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coal sector rises Zhengzhou Coal Industry & Electric Power Co.Ltd(600121) limit Anhui Hengyuan Coal Industry And Electricity Power Co.Ltd(600971) and other big rises
The coal sector rose in intraday shock on the 18th. As of press time, Zhengzhou Coal Industry & Electric Power Co.Ltd(600121) rose by the limit, Anhui Hengyuan Coal Industry And Electricity Power Co.Ltd(600971) , Anyuan Coal Industry Group Co.Ltd(600397) , Shanxi Coal International Energy Group Co.Ltd(600546) , Pingdingshan Tianan Coal Mining Co.Ltd(601666) , Liaoning Energy Industry Co.Ltd(600758) , Shanxi Lu’An Environmental Energydev.Co.Ltd(601699) .
In terms of news, the national development and Reform Commission issued a document on March 18, saying that in order to further do a good job in the signing and performance of medium and long-term coal contracts, standardize the signing behavior, sign sufficient and firm contracts, supervise and urge strict performance, and ensure the stable and reliable supply of coal for power generation and heating, the national development and Reform Commission recently issued a notice and held a mobilization and deployment meeting to arrange for special verification of the signing and performance of medium and long-term coal contracts by local and central enterprises in 2022.
The notice requires that all localities and relevant enterprises should conduct self-examination and sorting according to the requirements of the signing performance policy, and those that do not meet the requirements should be rectified as soon as possible. Medium and long-term contracts should be fully signed. The number of medium and long-term contracts signed by coal enterprises should reach more than 80% of their own resources, and the annual coal consumption of power generation and heating enterprises should achieve full coverage of medium and long-term supply and demand contracts. To sign medium and long-term contracts, each medium and long-term coal contract must specify the price level or implement the price mechanism within a reasonable range. It is necessary to standardize the signing of medium and long-term contracts. Each contract should clarify the contract quantity, quality, term, flow direction, mode of transportation, liability for breach of contract, dispute resolution and other elements. Contract performance shall be strictly enforced. All contracts signed shall be entered into the online platform of the national coal trading center for supervision, and the performance shall be submitted online every month. Flexibility, discount and fraud are not allowed.
Capital Securities pointed out that since late January, the coal price has risen too fast due to the tight supply and the impact of international coal prices. The implementation of the signing of Changxie coal has not reached the expected level. At the same time, the power plant has great operating pressure. The national development and Reform Commission has intensively issued policies to prevent the coal price from rising too fast, control the coal price to operate within a reasonable range, and provide price guidance for the pit mouth and port prices of market coal and Changxie coal respectively, The core is to control the rapid rise of coal prices and transmit it to the downstream. The market has panic about the policy adjustment of coal prices this week. We believe that the combined fist of the policy is mainly to correct the deviation. The rapid rise of prices exceeds a reasonable level. The main reason for the price rise is that the short-term constraints on the supply side still exist, especially the rise of international coal prices caused by the superposition of external changes in the international situation. Under the strong regulation of the policy, Coal prices are expected to remain at a high level within a reasonable price range. The prices of pits and ports in the first quarter are higher than those in the same period of the last three years. Coal enterprises still have sufficient profit space. The valuation of high-quality thermal coal is still low, and continue to be optimistic about the long-term investment value of the industry.
construction sector has a strong trend Zhejiang Construction Investment Group Co.Ltd(002761) again raised the limit, which has risen nearly four times since February
Building sectors are an active part on the 18th day of the 18th day of the 18th day of the 18th day of the 18th day of the 18th day of the 18th day of the building sector. As of the release, the Shanghai Hyp-Arch Architectural Design Consultant Co.Ltd(301024) Shanghai Hyp-Arch Architectural Design Consultant Co.Ltd(301024) stop, Shenzhen Weiye Decoration Group Co.Ltd(300621) , Hualan Group Co.Ltd(301027) increase ahead.
