Key investment points
Market review: this week, the public utilities (Shenwan) industry index fell 5.78%, underperforming the Shanghai and Shenzhen 300 index by 3.39%. Among the fine-grained industries in the environmental protection industry, gardens and water were among the top gainers; In the public sector, gas rose and the rest fell.
Special research: in the first performance cycle of the national carbon emission trading market, the cumulative trading volume of carbon emission quotas was 179 million tons and the cumulative trading volume was 7.661 billion yuan. At present, the construction of the national carbon emission trading market is still in the initial stage of construction. Generally, the industry coverage is relatively single, the market activity is low, the price is stable and upward, and the construction demand of relevant systems is large. Combined with the current policies, the main trend of the national carbon market in the future will be the orderly withdrawal of the pilot and the continuous strengthening of local and national coordination; Steadily expand the industry on the basis of the power industry and gradually include seven other industries with high energy consumption and high emission, such as petrochemical, chemical industry, building materials, iron and steel, non-ferrous metals, papermaking and civil aviation of China; CCER related projects will reopen the application review and improve the offset mechanism; The carbon finance market has been gradually improved.
Industry trends: the Ministry of ecological environment and other four ministries and commissions issued the pilot implementation plan for regional reclaimed water recycling. By 2025, a number of excellent cases with good effects, sustainability, replicability and national promotion value will be formed in the construction, operation and management of regional reclaimed water recycling. Strengthen the operation management of sewage treatment plant. Strengthen source control, and sewage treatment plants that accept industrial wastewater containing toxic and harmful substances shall not be included in the regional reclaimed water recycling system of pilot cities; Standardize process management, strengthen supervision and assessment, and ensure that the sewage treatment plant meets the discharge standard; Strict terminal supervision shall be carried out, and the emergency plan for sudden environmental accidents shall be formulated and implemented. When the effluent quality of the sewage treatment plant is abnormal, timely measures shall be taken to avoid affecting the operation of engineering measures such as downstream constructed wetland water purification project.
Investment suggestion: the “14th five year plan” period is the key time window for reaching the peak of carbon, the intensity of carbon control and emission policy is expected to exceed expectations, and the environmental protection public utility industry will usher in development opportunities. The promotion of carbon neutralization policy has opened up new growth space and brought incremental income sources for the development of environmental protection industry, and grasped the four investment directions of low-carbon development on the supply side, electrification on the consumer side, infrastructure of carbon trading, and incremental income of CCER caused by carbon trading. It is recommended to pay attention to Pony Testing International Group Co.Ltd(300887) , China Building Material Test & Certification Group Co.Ltd(603060) , Centre Testing International Group Co.Ltd(300012) , Grandblue Environment Co.Ltd(600323) , Chongqing Sanfeng Environment Group Corp.Ltd(601827) , Shanghai Environment Group Co.Ltd(601200) , Shandong Intco Recycling Resources Co.Ltd(688087) . The implementation of the sixth national plan brings opportunities for post-processing industrial chain. It is suggested to pay attention to Wuxi Longsheng Technology Co.Ltd(300680) , Jiangsu Lopal Tech.Co.Ltd(603906) . 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) . Low carbon transformation of energy structure is a key measure to achieve carbon neutrality. Fengguang new energy operation welcomes development opportunities. It is suggested to pay attention to Huaneng Power International Inc(600011) , Huadian Power International Corporation Limited(600027) , China Resources Power, and new energy power generation. It is suggested to pay attention to Fujian Funeng Co.Ltd(600483) , China Three Gorges Renewables (Group) Co.Ltd(600905) , Longyuan power, Cecep Wind-Power Corporation(601016) , Jilin Electric Power Co.Ltd(000875) , Zhejiang Sunoren Solar Technology Co.Ltd(603105) . Meanwhile, the installed capacity of gas and electricity is expected to continue to increase in the future, and the demand for natural gas market will continue to improve. It is suggested to pay attention to Enn Natural Gas Co.Ltd(600803) with outstanding advantages in the integrated layout of the industrial chain and Top Resource Conservation & Environment Corp(300332) with the continuous growth of natural gas business brought about by the transformation and development of Shenan line. The operation of Shenan power line brings Top Resource Conservation & Environment Corp(300332) for the continuous growth of natural gas business. The Hangzhou Shenhao Technology Co.Ltd(300853) , Zhiyang Innovation Technology Co.Ltd(688191) , Suwen Electric Energy Technology Co.Ltd(300982) of intelligent operation inspection standards in the power industry. Industrial temperature control expert, promising target of energy storage and heat management Guangdong Shenling Environmental Systems Co.Ltd(301018) . The power shortage and the continuous widening of peak valley price difference promote 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 data used in the research report may have the risk of information lag or untimely update.
