Key investment points:
Environmental protection perspective: the third soil survey improves the demand for environmental testing
The State Council printed and distributed the notice on carrying out the third national soil survey, and decided to carry out the third national soil survey from 2022 to comprehensively find out the soil quality of agricultural land in four years. 1) The scope of the third national soil survey includes the soil of agricultural land such as cultivated land, garden land, forest land and grassland and some unused land. Among them, woodland and grassland focus on the land related to food production, and unused land focus on the land related to arable land resources, such as saline alkali land. 2) The census will be conducted from 2022 to 2025. Among them, the preparation of census technology, specifications and materials will be completed in 2022, and the national saline alkali land census will be started and completed; From 2023 to 2024, the general survey will be carried out in an all-round way, the field survey sampling and laboratory test will be completed, and the construction of soil general survey database and sample bank will be carried out to form phased results. In 2025, the census data review, results summary, acceptance and summary will be carried out, and the census task will be fully completed. 3) The national soil pollution survey will bring new market space for companies in the field of environmental testing. According to the planned time schedule, the sampling and testing tasks will be completed from 2022 to 2024, which will promote the improvement of environmental testing demand in the next three years and benefit the environmental testing company.
Specialized and new viewpoint: focus on the two investment mainlines of domestic substitution and “carbon neutralization”
After 2018, China will strengthen the cultivation of specialized, special and new enterprises, promote the development of small and medium-sized enterprises to “specialization, refinement, characteristics and novelty”, and strive to achieve the goals of “making up for weaknesses”, “forging long sectors” and “filling gaps” in key links and key fields of the industrial chain. The cultivation of specialized and special new enterprises focuses on the “four basic” fields of industry or the ten key industrial fields of manufacturing power. At present, 4922 specialized and special new “little giant” enterprises have been cultivated, including 351 A-share listed companies. Provinces and cities have successively issued policies to vigorously support the cultivation of specialized and special new enterprises at the national, provincial and municipal levels, and encourage small and medium-sized enterprises to increase R & D efforts to achieve fine and high-quality development. Considering the strength of policy support and the urgency of demand, it is suggested to pay attention to two main investment lines: 1) domestic substitution: there is a problem of high import dependence in some “neck” areas of manufacturing industry. Under the background of trade friction, the demand for domestic substitutes such as core parts is becoming stronger and stronger. Made in China 2025 proposes that 70% of core basic parts and key basic materials will be independently guaranteed by 2025. With the encouragement of policies, the R & D process of alternative products with core competitiveness is expected to accelerate and drive the rapid growth of relevant enterprises. 2) “Carbon neutralization”: the 30 / 60 target is determined. It is expected that during the 14th Five Year Plan period, the installed scale of photovoltaic and wind power and the penetration rate of new energy vehicles are expected to accelerate, driving the rapid growth of the demand for components and equipment in the whole industry chain.
Industry rating and investment strategy: the short-term and medium-term demand of some segments of the environmental protection industry has increased, and the overall valuation of the industry has been lower than the average value of nearly one year, so it can be arranged on bargain hunting; The urgent need to cultivate “specialized and special new” enterprises and strong policy support are conducive to the rapid development of enterprises in the industry. Based on this, we give the “recommended” rating to the environmental protection & specialized and special new industry.
Suggestions this week: Pony Testing International Group Co.Ltd(300887) , Gcl Energy Technology Co.Ltd(002015) , Shenzhen Yanmade Technology Inc(688312) , Guangdong Huatie Tongda High-Speed Railway Equipment Corporation(000976)
Risk warning: the progress of policy implementation is less than expected; The order growth rate of listed companies was lower than expected; Changes in tax preference system; The progress of M & A is less than expected; Repeated impact of the epidemic; Focus on the company’s performance less than expected.
