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）。

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.

“专项债+减税+扩内需”，两会聚焦固废、污水等领域。2020 年政府 工作报告强调：（1）扩大内需战略，全年拟安排地方政府专项债 3.75 万亿元（同比+1.6 万亿元），我们观察到 2020 年以来环保专项债占比 大幅提升；（2）加大减税、降费力度，一方面继续下调增值税税率，另 一方面前期减税政策由 6 月前延长至今年年底，环卫等公司受益显著； （3）部署 2020 年环保目标：加强污水、垃圾处置设施建设等。环保 既是“新基建”，又是与扶贫并列的“三大攻坚战”之一，并且存量可 启动项目众多，我们预计 2 季度以后项目需求释放有望加速。

Meter data management system (MDM) is a software that performs long-term data management and storage for the massive quantities of data delivered by smart metering systems. This data consists primarily of usage data and events that are imported from the head-end servers managing the data collection in automatic meter reading (AMR) or advanced metering infrastructure (AMI) systems. This system is a component in the smart grid infrastructure indorsed by utility companies. This also includes meter data analytics, the analysis of data emitted by electric smart meters that record the consumption of electric energy. The adoption of technological advancement in metering technologies facilitates for measuring and monitoring the information. Adoption of advanced Metering Infrastructure offers financial and operational benefits and eradicates the need of on-site meter reading, response to power outages, and improves energy theft detection. It also brings financial gains to various utility companies through lessening the equipment and maintenance costs. It is an integrated system of communication, data management systems, and smart meters that enable communication between utilities and consumers. For instance, the government of India sanctioned about 12 smart grid projects in 2019, which includes the implementation of advanced metering infrastructure. Therefore, the adoption of advanced metering infrastructure is encouraging the adoption & growth of the meter data management system market. Moreover, smart city initiatives by developing countries are expected to create lucrative growth prospects for the meter data management system market worldwide.

盈峰环境位列 84 亿宝安 PPP 大单推荐候选社会资本第一名，“设备+ 运营”类企业优势显著。5 月 13 日中国政府采购网公布 83.9 亿“宝安 区新安、福永和福海街道环卫一体化 PPP 项目”招标评审结果：盈峰 环境子公司中联环境位列推荐候选社会资本第一名，现已进入公示期。 2020 年以来环卫市场化加速，除了宝安项目外，还出现了诸如北控城 市环境中标 70 亿深圳市宝安区新桥和沙井街道环卫一体化 PPP 项目， 旺能环境大股东美欣达斩获山西高平 28 亿订单等，我们可以看到长周 期、一体化、PPP 化环卫运营项目持续释放。