Key investment points
Market review: this week, the public utility industry index fell by 0.48%, outperforming the Shanghai and Shenzhen 300 index by 0.58%, and the market performance was stronger than the market. Among the fine-grained industries in the environmental protection industry, the garden and water sectors decreased slightly. Among the sub sectors of the public sector, the hydropower sector increased significantly.
Special research: national policies vigorously promote the construction of power spot market, and pilot the construction of power spot market in Guangdong, Shanxi, Shandong, Fujian and other regions. The spot power market has the functions of discovering prices, promoting competition, managing congestion and guiding planning. At the same time, it will help to improve the consumption level of Fengguang new energy power. At present, China’s power spot market has made positive progress. Taking Shanxi Province as an example, as of March 31, 2022, the first year of continuous and stable trial operation of Shanxi power spot market in China. During the development of Shanxi power spot market, while promoting the improvement of power supply guarantee capacity, the consumption level of wind and solar new energy power generation will be further increased.
Industry trends: Recently, the national development and Reform Commission and the National Energy Administration jointly issued a notice to speed up the development and construction of pumped storage projects during the 14th Five Year Plan period. The notice points out that accelerating the development of pumped storage is important for accelerating the construction of a new power system, promoting the large-scale and high proportion development of renewable energy, achieving the goal of carbon peak and carbon neutralization, ensuring the safe and stable operation of the power system and improving the level of energy security. The policy promotes the accelerated development of pumped storage industry, and the pumped storage industry chain is expected to benefit significantly.
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) , China National Nuclear Power Co.Ltd(601985) , Jiangsu New Energy Development Co.Ltd(603693) , Zhongmin Energy Co.Ltd(600163) , Cecep Wind-Power Corporation(601016) , Cecep Solar Energy Co.Ltd(000591) , 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; Intensified market competition; The public materials used in the research report may have the risk of information lag or untimely update.
