Matters:
The two ministries and commissions jointly issued the opinions on improving the institutional mechanisms and policy measures for green and low-carbon transformation of energy. As a continuation of the programmatic document, the opinions made more detailed arrangements for improving the institutional mechanisms and policy measures for green and low-carbon transformation of energy.
Comments:
The status of scenery has been confirmed again, and large bases and rural projects may become the main highlights of follow-up development. The report card of scenery in 2021 showed a brilliant performance. In the whole year, the installed capacity of scenery increased by 10.1gw, including 4.8gw of wind power / 5.3gw of photovoltaic, and 2.9gw of distributed photovoltaic. For the first time, the new capacity exceeded that of centralized, accounting for 55% of the installed capacity of photovoltaic. 7.5GW of large-scale scenery base with the scale of 10GW has been under construction. Under the rapid development of scenery, the opinions once again pointed out the basic orientation of transformation to non fossil energy. In terms of large wind power base, under the development of 21 million GW wind power base projects, we believe that the policy rhythm of 22 years will continue; In terms of rural renewable energy, the opinions elaborated on the energy development mechanism, policy support and trading mechanism, and the development of biomass energy such as distributed photovoltaic power generation and biogas power generation will be accelerated again. We expect that the follow-up large base projects and rural areas (distributed photovoltaic / wind power) will continue to develop, and the growth momentum of green power operation will continue to exist.
Energy security has been reaffirmed again, and thermal power and new power systems escort energy reconstruction. The “opinions” requires that we should establish first and then break down, grasp the rhythm and intensity of green and low-carbon transformation of energy, enhance the capacity of energy security and supply, and further highlight the status of energy security. In a series of studies on the energy revolution (V): three main lines of energy development – transformation, balance and security, we elaborated that under the energy reconstruction, the transformation of old and new kinetic energy should take energy security as the cornerstone, and should learn from the 21 year energy crisis in Europe to avoid being too radical, By improving the clean and efficient development and utilization mechanism of fossil energy and building a new power system, energy switching can be realized. On the one hand, the “ballast stone” role of thermal power is unshakable, and thermal power will assume the cornerstone of power supply. On the other hand, the new power system will continue to help the consumption of scenery. Among them, the flexibility transformation of thermal power and pumped storage are more economical regulation means, and the industrial space will be accelerated in the short term; Medium term energy storage is expected to gradually develop; In the long run, hydrogen energy and CCUs will build the last defense line of the new power system.
A new blue ocean of biomass energy is expected to open. The opinions put forward that the central government funds should be further inclined to rural energy construction, use the existing capital channels to support the construction of rural energy supply infrastructure, give priority to supporting biomass power generation such as biogas power generation to connect to rural power grid, and power grid enterprises should give priority to purchasing their power generation. China’s biomass energy has great potential, and all of it can replace more than 500 million tons of standard coal. The opinions provide strong support for the development of rural biomass energy, which is expected to play an important role in achieving the goal of “double carbon”.
Investment opinion: the new energy operators are expected to benefit from the accelerated development of scenery under the dual carbon target. It is suggested to pay attention to Longyuan Power, China Three Gorges Renewables (Group) Co.Ltd(600905) , Cecep Wind-Power Corporation(601016) , Cecep Solar Energy Co.Ltd(000591) ; In the context of energy security, the position of thermal power is righted, and the comprehensive power operators in the transformation of thermal power to new energy will fully benefit. It is suggested to pay attention to China Resources Power, Huaneng Power International Inc(600011) (a + H), Fujian Funeng Co.Ltd(600483) ; In terms of new power system, it is suggested to pay attention to the construction leader of pumped storage project Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) , the flexibility transformation leader of thermal power Qingdao Daneng Environmental Protection Equipment Co.Ltd(688501) and Hangzhou Boiler Group Co.Ltd(002534) ; It is recommended to pay attention to UHV equipment faucets Tbea Co.Ltd(600089) , Nari Technology Co.Ltd(600406) , Henan Pinggao Electric Co.Ltd(600312) at the power grid end; In terms of biomass energy, it is suggested to pay attention to Guangdong Chant Group Inc(002616) and Harbin Jiuzhou Group Co.Ltd(300040) of deep ploughing biomass power generation; Biodiesel faucets Longyan Zhuoyue New Energy Co.Ltd(688196) and Zhejiang Jiaao Enprotech Stock Co.Ltd(603822) .
Risk tip: policy promotion is less than expected and market competition intensifies.
