环保行业周报：上海2026年底前实现固体废物近零填埋目标，山东试点危废定向利用

Investment Rating - The industry investment rating is "Recommended (Maintain)" [2] Core Insights - The report highlights significant developments in the environmental sector, including the proposal for Chongqing to add over 500,000 tons/day of wastewater treatment capacity by 2025 and the promotion of circular economy initiatives in various provinces [3][4] - The carbon market is showing increased activity, with a notable rise in trading volumes and fluctuations in pricing, indicating a growing interest and potential for investment in carbon-related assets [4][8] - The report emphasizes the importance of traditional environmental businesses with stable operational capabilities, suggesting that these companies may see a revaluation in their stock prices due to their profitability certainty [4][28] Summary by Sections Important Data Tracking - From February 17 to February 21, the national carbon market saw a trading volume of 249,200 tons, a 126.24% increase compared to the previous period [4][8] - The average closing price for carbon emission allowances was 89.90 yuan/ton, reflecting a slight decrease [4][8] Market Performance - During the period from February 17 to February 21, the A-share environmental index rose by 2.76%, while the H-share environmental index increased by 2.07% [19] - The sub-sectors within the environmental industry showed varied performance, with solid waste treatment and resource utilization up by 2.23% and air pollution control up by 1.47% [19] Industry News - Shanghai aims to achieve near-zero landfill waste by the end of 2026, with specific targets for various types of waste [25][26] - Shandong is piloting a program for the directional utilization of hazardous waste, which could set a precedent for waste management practices [26] Investment Recommendations - The report recommends focusing on companies with strong operational capabilities and cash flow, particularly those that can benefit from new environmental demands, such as semiconductor waste gas treatment [4][28] - Specific companies highlighted for investment include Hongcheng Environment, Huanlan Environment, and Weiming Environmental, with a suggestion to pay attention to Yongxing Co., Ltd. [4][28][29]