Market review: this week, the public utility industry index rose 1.85%, outperforming the Shanghai and Shenzhen 300 index by 3.53%, and the market performance was stronger than the market. Among the sub sectors of environmental protection industry, energy conservation and clean energy utilization, water and other sectors led the increase. Hydropower and clean energy power generation increased significantly among the fine sectors of the public sector.
Special research: virtual power plant is not a real power plant, but an intelligent power resource management system. The main function of virtual power plant is to aggregate distributed energy, participate in the operation of power market and auxiliary service market, and provide management and auxiliary services for transmission network and distribution network. Virtual power plants can participate in power market transactions to obtain benefits. At present, the business model and technology of virtual power plants tend to be mature. It is expected that in the future, with policy driven and distributed energy widely connected to the power grid, the market demand of virtual power plants will continue to grow, and the virtual power plant industry is expected to usher in a period of development opportunities.
Industry trends: the 2022 government work report proposed to orderly promote carbon peak and carbon neutralization. Strengthen the clean and efficient utilization of coal, orderly reduction and substitution, and promote the transformation of energy conservation and carbon reduction, flexibility and heating of coal and electricity. Promote the planning and construction of large-scale wind and solar power bases and their supporting regulatory power sources, and improve the consumption capacity of the power grid for renewable energy power generation. Promote the R & D, promotion and application of green and low-carbon technologies, and promote energy conservation and carbon reduction in iron and steel, nonferrous metals, petrochemical, chemical, building materials and other industries. Promote the transformation from “dual control” of energy consumption to “dual control” of total carbon emission and intensity. National policies continue to support the development of Fengguang new energy power, the energy-saving transformation and flexibility transformation of coal power, and the promotion of energy conservation and carbon reduction. The prosperity of relevant industries is improving.
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. It is suggested to pay attention to: 1) China Three Gorges Renewables (Group) Co.Ltd(600905) , 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) ; 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) , which actively transformed 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) . Waste recycling brings new market opportunities. It is suggested to pay attention to the rapid and large-scale recycling of organic residue Road Environment Technology Co.Ltd(688156) . 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 the intelligent operation and inspection standard of the power industry and Suwen Electric Energy Technology Co.Ltd(300982) . Industrial temperature control expert, promising subject 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; The implementation of the policy 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.
