Investment Rating - Investment rating: Positive (maintained) [4] Core Insights - The government work report for 2025 emphasizes the development of emerging industries, including deep-sea technology, which is expected to benefit related sectors such as cable manufacturing [5][6][16] - The 2025 target for energy consumption intensity is a reduction of approximately 3%, while carbon emission intensity is progressing slowly [21][27] - The overseas market presents significant growth opportunities for waste-to-energy companies as domestic projects reach saturation [12][29][37] Summary by Sections 1. Deep-Sea Technology and Cable Industry - The government work report highlights deep-sea technology for the first time, indicating its importance alongside low-altitude economy and commercial aerospace [5][16] - The report suggests that specialized cables, known as tether cables, will be crucial for underwater operations, with only a few domestic manufacturers qualified to supply them [6][20] 2. Energy Consumption and Carbon Emission Targets - The 2025 government report sets a target to reduce energy consumption intensity by about 3%, with a cumulative reduction of 11.1% from 2021 to 2024 [21][22] - The carbon emission intensity target for the 14th Five-Year Plan is 18%, but progress has been slow, with a cumulative reduction of only 8% from 2021 to 2024 [27][28] 3. Overseas Expansion of Waste-to-Energy Companies - Domestic waste-to-energy companies are increasingly looking to overseas markets for growth, particularly in Southeast Asia and the Middle East, where waste management practices are still developing [12][29] - Companies like China Tianying and Veolia are actively investing in projects abroad, with favorable conditions such as longer concession periods and higher waste treatment fees compared to domestic projects [34][35][36]
公用事业2025年第11周周报（20250316）：政府工作报告首推深海科技 能耗强度计划下降3%
Hua Yuan Zheng Quan·2025-03-17 23:45