It is worth noting that Zhejiang Construction Investment Group Co.Ltd(002761) has risen by 386% since February 7. During this period, the company issued risk tips, saying that the company’s main business is construction and industrial manufacturing, engineering services, infrastructure investment and operation and other businesses supporting the main construction industry chain. Up to now, the company’s operation and internal and external business environment have not changed significantly.
In terms of policy, recently, the Ministry of housing and urban rural development issued the “14th five year plan” for building energy conservation and green building development; In addition, in October 2021, the Ministry of housing and urban rural development issued the full text of the mandatory national standard general code for building energy conservation and renewable energy utilization, which will be implemented from April 1. Some analysts pointed out that two programmatic documents in the field of building energy conservation have been issued one after another, the “14th five year plan” will guide the direction of policy development, national standards will ensure that key tasks can be implemented to the implementation level, and the top-level design of building energy conservation policy has become more and more perfect. With the gradual implementation of top-level design at the local level, the demand of building energy conservation and building photovoltaic industry is expected to increase in the long term.
The agency said that from the perspective of the 14th five year plan for the development of building energy conservation and green buildings and the general code for the utilization of building energy conservation and renewable energy, under the background of the “double carbon” goal and the increasing demand of the people for a better living environment, the two programmatic plans and codes have been issued one after another, which means that the policy system of building energy conservation is gradually improved and the government attaches more importance to building energy conservation, High quality and green development in the field of building materials has entered the fast lane. Building energy conservation, building photovoltaic and other fields are important starting points of building energy conservation policy. Driven by the policy, there is a large space for long-term demand growth, which is expected to usher in the improvement of prosperity. It is suggested to focus on the main directions of the two benefit policies of building energy conservation and BIPV: 1) the improvement of building energy conservation requirements drives the increase in the demand for thermal insulation materials and functional shading materials. It is recommended that Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Shandong Yuma Sun-Shading Technology Corp.Ltd(300993) , Luyang Energy-Saving Materials Co.Ltd(002088) ; 2) The building photovoltaic demand is elastic and the ceiling is high. The leading building BIPV business has entered the landing period. At the same time, the increase in the penetration rate of prefabricated buildings is conducive to supporting the demand for steel structures. It is recommended to pay attention to Zhejiang Southeast Space Frame Co.Ltd(002135) , Anhui Honglu Steel Construction(Group) Co.Ltd(002541) , Hangxiao Steel Structure Co.Ltd(600477) , Changjiang & Jinggong Steel Building(Group)Co.Ltd(600496) , Shenzhen Strongteam Decoration Engineering Co.Ltd(002989) .
green power sector rose strongly Chn Energy Changyuan Electric Power Co.Ltd(000966) and other stocks rose, and the State Grid started two pumped storage power stations
The green power sector rose strongly on the 18th. As of press time, Liaoning Energy Industry Co.Ltd(600758) , China Fangda Group Co.Ltd(000055) , China Southern Power Grid Energy Efficiency&Clean Energy Co.Ltd(003035) , Chn Energy Changyuan Electric Power Co.Ltd(000966) , Datang Huayin Electric Power Co.Ltd(600744) , Gcl Energy Technology Co.Ltd(002015) , Henan Yuneng Holdings Co.Ltd(001896) , Yunnan Energy Investment Co.Ltd(002053) .
On the news, on March 17, Zhejiang Taishun pumped storage power station and Jiangxi Fengxin pumped storage power station of the State Grid started construction, with a total investment of 14.739 billion yuan. The installed capacity of the two power stations is 1.2 million KW. Four units with a single unit capacity of 300000 kW are installed respectively. The designed annual power generation capacity is 1.2 billion kWh and the annual pumping capacity is 1.6 billion kwh. It is planned to be completed and put into operation in 2030.
On February 23 this year, Xin Baoan, director of the State Grid, wrote in the people’s Daily that the State Grid will vigorously strengthen the construction of pumped storage power stations with mature technology, actively support the large-scale application of new energy storage, and strive to increase the installed capacity of pumped storage power stations in the company’s business area from 26.3 million kW to 100 million KW by 2030, It means that China’s Pumped Storage Investment and construction will double in the next few years.
