Industry trend: this week, the public utilities and environmental protection index rose 5.94%, and the Shanghai Composite Index rose 3.02%. Among them, the water treatment sector in the environmental protection sector increased significantly, up 7.08% this week; Among the utilities sector, thermal power and clean energy power generation increased by 8.28% and 7.6% respectively.
Key points of this week:
1) public utilities perspective:
Accelerate the improvement of energy green and low-carbon transformation system and mechanism: Recently, the national development and Reform Commission and the National Energy Administration issued opinions on improving energy green and low-carbon transformation system and mechanism and policies and measures, deployed the green and low-carbon transformation of electric energy in the future, and pointed out that the construction of large-scale wind power and photovoltaic power generation bases will be accelerated with emphasis on sandy desert, Gobi and desert areas, Upgrade the existing coal-fired power units in the region, explore the establishment of a mechanism for coordination between the sending and receiving ends to provide regulation for the transmission of new energy power, and support the construction, combination and generation of new energy power.
New energy plans for the 14th five year plan have been issued in many places: Recently, the people’s Government of Gansu Province issued the energy development plan for the 14th five year plan of Gansu Province, which proposes that by 2025, the installed capacity of renewable energy power generation will account for more than 65% of the total installed capacity of electricity, and the proportion of non fossil energy in the total energy consumption will reach 30%, The power generation capacity of renewable energy has reached about 60% of the power consumption of the whole society. Complete the target tasks of more than 50% of the weight of renewable energy power consumption responsibility and 23% of the weight of non hydropower renewable energy power consumption responsibility. According to the target plan, the cumulative installed capacity of wind power in Gansu Province is expected to reach 38.53gw by 2025, an increase of 24.8gw compared with 2020. In addition, Shandong issued the “14th five year plan” for renewable energy development in Shandong Province, which aims to achieve a total renewable energy consumption of 46 million tons of standard coal by 2025, basically double that of 2020. The installed capacity of renewable energy power generation has reached more than 90gw, basically double that in 2020. Among them, wind power is 25gw, photovoltaic power generation is more than 57gw, biomass power generation is 4gw, and hydropower (including pumped storage) is 4gw. At the same time, the 14th five year plan has made clear requirements for the development of offshore wind power in Shandong Province. The goal is to start 10GW of offshore wind power in Shandong Province and put 5GW into operation by 2025.
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:
Accelerate the construction of environmental protection infrastructure: Recently, the national development and Reform Commission and other departments issued the guiding opinions on accelerating the construction of urban environmental infrastructure, which proposed to significantly improve the supply capacity and level of urban environmental infrastructure by 2025, and build a collection of sewage, garbage, solid waste, hazardous waste An environmental infrastructure system integrating medical waste treatment and disposal facilities and monitoring and supervision capacity. In terms of sewage treatment, it is required to increase the sewage treatment capacity by 20 million m3 / day by 2025, the sewage treatment rate of the county will reach more than 95%, and the sewage resource utilization rate of water deficient cities at and above the prefecture level will exceed 25%. In terms of domestic waste treatment, it is required that by 2025, the classified collection and transportation capacity of domestic waste will reach 700000 tons / day and the incineration capacity will reach 800000 tons / day. Under the background of steady growth of environmental protection infrastructure, the construction process of sewage treatment, waste incineration, hazardous waste disposal and other sectors is expected to accelerate. It is recommended to continue to enter the new energy lithium battery recycling, open up the performance growth space [ Wangneng Environment Co.Ltd(002034) ] and actively transform the layout of distiller’s grains recycling [ Road Environment Technology Co.Ltd(688156) ].
Deepen the development goal of environmental protection equipment manufacturing industry: Recently, the Ministry of industry and information technology, the Ministry of science and technology and the Ministry of ecological environment jointly issued the action plan for high-quality development of environmental protection equipment manufacturing industry (2022-2025), which requires to focus on the demand for environmental protection equipment in the in-depth fight against pollution, take overcoming key core technologies as a breakthrough and strengthen the support of scientific and technological innovation, Improve the supply capacity of high-end equipment. Pay attention to the leading enterprise [ Qingdao Guolin Environmental Technology Co.Ltd(300786) ] of ozone generator that is expected to realize domestic replacement of semiconductor cleaning, and it is suggested to focus on the leading enterprise of civil centrifugal pump [ Guangdong Lingxiao Pump Industry Co.Ltd(002884) ].
Market information tracking:
1) carbon market tracking: the total trading volume of carbon emission quota (CEA) in the national carbon market this week is 72400 tons, the highest transaction price is 60.00 yuan / ton, the lowest transaction price is 55.00 yuan / ton, and the closing price on Friday is 56.15 yuan / ton; The total trading volume of local carbon trading markets is 506600 tons. In terms of average transaction price, the highest average transaction price in Guangdong is 87.2 yuan / ton, and the lowest transaction price in Fujian is only 11.48 yuan / ton.
The average price of LNG sold in January / February was 460.83 yuan / ton, up by 27.55% compared with the national average price of LNG sold in January / February; Among them, the weekly average ex factory price of the terminal was 5087.25 yuan / ton, down 2.75 yuan / ton or 0.05% from the price on January 27; The average weekly ex factory price of the factory was 4239.16 yuan / ton, up 30.32 yuan / ton or 0.72% from the price on January 27.
3) coal market price tracking: according to the data released by the coal resources network, the cci5500 comprehensive price index this week was 796 yuan / ton. From the point of origin, Yulin 5800 kcal index was 948 yuan, down 19 yuan on a weekly basis; Inner Mongolia Eerduosi Resources Co.Ltd(600295) 5500 kcal index was 776 yuan, with a weekly decrease of 58 yuan; Datong 5500 kcal index was 925 yuan, down 5 yuan on a weekly basis. With the recovery of supply after the festival and the strong pressure of price limit policy, the coal price at the pit mouth will decline.
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 price of power coal rises, the water supply of hydropower is less than expected, and the price of electricity will be reduced.
