834 lines
40 KiB
HTML
834 lines
40 KiB
HTML
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<!DOCTYPE html>
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<html lang="zh-CN">
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<head>
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<meta charset="utf-8" />
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<meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
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<title>垃圾发电IDC概念分析报告</title>
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<style>
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body {
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font-family: 'Inter', sans-serif;
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background: linear-gradient(135deg, #f5f7fa 0%, #c3cfe2 100%);
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min-height: 100vh;
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.card {
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backdrop-filter: blur(10px);
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background-color: rgba(255, 255, 255, 0.85);
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box-shadow: 0 8px 32px 0 rgba(31, 38, 135, 0.1);
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border: 1px solid rgba(255, 255, 255, 0.18);
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background: linear-gradient(90deg, #11998e 0%, #38ef7d 100%);
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-webkit-text-fill-color: transparent;
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width: 12px;
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.table-responsive {
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overflow-x: auto;
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@media (max-width: 768px) {
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.card {
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margin-bottom: 1rem;
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}
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}
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</style>
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</head>
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<body class="p-4 md:p-8">
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<div id="particles-js" class="fixed inset-0 -z-10"></div>
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<div class="max-w-7xl mx-auto">
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<!-- 标题区域 -->
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<div class="text-center mb-10">
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<h1 class="text-4xl md:text-5xl font-bold gradient-text mb-4">垃圾发电IDC概念分析</h1>
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<p class="text-gray-600 text-lg">政策倒逼+资源稀缺+现金流改善的三重共振</p>
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</div>
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<!-- 核心观点摘要 -->
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<div class="card rounded-xl p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-4 flex items-center">
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<i class="fas fa-lightbulb text-green-500 mr-3"></i>核心观点摘要
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</h2>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
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<div class="bg-green-50 p-4 rounded-lg">
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<h3 class="font-semibold text-green-700 mb-2">阶段判断</h3>
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<p class="text-sm text-gray-700">垃圾发电IDC已从"政策驱动"进入"订单验证"阶段，2025Q3-Q4将迎来首批商业化项目落地（黎明、长沙、吉尔吉斯项目）。</p>
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</div>
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<div class="bg-blue-50 p-4 rounded-lg">
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<h3 class="font-semibold text-blue-700 mb-2">核心驱动力</h3>
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<p class="text-sm text-gray-700">政策强制绿电比例（80%）+能耗指标收紧（PUE≤1.2）+垃圾焚烧企业现金流改善（资本开支下降+补贴退坡倒逼转型）。</p>
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</div>
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<div class="bg-purple-50 p-4 rounded-lg">
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<h3 class="font-semibold text-purple-700 mb-2">未来潜力</h3>
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<p class="text-sm text-gray-700">仅长三角/粤港澳/京津冀三大枢纽潜在需求超3000MW（对应150个2000吨/日项目），当前渗透率<5%。</p>
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</div>
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</div>
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</div>
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<!-- 概念事件时间轴 -->
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<div class="card rounded-xl p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<i class="fas fa-history text-blue-500 mr-3"></i>概念事件时间轴
