Market review: this week, the public utility index fell 3.08%, the environmental protection index fell 1.55%, and the Shanghai Composite Index fell 1.19%. In the environmental protection sector, environmental restoration and gardens fell significantly, down 2.96% and 1.65% respectively. Among public utilities, gas rose the most, up 2.92%; Thermal power and new energy power generation fell significantly, down 4.91% and 4.14% respectively.
Industry trends:
Environmental protection:
1) in 2022, the key tasks of new urbanization and integrated urban-rural development were issued, and the urban-rural environmental infrastructure was accelerated: the national development and Reform Commission issued the notice on the key tasks of new urbanization and integrated urban-rural development in 2022. The task proposes to carry out aging renovation of gas pipelines. Focus on the reconstruction of aging pipelines and facilities such as gas, water supply, drainage and heating that do not meet the provisions of relevant standards and specifications. At the same time, we will carry out leakage control of public water supply pipe networks, improve centralized treatment facilities for hazardous wastes and medical wastes and comprehensive utilization system for bulk solid wastes, accelerate the filling of the gap in urban sewage treatment capacity, and carry out diagnosis, repair and renewal of old and damaged sewage pipe networks and rainwater sewage combined pipe networks that are prone to ponding and waterlogging. It is suggested to pay attention to: waste incineration is the leading point, and high nickel matte starts [ Zhejiang Weiming Environment Protection Co.Ltd(603568) ] of the second growth curve; High quality waste incineration operation company [ Wangneng Environment Co.Ltd(002034) ] with power battery recycling opening up growth space; [ Zhejiang Heda Technology Co.Ltd(688296) ], focusing on information construction in the field of water affairs; Ozone generator industry leader, semiconductor cleaning domestic alternative [ Qingdao Guolin Environmental Technology Co.Ltd(300786) ]; Layout the upstream long-distance transmission pipeline of urban gas and [ Shuifa Energas Gas Co.Ltd(603318) ] of energy storage
Public:
1) the medium and long-term plan for the hydrogen energy industry was issued to comprehensively promote the development of the whole chain of hydrogen energy. Recently, the national development and Reform Commission and the National Energy Administration jointly issued the medium and long-term plan for the development of hydrogen energy industry (20212035). The plan defines the energy attribute of hydrogen, which is an important part of the future national energy system, gives full play to the supporting role of hydrogen energy, and promotes the energy consumption transformation of energy consumption terminals such as transportation and industry and the green development of industries with high energy consumption and high emission. At the same time, it is clear that hydrogen energy is the key direction of strategic emerging industries. Guided by the self-improvement of science and technology, we will build a green and low-carbon industrial system and create a new growth point for industrial transformation and upgrading. The plan proposes that by 2025, the core technology and manufacturing process will be basically mastered, the number of fuel cell vehicles will be about 50000, a number of hydrogen refueling stations will be deployed, the hydrogen production capacity of renewable energy will reach 1 China Vanke Co.Ltd(000002) 00000 tons / year, and the carbon dioxide emission reduction will be 1-2 million tons / year. By 2030, a relatively complete technological innovation system for hydrogen energy industry and a clean energy hydrogen production and supply system will be formed to effectively support the realization of the carbon peak goal. By 2035, a diversified application ecology of hydrogen energy will be formed, and the proportion of hydrogen production from renewable energy in terminal energy consumption will increase significantly. It is suggested to pay attention to: [ Moon Environment Technology Co.Ltd(000811) ] the leader of cold chain compressor and actively layout the new driving force of performance growth brought by CCUs and hydrogen energy industry Cecep Solar Energy Co.Ltd(000591) electrolytic water hydrogen production project was fully launched to help “carbon neutral [ Ningxia Baofeng Energy Group Co.Ltd(600989) ] (chemical coverage).
