Environmental protection industry expectations: Focus on Philippines Sugar daddy quora, embrace the need
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Looking at the environmental protection industry in 2020, we recommend that investors “focus on the inflection point and embrace the need”. Sugar baby2 main lines to invest: 1) Focus on the inflection point of the water environment management board. In 2020, central enterprises and provincial environmental protection platforms will be the new main body of industry leverage. With the layout and investment of large-scale environmental protection areas, the investment growth rate in the water management sector is expected to exceed the growth rate of infrastructure fixed investment. The performance of water environment listed companies will be improved and will be transformed into light assets with better business forms. The board will not expect to usher in the opportunity for upward revision of industry forecasts and valuations. 2) It is a strong embrace of the areas where the city’s urban governance needs to be directly under the territorial area. We believe that a field that has the potential to be in development and the government’s efforts will be a long-term optimistic investment opportunity, such as burning waste. In the short term, we believe that the yield rate of new projects is at risk. In the long term, we believe that after the reduction, the new projects have higher demands for capital control and operational effectiveness, and that only by operating can it be more powerful, Song Wei answered helplessly. The competition is unsatisfactory.
Focus on the turning point of the water environment management board
Focus on the turning point of the water environment management field where business performance and valuation have been double-killed in the past two and a half years. The rise and fall cycle of the water treatment industry over the past 10 years has been in the water treatment industry, and the financial leverage of environmental protection policy and the entire industry link are the key reasons for pushing up stock prices.
From the perspective of industry needs, the buyer of environmental protection is the authority, and the environmental protection needs of the authority come from the driving force of the policy. With the relaxation of policy redemption, expectations of growth in investment in the ecological sector continue to rise, and the market space of environmental protection enterprises is also increasing. This is an aspect that drives industry valuation. The continuous growth of financial leverage between the authorities and enterprises is the reason for the continuous growth of project investment and company orders, which directly reflects the focus of the company’s performance growth. Financial leverage increases, and industry growth continues to strengthen future growth expectations and drive valuation to rise. While the industry chain began to move to the financial leverage stage, the industry growth expectations and valuations fell sharply.
Picture: Basin ManagementSugarbabyLong Head Enterprises are affected by policies
Source: Wande Information, CICC Research Department, *Relative Entrepreneurship Board Index Revenue
Previous Source: Financial leverage has a significant impact on the performance of the company
<p style="text-align: Source of information: Wande Information, CICC Research Department, *Relative Entrepreneurship Index Revenue
In 2019, the “mixed reform” foundation of many local enterprises in the water environment industry, including Sanxia Group, China Communications Group, China Communications Group, China Integrated Corporation and other central enterprises, were completed, and the financial situation was significantly improved. In addition, local provincial environmental protection platforms have been established in various provinces. Looking toward 2020, we believe that central enterprises with strong financial strength and provincial environmental protection platforms will be the new body for the future industry to leverage, and continue to increase the layout and investment of large environmental protection areas, and the investment growth rate in the water management sector is expected to exceed the growth rate of infrastructure fixed investment. According to the forecast of CICC Hong Kong Group, the release of special debt at the age of age will still accelerate, the financial deficit ratio may increase to 3%, and the growth rate of infrastructure investment will not be expected to rise from 4% this year to 6%.
The market believes that infrastructure will play more roles in the future, and the growth rate will not return to the continuous high growth of the past, and the market may continue to set valuations. Considering that the grief expectation has reflected in the valuation at the bottom of the current history, we believe that the industry performance growth rate of water environment listed companies after mixed reform will be improved, and will be transformed into light assets with better business forms. The board is expected to welcome the opportunity for industrial performance expectations and valuation upward revisions. We recommend that we pay attention to Longtou Company that has completed mixed reform.
Picture: Business form changes to light asset form
Sugar daddy, China Securities Research and Development Department, *Sugar daddyThe shareholding ratio is only an example
The area that actively embraces the municipal governance of the bureau that needs income
Under the macro-concept of tax reduction and real estate control, the finances that are incurred may have a certain amount of pressure in the long run. However, we believe that the area where the bureau has just paid for investment will be optimistic about investment opportunities in the long run, such as burning of dregs. The market’s concern lies in the negative impact of the implementation of the policy reduction policy. We believe that new projects after the policy boots are implemented. The rate of return is in danger of market risks, which leads to short-term negative news. But in the long run, we believe that after the reduction of funds, the new project will require higher capital control and operational effectiveness, and the competitive advantages of enterprises with stronger operational capacity will be strengthened; on the other hand, in the future, the domestic charging system will be strengthened. As the tree stands slowly, the source of project revenue will be more guaranteed.
In terms of specificity, the policy continues to be beneficial and reshapes the form of solid waste chain business. Since 2H18, solid waste chain policies have continued to be released, and we are optimistic about the extreme benefits of the policy for solid waste chain Pinay escort Effect:
1) In a photo of the leak, fans found that she wore a wedding ring on her finger and sorted the slag handling complaints from Sugar baby‘s previous “harmless” move to “source reduction, final resource application”. In the dream of her career, the heroine got everything. href=”https://philippines-sugar.net/”>Sugar daddy has achieved results, and the lowest-achieving Ye Qiu Dregs are deployed in an orderly manner in each zone. And we are optimistic about the classification and request for the system of the waste collection;
2Sugar baby baby) The final disposal is in progress, and the operation of the debris classification brings moisture debris disposal to third-party disposal demands; while the debris is divided into debris.The demand for dry residue can reduce the demand for dry residue, but considering the large demand for landfill replacement, and the classification of residues helps to maintain the heat of life. Therefore, in the long run, the demand for incineration capacity still has a large space for recovery; 3) Career charges can effectively enhance the ability of the agency to pay, expand the entire source of solid waste industry chain expenditure, and benefit the guarantee of industrial chain cash flow.
Picture: Fixed waste industry chain policies are intensive.
Data source: BeijiSugar daddySugar daddySugar daddySugar daddySugar daddy href=”https://philippines-sugar.net/”>Escort, CICC Research Department
In addition, we believe that the trend of market-based fees in life has been confirmed, and the current relevant laws and policies of various agencies are continuing to be promoted. If successful implementation of the waste collection fee, it will help the department to pay pressure and strengthen the entire solid waste industry chain. We believe that the large solid waste industry chain policies are intensive, TC: