20230916-中国银河-环保公用行业行业动态报告_8月制造业用电量增速环比加快_水电增速由降转增_12页_596kb

报告摘要

Power Sector: July-August electricity data shows a 39% year-on-year increase in total consumption, with manufacturing demand accelerating due to improved PMI. Hydropower generation reversed its decline, growing by 185% in August, indicating a positive shift in the sector.
Environmental Sector: New policies emphasize rural wastewater treatment and capacity-based pricing reform for coal power, which could enhance market fairness. This reform is expected to boost investments in smoke control and related industries, impacting portfolio valuations.

Public Utilities: Recommended sectors include renewable energy operators (e.g., Three Sai Energy, Dragon Power) and companies with diversified portfolios (e.g., China Energy, State Power Investment Corp.). These benefit from manufacturing electricity growth and diversified power sources.
Environmental Protection: Focus on smoke control firms (e.g., Dragon Clean Environmental) and specialized companies like filtration equipment suppliers and pollution control providers. Investment opportunities stem from capacity price reforms and industry transitions.

Performance: Environmental stocks gained 60% year-to-date relative to SHanghai-Hengsheng Index, while public utilities rose 70%. Notable performers include JS Electric and other listed firms showing strong weekly gains.
Carbon Market: Weekly trading saw price increases and higher volumes, with significant CO2 price volatility.

Market risks: Downside potential from raw material price swings, policy delays, competitive pressures, and potential coal price declines affecting power yields and smog control investments.

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