环保行业政策跟踪：以旧换新2025新政发布，多维度鼓励资源循环发展

Investment Rating - The report maintains an "Buy" rating for the environmental protection industry, consistent with the previous rating [2]. Core Insights - The 2025 policy emphasizes the expansion of equipment updates and the "old-for-new" program, encouraging resource recycling development through various measures, including financial support for high-level recycling projects and consumer subsidies for purchasing new appliances and vehicles [7]. - The establishment of the China Resource Recycling Group aims to integrate state-owned assets and promote the regularization of the recycling industry, enhancing the value-added and application fields of recycled products [7]. - The supply and marketing cooperative system is highlighted for its advantages in grassroots recycling networks, with significant sales and business volume in the recycling sector [7]. - Investment opportunities are identified in localized recycling channels and leading companies in deep processing of specific products [7]. Summary by Sections Policy Developments - The report discusses the 2025 policy that includes long-term special government bond funding for recycling projects, support for the establishment of a national recycling platform, and consumer subsidies for purchasing new appliances and vehicles [7]. Market Dynamics - The China Resource Recycling Group's formation is expected to drive the regularization and marketization of the recycling industry, with a focus on enhancing the efficiency of resource recovery and utilization [7]. Investment Opportunities - Key investment opportunities include leading companies in localized recycling channels and those involved in deep processing, such as Zhongzai Recycling and other specialized firms in hazardous waste and plastic recycling [7].