Key investment points:
On February 10, the national development and Reform Commission and the Energy Administration jointly issued the opinions on improving the institutional mechanisms and policy measures for green and low-carbon energy transformation (hereinafter referred to as the “opinions”), which put forward opinions from 10 aspects, such as improving the new power system and guiding green energy consumption, so as to solve the existing institutional mechanisms, policy systems Governance and other difficulties and challenges in the green and low-carbon transformation of energy.
The “1 + n” policy system has been further clarified and the guarantee in the energy field has been concretized. The opinions pointed out that during the 14th Five Year Plan period, the institutional framework for promoting green and low-carbon energy development should be basically established; By 2030, we will basically establish a complete basic system and policy system for green and low-carbon energy development. The opinions is a comprehensive policy document issued by the energy sector in the “1 + n” policy system of carbon peak carbon neutralization. It concretizes the policy guarantee in the energy sector, cooperates with the implementation of a series of carbon peak policies in the energy sector, forms a joint force of policies, and systematically promotes the green and low-carbon transformation of energy.
Improve the connotation of the new power system and clarify the system construction and operation mechanism. The opinions explains the construction of the new power system from six aspects and improves the connotation of the new power system. First, strengthen the top-level design of new power system; Second, improve the power grid system suitable for local deep utilization and wide area transmission of renewable energy; Third, improve the market mechanism to adapt to the new power system; Fourth, improve the construction and operation mechanism of flexible power supply; Fifth, improve the power demand response mechanism; Sixth, explore the establishment of a regional comprehensive energy service mechanism. In March 2021, the central government put forward the “new power system” for the first time. This “opinion” improves the connotation of the new power system and plays an all-round guiding significance in accelerating the construction of the new power system.
Systematically propose a diversified clean energy supply system to ensure the smooth transition of energy transformation. The opinions systematically put forward the institutional mechanisms and policy measures to support the green and low-carbon transformation on the energy supply side. First, promote the construction of an energy supply system dominated by clean and low-carbon energy; Second, vigorously promote the clean development and utilization of fossil energy; Third, promote the construction of energy infrastructure suitable for green and low-carbon transformation. Based on China’s energy resource endowment, the opinions not only highlights the basic orientation of the transformation of energy structure to non fossil energy, but also puts forward a practical and feasible diversified clean energy supply system based on the basic national conditions dominated by coal for a long time.
Guide the green energy consumption system and stimulate the demand for green electricity consumption. The opinions systematically put forward the system and policy system to promote green energy consumption. First, improve the energy consumption, carbon emission management and non fossil energy target system; Second, improve the promotion mechanism of green energy consumption; Third, promote the transformation of energy consumption in key industries. The opinions improves the system and policy system to guide China’s green energy consumption, helps stimulate the demand for green electricity consumption and boost the green upgrading of China’s energy consumption.
Strengthen the guarantee of clean and low-carbon energy production factors and reduce the financing costs of new energy operators. The opinions made systematic deployment in strengthening the guarantee of production factors of clean and low-carbon energy and reducing non-technical costs. First, strengthen the guarantee of land and space; Second, increase investment and financing support; Third, improve the price policy; Fourth, strengthen the support of data elements. The opinions systematically proposes to improve the policies of land, finance, taxation, finance, price and data resources conducive to the green and low-carbon transformation of energy, reduce the financing cost of new energy operators and accelerate the green and low-carbon transformation of energy.
Investment suggestion: the release of the opinions will help solve the difficulties and challenges faced in the green and low-carbon transformation of energy, accelerate the construction of new power system, thermal power is expected to benefit from the growth attributes brought by valuation repair and new energy transformation, and new energy operators have the trend of both volume and price rise. Maintain the industry “recommended” rating. In terms of individual stocks, Huaneng Power International Inc(600011) , China Three Gorges Renewables (Group) Co.Ltd(600905) are recommended, and it is recommended to pay attention to Huadian Power International Corporation Limited(600027) , Shanghai Electric Power Co.Ltd(600021) , Fujian Funeng Co.Ltd(600483) , China Resources Power, Guangzhou Development Group Incorporated(600098) , Guangdong Electric Power Development Co.Ltd(000539) , Shenergy Company Limited(600642) which are expected to improve profits; Longyuan Power, Tianjin Guangyu Development Co.Ltd(000537) , Jilin Electric Power Co.Ltd(000875) , Nyocor Co.Ltd(600821) , China Yangtze Power Co.Ltd(600900) , Cecep Wind-Power Corporation(601016) , Cecep Solar Energy Co.Ltd(000591) , Zhongmin Energy Co.Ltd(600163) , CGN new energy, the high-quality target of green power; The target of nuclear power operation leader China National Nuclear Power Co.Ltd(601985) ; Distributed photovoltaic field Jinko Power Technology Co.Ltd(601778) , Zhejiang Chint Electrics Co.Ltd(601877) , Jiangsu Linyang Energy Co.Ltd(601222) , Ganghua gas, Skyworth Group, Zhejiang Sunoren Solar Technology Co.Ltd(603105) , Hangzhou Star Shuaier Electric Appliance Co.Ltd(002860) .
Risk tip: focus on the risk that the company’s performance improvement is not as expected, the continuous rise of coal price, the decline of electricity price, the demand for electricity is not as expected, and the risk of policy change.
