Industry trend: this week, the public utilities and environmental protection index fell 5.3%, and the Shanghai Composite Index fell 4.57%. Among them, the water treatment sector in the environmental protection sector fell by 5.22%; In the public utilities sector, local power grid and thermal power decreased significantly, down 7.99% and 7.06% respectively.
Key points of this week:
1) public utilities perspective:
Establish a national unified power market and promote the participation of new energy in market transactions: Recently, the national development and Reform Commission and the National Energy Administration jointly issued the guiding opinions on accelerating the construction of a national unified power market system, which proposed that a national unified power market system should be preliminarily established by 2025, and the state and regional markets should operate in coordination; By 2030, the national unified power market system will be basically completed, requiring new energy to fully participate in market transactions. The opinions emphasizes the need to improve the adaptability of the power market to a high proportion of new energy, and the transformation of energy structure continues to be promoted under the promotion of policies.
The results of provincial power grid agency power purchase in February 2022 were released: Recently, the announcement of power grid agency power purchase price in February 2022 in most provinces and regions in China has been successively released. According to the results of agency power purchase price, the power grid agency power purchase price in other provinces except Shandong is higher than the benchmark price of coal, including Tianjin, Shanghai, Zhejiang (1-10 kV and above), Hubei, Henan, Jiangxi The power purchase price in Anhui is 20% higher than the benchmark coal price, of which the power purchase price in Tianjin has risen to 32.86%. Compared with the power grid agency power purchase price in January 2022, the overall fluctuation range of power purchase price in February is small. Among the disclosed provinces, the power purchase price in February is further higher than that in January.
In 2021, the new installed capacity of wind power and photovoltaic power in China will reach 100.54gw, including 47.57gw of wind power and 52.97gw of photovoltaic power, according to the data released by the national energy administration. Among the new installed capacity of wind power, offshore wind power contributed a lot. The new installed capacity reached 16.9gw in the whole year. Among the new installed capacity of photovoltaic, distributed photovoltaic developed rapidly, with a new installed capacity of 29.2gw in the whole year, accounting for about 55% of the new installed capacity of photovoltaic.
The public sector mainly recommends nuclear power + new energy two wheel drive. Both business sectors have room for both volume and price to rise [ China National Nuclear Power Co.Ltd(601985) ], and projects under construction are high. Offshore wind power projects under construction account for a large proportion in 2021, and the target of short-term performance growth and certainty [ China Three Gorges Renewables (Group) Co.Ltd(600905) ] [ Huaneng Power International Inc(600011) ] [ Shanghai Electric Power Co.Ltd(600021) ] [ Cecep Wind-Power Corporation(601016) ].
2) viewpoint of environmental protection:
Pay close attention to energy conservation and emission reduction and promote green transformation. Recently, the State Council issued the comprehensive work plan for energy conservation and emission reduction in the 14th five year plan, which includes ten key projects such as green upgrading of key industries, improvement of energy conservation and environmental protection in parks and green energy conservation transformation in cities and towns. The energy consumption per unit of China's GDP is 13.5% lower than that in 2020. The total energy consumption has been reasonably controlled, including chemical oxygen demand, ammonia nitrogen, nitrogen oxides The total emission of volatile organic compounds decreased by 8%, 8%, more than 10% and more than 10% respectively compared with 2020. The plan specifies that by 2025, 80000 kilometers of sewage collection pipe network will be added and reconstructed, the sewage treatment capacity will be increased by 20 million m3 / day, the incineration capacity of urban domestic waste will account for about 65%, and the shortage of environmental infrastructure will be accelerated. It is recommended that leading enterprises [ Qingdao Guolin Environmental Technology Co.Ltd(300786) ] of ozone generators widely used in municipal water treatment and industrial sewage treatment should focus on civil centrifugal pump [ Guangdong Lingxiao Pump Industry Co.Ltd(002884) ], hazardous waste recycling [ Beijing Geoenviron Engineering & Technology Inc(603588) ] and solid waste treatment and recycling benchmark, and enter the new energy lithium battery recycling to make business performance growth space [ Wangneng Environment Co.Ltd(002034) ].
The environmental monitoring plan is implemented, and the promotion of Carbon Monitoring under the dual carbon background is emphasized. The Ministry of ecology and environment issued the ecological environment monitoring plan for the 14th five year plan. The plan proposed 11 key tasks and measures and two major projects in two major aspects, comprehensively planned Carbon Monitoring and environmental quality monitoring, ecological quality monitoring and pollution source monitoring of atmosphere, surface water, groundwater, soil, ocean, sound, radiation and new pollutants, and promoted the land, sea and sky of the monitoring network Coordinated layout and efficient development of above ground and underground, urban and rural areas. It is suggested to pay attention to the leading enterprises of environmental monitoring [ Beijing Sdl Technology Co.Ltd(002658) ].
Market information tracking:
1) carbon market tracking: this week, the total turnover of the national carbon market carbon emission quota (CEA) was 1459 tons, with a total turnover of 88100 yuan. The weekly trading volume of the listing agreement is 1459 tons, the weekly turnover is 88100 yuan, the highest transaction price is 61.60 yuan / ton, and the lowest transaction price is 51.71 yuan / ton. The closing price on Friday is 61.38 yuan / ton, up 6.82% from last Friday. There is no block deal this week. As of this week, the cumulative trading volume of the national carbon market carbon emission quota (CEA) was 186.7 million tons, with a cumulative turnover of 8.072 billion yuan.
2) natural gas price tracking: the average price of LNG in China this week increased first and then decreased later: according to the data released by Zhuo Chuang information, the average weekly price of LNG delivered this week was 4553.72 yuan / ton, down 341.79 yuan / ton month on month, down 6.98%; Among them, the weekly average ex factory price of the terminal was 5090.00 yuan / ton, down 1.38 yuan / ton or 0.03% month on month; The average weekly ex factory price of the factory was 4208.84 yuan / ton, down 498.59 yuan / ton, or 10.59%.
3) coal market price tracking: the coal price rose slightly this week: according to the data released by the coal resources network, the cci5500 comprehensive price index this week was 1055 yuan / ton. From the point of origin, Yulin 5800 kcal index was 948 yuan this week, up 21 yuan on a weekly basis; Inner Mongolia Eerduosi Resources Co.Ltd(600295) 5500 kcal index was 834 yuan, up 45 yuan on a weekly basis; Datong 5500 kcal index was 930 yuan, up 126 yuan on a weekly basis.
Portfolio
\u3000\u3000[ China National Nuclear Power Co.Ltd(601985) ]+[ China Three Gorges Renewables (Group) Co.Ltd(600905) ]+[ Shanghai Electric Power Co.Ltd(600021) ]+[ Huaneng Power International Inc(600011) ]+[ Cecep Wind-Power Corporation(601016) ]+[ Road Environment Technology Co.Ltd(688156) ]+[ Wangneng Environment Co.Ltd(002034) ]
Risk tip: the policy promotion is less than expected, the project operation progress is less than expected, the power coal price rises, the water supply of hydropower is less than expected, and the electricity price is at risk of reduction.
