Market review: this week, the public utility industry index fell 2.83%, underperforming the CSI 300 index by – 1.98%, and the market performance was weaker than the market. Among the fine-grained industries in the environmental protection industry, gardens and atmospheric control decreased significantly. Clean energy and thermal power decreased significantly in the fine sectors of the public industry.
Special research: the southern regulatory bureau of the National Energy Administration issued the implementation rules for the management of grid connected operation and auxiliary services of new energy storage in the southern region (Draft for comments), which defined the compensation standards for primary frequency modulation, AGC, AVC, reactive power compensation, peak shaving and other power auxiliary services of independent energy storage power stations in Guangdong, Guangxi, Yunnan, Guizhou and Hainan for the first time. The energy storage power station has profit space, It is conducive to the implementation of new energy distribution and storage projects and the development of third-party independent energy storage power stations.
Industry information: on March 22, the national development and Reform Commission and the National Energy Administration issued the “14th five year plan” for a modern energy system. The plan proposed that by 2025, China’s annual comprehensive energy production capacity will reach more than 4.6 billion tons of standard coal, the annual output of crude oil will rise and stabilize at 200 million tons, the annual output of natural gas will reach more than 230 billion cubic meters, the total installed capacity of power generation will reach about 3 billion kilowatts, and the energy reserve system will be more perfect, The ability of independent energy supply was further enhanced. Looking forward to 2035, decisive progress will be made in the development of high-quality energy, and a modern energy system will be basically completed. On March 25, the website of the Ministry of Finance released the budget table of central government fund expenditure in 2022, in which the “central level expenditure” in “other government fund expenditure” increased from 92.8 billion yuan in 2021 to 452.8 billion yuan. The new government fund expenditure may be used to solve the problem of arrears of renewable energy subsidies, which is good for Fengguang new energy green power operators.
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 increases, and the distribution network and intellectualization are the main directions. It is suggested to pay attention to Hangzhou Shenhao Technology Co.Ltd(300853) of the intelligent operation and inspection standard of the power industry and Suwen Electric Energy Technology Co.Ltd(300982) . Industrial temperature control expert, promising subject of energy storage and heat management Guangdong Shenling Environmental Systems Co.Ltd(301018) . 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.
