Investment Rating - The report maintains an "Overweight" rating for the environmental sector, consistent with the previous rating [4]. Core Insights - The report highlights significant pressure on the power grid due to extreme weather conditions, particularly in the Sichuan and Chongqing regions, where maximum electricity loads have reached historical highs [7][8]. - The report emphasizes the acceleration of the new power system construction in response to the increasing demand for electricity and the integration of renewable energy sources [8]. - Investment recommendations include companies that specialize in low-temperature flue gas denitrification technology, smoke monitoring equipment, and flexible transformation equipment [8]. Summary by Sections Weekly Investment Perspective - The report notes that the Sichuan power grid's maximum load reached 67.97 million kilowatts, a 13% increase compared to the previous year, while Chongqing's maximum load hit a record 28.16 million kilowatts [7]. - It predicts that the total installed capacity of wind and solar power will exceed that of coal power for the first time in 2024, leading to challenges in renewable energy consumption and grid stability [8]. Environmental Sector Weekly Performance - The environmental sector index experienced a slight increase of 0.02%, while other sectors like gas and water utilities saw declines of 0.73% and 3.74%, respectively [10]. - The top five gainers in the environmental sector included Baoxin Technology (+33.24%) and Ning Shui Group (+20.71%), while the biggest losers were Guozhong Water (-31.99%) and Xingrong Environment (-13.66%) [10]. Carbon Neutrality Tracking - The national carbon market saw a transaction volume of 1.48 million tons, a 33% decrease from the previous week, with an average transaction price of 83.31 yuan/ton [12]. - Local carbon quotas traded 992,400 tons, marking a 66% increase, with an average price of 70.48 yuan/ton, up 23% from the previous week [12]. Important Events in the Environmental Sector - The report discusses the issuance of guidelines by the National Development and Reform Commission and the National Energy Administration to promote green electricity trading and enhance regulatory oversight [14]. - It also highlights the financial support for various environmental projects along the Yangtze River, aiming to improve the quality of life and ecological restoration [15]. Major Announcements from Environmental Companies - Qingda Environmental reported a 45.81% increase in revenue for the first half of 2024, with net profit rising by 85.99% [16]. - Yuhua Tian plans to raise up to 1.5 billion yuan through convertible bonds to invest in sanitation equipment and working capital [17].
迎峰度夏压力大，电网电建加速投
Guotai Junan Securities·2024-09-02 00:23