Key investment points
Market review: this week, the public utility industry index fell 4.14%, underperforming the Shanghai and Shenzhen 300 index by 3.2%, and the market performance was weaker than the market. Among the fine-grained industries in the environmental protection industry, solid waste treatment and gardens decreased significantly. The gas and thermal power sectors in the fine-grained industries of the public sector fell significantly.
Special research: nuclear power is an important part of China’s power system. By 2021, China’s cumulative installed capacity of nuclear power was 53.26gw, accounting for 2.24% of the country’s total installed capacity of power generation. In 2021, the government work report first proposed the positive and orderly development of nuclear power. It is expected that the positioning of nuclear power in China’s energy structure will be more clear in the future, and the installed scale and power generation of nuclear power are expected to continue to grow.
Industry information: the Ministry of housing and urban rural development issued the development plan for building energy conservation and green buildings in the 14th five year plan, which proposed that by 2025, the energy-saving transformation area of existing buildings will be more than 350 million square meters, the construction of ultra-low energy consumption and near zero energy consumption buildings will be more than 50 million square meters, the installed capacity of Cecep Solar Energy Co.Ltd(000591) photovoltaic buildings in China will be more than 50 million KW, and the proportion of power consumption in building energy consumption will exceed 55%. The national development and Reform Commission will carry out special verification on the signing and performance of medium and long-term coal contracts to ensure the effective implementation of the long-term coal association.
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. Suggestions: 1) focus on China Three Gorges Renewables (Group) Co.Ltd(600905) , Jiangsu New Energy Development Co.Ltd(603693) , Zhongmin Energy Co.Ltd(600163) , 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; 3) Nuclear power is expected to rise both in volume and price, and actively transform the development of scenery new energy China National Nuclear Power Co.Ltd(601985) . 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 increased, and distribution network and intellectualization are the main directions. It is suggested to pay attention to Hangzhou Shenhao Technology Co.Ltd(300853) of intelligent operation and inspection standard of power industry and Suwen Electric Energy Technology Co.Ltd(300982) . The expert of temperature control is the standard of industrial management. 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.