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</h2>
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<div class="relative pl-8">
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<div class="timeline-line"></div>
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<div class="space-y-6">
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<div class="relative">
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<div class="timeline-dot"></div>
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<div class="bg-white p-4 rounded-lg shadow-sm">
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<div class="flex flex-col md:flex-row md:items-center">
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<span class="font-bold text-blue-600 mr-4">2023-05</span>
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<div>
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<p class="font-medium">上海浦东"黎明智算中心"获能耗指标批复</p>
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<p class="text-sm text-gray-600">首次提出"垃圾焚烧+IDC"零碳方案（2000吨/日垃圾焚烧直供18MW数据中心，PUE目标<1.2）</p>
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<p class="text-xs text-gray-500 mt-1">来源：路演纪要</p>
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</div>
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</div>
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</div>
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</div>
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<div class="relative">
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<div class="timeline-dot"></div>
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<div class="bg-white p-4 rounded-lg shadow-sm">
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<div class="flex flex-col md:flex-row md:items-center">
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<span class="font-bold text-blue-600 mr-4">2024-07</span>
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<div>
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<p class="font-medium">国家发改委《数据中心绿色低碳行动计划》发布</p>
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<p class="text-sm text-gray-600">明确：2025年底国家枢纽节点新建IDC绿电占比≥80%，PUE≤1.25</p>
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<p class="text-xs text-gray-500 mt-1">来源：政策文件</p>
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</div>
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</div>
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</div>
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</div>
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<div class="relative">
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<div class="timeline-dot"></div>
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<div class="bg-white p-4 rounded-lg shadow-sm">
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<div class="flex flex-col md:flex-row md:items-center">
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<span class="font-bold text-blue-600 mr-4">2025-02-24</span>
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<div>
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<p class="font-medium">多家券商集中发布深度报告</p>
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<p class="text-sm text-gray-600">广发、东吴、国君等测算垃圾焚烧与IDC协同的盈利弹性（ROE可从12%提升至17%-18%）</p>
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<p class="text-xs text-gray-500 mt-1">来源：研报</p>
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</div>
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</div>
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</div>
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</div>
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<div class="relative">
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<div class="timeline-dot"></div>
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<div class="bg-white p-4 rounded-lg shadow-sm">
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<div class="flex flex-col md:flex-row md:items-center">
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<span class="font-bold text-blue-600 mr-4">2025-03-17</span>
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<div>
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<p class="font-medium">环保板块集体大涨</p>
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<p class="text-sm text-gray-600">军信股份、伟明环保涨停，市场首次将"垃圾发电IDC"作为独立主题炒作</p>
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<p class="text-xs text-gray-500 mt-1">来源：新闻</p>
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</div>
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</div>
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</div>
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</div>
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<div class="relative">
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<div class="timeline-dot"></div>
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<div class="bg-white p-4 rounded-lg shadow-sm">
