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 anticipates that by late 2024, the combined installed capacity of wind and solar power will exceed that of coal power for the first time, indicating a shift towards cleaner energy sources [8]. - The report emphasizes the need for a new power system to manage the increasing demand and supply challenges posed by extreme weather and the growing share of renewable energy [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 suggests that the extreme weather and increased renewable energy installations will accelerate the construction of a new power system, focusing on flexible power generation and energy storage [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 990,000 tons, a 66% increase, with an average price of 70.48 yuan/ton, reflecting a 23% rise [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 foster green and low-carbon development [15]. Major Announcements from Environmental Companies - Qingda Environmental reported a 45.81% increase in revenue for the first half of 2024, with a net profit growth of 85.99% [16]. - Yuhua Tian plans to raise up to 1.5 billion yuan through convertible bonds for environmental equipment projects [17].
环保行业周报：迎峰度夏压力大，电网电建加速投
Guotai Junan Securities·2024-09-02 07:09