Investment Rating - The report assigns an "Accumulate" rating for the environmental protection sector [1]. Core Viewpoints - The report highlights the establishment of carbon reduction targets and the accelerated construction of new power systems, with a focus on renewable energy [2][3]. - It notes the fluctuations in the environmental sector's stock performance, with significant gains for certain stocks and notable declines for others [3][11]. - The report emphasizes the importance of aligning green certificate trading with the national carbon market to enhance profitability for waste incineration companies [9]. Summary by Sections Weekly Investment Insights - The National Development and Reform Commission has issued guidelines for implementing renewable energy substitution actions, setting targets for renewable energy consumption to reach 1.1 billion tons of standard coal by 2025 and 1.5 billion tons by 2030 [8]. - The report discusses the challenges posed by the variability of wind and solar power generation and the need for improved system regulation capabilities [8]. Environmental Sector Performance - The environmental sector saw a weekly increase of 0.22%, with notable stock performances including New Power (+87.31%) and Far Reach Environmental (+60.37%) [3][11]. - Conversely, stocks like Zhongchu Environmental (-23.09%) and Blue Shield Optoelectronics (-21.22%) experienced significant declines [11]. Carbon Neutrality Tracking - The report details the carbon market's performance, with national carbon emissions allowances (CEA) trading at 88.59 million tons, a 71% decrease from the previous week, while the average trading price increased by 2% to 103.86 yuan per ton [12]. - Local exchanges saw a 17% decrease in carbon allowance trading, with an average price of 51.95 yuan per ton [12]. Important Events in the Environmental Sector - The report mentions the third round of central ecological and environmental protection inspections, focusing on grassroots issues and compliance among central enterprises [15]. - It also highlights the joint issuance of guidelines for handling environmental pollution crime cases, emphasizing the importance of evidence collection [15]. Major Announcements from Environmental Companies - Several companies reported their earnings, with notable performances such as Huanlan Environment achieving a revenue of 8.731 billion yuan, a decrease of 2.58% year-on-year, while Qingda Environmental reported a revenue increase of 50.11% [17].
碳减排目标设定，新型电力系统加速建设
Guotai Junan Securities·2024-11-08 00:23