Market review: this week, the public utility index fell 2.45%, the environmental protection index fell 4.55%, and the Shanghai Composite Index fell 1.29%. Among the environmental protection sectors, the landscape and environmental restoration sectors fell significantly, down 7.68% and 7.29% respectively. Among the public utilities, thermal power increased the most, up 0.57%; Thermoelectric fell the most, down 7.70%.
Industry dynamics:
Environmental protection:
1) we will do a good job in pollution prevention and control, and continue to promote the construction of waste free cities. In order to implement the opinions of the CPC Central Committee and the State Council on deepening the battle for pollution prevention and control and the work plan for the construction of "waste free cities" during the 14th Five Year Plan period, the Ministry of ecological environment and relevant departments have determined the list of cities to carry out the construction of "waste free cities" during the 14th Five Year Plan period according to the recommendations of various provinces and comprehensively considering the factors such as urban basic conditions, work enthusiasm and relevant national major strategic arrangements. In addition, eight special areas, including xiong'an new area, Lanzhou New Area, Guangze County, Lankao County, Changjiang Li Autonomous County, Dali City, Shenmu city and Bole City, will be promoted with reference to the construction requirements of "waste free city". So far, China has formed a number of pilot projects for the construction of "waste free cities". The recently announced list of "waste free cities" has expanded from "11 + 5" pilot cities to 100 + cities and regions. It is expected that the "waste free cities" campaign will be further expanded. It is suggested to pay attention to: waste incineration is the leading point, and high nickel matte starts [ Zhejiang Weiming Environment Protection Co.Ltd(603568) ] of the second growth curve; High quality waste incineration operation company [ Wangneng Environment Co.Ltd(002034) ] with power battery recycling opening up growth space; Hazardous waste metal recycling leader [ Beijing Geoenviron Engineering & Technology Inc(603588) ].
2) strengthen the construction of urban infrastructure, and continuously improve the sewage and garbage collection and treatment system. Recently, at the 11th meeting of the central financial and Economic Commission, it was pointed out that we should strengthen the construction of network infrastructure such as transportation, energy and water conservancy, orderly promote the construction of underground comprehensive pipe corridors, and strengthen the construction of urban flood control and drainage, sewage and garbage collection and treatment systems; We should strengthen the construction of agricultural and rural infrastructure, improve farmland and water conservancy facilities, accelerate the construction of urban and rural cold chain logistics facilities, implement large-scale water supply projects, and strengthen the construction of rural sewage and garbage collection and treatment facilities. China will comprehensively strengthen infrastructure construction and create a high-quality living space. It is suggested to pay attention to: [ Moon Environment Technology Co.Ltd(000811) ] the leader of cold chain compressor and actively layout the new driving force of performance growth brought by CCUs and hydrogen energy industry; Comprehensive water treatment service provider, zero discharge faucet [ Bgt Group Co.Ltd(300774) ]; Ozone generator industry leader widely used in sewage and municipal water treatment [ Qingdao Guolin Environmental Technology Co.Ltd(300786) ]; [ Beijing Capital Eco-Environment Protection Group Co.Ltd(600008) ] of coordinated development of water affairs and solid waste.
Public:
1) improve the reliability of power generation and ensure the reliability of power consumption. The State Development and Reform Commission issued the Interim Measures for the administration of electric power reliability. The document points out that large-scale wind power, Cecep Solar Energy Co.Ltd(000591) and other renewable energy power generation enterprises in deserts, Gobi and desert areas should establish an appropriate power reliability management system, strengthen the reliability management of systems and equipment, and prevent large-scale disconnection from affecting the stable operation of power grid. The measures emphasize that the load reserve capacity is 2-5% of the maximum power generation load, and the accident reserve capacity is about 10% of the maximum power generation load. In areas with a high proportion of external power, new energy power generation and uninterrupted users, the load reserve capacity should be appropriately increased. In addition, power enterprises shall submit a variety of power reliability information, including power generation equipment reliability information, to the national energy administration. Power supply enterprises should strengthen infrastructure construction to ensure the power supply capacity of enterprises in various places. Key recommendation: [ China National Nuclear Power Co.Ltd(601985) ] driven by nuclear power + wind solar dual core; It is suggested to pay attention to: the project reserves are sufficient, and the increment of photovoltaic and energy storage projects can be [ Jiangsu Linyang Energy Co.Ltd(601222) ].
