Evolution of carbon neutralization logic
Marginal change in China
Policy side: accelerated implementation of 1 + n policy system; Dual control index changed from “energy consumption” to “carbon emission”
Carbon trading: the carbon market is spreading from electricity to high-energy non electricity consumption, and green electricity trading is expected to compete with CCER
Methane emission reduction: China will formulate a national action plan for methane
International trends
Carbon price revaluation: the new deal “carbon reduction 55” is more radical, driving the European carbon price to rise sharply to a new high. The border regulation tax under international trade promotes the global carbon price benchmarking with the EU
The second main line of carbon neutralization: the United States and Europe led many countries to sign commitments and establish a new main line of methane emission reduction
Suggested concern
Marketization of renewable resources & the most economical carbon reduction
\u3000\u30001. Power battery recycling: the peak of power battery decommissioning is coming, and battery recycling meets the long-term and high boom [ Miracle Automation Engineering Co.Ltd(002009) ]
\u3000\u30002. Recycled plastics: reduce carbon of recycled plastics by 50%, and open the resource-based blue ocean market under the dual carbon target [ Shandong Intco Recycling Resources Co.Ltd(688087) , Beijing Sanlian Hope Shin-Gosentechnical Service Co.Ltd(300384) ]
\u3000\u30003. Hazardous waste recycling: hazardous waste recycling is a high-quality tob track, and its manufacturing attributes make it a big industry and company [ Beijing Geoenviron Engineering & Technology Inc(603588) ]
\u3000\u30004. Collaborative disposal of hazardous wastes in Cement Kilns: the industry is expanding rapidly, and the leader with high concentration grabs the first mover advantage [conch environmental protection]
Clean energy
\u3000\u30001. Hydrogen energy: the policy system is gradually clear, the industry is expected to rise, the hydrogen energy market is broad, and the penetration rate is increasing [ Jiangxi Jovo Energy Co.Ltd(605090) , Beijing Sinohytec Co.Ltd(688339) ]
\u3000\u30002. Photovoltaic treatment: the prosperity of photovoltaic industry is rising, and the demand for process pollution treatment equipment is released [ Suzhou Shijing Environmental Technology Co.Ltd(301030) ]
\u3000\u30003. Sanitation Electrification: sanitation new energy has grown 50 times, and ten-year substitution will help achieve the carbon peak in 2030 [ Yutong Heavy Industries Co.Ltd(600817) ]
\u3000\u30004. Waste incineration: the implementation of the national subsidy and rebate & bidding policy, the improvement of the C-end of the business model and the improvement of cash flow [Everbright, Hanlan, Lvdong, etc.]
Methane utilization
\u3000\u30001. Landfill gas power generation: Calculation of CCER benefit sensitivity – landfill gas resource-based emission reduction is prominent, and the elasticity is the largest [ Henan Bccy Environmental Energy Co.Ltd(300614) ]
Water affairs
\u3000\u30001. Direct drinking water: consumption upgrading, direct drinking water industry increased by 20%, and the market space exceeded 400 billion [China water]
Risk tip: the policy promotion is less than expected, the improvement of financing environment is less than expected, the financial expenditure is less than expected, and the industry competition is intensified
