The notice on several policies to promote the steady growth of industrial economy was issued. At present, China’s economic development is facing the triple pressure of shrinking demand, supply shock and weakening expectation. The difficulties and challenges of stable industrial economic growth have increased significantly. In order to further consolidate the momentum of industrial economic growth and pay close attention to pre adjustment, fine-tuning and cross cycle adjustment, the national development and Reform Commission recently issued the notice on several policies to promote steady industrial economic growth (hereinafter referred to as the “notice”).
The credit policy focuses on the development of manufacturing industry and the green and low-carbon transformation of coal power and other industries. The circular pointed out that the assessment and restraint on banks’ support for the development of manufacturing industry should be strengthened to promote the medium and long-term loans of manufacturing industry to continue to maintain rapid growth. At the same time, we will implement the financial policy of green and low-carbon transformation in coal power and other industries, make good use of carbon emission reduction support tools and 200 billion yuan of special refinancing for clean and efficient utilization of coal, promote financial institutions to speed up the progress of credit extension, and support the construction of major projects for carbon emission reduction and clean and efficient utilization of coal.
Ensure supply and price stability through differentiated electricity price and other measures. In terms of the policy of ensuring supply and price stability, we will adhere to green development, integrate differentiated electricity price policies such as differential electricity price, step-by-step electricity price and punitive electricity price, establish a unified step-by-step electricity price system for high energy consuming industries, and do not increase the electricity price for stock enterprises whose energy efficiency reaches the benchmark level and enterprises under construction and planned to build enterprises whose energy efficiency reaches the benchmark level, and implement step-by-step electricity price according to the energy efficiency level gap if they fail to meet the benchmark level, The tariff increase is specially used to support the technological transformation of energy conservation, pollution reduction and carbon reduction of enterprises.
The construction of new energy and the transformation of coal-fired power units are the focus of investment. The notice points out that in terms of investment and foreign trade and foreign investment policies, we should organize and implement special actions for the innovation and development of photovoltaic industry, implement the construction of large-scale wind power photovoltaic bases in desert Gobi desert areas, encourage the development of distributed photovoltaic in the Middle East, promote the development of offshore wind power in coastal provinces, and drive the investment in Cecep Solar Energy Co.Ltd(000591) battery and wind power equipment industry chain. Promote the transformation and upgrading of coal-fired power units, implement the flexible transformation of coal-fired power units, and speed up the transformation of heating units; For the planned trans provincial transmission lines and qualified supporting power supply, we should speed up the approval of commencement, construction and operation, and drive the investment in equipment manufacturing industry.
Once again, it is emphasized that new renewable energy will not be included in the total energy consumption control policy. In terms of energy consumption policies, the circular once again pointed out that the implementation of new renewable energy and raw material energy consumption will not be included in the total energy consumption control policy; Optimize the assessment frequency, and the energy consumption intensity target shall be assessed as a whole within the 14th Five Year Plan period, so as to avoid limiting the normal energy consumption of enterprises due to the progress of energy consumption indicators; We will implement the policy of separate listing of energy consumption for major national projects.
Under the background of steady growth policy, green and low-carbon transformation is the key direction, and clean energy such as wind power and photovoltaic will usher in rapid development. Clean energy operators are expected to benefit in the long term under a series of supporting policies such as promoting the consumption of new energy, electricity market-oriented reform and differentiated electricity prices. We maintain the investment rating of “optimistic” in the industry, continue to be optimistic about the three main investment lines of large hydropower, scenery operators and clean energy transformation, and suggest paying attention to power operators with good cash flow. Recommend Huaneng Lancang River Hydropower Inc(600025) , Sichuan Chuantou Energy Co.Ltd(600674) , China Yangtze Power Co.Ltd(600900) , Huaneng Power International Inc(600011) electric power, Datang new energy and other companies.
Risk warning: the implementation of relevant policies is less than expected; The reform of electricity marketization is less than expected; The consumption of new energy is less than expected;
