According to the Zhitong Finance APP, GF Securities has released a research report stating that the environmental operation assets RWA (Real World Assets) have a broad space for realization due to their stable income, abundant cash flow, and transparent regulation. This will help heavy asset environmental enterprises to activate and revalue existing assets, optimize leverage ratios, and accelerate rolling investments, alongside tools like public REITs. In particular, RWA places greater emphasis on the demand for operational data monitoring and digitization, and companies equipped with intelligent monitoring, data on-chain, and cloud platform AI construction have significant revaluation potential.
<h2>Key Points from GF Securities:</h2>
The space for RWA of environmental operation assets is broad, and the revaluation of digital data is significant
According to GF's non-bank group's external report &#34;From Stablecoins to Virtual Assets - Accelerating Scenarios and Business Penetration of Virtual Assets, Policy Improvement Opens Up Development Space for Compliance,&#34; RWA has several advantages, including improving financing efficiency, reducing transaction costs, being flexibly divisible, and being secure and transparent. The bank believes that the space for RWA of environmental operation assets with stable income, abundant cash flow, and transparent regulation is broad, which will help heavy asset environmental enterprises to activate and revalue existing assets, optimize leverage ratios, and accelerate rolling investments alongside tools like public REITs. Notably, RWA places greater emphasis on the demand for operational data monitoring and digitization, with companies like QSY TECH., FPI, and SDL, which possess intelligent monitoring, data on-chain, and cloud platform AI construction, having significant revaluation potential.
National subsidies expected to be issued in 2025, anticipating improvement in sector cash flow
In June 2025, the Ministry of Finance issued a notice regarding the allocation of local budget for renewable energy electricity price subsidies, with a total of 4.19 billion yuan allocated across regions. &#34;Subsidy funds should be promptly allocated to grid enterprises or public renewable energy independent power system project enterprises, with public renewable energy independent power system projects prioritized for full allocation by the end of 2024.&#34; From the directory inclusion situation, according to the State Grid New Energy Platform, six batches of renewable energy power generation subsidy project lists were released in 2025, including eight waste incineration projects from companies such as Tianying Environmental Protection, Zhongke Environmental Protection, Guangda Environment, and Dynagreen, with a total grid-connected capacity of 141 MW and an average on-grid electricity price of 0.57 yuan/kWh (including tax). There are expectations that the implementation of national subsidies will optimize cash flow in the industry in the second half of the year.
Dividend enhancement logic realized, &#34;stock era&#34; dividend investment strategy becomes increasingly effective after 2022
As the expansion cycle of the environmental industry enters its final stage after more than twenty years, industries such as solid waste, water services, and air quality have gradually entered a mature phase. With capital expenditures contracting, the dividend ratio has shown a significant upward trend, particularly in the solid waste industry where capital contraction is occurring rapidly. In 2024, many solid waste companies are expected to realize the logic of dividend enhancement: from 2019 to 2024, the average dividend ratio of 41 typical high-dividend sample stocks increased from 34.3% to 48.5%, and the dividend yield rose from 2.56% to 3.76%. Among the 12 companies in the solid waste sector, 10 achieved an absolute increase in dividends, with 2 companies showing a year-on-year increase of 100%, and the average dividend ratio for the sector reached 42% (up 10.6 percentage points year-on-year). Importantly, in light of the reduction in project orders for environmental companies, the required capital investment is expected to decrease, strengthening expectations for continued dividend increases
Risk Warning: Low expectations for orders and new business layout, policy change risks, low expectations for dividends

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Guangfa Securities released a research report indicating that there is significant potential for the RWA (Risk-Weighted Assets) transformation of environmental operation assets, which is expected to help environmental heavy asset companies realize asset revitalization and revaluation through tools such as public REITs. In particular, companies with intelligent monitoring and digital capabilities have great potential for value revaluation. The issuance of national subsidies in 2025 is anticipated, which is expected to improve industry cash flow

Zhitong

QSY TECH.

Environment Protection

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DYNAGREEN ENV

Guangfa Securities: Environmental Protection Asset RWA Exploration and the Digital Value of Operations Will Be Reassessed