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<div class="flex flex-col md:flex-row md:items-center">
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<span class="font-bold text-blue-600 mr-4">2025-03-29</span>
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<div>
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<p class="font-medium">长江云基础透露环京将收紧IDC新增能耗批复</p>
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<p class="text-sm text-gray-600">存量垃圾焚烧资源（如绿色动力北京2850吨/日、光大天津5250吨/日）成为稀缺资产</p>
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<p class="text-xs text-gray-500 mt-1">来源：产业链反馈</p>
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</div>
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</div>
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</div>
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</div>
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<div class="relative">
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<div class="timeline-dot"></div>
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<div class="bg-white p-4 rounded-lg shadow-sm">
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<div class="flex flex-col md:flex-row md:items-center">
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<span class="font-bold text-blue-600 mr-4">2025-06</span>
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<div>
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<p class="font-medium">军信股份吉尔吉斯斯坦项目落地</p>
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<p class="text-sm text-gray-600">"垃圾焚烧+IDC"项目落地（2000吨/日配套1万卡算力），标志模式出海</p>
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<p class="text-xs text-gray-500 mt-1">来源：公司公告</p>
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</div>
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</div>
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</div>
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</div>
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</div>
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</div>
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</div>
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<!-- 核心驱动力 -->
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<div class="card rounded-xl p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<i class="fas fa-rocket text-green-500 mr-3"></i>核心驱动力（三重共振）
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</h2>
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<div class="overflow-x-auto">
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<table class="min-w-full bg-white rounded-lg overflow-hidden">
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<thead class="bg-gray-100">
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<tr>
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<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">维度</th>
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<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">逻辑</th>
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<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">数据支撑</th>
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</tr>
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</thead>
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<tbody class="divide-y divide-gray-200">
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<tr>
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<td class="py-4 px-4 font-medium text-green-600">政策</td>
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<td class="py-4 px-4">绿电配额+能耗双控</td>
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<td class="py-4 px-4">2025年枢纽节点IDC绿电占比≥80%，北京/河北对PUE>1.3项目加价0.2-0.5元/度</td>
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</tr>
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<tr>
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<td class="py-4 px-4 font-medium text-blue-600">经济性</td>
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<td class="py-4 px-4">垃圾焚烧直供电价0.55元/度 vs 工商业电价0.8元/度</td>
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<td class="py-4 px-4">东吴测算：20MW项目IRR从7.7%提升至11.7%（隔墙售电情景）</td>
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</tr>
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<tr>
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<td class="py-4 px-4 font-medium text-purple-600">资源稀缺</td>
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<td class="py-4 px-4">环京/长三角能耗指标冻结</td>
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<td class="py-4 px-4">河北2025年3月起暂停新增IDC能耗批复，润泽500MW储备成绝版</td>
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</tr>
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</tbody>
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</table>
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</div>
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</div>