2) the implementation plan for the development of new energy storage in the 14th five year plan was released, opening up a new pattern of “new energy + energy storage”. On March 21, the national development and Reform Commission issued the notice on the implementation plan for the development of new energy storage in the 14th five year plan. The plan requires that by 2025, the new energy storage will have the conditions for large-scale commercial application, and the energy storage technology will make a breakthrough and gradually mature. By 2030, the new energy storage will be fully market-oriented, the new energy storage core technology and equipment will be independently controllable, the market mechanism, business model and standard system will be mature and sound, and the development will be deeply integrated with all links of the power system, so as to basically meet the needs of building a new power system and comprehensively support the realization of the carbon peak goal in the energy field on schedule. It is suggested to pay attention to: the solid waste leader arranges new energy, and the energy storage progress exceeds the expected [ China Tianying Inc(000035) ]; The project reserves are sufficient, and the increment of photovoltaic and energy storage projects can be [ Jiangsu Linyang Energy Co.Ltd(601222) ].
3) the “14th five year plan” of modern energy system is launched, and the transformation of energy structure is accelerated again. Recently, the national development and Reform Commission and the National Energy Administration issued the “14th five year plan” for modern energy system to enhance the stability and security of energy supply chain and accelerate the green transformation of energy. The plan points out 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, the energy reserve system will be improved, the proportion of non fossil energy consumption will increase to about 20%, and the proportion of non fossil energy power generation will reach about 39%. The technological innovation ability of safe and efficient energy storage and hydrogen energy has been significantly improved. By 2035, decisive progress will be made in the development of high-quality energy, and a modern energy system will be basically completed. Vigorously develop non fossil energy and comprehensively promote the large-scale development and high-quality development of wind power and Cecep Solar Energy Co.Ltd(000591) power generation; Adhere to ecological priority and appropriate development, and actively promote the construction of hydropower bases; On the premise of ensuring safety, actively and orderly promote the construction of coastal nuclear power projects, and develop other renewable energy according to local conditions. It is suggested to pay attention to [ China National Nuclear Power Co.Ltd(601985) ] driven by nuclear power + wind solar dual core; New energy leader [ China Three Gorges Renewables (Group) Co.Ltd(600905) ], thermal power to new energy [ Huaneng Power International Inc(600011) ] [ Shanghai Electric Power Co.Ltd(600021) ] [China power] and biomass + scenery green power generation Star [ Harbin Jiuzhou Group Co.Ltd(300040) ].
This week’s topic: hydrogen energy is a clean, flexible and zero carbon secondary energy, which is taken from water and returned to water. The development of hydrogen energy will help to realize the consumption of large-scale and high proportion of renewable energy in the whole energy architecture, help to complete the carbon neutralization in the field of terminal difficult emission reduction, make China’s power system more flexible and achieve the multi-level configuration of multiple energy sources across time and space. In addition, hydrogen energy can greatly reduce China’s dependence on foreign energy and ensure China’s energy security; China is the largest hydrogen producing country in the world. China’s hydrogen energy industry has preliminarily mastered the main technologies and production processes such as hydrogen energy preparation, storage and transportation, hydrogenation, fuel cell and system integration. There are more than 300 Industrial Enterprises above the scale of the whole industrial chain.
Investment suggestions: the circular economy development plan of the 14th five year plan has been implemented, and a clear plan has been made for the utilization or use of crop straw, bulk solid waste, construction waste, waste paper, scrap steel and non-ferrous metals. The resource regeneration 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 renewable resources sector. It is suggested to pay attention to: Beijing Geoenviron Engineering & Technology Inc(603588) , Zhefu Holding Group Co.Ltd(002266) , Zhejiang Weiming Environment Protection Co.Ltd(603568) , Wangneng Environment Co.Ltd(002034) , Jiangsu Huahong Technology Co.Ltd(002645) (mechanical covering). During the 14th Five Year Plan period, the low-carbon transformation of energy structure continued to advance, and the installed capacity of wind power and photovoltaic still maintained a rapid growth rate. At the same time, energy storage and hydrogen energy developed actively and orderly. It is suggested to pay attention to China National Nuclear Power Co.Ltd(601985) , China Three Gorges Renewables (Group) Co.Ltd(600905) , China Tianying Inc(000035) , Moon Environment Technology Co.Ltd(000811) , Jiangsu Linyang Energy Co.Ltd(601222) , Shuifa Energas Gas Co.Ltd(603318) .
Risk warning: the project progress is not as expected; Intensified market competition; Changes in the international political situation; The promotion of new technology is less than expected; Risk of price reduction.
