Market review: from April 11 to April 15, the power, environmental protection, gas and water sectors fell by 2.61%, 5.60%, 1.77% and 1.80% respectively, and the CSI 300 index fell by 0.99% in the same period.
The National Energy Administration released the power consumption data, and the growth rate fell as scheduled: in March, the power consumption of the whole society reached 694.4 billion kwh, a year-on-year increase of 3.5%. By industry, the power consumption of the primary industry was 7.8 billion kwh, a year-on-year increase of 12.3%; The electricity consumption of the secondary industry was 479 billion kwh, a year-on-year increase of 2.3%; The electricity consumption of the tertiary industry was 106.3 billion kwh, a year-on-year increase of 4.0%; The domestic electricity consumption of urban and rural residents was 101.3 billion kwh, a year-on-year increase of 8.8%.
March is the off-season for power consumption, which ended the disturbance of the cold winter in February, superimposed on the repeated impact of the epidemic throughout the country, and the power demand returned to a low speed. However, the national average precipitation in 1q22 is higher than that in the same period of the year. From January to March, it is 11.9%, 66% and 15.5% higher than that in the same period of the year. The power generation of Q1 of major hydropower enterprises has increased year-on-year.
The four ministries and commissions jointly printed and distributed the implementation plan for deepening the battle for the treatment of urban black and smelly water bodies: the plan proposed: 1) comprehensively carry out the investigation of black and smelly water bodies and formulate the treatment plan of black and smelly water bodies; 2) Strengthen the coordinated management of black and smelly water bodies and river basin water environment, and coordinate the collection and treatment of sewage and garbage inside and outside the coastline; 3) Pay close attention to the collection and treatment of urban domestic sewage, strengthen the pollution control of industrial enterprises, and strengthen the pollution control of agriculture and rural areas; 4) Increase financial support. The proposal of the plan is helpful to: 1) promote the treatment of black and smelly water bodies in counties and villages, and speed up the construction of township drainage projects; 2) Promote the full coverage of urban sewage pipe networks, and speed up the transformation and repair of old sewage pipe networks; 3) Strengthen the treatment of sewage sources, promote the construction of waste classification system, improve the waste incineration treatment rate and promote resource recycling.
Investment suggestion: the slowdown of electricity demand combined with the increase of hydropower output will suppress the coal price, alleviate the pressure on the cost side of thermal power, and Q2 thermal power performance may usher in an inflection point. Recommend China Yangtze Power Co.Ltd(600900) , China National Nuclear Power Co.Ltd(601985) , Shenergy Company Limited(600642) , China Three Gorges Renewables (Group) Co.Ltd(600905) , and Sdic Power Holdings Co.Ltd(600886) , Cgn Power Co.Ltd(003816) . The investigation and treatment of black and smelly water bodies can effectively improve the quality of urban water environment.
Carefully recommend Beijing Geoenviron Engineering & Technology Inc(603588) , and pay attention to Grandblue Environment Co.Ltd(600323) , Csd Water Service Co.Ltd(603903) .
Risk tip: declining demand; Price reduction; Rising costs; Reduction of precipitation; Local financial pressure; Policy promotion lags behind.
