Event: from April 1, 2022, the general code for building energy efficiency and renewable energy utilization began to be officially implemented, which belongs to the "full text mandatory" document of the Ministry of housing and urban rural development.
For some misunderstandings, we combed as follows: (1) the Ministry of housing and Urban Rural Development released 38 (later increased to 40) engineering specifications in the field of housing and urban rural construction (Draft for comments) to the public in February 2019. After more than three years of comments and repair, it is expected to be implemented one after another. For example, the general code for building energy conservation and renewable energy utilization, which was clearly implemented on April 1, the code for residential projects for comments again on March 15, and the general code for waterproofing of building and municipal engineering, which has always been concerned about high heat, belong to the above 40 engineering specifications. (2) Because of the wide coverage and stricter indicators, it took three years to continuously solicit public opinions and revise them, so as to strive for objectivity, comprehensiveness and rationality. For example, the general code for waterproofing of building and municipal engineering, which is more concerned by the market, has been solicited for comments twice. (3) On April 1, the general code for building energy conservation and renewable energy utilization took the lead in implementing, representing that 40 documents can be implemented separately to increase the flexibility of standard implementation. In fact, the same batch of "general code for earthquake resistance of building and municipal engineering" and "general code for steel structures" have been officially implemented as early as January 1 this year. (4) This set of engineering specifications represents the regulatory bottom line requirements of China's engineering construction. All provisions must be strictly implemented, and the relevant mandatory provisions of the current engineering construction standards shall be abolished at the same time.
Having experienced supply side reform and blue sky defense war, we should pay more attention to the determination to implement heavy policies. Double carbon is the background, and reducing external dependence on energy is the source power. Building energy conservation is imminent. The carbon emission of China State Construction Engineering Corporation Limited(601668) whole process accounts for about 51.3% of the National Total (2018 data). The whole process includes building materials production, building construction and building operation, in which the carbon emission of building operation accounts for about 20% of the total, and windows are the focus of energy consumption. Three promotion directions of building energy efficiency: envelope improvement (windows, glass, thermal insulation materials), renewable energy utilization (mainly photovoltaic), building energy system efficiency improvement (fresh air system, third-party operation and maintenance, etc.).
The opportunity of energy-saving materials, focusing on: energy-saving glass, energy-saving doors and windows, gypsum board, thermal insulation mortar, rock wool, thermal insulation decorative board. (1) Energy saving glass, Low-E hollow glass or three glass and two cavities, which can reduce external heat exchange or Cecep Solar Energy Co.Ltd(000591) radiation by adding silver coating, interlayer and thickening, requires a reasonable combination of heat transfer coefficient K and solar heat gain coefficient SHGC to achieve energy-saving effect Zhuzhou Kibing Group Co.Ltd(601636) energy saving glass has been put into production with a production capacity of 21.95 million square meters (2021h1), and is expected to reach 47.35 million square meters after being built and put into operation. The total production capacity of CSG hollow and coated glass is 34.01 million square meters (2020), and the production capacity of two low E glass equipment of North glass is 36000 square meters / day (2020). The self owned low E production capacity is relatively small, with a production and sales of 5.66 million square meters (2020). The low production line of Jinjing headquarters will be ignited in December 2020. (2) Systematic doors and windows: by combining sealing strips, hardware, glass, aluminum alloy and other materials according to energy-saving standards, a systematic door and window scheme is formed, with representative brands of Xuge (Germany), aruk (Italy), rockdi (Italy) and becolo ( Guangdong Haomei New Materials Co.Ltd(002988) ). (3) gypsum board, foam + gypsum board and rock wool + gypsum board, which form an internal wall insulation system. In winter, the air conditioning load is reduced in winter and summer. It represents the business enterprise, Saint Gobain, China gypsum board leader Beijing New Building Materials Public Limited Company(000786) .
(4) for thermal insulation mortar, rock wool and thermal insulation decorative board, the climate, humidity and other conditions in various regions are different, and a unified standard has not been formed in China. For example, Shanghai issued a policy in October 2020 to prohibit the application of rock wool thermal insulation decorative composite board external wall external insulation system.
BIPV has broad prospects, and the prospect of photovoltaic buildings is open. We believe that in combination with the recovery rate and technical requirements, the early stage will focus on the industrial roof and the facade of public / municipal buildings, focusing on Luoyang Glass Company Limited(600876) , Zhejiang Southeast Space Frame Co.Ltd(002135) , Center International Group Co.Ltd(603098) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) , Jiangsu Canlon Building Materials Co.Ltd(300715) .
Risk warning: policy changes are less than expected; The risk of credit tightening; The risk of continued tightening of real estate regulation.