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<!-- 市场热度与情绪 -->
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<div class="card rounded-xl p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<i class="fas fa-fire text-orange-500 mr-3"></i>市场热度与情绪
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</h2>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-6">
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<div class="bg-orange-50 p-5 rounded-lg">
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<div class="flex items-center mb-3">
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<i class="fas fa-file-alt text-orange-500 text-xl mr-2"></i>
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<h3 class="font-semibold text-lg">研报密度</h3>
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</div>
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<p class="text-3xl font-bold text-orange-600 mb-2">15篇</p>
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<p class="text-sm text-gray-600">2025年2-4月相关研报（vs 2024年全年仅3篇），覆盖环保、计算机、公用事业三大行业</p>
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</div>
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<div class="bg-blue-50 p-5 rounded-lg">
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<div class="flex items-center mb-3">
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<i class="fas fa-chart-line text-blue-500 text-xl mr-2"></i>
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<h3 class="font-semibold text-lg">资金行为</h3>
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</div>
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<p class="text-3xl font-bold text-blue-600 mb-2">15%涨停</p>
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<p class="text-sm text-gray-600">3月17日环保板块放量大涨，军信股份涨停（龙虎榜显示机构净买入1.2亿）</p>
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</div>
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<div class="bg-green-50 p-5 rounded-lg">
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<div class="flex items-center mb-3">
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<i class="fas fa-comments text-green-500 text-xl mr-2"></i>
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<h3 class="font-semibold text-lg">情绪指标</h3>
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</div>
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<p class="text-3xl font-bold text-green-600 mb-2">12次/周</p>
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<p class="text-sm text-gray-600">路演纪要中"垃圾焚烧IDC"提及频次从2月3次/周升至5月12次/周</p>
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</div>
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</div>
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</div>
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<!-- 预期差分析 -->
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<div class="card rounded-xl p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<i class="fas fa-balance-scale text-purple-500 mr-3"></i>预期差分析
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</h2>
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<div class="overflow-x-auto">
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<table class="min-w-full bg-white rounded-lg overflow-hidden">
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<thead class="bg-gray-100">
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<tr>
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<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">市场共识</th>
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<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">潜在预期差</th>
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<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">验证数据</th>
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</tr>
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</thead>
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<tbody class="divide-y divide-gray-200">
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<tr>
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<td class="py-4 px-4">垃圾焚烧仅提供绿电</td>
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<td class="py-4 px-4 font-medium text-purple-600">余热制冷可降低PUE 0.1-0.15（黎明项目实测）</td>
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<td class="py-4 px-4">华源路演：溴化锂机组对PUE贡献被低估</td>
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</tr>
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<tr>
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<td class="py-4 px-4">需新建焚烧厂</td>
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<td class="py-4 px-4 font-medium text-purple-600">存量厂改造即可（长沙黑麋峰1万吨/日项目）</td>
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<td class="py-4 px-4">军信股份：3800亩园区无需新增用地</td>
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</tr>
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<tr>
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<td class="py-4 px-4">政策落地慢</td>
