根据全国中小企业股转系统 2017年 5 月 30 日发布的《关于正式发布 2017 年创新层挂牌公司名单的公告》，2017 年 484 家新三板环保公司中 61 家进入创新层。其中，2016 年已进入创新层的 48 家环保公司中，31家继续满足创新层标准。

危废无害化可以通过新建专门处置设施，也可以利用现有水泥窑技改进行协同处置，目前水泥窑协同处置 危废在欧洲等地区已经得到较为广泛应用，已经证明是一种高效清洁和经济可行的处置路线。

9 月 11 日-9 月 17 日环保板块上涨了 1.93%，2017 年 PE 28 倍；沪深 300 沪下跌了 0.14%，2017 年 PE 13 倍。涨幅居前：渤海股份、清水源、美尚生态、博世科、美欣达。

Industrial water treatment technologies and filtering procedures are necessary to remove contaminants from these freshwater sources before use. Industrial wastewater is the result of substances that having been dissolved or suspended in water. The objective of the industrial wastewater treatment equipment is to remove those dissolved or suspended substances. The industrial water treatment equipment must be designed specifically for the effluent produced. Various contaminants like waste matter,bacteria, algae, and germs, as well as waste generated by various industries, lead to an increase in the water contamination. The rise in industrialization also contributes to the growth of the market, owing to the increased demand for recycling the water to mitigate the contamination by these industries. The exhaustion of natural freshwater resources increases the need to recycle and reuse water through the implementation of various water treatment techniques. Water quality has been the most important parameter for most of the industries. Industries utilize huge volumes of water for various processes. Most of the industries worldwide have installed a water treatment setup to mitigate the ill-effects of contaminated water, lower operating costs, and reduce environmental footprints. Rapid industrialization and high dependence on clean water are the major drivers for water treatment equipment in the industries.

Environment monitoring and sensing refers to long-term measurement and observation of the air, aquatic, and soil sources. It involves taking multiple samples and measurements for assessing the characteristics of different substances. For instance, the physical, chemical, and biological components of water determine if it is safe for consumption or use in a particular application.An environmental sensing and monitoring system consists of satellites, portable ground and remote sensors, and measurement and model data. Environmental

sensing and monitoring technologies are used in forest fire detection, air pollution monitoring, greenhouse gas (GHG) monitoring, and landslide detection. The demand for environmental sensing and monitoring devices has increased in a wide variety of applications over the last decade.

钢铁行业烟气治理：钢铁行业是工业领域污染大户，主要污染 来自烧结环节。2017 年 6 月，环保部发布《钢铁烧结、球团工 业大气污染物排放标准》，大幅提高钢铁烧结环节排放标准。我 国大部分烧结机都还没有装备脱硝设备，部分脱硫设备也达不 到新的排放标准。保守估计新标准正式出台后预计将带动钢铁 行业除尘脱硫脱硝设备订单 400-600 亿元，将在未来 2 年集中 释放。相关标的：清新环境、龙净环保

2017 年环保公司半年业绩同比上涨 40%。其中，水，固，大气，土壤，监测和节能板块业绩同比增速分别为 32%，30%，16%， 89%，24%和 69%。我们认为下半年策略在防守和进攻型配臵上应各有侧重。水务板块和固废板块因为盈利趋势稳定，回款情况较好，适合防守配臵。而监测板块和节能板块因为盈利趋势向好，并且市场关注度高，我们认为应作为进攻型配臵来对待。

行业进入高速成长期，龙头公司集中度提升：从板块看，水环境治理、监测、再生资源、节能等细分领域实现较高的业绩增速，行业景气度较高，而传统的大气治理、水务运营等板块增速相抵较低。

我们选取 80 家典型环保公司，2017 年上半年环保类上市公司实现营收 1021.23 亿元，同比增长 31.96%，实现归母净利润 123.80 亿元，同比增长 29.42%，远高于 A 股全部上市公司。营收、归母净利润增速都呈加速趋势，行业仍处于高景气周期，且呈现强者恒强的态势。

近日，第四批环保督察全面启动，从前三批环保督察结果来看，问责人数和罚款金额都出现快速增长，显示中央环保督察力度持续趋严。同时，近期各地不少重污染企业被强制兲停，导致钢铁、有色金属产能短期出现短缺，市场对强制兲停企业出现一定质疑，同时认为强治兲停对环保行业构成短期利空。