Desalination is a procedure that helps in separating dissolved salts and other minerals from seawater, brackish water, and groundwater & surface water. It is deemed as an alternative sustainable supply of freshwater with the requisite quality and quantity. The key advantage of desalination is that it can provide high-quality drinking water for consumption in areas of water scarcity. Desalination addresses diminishing freshwater supplies as the countries are looking for solutions to deal with water scarcity caused by climate change, industrial development, pollution, and population growth. Innovations in technology have improved energy efficiency, where larger economies of scale have also aided in reducing costs, thereby assisting in the growth of the overall water desalination market.

Zero liquid discharge is a developing water treatment strategy in which wastewater is recycled and purified, leaving slight to no sewage left over when the process is complete. Though the treatment requirements will mainly depend on the application, zero liquid discharge often involves ultrafiltration, evaporation, reverse osmosis, and several other membrane technologies. Rising megatrends in urbanization and industrialization are generating higher stress on the environment, involving the world’s freshwater resources. In several areas worldwide and especially in fast-developing and emerging economies such as India, rapid expansion in industries and manufacturing units are establishing a threat to water quality and enormous stress on water supplies. Concerns associated with water availability risks are expanded in areas inclined to water scarcity.

OVERVIEW A decentralized water and wastewater treatment systems help in providing flexibility and efficiency required to deal with water challenges across the globe. Decentralized water or wastewater treatment is the practice of setting water treatment facilities at the site of demand or supply. It is a sustainable and flexible alternative solution to the large treatment plants that need costly delivery and supply infrastructure. Water scarcity is one of the greatest challenges across the world, which affects not only the environment and human health but also local economies that depend on water for industry, agriculture, and business. Therefore, this generates the requirement for decentralized water treatment facilities to address the problems.

双碳背景下能源结构转型持续推进，而其实质是电力清洁化转型。我国目前推动“碳达峰”、“碳中和”目标实现的核心举措在于构建以新能源为主体的新型电力系统，当前电力结构仍以传统火电为主，其中，2020 年火电发电占比达到67.9%，风电、光伏发电量合计占比为9.5%。基于政策指引，风电、光伏等可再生能源的消纳比重预计将持续提升。

电力方面，2021 年1-10 月用电量68254 亿千瓦时，增长12.2%，用电需求已经恢复到疫情前水平，但近期煤炭供应紧张，价格高位运行，建议配置不受影响的水电、核电公司。环保方面，固废运营类企业如垃圾焚烧与环卫行业，行业景气度高，垃圾焚烧由于环保排放趋严+国补政策退坡，环卫服务行业由于项目大型化、电动化趋势，龙头企业将受益行业集中度提升。天然气方面，提示关注液化天然气上涨对城市燃气企业的影响。本期组合推荐：长江电力（20%）、中国广核（20%）、城发环境（20%）、瀚蓝环境（20%）、龙马环卫（20%）。

“双碳”顶层政策发布，环保公用行业有望价值重塑。本周“双碳” 顶层政策《关于完整准确全面贯彻新发展理念做好碳达峰碳中和工作 的意见》正式发布，在其主要目标中提到“到2060 年非化石能源比 重达到80%以上。”这是目前官方宣布的唯一一个2060 年的量化目 标，表达我国坚定实施碳中和战略的决心，意义重大。《意见》中特 别提到要把节约能源资源放在首位，实行全面节约战略，积极推动能 源结构转型，电力资源有望回归商品属性，电力运营商将价值重塑。

板块持续波动，细分方向分化明显。今年以来，环保板块整体呈现不断 波动、稳中有升的态势，各细分板块相对沪深300 均有大幅领先。随着 碳达峰行动方案的明确，“减污降碳”协同发展的不断推进，碳减排、 减量化与资源化将是贯穿未来较长时间的投资主线，重点关注碳减排、 垃圾焚烧发电、危废资源化、污水资源化、基础设施公募REITs 等五方 面的投资机会。