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<td class="py-4 px-4 font-medium text-purple-600">上海/湖南已出台补贴（2000万元/项目）</td>
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<td class="py-4 px-4">湖南省对PUE≤1.3项目补贴10%建设费</td>
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</tr>
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</tbody>
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</table>
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</div>
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</div>
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<!-- 催化剂与发展路径 -->
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||
<div class="card rounded-xl p-6 mb-8">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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||
<i class="fas fa-route text-indigo-500 mr-3"></i>催化剂与发展路径
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</h2>
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||
<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
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||
<div>
|
||
<h3 class="text-xl font-semibold text-gray-700 mb-4">近期催化剂（3-6个月）</h3>
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||
<div class="space-y-3">
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<div class="flex items-start">
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<span class="bg-indigo-100 text-indigo-800 text-xs font-semibold px-2.5 py-0.5 rounded mr-3 mt-1">1</span>
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<div>
|
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<p class="font-medium">黎明项目商运（2025年10月）</p>
|
||
<p class="text-sm text-gray-600">首个标杆项目落地将验证经济性（目标IRR>15%）</p>
|
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</div>
|
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</div>
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<div class="flex items-start">
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<span class="bg-indigo-100 text-indigo-800 text-xs font-semibold px-2.5 py-0.5 rounded mr-3 mt-1">2</span>
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<div>
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<p class="font-medium">长沙三期招标（2025Q3）</p>
|
||
<p class="text-sm text-gray-600">军信股份4000吨/日项目或引入IDC合作方</p>
|
||
</div>
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</div>
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<div class="flex items-start">
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||
<span class="bg-indigo-100 text-indigo-800 text-xs font-semibold px-2.5 py-0.5 rounded mr-3 mt-1">3</span>
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<div>
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<p class="font-medium">隔墙售电政策突破</p>
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||
<p class="text-sm text-gray-600">江苏/湖南试点扩容，垃圾焚烧或纳入绿电直连目录</p>
|
||
</div>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-xl font-semibold text-gray-700 mb-4">长期路径（2025-2030）</h3>
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<div class="bg-gray-50 p-4 rounded-lg">
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<div class="flex flex-col items-center">
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<div class="flex items-center mb-2">
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<div class="bg-indigo-500 text-white text-xs font-semibold px-3 py-1 rounded">2025</div>
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<div class="h-0.5 bg-indigo-500 w-8 mx-2"></div>
|
||
<div class="text-sm text-gray-700">政策强制绿电80%</div>
|
||
</div>
|
||
<div class="h-8 w-0.5 bg-indigo-500"></div>
|
||
<div class="flex items-center mb-2">
|
||
<div class="bg-indigo-500 text-white text-xs font-semibold px-3 py-1 rounded">2026</div>
|
||
<div class="h-0.5 bg-indigo-500 w-8 mx-2"></div>
|
||
<div class="text-sm text-gray-700">首批项目IRR验证</div>
|
||
</div>
|
||
<div class="h-8 w-0.5 bg-indigo-500"></div>
|
||
<div class="flex items-center mb-2">
|
||
<div class="bg-indigo-500 text-white text-xs font-semibold px-3 py-1 rounded">2027</div>
|
||
<div class="h-0.5 bg-indigo-500 w-8 mx-2"></div>
|
||
<div class="text-sm text-gray-700">商业模式标准化</div>
|
||
</div>
|
||
<div class="h-8 w-0.5 bg-indigo-500"></div>
|
||
<div class="flex items-center mb-2">
|
||
<div class="bg-indigo-500 text-white text-xs font-semibold px-3 py-1 rounded">2028</div>
|
||
<div class="h-0.5 bg-indigo-500 w-8 mx-2"></div>
|
||
<div class="text-sm text-gray-700">存量厂改造潮</div>
|
||
</div>
|
||
<div class="h-8 w-0.5 bg-indigo-500"></div>
|
||
<div class="flex items-center">
|
||
<div class="bg-indigo-500 text-white text-xs font-semibold px-3 py-1 rounded">2030</div>
|
||
<div class="h-0.5 bg-indigo-500 w-8 mx-2"></div>
|
||
<div class="text-sm text-gray-700">渗透率30%+</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 产业链与核心公司 -->
|
||
<div class="card rounded-xl p-6 mb-8">
|
||
<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
|
||