Everbright Securities Company Limited(601788) said that in the context of double carbon, it is expected that more energy storage policies will be implemented in 2022 to further rationalize the business model of energy storage and accelerate the development of energy storage industry. In the context of accelerating the construction of a new power system, the power grid investment increased during the 14th Five Year Plan period, and there were great opportunities for structural investment in some fields.
two pumped storage power stations will be built in eastern and central China at the same time. The organization believes that the future growth of the industry is deterministic (with shares)
China Central Television News reported that in order to improve the regulation capacity of power grids in East and central China and promote the development of renewable energy. On March 17, the construction of two pumped storage power stations of State Grid Zhejiang Taishun and Jiangxi Fengxin started at the same time.
The two pumped storage power stations started by the State Grid at the same time are located in Taishun County, Wenzhou City, Zhejiang Province and Fengxin County, Yichun City, Jiangxi Province. The installed capacity of the two power stations has reached 1.2 million KW and the total investment is 14.773 billion yuan. It is expected that after completion and operation in 2030, the annual power generation will reach 2.4 billion kWh and the annual pumped power will reach 3.2 billion kwh, which can reduce 220000 tons of raw coal consumption and 450000 tons of carbon dioxide emission every year.
Pumped storage is the most mature energy storage method with the most mature technology, the best economy and the most large-scale development conditions at present. Using the height difference between the two reservoirs on the mountain and under the mountain, when the power consumption is low, the water under the mountain is pumped to the mountain for storage with surplus electricity. When the power consumption is peak, the water is released for power generation. It is known as the stabilizer of power grid security, the regulator of power dispatching and the memory of new energy power.
Everbright Securities Company Limited(601788) pointed out that under the background of “double carbon”, the installed capacity of new energy will increase rapidly. In the power system with high proportion of new energy, energy storage technology is urgently needed in the power system. This technology can store energy through devices or physical media for future use, which can realize the role of “peak cutting and valley filling”, solve the problem of instability of new energy power generation and reduce the loss of “wind and light abandonment”, Maintain the stable operation of power grid.
On September 17, 2021, the National Energy Administration officially issued the medium and long-term development plan for pumped storage (20212035). The plan pointed out that the construction of pumped storage power station was approved in the key implementation project library of the plan in accordance with the principle of nuclear energy and open energy. By 2025, the total scale of pumped storage operation will double that of the 13th five year plan, reaching more than 62gw; By 2030, the total scale of pumped storage put into operation will double that of the 14th five year plan to about 120gw. The expansion target explicitly mentioned in the plan will provide certainty for the future growth of pumped storage industry. Focus on recommending enterprises related to power construction Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) , China energy construction, and be optimistic that the two enterprises will benefit from the continuous release of construction demand in the field of pumped storage and energy storage.
lithium carbonate price rises gently, the agency said the performance release was highly deterministic
According to the data of business agency, the price rise of industrial grade and battery grade lithium carbonate gradually slowed down this week. On March 17, the average price of industrial grade lithium carbonate in East China was 475400 yuan / ton, up 1.36% from the beginning of the week. On March 17, the average price of battery grade lithium carbonate in East China was 499600 yuan / ton, up 1.75% from the beginning of the week. As of March 17, the comprehensive quotation of industrial grade lithium carbonate market is around 440000 ~ 495000 yuan / ton, and the comprehensive quotation of battery grade lithium carbonate market is around 480000 ~ 522000 yuan / ton.
In terms of A-share investment, Guotai Junan Securities Co.Ltd(601211) believes that the price of lithium sector continues to rise. The rapid rise in price is mainly driven by the urgent demand for lithium carbonate from lithium iron phosphate manufacturers, especially overseas energy storage batteries. The lithium price is transmitted smoothly, and naturally the lithium price is further raised. Basically, the short-term lithium supply and demand continues to be tight, and the lithium price may remain strong, and the concentrate end is more certain. Although the Ministry of industry and information technology recently proposed to continue to accelerate the development of China’s lithium resources, the increase of lithium supply will not occur within one year (more affecting the long-term supply expectation). It is expected that the spot price of lithium is still easy to rise but difficult to fall in the short term.
