以旧换新补贴持续，再生资源板块受益

Investment Rating - The report assigns an "Overweight" rating to the industry [1][26]. Core Insights - The ongoing "trade-in" subsidy policy is expected to benefit the recycling resources sector, with a significant increase in support for consumer goods trade-ins in 2025 [4][8]. - The government plans to allocate 300 billion yuan in special long-term bonds to support the trade-in policy, with 162 billion yuan already distributed in early 2025 [9][10]. - The automotive recycling chain is anticipated to improve, with over 5 million passenger cars expected to benefit from scrapping subsidies in 2025 [9][10]. Summary by Sections Weekly Investment Perspective - The report highlights the continuation of the trade-in subsidy policy and the phased distribution of subsidy funds for the second half of the year [4][8]. - The 2025 action plan aims to double the scrapping volume of old vehicles compared to 2023, with a 25% increase in industrial equipment investment [8][9]. Environmental Sector Performance - The environmental sector experienced a decline of 2.51% in the week of June 16-20, 2025, while other sectors showed mixed performance [11][14]. - Notable stock performances included Xiangtan Electric (+18.51%) and Tianhao Energy (+13.37%) [11][16]. Carbon Neutrality Tracking - The national carbon market saw a transaction volume of 3.52 million tons, a 12% increase from the previous week, with an average transaction price of 72.36 yuan per ton [14][18]. - Local carbon exchanges also reported significant increases in trading volumes and prices [14][18]. Investment Recommendations - The report recommends investments in the recycling resources sector, specifically in companies like Zhuoyue New Energy and Sanlian Hongpu for recycled oil and plastics, respectively [10][12]. - Companies such as Huahong Technology and Zhongzi Technology are recommended for their potential in increasing automotive recycling volumes [10][12].