Event: from December 8 to 10, the central economic work conference was held in Beijing. The meeting said that “we should implement scientific assessment, exclude the new renewable energy and raw material energy from the total energy consumption control, create conditions to realize the transformation from” double control “of energy consumption to” double control “of total carbon emission and intensity as soon as possible, and accelerate the formation of an incentive and restraint mechanism for reducing pollution and carbon.”
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“New renewable energy” is not included in the total energy consumption control to help the combination of traditional industries and new energy. According to the photovoltaic industry network, new energy power does not produce carbon emissions and is not included in the total energy consumption. Previously, on September 11, 2021, the national development and Reform Commission issued the plan for improving the dual control of energy consumption intensity and total amount, which stated that “for areas that exceed the incentive renewable energy power consumption responsibility weight, the consumption exceeding the minimum renewable energy power consumption responsibility weight will not be included in the assessment of the current total energy consumption of the region’s annual and five-year plans.” The national level has greatly promoted the optimal combination of traditional industries and new energy, and chemical enterprises with renewable energy layout are expected to benefit.
Favorable targets: Ningxia Baofeng Energy Group Co.Ltd(600989) ( Cecep Solar Energy Co.Ltd(000591) electrolytic hydrogen production, energy storage and application demonstration project, with an annual output of 240 million standard cubic meters of “green hydrogen” and 120 million standard cubic meters of “green oxygen” after being put into operation); Wanhua Chemical Group Co.Ltd(600309) (cooperate with Huaneng Group to build Zhuqiao 93mw wind power project and Haiyang Xin’an 600mwp Yuguang complementary photovoltaic power generation project); Jinneng Science&Technology Co.Ltd(603113) (layout of Muguan Island Yuguang complementary offshore photovoltaic power generation project, including 1000MW offshore photovoltaic power generation unit and supporting 100MW / 200MW energy storage facilities).
“Raw material energy consumption” is not included in the total energy consumption control, and the chemical industry leader returns to the growth track. Energy consumption of raw materials means that energy products such as oil, coal and natural gas are not used as fuel and power, but are used as raw materials and materials for the production of products and processed into other products. For example, in petrochemical industry, oil is used to produce chemical fiber, olefin and other products, and the oil is not burned to produce carbon emission, so it is not included in the total energy consumption. Ning Jizhe, director of the National Bureau of statistics, said when attending the “2021-2022 China economic annual conference”, “The energy consumption of raw materials is coal chemical industry and petrochemical industry. It (energy products) are converted into raw materials. It does not emit 100% of carbon dioxide into the air, generally only 20% (emission), and 80% is converted into raw materials. However, the energy consumption of fuel emits carbon dioxide, so they should be calculated separately in statistics, and the management department should assess them. These have put forward clear requirements.” We believe that, on the one hand, it is conducive to preventing the shortage of raw materials and ensuring the security of energy supply, highlighting the requirements of the central economic work conference for economic work next year to be stable and seek progress while maintaining stability; On the other hand, for coal chemical industry, light chemical industry and other industries, the energy consumption of new projects controlled by the total energy consumption has decreased significantly, and the chemical industry leader is expected to restart growth.
Favorable targets: Ningxia Baofeng Energy Group Co.Ltd(600989) (the company’s 4 million T / a coal to olefin project in Inner Mongolia is expected to accelerate); Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) (high-end solvent project, nylon 66 new material project, PBAT project and other projects are expected to accelerate); Oriental Energy Co.Ltd(002221) (Maoming project is expected to accelerate and open up growth space); satellite chemistry (the layout of new materials such as carbonate and polyether macromonomer under the lightweight platform is expected to accelerate).
Risk tips: the prices of raw materials and products fluctuate sharply, the global epidemic situation repeats, and the policy implementation is not as expected.
