Key investment points
Market review: this week, the public utility industry index fell 1.21%, underperforming the Shanghai and Shenzhen 300 index by 2.29%, and the market performance was weaker than the market. Among the fine-grained industries in the environmental protection industry, monitoring & detection, atmospheric treatment and other sectors led the increase. Among the sub sectors of public utilities, thermal power and hydropower increased significantly.
Special research: Green methanol can be produced by further processing after hydrogen and oxygen are produced by electrolyzing water with wind and clean power. Green methanol has the characteristics of high safety and convenient transportation, and can be used as a carrier for hydrogen storage and transportation. Green methanol can be used in distributed energy applications such as fuel cells, base station power supply and big data centers. At present, due to the high cost of green hydrogen production, the economy of green methanol is not prominent. In the future, with the decline of green hydrogen production price, the rise of coal price and the rise of carbon trading price, the economy of green methanol is expected to gradually appear, and the green methanol industry may usher in development opportunities.
Industry trends: on February 18, 12 ministries and commissions including the national development and Reform Commission, the Ministry of industry and information technology and the Ministry of Finance jointly issued the notice on printing and Distributing Several Policies to promote the steady growth of industrial economy. The notice proposes: 1) implement the green and low-carbon transformation financial policy for 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, and support the construction of major projects for carbon emission reduction and clean and efficient utilization of coal; 2) 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 implement step-by-step electricity price for enterprises that fail to meet the benchmark level of energy efficiency according to the gap of energy efficiency level; 3) Organize and implement the special action for innovative 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 Guangdong, Fujian, Zhejiang, Jiangsu and Shandong, and drive the investment in Cecep Solar Energy Co.Ltd(000591) battery and wind power equipment industry chain; 4) Promote the transformation and upgrading of coal-fired power units with a coal consumption of more than 300g standard coal / kWh, and speed up the transformation of heating units; For the planned trans provincial transmission lines and qualified supporting power supply, it is necessary to speed up the approval of commencement, construction and operation; 5) Start the implementation of energy-saving and carbon reduction technological transformation projects for enterprises in key fields such as iron and steel, nonferrous metals, building materials and petrochemical. With the promotion of policies, coal power clean transformation and upgrading, scenery clean energy, energy conservation and environmental protection and other industries will usher in development opportunities.
Investment suggestion: the low-carbon transformation of energy structure continues to advance, and the installed scale of green power is high during the 14th Five Year Plan period, with high certainty of growth. In addition, the green power pilot transaction was launched, which brought marginal benefits to green power enterprises from the price side, and carbon emission quota transaction and CCER transaction brought incremental performance sources to green power enterprises. The green power sector is expected to maintain a high outlook during the 14th Five Year Plan period. It is suggested to actively grasp the investment opportunities of the green power sector. Suggestions: 1) focus on China Three Gorges Renewables (Group) Co.Ltd(600905) , China National Nuclear Power Co.Ltd(601985) , Jiangsu New Energy Development Co.Ltd(603693) , Zhongmin Energy Co.Ltd(600163) , Cecep Wind-Power Corporation(601016) , Cecep Solar Energy Co.Ltd(000591) , Jinko Power Technology Co.Ltd(601778) , Zhejiang Sunoren Solar Technology Co.Ltd(603105) dominated by scenery clean energy; 2) China Resources Power, Huaneng Power International Inc(600011) , Jilin Electric Power Co.Ltd(000875) , Shanghai Electric Power Co.Ltd(600021) , Fujian Funeng Co.Ltd(600483) actively transforming the development of new energy. Environmental protection enterprises actively expand new increment and open the second growth curve. It is suggested to pay attention to Shengyuan Environmental Protection Co.Ltd(300867) , Zhejiang Rongsheng Environmental Protection Paper Joint Stock Co.Ltd(603165) , Wangneng Environment Co.Ltd(002034) actively promoting transformation and development. Waste recycling brings new market opportunities. It is suggested to pay attention to Road Environment Technology Co.Ltd(688156) of rapid and large-scale recycling of organic residue. During the 14th Five Year Plan period, the investment in power grid increases, and the distribution network and intellectualization are the main directions. It is suggested to pay attention to Hangzhou Shenhao Technology Co.Ltd(300853) of intelligent operation and inspection standard of power industry and Suwen Electric Energy Technology Co.Ltd(300982) of distribution network engineering construction and operation and maintenance. Industrial temperature control expert, promising target of energy storage and heat management Guangdong Shenling Environmental Systems Co.Ltd(301018) . The power shortage and the continuous widening of the price difference between peak and valley have promoted the demand for enterprise energy consumption control. It is suggested to pay attention to the enterprise microgrid integrated energy management solution supplier Acrel Co.Ltd(300286) .
Risk warning: the project progress is not as expected; Intensified market competition; The public materials used in the research report may have the risk of information lag or untimely update.
