The growth enterprise index and the Shanghai Composite Index fell by 64.3%, and the environmental protection industry index fell by 64.3%. Among the environmental protection sectors, the atmospheric control sector fell by 4.95% and the environmental monitoring sector fell by 4.50%; Among the public utilities sector, the hydropower sector rose 3.77% and the local power grid sector fell 3.28%.
Key points of this week:
1) public utilities perspective:
Accelerate the green and low-carbon transformation and promote the construction of nuclear power projects. Recently, the national development and Reform Commission issued the implementation plan of the 14th five year plan for the construction of Beibu Gulf Urban Agglomeration. Beibu Gulf Urban Agglomeration is mainly composed of Guangxi, Guangdong and Hainan. The implementation plan focuses on accelerating the construction of diversified low-carbon clean energy system, building Beibu Gulf offshore wind power base, developing distributed photovoltaic and decentralized wind power according to local conditions, and promoting Fangchenggang, Changjiang The construction of nuclear power projects such as Zhanjiang will accelerate the transformation of green and low-carbon. In the context of the current transformation of energy structure, countries are actively promoting nuclear power projects. According to the BBC, in response to energy independence, the UK has launched the latest energy strategy with nuclear power as the core, and plans to build up to 8 nuclear reactors in existing facilities at the rate of one approved every year until 2030. In the context of energy structure transformation, the development of nuclear power is expected to accelerate. It is recommended to focus 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) ].
European natural gas prices continued to rise, bringing international trade opportunities: Recently, affected by the conflict between Russia and Ukraine, European natural gas prices continued to be high. As of April 7, the Dutch TTF price was US $33.34/mmbtu (about 1041942 yuan / ton), up 396.87% year-on-year; The price of NBP in London was US $30.53/mmbtu (about 954124 yuan / ton), up 363.28% year-on-year. There is a big gap in natural gas prices between Europe and the United States. It is recommended to focus on the long-term layout of international natural gas trade. China’s natural gas leader with Zhoushan LNG Terminal [ Enn Natural Gas Co.Ltd(600803) ].
Promote the implementation of coal price limit policy: Recently, Shanxi Province, Shaanxi Province and Inner Mongolia successively issued documents requiring cities and enterprises to strengthen coal price regulation and supervision to ensure that coal prices operate within a reasonable range. Shanxi, Shaanxi and Mengxi 5500 kcal calorific value coal require that the reasonable range of medium and long-term transaction price in the ore drawing link is 370570 yuan / ton, 320520 yuan / ton and 260460 yuan / ton respectively. The coal price limit policy has been continuously promoted. Recently, the coal price has shown a downward trend, which is good for the thermal power transformation of new energy enterprises. It is suggested to pay attention to the thermal power transformation of new energy leader [ Huaneng Power International Inc(600011) ].
2) viewpoint of environmental protection:
The governance of the Yellow River Basin was further strengthened: the CPC Shanxi Provincial Committee and the Shanxi Provincial People’s government issued the plan for ecological protection and high-quality development of the Yellow River Basin in Shanxi Province: by 2025, the ecological environment of the Yellow River Basin will continue to improve, the heavily polluted weather will be basically eliminated, and the proportion of sections with good water quality will be greatly increased. The comprehensive management of the Loess Plateau has achieved remarkable results. The relationship between water and sediment in the Yellow River Basin tends to be coordinated, positive progress has been made in soil and water loss control, the allocation of water resources has been significantly optimized, and the decline of water consumption per 10000 yuan GDP has completed the target task assigned by the state to our province. By 2030, the relationship between man and water in the Yellow River Basin will be significantly improved and the level of governance will be significantly improved. The relationship between water and sediment is more coordinated, the control rate of soil erosion is significantly improved, and the allocation of water resources is more reasonable and efficient. The environmental protection sector recommends the main business of waste incineration power generation to enter the [ Wangneng Environment Co.Ltd(002034) ] of new energy lithium battery recycling and open up performance growth space.
Market information tracking:
1) carbon market tracking: the total turnover of the national carbon market carbon emission quota (CEA) this week was 135000 tons, with a total turnover of 7.7126 million yuan. As of this week, the cumulative trading volume of the national carbon market carbon emission quota (CEA) was 189166100 tons, with a cumulative turnover of 8.216 billion yuan. From the perspective of regional market, Hubei has the highest trading volume of carbon emission rights, 67700 tons, while Shenzhen and Tianjin have no trading volume this week. In terms of the average transaction price of carbon emissions, the highest average transaction price is 76.52 yuan / ton in Guangdong market and the lowest is 15.00 yuan / ton in Fujian market.
2) natural gas price tracking: China’s LNG price is generally stable. According to the data released by Zhuo Chuang information, the weekly average transaction price of national LNG ex factory this week was 797745 yuan / ton, down 0.53 yuan / ton month on month, down 0.01%; Among them, the weekly average ex factory price of the terminal was 874207 yuan / ton, with a month on month increase of 10.27 yuan / ton, or 0.12%; The average weekly ex factory price of the factory was 752384 yuan / ton, up 41.49 yuan / ton month on month, or 0.55%.
3) coal market price tracking: coal prices continued to decline this week. According to the data released by the coal resources network, the cci5500 comprehensive price index this week was 792 yuan / ton, unchanged month on week. From the point of origin, Yulin 5800 kcal index was 1061 yuan, with a weekly decrease of 59 yuan 6 Hitevision Co.Ltd(002955) 500 kcal index was 915 yuan, with a decrease of 35 yuan on a weekly basis; Datong 5500 kcal index was 1007 yuan, with a week-on-week decrease of 93 yuan. With the slowdown of coal mine shipments caused by epidemic control and other factors, coal prices were further reduced.
Portfolio
\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 803 + China National Nuclear Power Co.Ltd(601985) + China Three Gorges Renewables (Group) Co.Ltd(600905) + Huaneng Power International Inc(600011) + Wangneng Environment Co.Ltd(002034)
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.
