Environmental protection perspective: the Ministry of ecology and environment promotes carbon verification
The Ministry of ecology and environment issued the notice on the key work related to the management of enterprise greenhouse gas emission report in 2022, and put forward the schedule of key work related to the management of enterprise greenhouse gas emission report in 2022. 1) Key enterprises in the power generation industry shall publish the verified greenhouse gas emission related information of the first performance cycle of the national carbon market (20192020) through the environmental information platform before March 31, 2022. 2) Power generation enterprises included in the verification scope include power generation enterprises or other economic organizations (thermal power generation, cogeneration and biomass power generation) with greenhouse gas emissions of 26000 tons of carbon dioxide equivalent or more in any year of 2020 and 2021, which need to carry out greenhouse gas accounting and reporting in 2021. Self owned power plants (not limited to industries) that meet the above annual emission requirements shall be managed as key emission units in the power generation industry. Reduction of power grid emission factor: when calculating carbon emissions in 2021 and 2022, the national power grid emission factor is adjusted from 0.6101tco2/mwh to the latest 0.5810tco2/mwh. 3) Other industries will not participate in carbon trading temporarily, but are required to report carbon verification data before September 30: enterprises in building materials, steel, nonferrous metals, petrochemical, chemical, papermaking, civil aviation and other industries or other economic organizations with greenhouse gas emissions of 26000 tons of carbon dioxide equivalent or more in any year of 2020 and 2021 will be included in the scope of this notice to carry out greenhouse gas emission reporting and verification. Compared with the previous year, the industry sub categories included in the scope of work of this notice in 2022 do not include difluoromethane, air passenger transport services and air cargo transport services.
Specialized and new viewpoint: focus on the two investment mainlines of domestic substitution and “carbon neutralization”
After 2018, China will strengthen the cultivation of specialized, special and new enterprises, promote the development of small and medium-sized enterprises to “specialization, refinement, characteristics and novelty”, and strive to achieve the goals of “making up for weaknesses”, “forging long sectors” and “filling gaps” in key links and key fields of the industrial chain. The cultivation of specialized and special new enterprises focuses on the “four basic” fields of industry or the ten key industrial fields of manufacturing power. At present, 4922 specialized and special new “little giant” enterprises have been cultivated, including 361 A-share listed companies. Provinces and cities have successively issued policies to vigorously support the cultivation of specialized and special new enterprises at the national, provincial and municipal levels, and encourage small and medium-sized enterprises to increase R & D efforts to achieve fine and high-quality development. Considering the strength of policy support and the urgency of demand, it is suggested to pay attention to two main investment lines: 1) domestic substitution: there is a problem of high import dependence in some “neck” areas of manufacturing industry. Under the background of trade friction, the demand for domestic substitutes such as core parts is becoming stronger and stronger. Made in China 2025 proposes that 70% of core basic parts and key basic materials will be independently guaranteed by 2025. With the encouragement of policies, the R & D process of alternative products with core competitiveness is expected to accelerate and drive the rapid growth of relevant enterprises. 2) “Carbon neutralization”: the 30 / 60 target is determined. It is expected that during the 14th Five Year Plan period, the installed scale of photovoltaic and wind power and the penetration rate of new energy vehicles are expected to accelerate, driving the rapid growth of the demand for components and equipment in the whole industry chain.
Industry rating and investment strategy: the short-term and medium-term demand of some segments of the environmental protection industry has increased, and the overall valuation of the industry has been lower than the average value of nearly one year, so it can be arranged on bargain hunting; The urgent need to cultivate “specialized and special new” enterprises and strong policy support are conducive to the rapid development of enterprises in the industry. Based on this, we give the “recommended” rating to the environmental protection & specialized and special new industry.
Suggestions for attention this week: Pony Testing International Group Co.Ltd(300887) (buy), Gcl Energy Technology Co.Ltd(002015) , Shenzhen Yanmade Technology Inc(688312) , Guangdong Huatie Tongda High-Speed Railway Equipment Corporation(000976)
Risk warning: the progress of policy implementation is less than expected; The order growth rate of listed companies was lower than expected; Changes in tax preference system; The progress of M & A is less than expected; Repeated impact of the epidemic; Focus on the company’s performance less than expected.
