Focus on the goal of “double carbon” and promote green development. The 2022 government work report pointed out that the energy consumption intensity target should be comprehensively assessed within the 14th five year plan, with appropriate flexibility, and the new renewable energy and raw material energy consumption should not be included in the total energy consumption control. On the whole, this statement is basically consistent with the contents of the previous central economic work conference, maintains the continuity of policies, and plays a positive role in promoting the development of “double carbon”.
Continue to promote the green and low-carbon transformation of electric power. The lifeblood of economic development is energy, and the core of energy is electricity. Whether electricity is clean or not will ultimately affect the realization of China’s “double carbon” goal. Therefore, building a green power system based on new energy is the key to realizing the “double carbon” goal. The rapid growth of new energy power generation is uncertain. In terms of cost, with the increase of scale and the renewal and iteration of technology, the cost of Shanxi Guoxin Energy Corporation Limited(600617) power generation in China is still in the downward channel, which will further ensure the profitability of new projects; In terms of electricity, green electricity will be the main new electricity in the future, and the demand is very strong; In terms of electricity price, power users will accept the premium of green power due to various restrictions, and the electricity price also has long-term support.
Renewable resources will become the “new main line” of the environmental protection industry. In recent years, China has issued a series of laws, regulations and policies related to the utilization of renewable resources, which has played a good role in guiding and promoting the utilization level of renewable resources and the establishment and improvement of a green and low-carbon circular development system. According to the 14th five year plan for the development of circular economy, by 2025, China’s resource recycling industry system will be basically established, the resource recycling system covering the whole society will be basically completed, the resource utilization efficiency will be greatly improved, and the replacement proportion of renewable resources to primary resources will be further increased. With the rapid opening of renewable resources market space, enterprises will usher in a period of rapid growth.
Investment suggestions: both new energy operators and operators of traditional coal-fired power transformation to new energy power generation are expected to benefit fully. It is suggested to pay attention to China Three Gorges Renewables (Group) Co.Ltd(600905) ( China Three Gorges Renewables (Group) Co.Ltd(600905) . SH), China Power (2380. HK), Huaneng Power International Inc(600011) ( Huaneng Power International Inc(600011) . SH), Henan Bccy Environmental Energy Co.Ltd(300614) ( Henan Bccy Environmental Energy Co.Ltd(300614) . SZ). With the accelerated development of renewable resources industry and the rapid opening of market space, relevant enterprises will also usher in a period of rapid growth. Hazardous waste recycling, waste incineration, recycled plastics and other fields deserve attention. Beijing Geoenviron Engineering & Technology Inc(603588) ( Beijing Geoenviron Engineering & Technology Inc(603588) . SH) recommended to recycle recycled metals through hazardous waste recycling; Recycled plastic recycling faucet Shandong Intco Recycling Resources Co.Ltd(688087) ( Shandong Intco Recycling Resources Co.Ltd(688087) . SH); Renewable resource enterprises involved in rare earth recovery and scrap recovery Jiangsu Huahong Technology Co.Ltd(002645) ( Jiangsu Huahong Technology Co.Ltd(002645) . SZ).
Risk warning: the risk that the policy strength is less than expected; The risk that the project construction progress is less than expected; Risk that the output of new energy is less than expected; Risks of intensified industry competition; The risk of compliance problems in the company’s operation; The risk of subsidy decline in subdivided industries.
