Core view
The national development and Reform Commission, the Ministry of Commerce and the Ministry of industry and information technology issued the implementation opinions on accelerating the recycling of waste textiles. Accelerating the recycling of waste textiles has played a good guiding and promoting role in improving the utilization level of renewable resources and establishing and perfecting the green and low-carbon circular development system. With the further increase of the replacement proportion of renewable resources to primary resources and the rapid opening of relevant market space, enterprises will usher in a period of rapid growth.
Cement and glass prices rose slightly. Cement prices rose slightly month on month this week, mainly due to the large increase in market prices in Southwest China. Although it has entered the traditional peak season of cement in previous years, due to the obstruction of regional transportation and other reasons, the current cement market demand recovery is slow, and the demand growth is lower than that in the same period of previous years; In addition, the clinker production lines in most areas have been in normal operation and the cement supply is sufficient, resulting in fierce competition in the current cement market. The price of float glass has rebounded this week, but the market demand is still general, and the order improvement of downstream factories is not obvious; At present, the supply of float glass remains stable and the enterprise inventory is high. It is expected that the price of float glass will have room for improvement with the steady growth of glass market demand. The downstream demand of glass fiber, such as wind power and new energy vehicles, is highly related to carbon neutrality. Benefiting from the expansion of downstream demand for new applications, the industry has great development space.
As of April 16, 12 listed coal enterprises have disclosed the performance forecast for the first quarter, and all of them have realized the pre increase. The operation of high coal prices boosted the performance of coal enterprises in the first quarter. The dividend yield of the coal sector is at the forefront of various industries, and the dynamic P / E ratio of the sector is less than 10 times. It is estimated that during the 14th Five Year Plan period, coal consumption will still maintain a positive growth. During the 15th Five Year Plan period, with the development of clean and efficient utilization technology of coal, China’s coal has a natural price advantage in traditional fossil energy, and is expected to obtain more applications in coal power and non power fields. On the premise of steady economic growth in China, coal consumption is expected to maintain a certain positive growth.
The “opinions on accelerating the construction of a national unified market” was officially released. The opinion proposes to orderly promote the construction of the national energy market on the premise of effectively ensuring the safe supply of energy and in combination with the goal of achieving carbon peak and carbon neutralization. Improve the multi-level unified power market system, study and promote the timely establishment of the national power trading center. Under the dual carbon goal, in order to enable the new power market to absorb new energy represented by wind and light on a large scale, it is expected to reflect the benefits of carbon reduction and environmental protection in this market. Green electricity trading and carbon trading reflect the carbon reduction and environmental protection value of new energy, which is expected to develop rapidly in the future.
Investment suggestion: environmental protection: recommend Jiangsu Huahong Technology Co.Ltd(002645) ( Jiangsu Huahong Technology Co.Ltd(002645) . SZ), Bece Legend Group Co.Ltd(000803) ( Bece Legend Group Co.Ltd(000803) . SZ), Shandong Intco Recycling Resources Co.Ltd(688087) ( Shandong Intco Recycling Resources Co.Ltd(688087) . SH), Beijing Geoenviron Engineering & Technology Inc(603588) ( Beijing Geoenviron Engineering & Technology Inc(603588) . SH). Building materials: recommendations: building materials: building materials: building materials: building materials: building materials: building materials: building materials: recommendations: recommendations: recommendations of the Huaxin Cement Co.Ltd(600801) ( Zhuzhou Kibing Group Co.Ltd(601636) . SH), China Jushi Co.Ltd(600176) ( China Jushi Co.Ltd(600176) . SH). Coal: recommended China Shenhua Energy Company Limited(601088) ( China Shenhua Energy Company Limited(601088) . SH), Shaanxi Coal Industry Company Limited(601225) ( Shaanxi Coal Industry Company Limited(601225) . SH), Shanxi Coking Coal Energy Group Co.Ltd(000983) ( Shanxi Coking Coal Energy Group Co.Ltd(000983) . SZ). Public utilities: recommended China Three Gorges Renewables (Group) Co.Ltd(600905) ( China Three Gorges Renewables (Group) Co.Ltd(600905) . SH), Longyuan Power (001289. SZ), Jiangsu New Energy Development Co.Ltd(603693) ( Jiangsu New Energy Development Co.Ltd(603693) . SH), Cecep Solar Energy Co.Ltd(000591) ( Cecep Solar Energy Co.Ltd(000591) . SZ).
Risk warning: the risk of sharp fluctuations in raw material prices; The risk that the downstream demand is less than expected; The risk that the landing effect of production restriction is not as good as expected; The risk that the policy strength is less than expected; The risk that the new capacity of the industry exceeds the expectation; The risk of sharp decline in coal prices under the pressure of policy regulation.
