环保行业周报：合肥推进空气治理持续改善行动，上海普陀提出建设海绵城市目标要求

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights the ongoing development in the environmental protection sector, with significant actions being taken by various regions to improve air quality and waste management [2][3][23][25]. - The carbon market is experiencing fluctuations, with a notable decrease in trading volumes and mixed price movements for carbon emission allowances [3][5][7][9]. - The report emphasizes the importance of traditional environmental operations and the emergence of new growth opportunities in the sector, particularly in semiconductor waste gas treatment [29]. Summary by Sections Important Data Tracking - From January 13 to January 17, the total trading volume of carbon emission allowances in the national carbon market was 49,100 tons, a decrease of 61.54% compared to the previous period [3][7]. - The closing price for carbon emission allowances was 94.95 CNY/ton, showing a slight increase of 0.51% compared to the previous period [7]. Market Performance - During the period from January 13 to January 17, the A-share environmental protection index increased by 4.39%, while the H-share environmental protection index decreased by 0.11% [18]. - The report notes that the A-share environmental protection sector's PE (TTM) valuation is currently at 17 times [18]. Industry News - Hefei is advancing its air quality improvement action plan, aiming to reduce PM2.5 levels and improve overall air quality by 2025 [23]. - Shanghai's Putuo District has set ambitious goals for sponge city construction, targeting 40% of built-up areas to meet sponge city standards by the end of 2025 [25]. Investment Recommendations - The report suggests focusing on traditional environmental operations with stable profitability and potential for revaluation, as well as new growth companies benefiting from high demand in emerging environmental sectors [29]. - Recommended companies include Hongcheng Environment, Hanlan Environment, and Weiming Environmental, with a suggestion to pay attention to Yongxing Co. and Yuhua Tian [29][30].