雄安新区落地提升京津冀及周边地区环境要求，《京津冀及周边地区 2017年大气污染防治工作方案》 正式发布。雄安新区三县隶属保定市，PM2.5 年均浓度 2015年为 107ug/m3，为全球 PM2.5 污染城市里的第十名，2015 年全国 190 城市排名，空气质量倒数第二。雄安新区落地，预计会极大的提升当地的环保治理需求。重点推荐先河环保：1.先河环保是河北唯一的环保上市公司，和地方政府关系紧密。雄安新区落地提升整个京津冀板块的环保要求，各个地方政府以监测为抓手，预计会带来公司的订单爆发。2.包装印刷为雄县支柱产业，先河 15 年与政府签署的 VOCs 治理框架性协议现已重新启动，预计将为 17 年业绩带来额外收益。

雄安新区正式成立，成为继深圳经济特区和上海浦东新区后又一具有全国意义的新区，主要承担疏解北京非首都功能、调整优化京津冀地区城市布局和空间结构、缓解“大城市病” 的职能，生态优先、绿色发展是新区建设过程中主要坚持的原则，建设绿色智慧新城、打造优美生态环境是七大重点任务中的首要任务，提供优质公共服务也是重要任务之一。我们认为，雄安新区的成立与建设，将进一步提升和增加京津冀地区环保生态治理的要求与需求，在大气污染治理、水体与生态治理、环境监测等方面将迎来治理与监管力度的全方位升级。 同时水务等市政公用设施的升级改造也将成为新区建设中保障和改善民生的重要途径和抓手。

The continuous demand placed on emission performance by governments of different countries by means of strict emission standards would require commercial cars to adopt advanced technologies such as EGR, DPF, and SCR to regulate NOx emission levels.The predominance of diesel engines in medium and heavy duty commercial engines is a major driving factor for the SCR market since SCR is primarily installed in diesel engines for controlling NOx emissions.Light commercial vehicles have the highest volume of SCR globally since they outnumber the medium and heavy commercial vehicles by a heavy margin.The increase in the transportation of freight and renewal of aging fleets in the US,China, and India will drive the market for SCR in heavy commercial vehicles.Promotion of alternative fuels and hybrid commercial vehicles by local government bodies in a bid to support green transportation will act as an impediment to the growth of SCR market.This report covers the present scenario and the future prospects of the global selective catalytic reduction (SCR) market for diesel commercial vehicles for 2016-2020.

本周申力、水务、环保、燃气分别上涨 0.07%、-1.52%、-2.61%、-2.93%。 《京津冀及周边地区2017年大气污染防治巟作斱桅》正式収布。配置上，建讧关 注雄安新区“千年大计”下污染治理投资机会，环保有望成为叐益最快、弹性最大 的领域。同旪，环保持续推荐PPP、土壤修复领域，公用亊业建讧以申改、气改及 水资源化改革为主线，寺找叐益二改革的低估值伓质资产。

事件：中共中央、国务院决定设立雄安新区 2017 年 4 月 1 日，中共中央、国务院决定设立雄安新区，包括河北省雄县、 容城、安新 3 县，其定位等同于深圳经济特区和上海浦东新区。设立目的 包括深入推进京津冀协同发展，集中疏解北京非首都功能，探索人口经济 密集地区优化开发新模式，调整优化京津冀城市布局和空间结构，培育创 新驱动发展新引擎等，并提出七大重点任务，环保成为关注重点。

上周表现：环保整体表现弱于市场。上周华创环保指数下跌 3.13%，同期 沪深 300 指数下跌 0.96%，跑输 2.17 个百分点。环保子行业方面，从环 保股涨跌幅均值比较来看，固废>综合环保>智能监测>大气>水处理，涨跌 幅分别为-1.73%、-2.32%、-2.75%、-3.52%、-3.72%。个股方面：天壕 环境(+6.68%)、富春环保(+4.26%)、三维丝(+2.88%)、中电环保(+2.82%) 及中再资环(+1.90%)居涨幅前五；德创环保(-12.58%)、博天环境(-15.91%) 及海峡环保(-17.07%)居跌幅前三。

市场表现：3 月 27 日-4 月 2 日环保板块下跌 2.55%，2017 年 PE25 倍；沪深 300 下跌 0.96%，2017 年 PE11 倍。涨幅居前：  润邦股份、中环装备、天壕环境、富春环保、普邦股份。  <雄安新区新设，支点撬动京津冀环保空间，把握预期差>： 短期看已布局雄安的公司，中长期，新区 2000 平方公里环保 治理撬动京津冀治理空间。关注：1）水生态：建设水城共融 的生态城镇，离不开白洋淀水环境治理保护以及污水循环再生 系统的建设，【棕榈股份】白洋淀水环境保护深度参与。【碧 水源】白洋淀水质劣 v 类，未来膜技术污水处理有望成为生态 重要组成部分

The global fire hose market will be driven by the advances in product technology that enhance the ease of use. For example, layflat fire hoses, appropriate for many applications, help transfer the liquids over a long distance easily as they are lightweight. In contrast, rigid hoses are heavier and require more space and manpower, making them difficult to handle. So, product innovation that enhances convenience will help organizations gain competence and competitiveness in the market. To overcome these challenge vendors are developing lightweight fire hoses. Proper fire safety measures are essential in industries such as industrial, manufacturing, forestry, and commercial. However, the lack of product knowledge and inadequate staffing will restrict the growth of the fire hose market. Providing proper training and improving consumer approach to fire safety will help vendors resolve these issues.

Factors like contamination of residential water supply and hardness of water are largely contributing to the growth of the global residential water treatment equipment market. The increasing interest among governments worldwide to decentralize water treatment in order to produce high-quality water for different household applications at the point-of-entry (POE) and point-of-use (POU) of

individual households is aiding the growth of the market. This entails more economic benefit to the government expenditure on water treatment.Compared to POU, POE equipment is still less-preferred by residential consumers, owing to its high cost. However, it is expected that during the forecast period, the POE segment will grow at a higher rate (21.26%) due to deteriorating water quality at the source.The global residential water treatment equipment market is highly fragmented,competitive, and commoditized. This makes the key leading players vulnerable since technologies like activated carbon, filtration, and RO have limitations and do not offer sufficient protection. With little or no technological differentiation, players in the market will lose market share to players who offer more effective treatment products for a wide range of impurities. Thus, it is expected that technological innovation will drive the market during the forecast period.

上周，市场整体上涨，沪深 300 指数上周上涨 1.27%。长城国瑞（GreatWall Glory）环保行业指数上涨 1.38%，表现继续强于市场。环 保行业整体 PE 估值上升至为 42.35，高于历史均值（40.59），PE 估值溢价（相对沪深 300）上升至 3.26，低于近四年平均水平（3.71）。 目前，共有 48 家环保上市公司公布 2016 年报及业绩快报，归母净利润合计 122.44 亿元，较 2015 年增长 35.47%，其中 24 家公司 2016 年 净利润增速超 30%