Industry trend: this week, the public utilities and environmental protection index rose 0.92%, and the Shanghai Composite Index rose 2.19%. Among the environmental protection sectors, the atmospheric governance sector rose by 3.41%, and the environmental monitoring sector fell by 1.68%; In the public utilities sector, all sectors rose except the local power grid sector, which fell 2.77%.
Key points of this week:
1) public utilities perspective:
The supply and demand of natural gas is tight, and many places put forward favorable price policies for non residents. Recently, due to the continuous rise of the upstream gas source end price, many places have successively introduced the off-season non resident end gas price scheme and put forward the favorable price policy. Among them, Shanghai, Hunan, Hebei, Shijiazhuang and other places have raised the off-season non resident pipeline natural gas sales price and used the heating season price. At the same time, Qujiang District, Shaoguan, Guangdong has implemented temporary price guidance for natural gas sales since April 1, and the current month sales price of non residential gas is determined by not exceeding the average gas purchase price of the previous month. Under the promotion of the preferential price policy at the non resident end, it will help to alleviate the business pressure of the urban combustion sector. The price of natural gas in Europe is rising, and the leading companies in the natural gas industry [ Enn Natural Gas Co.Ltd(600803) ] with international trade capacity are recommended.
The energy science and technology innovation plan has been implemented, and nuclear power has been actively, safely and orderly developed. On April 2, the national energy administration and the Ministry of science and Technology issued the scientific and technological innovation plan in the energy field during the 14th five year plan. The plan proposes to actively and orderly develop nuclear power on the premise of ensuring safety, carry out optimization research on Key Technologies of third-generation nuclear power around improving the level of nuclear power technology and equipment and project economy during the 14th Five Year Plan period, and support the establishment of standardized models and model pedigrees; At the same time, we will tackle key core technologies of new generation advanced nuclear energy systems such as small modular reactors, (ultra) high temperature gas cooled reactors and molten salt reactors. Recently, a number of relevant policies have proposed the active and orderly development of nuclear power, with emphasis on nuclear power + new energy two wheel drive. There is room for both volume and price to rise [ China National Nuclear Power Co.Ltd(601985) ].
The guidance on energy work will be issued in 2022 to accelerate the transformation of green and low-carbon energy. Recently, the National Energy Administration issued the guidance on energy work in 2022. The opinions pointed out that efforts should be made to plan and build a new energy supply and consumption system based on large-scale scenery bases, supported by clean, efficient, advanced and energy-saving coal power around them, and supported by stable, safe and reliable UHV power transmission and transformation lines. Optimize the layout of offshore wind power, carry out far-reaching demonstration of offshore wind power construction, and steadily promote the construction of offshore wind power bases. In 2022, the proportion of coal consumption decreased steadily, the proportion of non fossil energy in the total energy consumption increased to about 17.3%, the replacement power of new electric energy was about 180 billion kwh, and the power generation of wind power and photovoltaic power accounted for about 12.2% of the power consumption of the whole society. Meanwhile, the opinions put forward that China’s natural gas production will reach 214 billion cubic meters in 2022, an increase of 4.3% compared with 205.26 billion cubic meters in 2021. New energy is still the focus of development in 2022. It is recommended to pay attention to the high number of projects under construction. Offshore wind power projects under construction account for a large proportion in 2021. The target [ China Three Gorges Renewables (Group) Co.Ltd(600905) ] [ Huaneng Power International Inc(600011) ] [ Huaneng Power International Inc(600011) ], which has both short-term performance growth and certainty, is recommended to pay attention to [ Yunnan Energy Investment Co.Ltd(002053) ], which has the advantage of wind resources and is expected to increase significantly in the installed capacity of new energy.
2) viewpoint of environmental protection:
Pay close attention to energy conservation and emission reduction and promote green transformation. A few days ago, the people’s Government of Heilongjiang Province issued the comprehensive implementation plan for energy conservation and emission reduction in the 14th five year plan of Heilongjiang Province, which aims to reduce the energy consumption per unit of GDP by 14.5% by 2025 compared with 2020. The plan includes 10 key energy conservation and emission reduction projects, which emphasize accelerating the construction of an environmental infrastructure system integrating sewage, garbage, solid waste, hazardous waste and medical waste treatment and disposal facilities and monitoring and supervision capacity, and promoting the formation of an environmental infrastructure network extending from cities to towns and villages. Focus on promoting the construction of projects such as waste incineration power generation, food waste treatment and construction waste treatment, and improve the collection, transportation and disposal system of medical waste. By 2025, 1500 kilometers of drainage pipe network will be newly built and reconstructed, and 300000 tons / day of standard raising sewage treatment capacity will be added. The sewage treatment rate of the county will reach more than 95%, and the harmless treatment rate of urban domestic waste and medical waste above the county level will reach 100%.
The environmental protection sector recommends the main business of waste incineration power generation, enter the [ Wangneng Environment Co.Ltd(002034) ] of new energy lithium battery recycling, open the performance growth space, and actively transform and layout the target [ Road Environment Technology Co.Ltd(688156) ] of distiller’s grains resource utilization based on the disposal of high water content waste.
Market tracking information:
1) carbon market tracking: this week, the total turnover of the national carbon market carbon emission quota (CEA) was 69600 tons, with a total turnover of 4.0761 million yuan. The weekly trading volume of the listing agreement is 69600 tons, the weekly turnover is 4.0761 million yuan, the highest transaction price is 58.70 yuan / ton, and the lowest transaction price is 58.00 yuan / ton. The closing price on Friday is 58.50 yuan / ton, up 0.86% from last Friday. There is no block deal this week. As of this week, the cumulative trading volume of the national carbon market carbon emission quota (CEA) was 189 million tons, with a cumulative turnover of 8.208 billion yuan.
2) natural gas price tracking: China’s LNG average price was adjusted in a narrow range this week: according to the data released by Zhuo Chuang information, the national LNG ex factory transaction average price this week was 797798 yuan / ton, up 16.47 yuan / ton month on month, or 0.21%; Among them, the weekly average ex factory price of the terminal was 873180 yuan / ton, down 29.10 yuan / ton or 0.33% month on month; The average weekly ex factory price of the factory was 748235 yuan / ton, up 97.70 yuan / ton, or 1.32%.
3) coal market price tracking: the price of origin rose this week: according to the data released by the coal resources network, the cci5500 comprehensive price index this week was 792 yuan / ton. From the point of origin, Yulin 5800 kcal index was 1120 yuan this week, up 70 yuan on a weekly basis 6 Hitevision Co.Ltd(002955) 500 kcal index was 950 yuan, up 5 yuan on a weekly basis; Datong 5500 kcal index was 1100 yuan, up 10 yuan on a weekly basis.
Portfolio
\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 985+ China Three Gorges Renewables (Group) Co.Ltd(600905) + Huaneng Power International Inc(600011) + Road Environment Technology Co.Ltd(688156) + Wangneng Environment Co.Ltd(002034) + Enn Natural Gas Co.Ltd(600803)
Risk tip: the policy promotion is less than expected, the project operation progress is less than expected, the power coal price rises, the water supply of hydropower is less than expected, and the electricity price is at risk of reduction.
