Key investment points
Position analysis of environmental protection sector (including testing): after the disclosure of the position of public funds in the first quarter of 2022, according to the data of heavy position holdings of funds, the total market value of environmental protection sector (including testing) held by funds in the first quarter of 2022 was 14.209 billion yuan, accounting for 0.44% of the market value of fund stock investment, a month on month decrease of 0.03% and a year-on-year decrease of 0.15%. In the first quarter of 2022, the number of environmental protection enterprises held by the fund with heavy positions was 48, of which 34 companies’ positions increased and 14 companies’ positions decreased. From the perspective of the market value of fund positions, the number of heavily held funds, the increase and decrease of institutional positions, and the proportion of institutional holdings in circulating shares, companies related to solid waste treatment, such as Gem Co.Ltd(002340) , Beijing Geoenviron Engineering & Technology Inc(603588) and others, have maintained a high level of market attention. In addition, the testing sector Centre Testing International Group Co.Ltd(300012) , Focused Photonics (Hangzhou) Inc(300203) , Suzhou Sushi Testing Group Co.Ltd(300416) and others also have a high degree of attention.
Position analysis of public sector: driven by the carbon neutralization policy and the construction of new energy scenery, the shareholding of public funds in public sector continued to grow at the end of the first quarter of 2022. At the end of the first quarter of 2022, the total market value of public utility stocks held by the fund was 35.593 billion yuan, accounting for 1.10% of the market value of fund stock investment, with a month on month increase of 0.19% and a year-on-year increase of 0.63%. In the first quarter of 2022, the number of public utility enterprises in the fund’s heavy position holdings was 40, of which 22 companies’ positions increased and 18 companies’ positions decreased. Leading enterprises with strong performance certainty, such as China Yangtze Power Co.Ltd(600900) , China National Nuclear Power Co.Ltd(601985) , Huaneng Power International Inc(600011) , intelligent ecological operators in natural gas industry Enn Natural Gas Co.Ltd(600803) and new energy scenery operators China Three Gorges Renewables (Group) Co.Ltd(600905) , Inner Mongolia Mengdian Huaneng Thermal Power Corporation Limited(600863) , Sichuan Chuantou Energy Co.Ltd(600674) , etc., are highly concerned by the market.
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. It is suggested to pay attention to: 1) China Three Gorges Renewables (Group) Co.Ltd(600905) , 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) . The installed capacity of energy storage is expected to increase significantly. It is suggested to pay attention to industrial temperature control experts and the promising target 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: policy implementation is not as expected; 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.
