推动无废城市建设，固废处理迎新机

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental, Gao Neng Environment, and Hong Cheng Environment [20]. Core Insights - The report emphasizes the importance of the newly released "Ecological Environment Monitoring Regulations" and the "Waste-Free City Construction Project Guidance Directory (2025 Edition)" as significant policy drivers for the environmental industry [14][45]. - The environmental sector is currently experiencing low valuations and institutional holdings, suggesting a potential for rebound as macroeconomic conditions remain favorable [53]. - The report highlights specific companies such as Gao Neng Environment and Huicheng Environmental as leaders in hazardous waste management and resource recycling, with strong growth prospects due to ongoing projects and technological advancements [53][56]. Summary by Sections 1. Weekly Investment Insights - The Ministry of Ecology and Environment released a draft for the "Ecological Environment Monitoring Regulations," which aims to establish a comprehensive monitoring system for environmental quality and pollution sources [27][28]. - The "Waste-Free City" initiative is being promoted to enhance resource efficiency and reduce pollution, with specific guidelines for waste management and recycling [45][52]. 2. Sector Performance Review - The environmental sector underperformed compared to the broader market, with a decline of 4.68% in the environmental index, while the Shanghai Composite Index fell by 0.70% [16][60]. - Key sub-sectors showed varied performance, with monitoring services slightly up by 0.57%, while waste treatment and energy efficiency sectors faced declines [16]. 3. Industry News Recap - The report notes significant policy developments, including the early allocation of pollution control funding for 2025 by the Ministry of Finance and the introduction of energy consumption management measures in Shandong Province [16]. 4. Key Announcements Summary - Huicheng Environmental plans to expand its hazardous waste processing capabilities, while Gao Neng Environment is focusing on becoming a leading global environmental service provider [6][9][53]. - Hong Cheng Environment is recognized for its consistent dividend payouts and robust growth in various environmental services, including water treatment and solid waste management [62].