Industry trend: the Shanghai Composite Index fell 4.00%, the gem index fell 3.03%, and the environmental protection and public utilities index fell 4.74%. Among the environmental protection sectors, the environmental monitoring sector fell 4.87%, and the solid waste sector fell 6.08%; In the public sector, the gas sector fell 8.48% and the hydropower sector fell 4.77%.
Key points of this week:
1) public utilities perspective:
Frequent coal related policies to promote supply and price stability. Recently, the national development and Reform Commission has held several special meetings on the inter ministerial coordination mechanism for coal, electricity, oil and gas transportation support to sort out measures to increase coal production and ensure supply. According to the national development and Reform Commission, since the middle and late February, the national coal daily output has remained above 1200 tons, with a year-on-year increase of more than 10%, of which the daily output of Shanxi, Inner Mongolia and Shaanxi has remained above 9 million tons. The national development and Reform Commission requires the national daily coal output to strive to stabilize at more than 12 million tons. On the basis of continuously improving the policy of increasing production and ensuring supply, the coal price is expected to maintain stability, and the cost side of thermal power sector is expected to fall back to a relatively reasonable range.
Shandong Province issued the guidance on energy work in 2022, focusing on offshore wind power. Recently, Shandong Provincial Energy Bureau issued the guidance on energy work in the province in 2022. It aims that by the end of 2022, the total installed capacity of electric power in Shandong Province will reach about 180 million KW, of which the installed capacity of new and renewable energy will reach more than 70 million KW, accounting for about 38%. Among them, the opinions put forward specific objectives for the planning of offshore wind power and offshore photovoltaic base. The total planned scale of offshore wind power is 35 million KW. In 2022, the construction scale will be more than 5 million KW and about 2 million KW will be connected to the grid. In terms of offshore photovoltaic base, Shandong Province plans a total scale of 42 million KW, with a target construction scale of more than 3 million kW in 2022 and about 1.5 million kw of grid connection. Under the background of uncertain international situation and steady growth, it is suggested to focus on the public utility sector with defensive attributes. The public sector mainly recommends nuclear power + new energy two wheel drive. Both business sectors have the space for both volume and price to rise [ China National Nuclear Power Co.Ltd(601985) ], and the number of projects under construction is high. In 2021, offshore wind power projects under construction account for a large proportion, and the target [ China Three Gorges Renewables (Group) Co.Ltd(600905) ] [ Huaneng Power International Inc(600011) ] with both short-term performance growth and certainty.
2) viewpoint of environmental protection:
Release of the 14th five year plan for the prevention and control of soil and groundwater in Shanghai: the Shanghai Municipal Bureau of ecological environment issued a notice on printing and distributing the 14th five year plan for the prevention and control of soil and groundwater pollution in Shanghai. The overall goal is that by 2025, the environmental quality of soil and groundwater will remain stable, and the safe utilization of contaminated cultivated land and key construction land will be consolidated and improved, The environmental risks of soil and groundwater are effectively controlled. During the 14th Five Year Plan period, the safe utilization rate of contaminated cultivated land is required to reach more than 95%, the safety of key construction land is effectively guaranteed, and the environmental quality of groundwater meets the national objectives. It is suggested to pay attention to the subject [ Beijing Geoenviron Engineering & Technology Inc(603588) ] of the environmental remediation sector and the civil centrifugal pump faucet [ Guangdong Lingxiao Pump Industry Co.Ltd(002884) ].
Promoting classified disposal of domestic waste in Jiangxi Province: Jiangxi Provincial Development and Reform Commission issued the development plan for domestic waste classification and treatment facilities in Jiangxi Province during the 14th Five Year Plan period. The plan requires that by the end of 2025, the recycling rate of domestic waste in districts, central urban areas and county (city, district) urban areas in the province will reach about 35%, and that in districts, central urban areas The resource utilization rate of domestic waste in county (city, district) urban areas has reached about 60%, the classified collection and transportation capacity of domestic waste has reached 31000 tons / day, and the incineration capacity has reached 36000 tons / day.
The environmental protection sector recommends the main business of waste incineration power generation, enter the [ Wangneng Environment Co.Ltd(002034) ] of new energy lithium battery recycling, open the performance growth space, and actively transform and layout the target [ Road Environment Technology Co.Ltd(688156) ] of distiller’s grains resource utilization based on the disposal of high water content waste.
Market information tracking:
1) carbon market tracking: the total turnover of the national carbon market carbon emission quota (CEA) this week was 1860 tons, with a total turnover of 106300 yuan. The weekly trading volume of the listing agreement was 1860 tons, the weekly trading volume was 106300 yuan, the highest trading price was 58.00 yuan / ton, and the lowest trading price was 57.00 yuan / ton. The closing price on Friday was 57.60 yuan / ton, down 0.52% from last Friday. There is no block deal this week. As of this week, the cumulative trading volume of the national carbon market carbon emission quota (CEA) was 188.5 million tons, with a cumulative turnover of 8.180 billion yuan.
This week, the trading volume of carbon emission rights in Guangdong was the highest, with 712200 tons. There was no trading volume in Shenzhen and Beijing this week. In terms of the average transaction price of carbon emissions, the Guangdong market with the highest average transaction price is 67.17 yuan / ton.
2) natural gas price tracking: China’s LNG price has risen sharply. According to the data released by Zhuo Chuang information, the weekly average transaction price of national LNG ex factory this week was 788356 yuan / ton, down 7.10% from last week; Among them, the weekly average ex factory price of the terminal was 868250 yuan / ton, down 1.22% from last week; The average weekly turnover price of the factory was 735065 yuan / ton, down 10.86% from last week.
3) coal market price tracking: the price of the place of origin rose this week. According to the data released by the coal resources network, the cci5500 comprehensive price index this week was 792 yuan / ton, down 3 yuan / ton from last week. From the point of origin, Yulin 5800 kcal index was 890 yuan / ton, up 124 yuan / ton from last week 6 Hitevision Co.Ltd(002955) 500 kcal index was 868 yuan, up 158 yuan / ton from last week; Datong 5500 kcal index was 985 yuan, up 120 yuan / ton on a weekly basis. With the increasing demand and the dual role of the external environment, the coal price at the pit mouth is rising rapidly.
Portfolio [ China National Nuclear Power Co.Ltd(601985) ] + [ China Three Gorges Renewables (Group) Co.Ltd(600905) ] + [ Huaneng Power International Inc(600011) ] + [ Road Environment Technology Co.Ltd(688156) ] + [ Wangneng Environment Co.Ltd(002034) ]
Risk tip: the policy promotion is less than expected, the project operation progress is less than expected, the power coal price rises, the water supply of hydropower is less than expected, and the electricity price is at risk of reduction.
