期逻辑的改善。

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

上月（2023年8月）全国碳市场碳排放配额（CEA）总成交量 13,397,711 吨，总成交额 825,755,529.77 元。挂牌协议交易月成交量 1,459,168 吨，月成交额 100,741,840.76 元，最高成交价 75.00 元/吨，最低成交价 62.60 元/吨，8 月最后一个交易日收盘价 68.79 元/吨，较 7 月最后一个交易日上涨 6.26 %。大宗协议交易月成交量 11,938,543 吨，月成交额 725,013,689.01 元。截至 8 月底，全国碳市场碳排放配额（CEA）累计成交量 254,092,076 吨，累计成交额 11,902,978,609.28 元。