Northeast Securities Co.Ltd(000686) pointed out that the prosperity of lithium industry may exceed expectations. In terms of supply, there are few deterministic supply increments, many overseas lithium resource projects under construction are in early stages, and the government is cautious about the development of lithium resources, so the supply situation may be more tense in the future. In terms of demand, new energy vehicles have entered a stage of rapid development, energy storage lithium batteries will usher in an explosion period, and electric vehicles + energy storage will contribute to the core increment in the future. In conclusion, the contradiction between supply and demand in the lithium industry may exist for a long time, and we are optimistic about the long-term high prosperity of “white oil” lithium resources. The target allocation value with strong performance release certainty and significant marginal improvement is highlighted.
China will expand the supply of affordable rental housing, and financial institutions will escort the development of affordable housing (with shares)
On March 17, the national development and Reform Commission issued the key tasks for the development of new urbanization and urban-rural integration in 2022, which proposed that all kinds of cities should unblock the channels for the whole family of agricultural transfer population to enter the city and settle down in accordance with the carrying capacity of resources and environment and the actual needs of economic and social development. Cities with a permanent resident population of less than 3 million in urban areas have implemented the policy of comprehensively canceling the restrictions on settlement. Focus on large cities with net population inflow, expand the supply of affordable rental housing, and strive to solve the housing difficulties of qualified new citizens, young people and other groups. Indemnificatory rental housing is mainly constructed by using rural collective operating construction land, self owned idle land of enterprises and institutions, supporting land of industrial parks and stock idle houses, and making appropriate use of newly supplied state-owned construction land. Increase the proportion of land for indemnificatory rental housing in residential land, and make a separate plan for the supply of land for rental housing, which is mainly arranged in and around the industrial park, near rail transit stations, key urban construction areas and other areas.
Northeast Securities Co.Ltd(000686) pointed out that on February 25, the China Banking and Insurance Regulatory Commission and the Ministry of housing and urban rural development issued the guidance on bank insurance institutions supporting the development of indemnificatory rental housing, pointing out that insurance funds should be supported to provide long-term financial support for indemnificatory rental housing projects through direct investment or subscription of debt investment plan, equity investment plan and insurance private placement fund, and it is required to give full play to the role of China Development Bank Support commercial banks to provide professional and diversified financial services, guide insurance institutions to provide funds and guarantee support for affordable rental housing, and support non bank institutions to participate in compliance with the law. With the introduction of this policy, the supporting financial support for affordable rental housing has gradually taken shape, and the financial support has been strengthened. While clearly supporting the diversification of institutional subjects, it still adheres to the policy guidance of “risk prevention and strong supervision”. It is reiterated that affordable rental housing loans are not included in the concentration management of real estate loans. While ensuring the amount of affordable housing loans, the amount of commercial housing development loans is indirectly sufficient. At present, the mainstream real estate enterprises that layout the residential rental business have the asset management ability of rental housing, so the extension to the indemnificatory rental housing business is also relatively smooth. It is expected to obtain relevant financing facilities, improve performance under diversified development, and improve cash flow.
The agency further analyzed that the policy relaxation continued to increase, the upward trend of the industry beta remained unchanged, the steady concentration of Green Housing enterprises accelerated, and the advantages of the leading green housing enterprises in investment and financing appeared. At the same time, with the strengthening of pre-sale supervision and credit regulation at the present stage, the opportunities for improving the liquidity of private housing enterprises increased, the valuation cost performance became prominent, and the allocation could be moderately lowered to the elastic target of the waist. A shares recommended China Vanke Co.Ltd(000002) , Poly Developments And Holdings Group Co.Ltd(600048) China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) Gemdale Corporation(600383) Jinke Property Group Co.Ltd(000656) Seazen Holdings Co.Ltd(601155) ； H shares recommend Longhu group, China Resources Land, China overseas development, Xuhui holding group and rongchuang China.