<i class="fas fa-sitemap text-teal-500 mr-3"></i>产业链与核心公司
|
||
</h2>
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-6 mb-6">
|
||
<div class="bg-teal-50 p-4 rounded-lg">
|
||
<h3 class="font-semibold text-teal-700 mb-2">上游</h3>
|
||
<p class="text-sm text-gray-700">垃圾焚烧设备（三峰环境）、溴化锂机组（双良节能）</p>
|
||
</div>
|
||
<div class="bg-blue-50 p-4 rounded-lg">
|
||
<h3 class="font-semibold text-blue-700 mb-2">中游</h3>
|
||
<p class="text-sm text-gray-700">垃圾焚烧运营商（永兴股份、军信股份）</p>
|
||
</div>
|
||
<div class="bg-purple-50 p-4 rounded-lg">
|
||
<h3 class="font-semibold text-purple-700 mb-2">下游</h3>
|
||
<p class="text-sm text-gray-700">IDC运营商（润泽科技）、云厂商（阿里云）</p>
|
||
</div>
|
||
</div>
|
||
|
||
<h3 class="text-xl font-semibold text-gray-700 mb-4">核心玩家对比</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="min-w-full bg-white rounded-lg overflow-hidden">
|
||
<thead class="bg-gray-100">
|
||
<tr>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">公司</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">区位卡位</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">产能匹配</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">合作进展</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">风险点</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody class="divide-y divide-gray-200">
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">永兴股份</td>
|
||
<td class="py-3 px-4">广州（粤港澳枢纽）</td>
|
||
<td class="py-3 px-4 font-medium text-green-600">97%产能≥1000吨/日</td>
|
||
<td class="py-3 px-4">与广州政府共建智算中心</td>
|
||
<td class="py-3 px-4">广东电价低于长三角</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">军信股份</td>
|
||
<td class="py-3 px-4">长沙（中部算力节点）</td>
|
||
<td class="py-3 px-4 font-medium text-green-600">85%产能匹配</td>
|
||
<td class="py-3 px-4">吉尔吉斯项目已签框架协议</td>
|
||
<td class="py-3 px-4">海外政治风险</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">瀚蓝环境</td>
|
||
<td class="py-3 px-4">韶关（粤港澳集群）</td>
|
||
<td class="py-3 px-4 font-medium text-green-600">72%产能匹配</td>
|
||
<td class="py-3 px-4">并购粤丰后规模跃居前三</td>
|
||
<td class="py-3 px-4">整合进度不及预期</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">伟明环保</td>
|
||
<td class="py-3 px-4">温州（长三角边缘）</td>
|
||
<td class="py-3 px-4 font-medium text-yellow-600">45%产能匹配</td>
|
||
<td class="py-3 px-4">与温州移动合作落地</td>
|
||
<td class="py-3 px-4">项目规模较小</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 关联股票数据 -->
|
||
<div class="card rounded-xl p-6 mb-8">
|
||
<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
|
||
<i class="fas fa-chart-bar text-red-500 mr-3"></i>关联股票数据
|
||
</h2>
|
||
<div class="overflow-x-auto">
|
||
<table class="min-w-full bg-white rounded-lg overflow-hidden">
|
||
<thead class="bg-gray-100">
|
||
<tr>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">股票名称</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">处理规模(万吨/日)</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">垃圾发电营收占比(%)</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">核心地区</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">其他看点</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">资料来源</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">推荐理由</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody class="divide-y divide-gray-200">
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">瀚蓝环境</td>
|
||
<td class="py-3 px-4">3.6</td>
|
||
<td class="py-3 px-4"><53%</td>
|
||
<td class="py-3 px-4">广东</td>
|
||
<td class="py-3 px-4">并购后7.5万吨；固废处理营收占比53%</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">处理规模和固废处理营收占比高，广东地区布局完善</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">城发环境</td>
|
||
<td class="py-3 px-4">3.5</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">郑州、华中</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">华中地区重点布局，处理规模较大</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">旺能环境</td>
|
||
<td class="py-3 px-4">2.57</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">浙江</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">搜公告</td>
|
||
<td class="py-3 px-4">浙江地区垃圾发电业务集中</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">永清环保</td>
|
||
<td class="py-3 px-4">0.8</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">湖南</td>
|
||
<td class="py-3 px-4">湖南省环境治理领域的龙头</td>
|
||
<td class="py-3 px-4">搜公告</td>
|
||
<td class="py-3 px-4">湖南地区环境治理龙头企业</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">福龙马</td>
|
||
<td class="py-3 px-4">0.62</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">福建、华东、华中</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">华东及华中地区业务覆盖较广</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">中国天楹</td>
|
||
<td class="py-3 px-4">0.56</td>
|
||
<td class="py-3 px-4">49%</td>
|
||
<td class="py-3 px-4">越南、深圳、东北、河南</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">多地区布局，营收占比较高</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">伟明环保</td>
|
||
<td class="py-3 px-4">0.43</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">浙江</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">浙江地区垃圾发电业务集中</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">华光环能</td>
