Key investment points
Event: on December 30, 2021, SASAC issued the guidance on promoting the high-quality development of central enterprises and doing a good job in carbon peak and carbon neutralization.
The top-level design of carbon peak carbon neutralization of central enterprises was released, and the objectives of phase III and five major tasks were defined. The guidance defines the objectives of the third phase of carbon peak and carbon neutralization of central enterprises: 1) by 2025, the comprehensive energy consumption of 10000 yuan output value of central enterprises will be reduced by 15%, the carbon dioxide emission of 10000 yuan output value will be reduced by 18%, the installed proportion of renewable energy power generation will reach more than 50%, and the revenue proportion of strategic emerging industries will not be less than 30%; 2) By 2030, the comprehensive green and low-carbon transformation of central enterprises will achieve remarkable results, the comprehensive energy consumption of 10000 yuan output value will be greatly reduced, the carbon dioxide emission of 10000 yuan output value will be more than 65% lower than that in 2005, the overall carbon dioxide emission will reach the peak and steadily decline, and the qualified central enterprises will strive to reach the peak of carbon emission rate first. 3) By 2060, the industrial system of green and low-carbon circular development of central enterprises and the clean, low-carbon, safe and efficient energy system will be fully established, and the energy utilization efficiency will reach the advanced level of world-class enterprises. The guiding opinions deploy from five aspects, including promoting the transformation and development of green and low-carbon, establishing a green and low-carbon circular industry system, building a clean, low-carbon, safe and efficient energy system, strengthening the scientific and technological breakthrough and innovative application of green and low-carbon technologies, and establishing and improving the carbon emission management mechanism.
The increment of state-owned capital is inclined to green and low-carbon industries, and large environmental protection groups are cultivated to develop new business forms. The guidance proposes to optimize the incremental investment direction of state-owned capital, increase green and low-carbon investment, cultivate large green environmental protection enterprise groups with international competitiveness, and cultivate new business forms and new models such as comprehensive energy services, contract energy management, third-party environmental pollution control and comprehensive services of carbon emission management. State owned capital is overweight, and the environmental protection industry welcomes good opportunities for development.
Focus 1: build a resource recycling industrial system and promote the large-scale and standardized development of recycled metals, recycled plastics and waste batteries. The guiding opinions propose to promote the circular production of enterprises and the circular combination of industries, promote the comprehensive utilization of waste, cascade utilization of energy, utilization of residual heat, pressure and energy, and recycling of water resources, focus on broadening the comprehensive utilization channels and utilization scale of bulk industrial solid waste and construction waste, and carry out the construction of demonstration projects. Promote the high-quality development of remanufacturing industry and encourage enterprises to widely promote and apply remanufactured products and services. Support qualified enterprises to actively participate in the collaborative disposal of municipal solid waste. Improve the processing and utilization level of renewable resources, and promote the large-scale, standardized and clean utilization of renewable resources such as waste steel, waste non-ferrous metals, waste plastics and waste power batteries.
Focus 2: build a clean and low-carbon energy system, develop biomass energy according to local conditions & tackle key green hydrogen energy technology. The guidance requires central enterprises to coordinate the relationship between “energy control” and “carbon control” and promote the clean and efficient utilization of fossil energy and the development of non fossil energy. Improve the clean energy equipment manufacturing industry chain and support the development and utilization of clean energy. Comprehensively promote the large-scale and high-quality development of wind power and Cecep Solar Energy Co.Ltd(000591) power generation, develop biomass energy according to local conditions, and explore and deepen the development and utilization of marine energy and geothermal energy. Carry out the layout and tackling of green and low-carbon technologies, and strengthen the demonstration, verification and large-scale application of green hydrogen energy.
Focus on circular economy, clean energy and methane emission reduction in the context of dual carbon deployment and global methane emission reduction. 1) Development of circular economy: [battery regeneration] power battery regeneration meets the long cycle and high boom. The leading players in the automotive aftermarket actively layout and enter the market, with emphasis on Miracle Automation Engineering Co.Ltd(002009) ; [recycled plastics] it is the leader in the scarcity of recycled plastics, the whole industrial chain & global layout, technical advantages, and explore the blue ocean of plastic recycling, with emphasis on Shandong Intco Recycling Resources Co.Ltd(688087) ; [hazardous waste recycling] recycling high-quality tob track, copying Yuhong’s advantages and rebuilding the resource leader, with emphasis on Beijing Geoenviron Engineering & Technology Inc(603588) ; It is suggested to pay attention to conch cement kiln for collaborative disposal of solid and hazardous wastes; 2) Deepen clean energy: [photovoltaic treatment] the prosperity of photovoltaic is upward, and the demand for process pollution treatment equipment is released: key recommendation Suzhou Shijing Environmental Technology Co.Ltd(301030) ; [sanitation electrification] sanitation new energy helps carbon reach the peak, and Yutong’s share increases & profit leading verification advantage: key recommendation Yutong Heavy Industries Co.Ltd(600817) ; [waste incineration] the leader is always strong, the cash flow & profit is improved, the value is revalued, and Everbright environment is recommended; Excellent integration ability helps share expansion, and the cost reduction and efficiency increase expansion of large solid waste comprehensive industrial park can be expected: key recommendations: Grandblue Environment Co.Ltd(600323) ; It is recommended to pay attention to Zhejiang Weiming Environment Protection Co.Ltd(603568) , Dynagreen Environmental Protection Group Co.Ltd(601330) , Chongqing Sanfeng Environment Group Corp.Ltd(601827) . 3) Increase the target of methane carbon reduction: [methane utilization] the main component of landfill gas is methane. The installed capacity of landfill gas power generation leader Henan Bccy Environmental Energy Co.Ltd(300614) will account for 20% in 2020. The profit elasticity of carbon emission reduction is large, and Henan Bccy Environmental Energy Co.Ltd(300614) is recommended; Pioneer in biogas production and utilization of organic waste, with emphasis on Welle Environmental Group Co.Ltd(300190) .
Risk tip: the policy promotion is less than expected, the financial expenditure is lower than expected, and the industry competition is intensified.