2) the price control of the coal market is becoming stricter, and the profit of the thermal power sector is expected to be repaired. Recently, the national development and Reform Commission announced that operators in the coal field bid up prices. The announcement defines the regulatory red line, provides clear behavior guidelines for coal enterprises, and also means that the control of coal prices is becoming more and more strict. Meanwhile, the national development and Reform Commission, the state owned assets supervision and Administration Commission of the State Council and the National Energy Administration recently organized a special video meeting on the signing and performance of medium and long-term coal contracts to inform the verification of the signing and performance of medium and long-term coal contracts. The meeting required that all relevant parties should deeply grasp the current situation, fully understand the significance of medium and long-term contracts for ensuring the supply and price of coal, earnestly sign the medium and long-term contracts in full, solid and standardized, and strictly perform the contracts. Coal production enterprises shall sign medium and long-term contracts in strict accordance with no less than 80% of the annual coal output, and strictly implement the requirements of coal medium and long-term transaction price policy. With the increasing efforts of coal price regulation and coal supply guarantee and increase policies, the coal price is expected to return to a reasonable range, and the certainty of thermal power profit restoration is expected to increase. It is suggested to pay attention to [ Huaneng Power International Inc(600011) ] [ Shanghai Electric Power Co.Ltd(600021) ] [China electric power] of thermal power to new energy.
This week's topic: hydrogen fuel cell has great advantages. Unlike traditional fuel vehicles, which directly burn fuel to generate heat to provide power for vehicles, fuel cell vehicles will convert fuel into electric energy for motors after consuming fuel. In addition, the energy conversion rate of fuel cell can reach 60% - 80%. At the same time, it has the advantages of almost no pollution, noise, flexible device size and high overall efficiency. At present, the localization of core components of hydrogen energy cells has made rapid progress. It is expected that China's fuel cell stack and fuel cell system, the core components of fuel cells, will have commercial competitiveness from 2030 to 2035. According to the statistics of China hydrogen energy industry development report 2020, the cutting-edge technical indicators of commercial vehicle fuel cell engine are as follows: rated power 100kW, cold start temperature minus 40 ° C, service life of more than 20000 hours and power density of 0.6kw/l. Finally, strong policy support will greatly accelerate the commercialization process of fuel cells. By 2035, the cumulative state subsidies are expected to reach more than 80 billion yuan.
Investment suggestions: during the 14th Five Year Plan period, the state has put forward more requirements for environmental quality and industrial green and low-carbon development. Energy conservation, environmental protection and resource recycling are expected to maintain a high outlook. It is suggested to actively grasp the investment opportunities in energy conservation, environmental protection and renewable resources. It is suggested to pay attention to: Moon Environment Technology Co.Ltd(000811) , Qingdao Guolin Environmental Technology Co.Ltd(300786) , Beijing Geoenviron Engineering & Technology Inc(603588) , Wangneng Environment Co.Ltd(002034) , China Tianying Inc(000035) , Hanwei Electronics Group Corporation(300007) . During the 14th Five Year Plan period, the low-carbon transformation of energy structure will continue to advance, the installed capacity of wind power and photovoltaic will still maintain rapid growth, hydropower and nuclear power will be promoted in an orderly manner, and energy storage, hydrogen energy and pumped storage will also enter a stage of rapid development. It is suggested to pay attention to: China National Nuclear Power Co.Ltd(601985) , Jiangsu Linyang Energy Co.Ltd(601222) , Shuifa Energas Gas Co.Ltd(603318) , Jiangxi Jovo Energy Co.Ltd(605090) , Huaneng Power International Inc(600011) , China Three Gorges Renewables (Group) Co.Ltd(600905) , Longyuan Power, Enn Natural Gas Co.Ltd(600803) .
Risk warning: the project progress is not as expected; Intensified market competition; Changes in the international political situation; Policy promotion is less than expected; Risk of price reduction.