|
||
<td class="py-3 px-4">0.41</td>
|
||
<td class="py-3 px-4">38%</td>
|
||
<td class="py-3 px-4">无锡</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">无锡地区业务布局，营收占比较高</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">中环环保</td>
|
||
<td class="py-3 px-4">0.35</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">合肥</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">合肥地区垃圾发电业务集中</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">军信股份</td>
|
||
<td class="py-3 px-4">0.2</td>
|
||
<td class="py-3 px-4">27%-52%</td>
|
||
<td class="py-3 px-4">长沙</td>
|
||
<td class="py-3 px-4">内容包括绿电中心、供热中心和算力中心</td>
|
||
<td class="py-3 px-4">搜公告</td>
|
||
<td class="py-3 px-4">长沙地区布局，多中心协同发展</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">朗坤环境</td>
|
||
<td class="py-3 px-4">0.195</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">深圳</td>
|
||
<td class="py-3 px-4">高州</td>
|
||
<td class="py-3 px-4">搜公告</td>
|
||
<td class="py-3 px-4">深圳及高州地区业务覆盖</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">神雾节能</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">南昌</td>
|
||
<td class="py-3 px-4">控股股东旗下具备，曾尝试合并</td>
|
||
<td class="py-3 px-4">搜公告</td>
|
||
<td class="py-3 px-4">控股股东资源支持</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">华西能源</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">四川、武汉、老挝</td>
|
||
<td class="py-3 px-4">生活垃圾发电厂扩建项目合同金额14.29亿元</td>
|
||
<td class="py-3 px-4">搜公告</td>
|
||
<td class="py-3 px-4">多地区项目合作，合同金额较大</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">永兴股份</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">98%</td>
|
||
<td class="py-3 px-4">广州</td>
|
||
<td class="py-3 px-4">垃圾焚烧发电收入2023年35亿元，营收占比98%</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">广州地区高营收占比</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">长青集团</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">98%</td>
|
||
<td class="py-3 px-4">中山</td>
|
||
<td class="py-3 px-4">电热联产和垃圾处理营收占比98%</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">中山地区高营收占比</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">飞马国际</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">90%</td>
|
||
<td class="py-3 px-4">深圳</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">深圳地区高营收占比</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">绿色动力</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">81%</td>
|
||
<td class="py-3 px-4">深圳</td>
|
||
<td class="py-3 px-4">已开发100-200吨小型垃圾焚烧炉技术</td>
|
||
<td class="py-3 px-4">搜公告</td>
|
||
<td class="py-3 px-4">深圳地区高营收占比，技术优势</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">圣元环保</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">72%</td>
|
||
<td class="py-3 px-4">厦门</td>
|
||
<td class="py-3 px-4">垃圾发电厂对外供热蒸汽10.42万吨，对外供热39.53万GJ</td>
|
||
<td class="py-3 px-4">搜公告</td>
|
||
<td class="py-3 px-4">厦门地区营收占比较高，供热业务拓展</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">雪浪环境</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">53%</td>
|
||
<td class="py-3 px-4">无锡</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">搜公告</td>
|
||
<td class="py-3 px-4">无锡地区营收占比较高</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">中科环保</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4"><72%</td>
|
||
<td class="py-3 px-4">河北石家庄、浙江宁波、四川绵阳</td>
|
||
<td class="py-3 px-4">生活垃圾处理业务营收占比72%</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">多地区布局，营收占比较高</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">上海环境</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4"><67%</td>
|
||
<td class="py-3 px-4">上海</td>
|
||
<td class="py-3 px-4">拥有上海约80%的生活垃圾末端处置市场份额；固废处理营收占比67%</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">上海地区市场份额大，营收占比较高</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">海天股份</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">4%</td>
|
||
<td class="py-3 px-4">成都</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">成都地区业务覆盖</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">三峰环境</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4"><3%</td>
|
||
<td class="py-3 px-4">重庆</td>
|
||
<td class="py-3 px-4">推动相关准备工作</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">重庆地区业务布局</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">泰达股份</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">1%</td>
|
||
<td class="py-3 px-4">天津</td>
|
||
<td class="py-3 px-4">已投入运营的生态环保项目22个</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">天津地区项目数量较多</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">维尔利</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">绍兴</td>
|
||
<td class="py-3 px-4">餐厨垃圾发电</td>
|
||
<td class="py-3 px-4">搜公告</td>
|
||
<td class="py-3 px-4">餐厨垃圾发电业务特色</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">天源环保</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">孟州市</td>
|
||
<td class="py-3 px-4">固废处置资源化38%</td>
|
||
<td class="py-3 px-4">搜互动</td>
|
||
