五中全会明确了下一步“推动绿色发展，促进人与自然和谐共生”的生态文明建设主要任务。环保依然是“十四五”规划的主要方向之一，在政策持续深化、财政支持力度加大、融资环境改善的背景下，环保细分赛道将重回高增长的景气周期。

投资建议：关注“十四五规划”，长效发展值得期待。10 月29 日晚，十九届五中全会公报全文对外公布，有关生态环保方面，全会提出了到二〇三五年基本实现社会主义现代化远景目标：广泛形成绿色生产生活方式，碳排放达峰后稳中有降，生态环境根本好转，美丽中国建设目标基本实现。

环保行业跑输大盘，整体位于中下游水平。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）。

我们持续看好去杠杆背景下现金流充足、运营资产良好的公司的长期配置价值，维持环卫子行业“买入”评级。

Fire protection systems are certified products, which are developed according to the standards specified by the government authorities and regulatory bodies to curb fire outbreaks. These products are used for detecting and extinguishing fire. Such systems consist of flame detectors and smoke control devices among other equipment that aid fire emergency. Alarm valves and sprinkler systems are some of the widely used fire protection systems. For the purpose of analysis, the market is segmented into product type, type, end user, and region. The report covers the revenue generated from the sale of various products types, which include fire detection, fire response, fire suppression, and fire analysis. Furthermore, it highlights the different types of fire protection systems available in the market such as active fire protection systems and passive fire protection systems. In addition, it provides information about the application of fire protection systems across various end-user industries, including commercial, industrial, governmental, institutional, and others. The study further covers the revenue garnered from the sale of fire protection systems across North America, Europe, Asia-Pacific, and LAMEA to understand the regional trends.

市场回顾：上周电力及公用事业指数上涨3.15%，沪深300 指数上涨4.05%，电力及公用事业板块跑输大盘0.90 个百分点，电力及公用事业板块涨幅位于30 个中信二级子行业的第15 名。160 家样本公司中，123 家公司上涨，30家公司下跌，7 家公司平盘。天能重工、天翔环境停牌。表现较为突出的个股有*ST 科林、科达制造等；表现较差的个股有凯迪退、西昌电力等。上周推荐组合长江电力（20%）、中国核电（20%）、城发环境（20%）、瀚蓝环境（20%）、龙马环卫（20%）上涨6.61%，跑赢大盘2.56 个百分点，跑赢电力及公用事业指数3.46 个百分点。

上周(1019-1023)上证综指下跌1.75%，深证成指下跌 2.99%，中小板指下跌2.82%，创业板指下跌4.54%，沪深300 指数下跌1.53%，环保工程及服务II （申万）下跌4.20%。细分板块方面，大气治理上涨0.19%，水处理下跌3.24%，固废处置下跌3.48%，土壤修复下跌8.10%，环卫下跌4.05%，环境监测下跌1.47%，生态园林上涨0.43%。个股方面，涨幅较大的个股为雪浪环境（14.95%）、蒙草生态（4.43%）、杭州园林（4.06%），跌幅较大的为巴安水务（-19.35%）、碧水源（-9.29%）、旺能环境（-8.69%）。