核心观点:建议关注:聚光科技、中再资环、瀚蓝环境、金科环境、海螺创业、中金环境、武汉控股、朗坤环境。回顾2024 年:破除偏见,运营资产的“公用事业化”。回顾板块24Q1-3 表现:(1)运营资产成为主流,24Q1~3 固废、水务利润占板块利润已达67%,较2019 年+18pct;(2)投资收缩、现金流改善,板块24Q1~3 投资性现金净流出385 亿元(同比-13.6%)、其中固废、水务等...
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