<td class="py-3 px-4">固废资源化利用</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium">高能环境</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">—</td>
|
||
<td class="py-3 px-4">江苏泗洪县</td>
|
||
<td class="py-3 px-4">12个垃圾发电项目</td>
|
||
<td class="py-3 px-4">搜公告</td>
|
||
<td class="py-3 px-4">项目数量较多</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 潜在风险 -->
|
||
<div class="card rounded-xl p-6 mb-8">
|
||
<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
|
||
<i class="fas fa-exclamation-triangle text-yellow-500 mr-3"></i>潜在风险
|
||
</h2>
|
||
<div class="overflow-x-auto">
|
||
<table class="min-w-full bg-white rounded-lg overflow-hidden">
|
||
<thead class="bg-gray-100">
|
||
<tr>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">类型</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">具体风险</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-gray-700">影响程度</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody class="divide-y divide-gray-200">
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium text-yellow-600">技术</td>
|
||
<td class="py-3 px-4">溴化锂制冷效率受环境温度限制（南方夏季PUE降幅有限）</td>
|
||
<td class="py-3 px-4">
|
||
<span class="bg-yellow-100 text-yellow-800 text-xs font-semibold px-2.5 py-0.5 rounded">中等</span>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium text-orange-600">商业化</td>
|
||
<td class="py-3 px-4">IDC上架率需≥75%才能盈利（华泰DCF模型）</td>
|
||
<td class="py-3 px-4">
|
||
<span class="bg-orange-100 text-orange-800 text-xs font-semibold px-2.5 py-0.5 rounded">高</span>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium text-red-600">政策</td>
|
||
<td class="py-3 px-4">隔墙售电政策若全国推广失败，将限制模式复制</td>
|
||
<td class="py-3 px-4">
|
||
<span class="bg-red-100 text-red-800 text-xs font-semibold px-2.5 py-0.5 rounded">极高</span>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 font-medium text-purple-600">竞争</td>
|
||
<td class="py-3 px-4">风光储成本下降可能削弱垃圾焚烧经济性</td>
|
||
<td class="py-3 px-4">
|
||
<span class="bg-purple-100 text-purple-800 text-xs font-semibold px-2.5 py-0.5 rounded">长期</span>
|
||
</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 综合结论与投资启示 -->
|
||
<div class="card rounded-xl p-6 mb-8">
|
||
<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
|
||
<i class="fas fa-clipboard-check text-green-500 mr-3"></i>综合结论与投资启示
|
||
</h2>
|
||
<div class="space-y-6">
|
||
<div class="bg-gradient-to-r from-green-50 to-blue-50 p-5 rounded-lg">
|
||
<h3 class="text-xl font-semibold text-gray-800 mb-3">阶段判断</h3>
|
||
<p class="text-gray-700">主题炒作末期→基本面验证初期，黎明/长沙项目落地是分水岭。</p>
|
||
</div>
|
||
|
||
<div class="bg-gradient-to-r from-blue-50 to-purple-50 p-5 rounded-lg">
|
||
<h3 class="text-xl font-semibold text-gray-800 mb-3">最具价值环节</h3>
|
||
<p class="text-gray-700">存量厂改造（无需新增资本开支，ROE弹性最大），重点关注<span class="font-medium text-blue-600">军信股份（长沙）</span>、<span class="font-medium text-blue-600">永兴股份（广州）</span>。</p>
|
||
</div>
|
||
|
||
<div class="bg-gradient-to-r from-purple-50 to-pink-50 p-5 rounded-lg">
|
||
<h3 class="text-xl font-semibold text-gray-800 mb-3">关键跟踪指标</h3>
|
||
<div class="space-y-3">
|
||
<div class="flex items-start">
|
||
<span class="bg-purple-500 text-white text-xs font-semibold px-2.5 py-0.5 rounded mr-3 mt-1">1</span>
|
||
<p class="text-gray-700"><span class="font-medium">订单落地</span>：2025Q3前关注长沙三期、温州龙湾项目招标结果。</p>
|
||
</div>
|
||
<div class="flex items-start">
|
||
<span class="bg-purple-500 text-white text-xs font-semibold px-2.5 py-0.5 rounded mr-3 mt-1">2</span>
|
||
<p class="text-gray-700"><span class="font-medium">电价谈判</span>：垃圾焚烧直供电价能否突破0.6元/度（当前上限）。</p>
|
||
</div>
|
||
<div class="flex items-start">
|
||
<span class="bg-purple-500 text-white text-xs font-semibold px-2.5 py-0.5 rounded mr-3 mt-1">3</span>
|
||
<p class="text-gray-700"><span class="font-medium">政策窗口</span>：国家能源局是否将垃圾焚烧纳入绿电直连试点。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="bg-gradient-to-r from-yellow-50 to-orange-50 p-5 rounded-lg">
|
||
<blockquote class="text-lg font-medium text-gray-800 italic">
|
||
"垃圾发电IDC不是'讲故事'，而是政策倒逼+资源稀缺+现金流改善的三重共振，2025年底首批项目盈利数据将决定板块估值能否从10倍PE跃升至20倍PE。"
|
||
</blockquote>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<script>
|
||
// 初始化粒子背景
|
||
tsParticles.load("particles-js", {
|
||
particles: {
|
||
number: {
|
||
value: 30,
|
||
density: {
|
||
enable: true,
|
||
value_area: 800
|
||
}
|
||
},
|
||
color: {
|
||
value: "#38ef7d"
|
||
},
|
||
shape: {
|
||
type: "circle"
|
||
},
|
||
opacity: {
|
||
value: 0.5,
|
||
random: false
|
||
},
|
||
size: {
|
||
value: 3,
|
||
random: true
|
||
},
|
||
move: {
|
||
enable: true,
|
||
speed: 2,
|
||
direction: "none",
|
||
random: false,
|
||
straight: false,
|
||
out_mode: "out",
|
||
bounce: false
|
||
}
|
||
},
|
||
interactivity: {
|
||
detect_on: "canvas",
|
||
events: {
|
||
onhover: {
|
||
enable: true,
|
||
mode: "grab"
|
||
},
|
||
onclick: {
|
||
enable: true,
|
||
mode: "push"
|
||
},
|
||
resize: true
|
||
}
|
||
},
|
||
retina_detect: true
|
||
});
|
||
</script>
|
||
</body>
|
||
</html>
|
||
``` |