Carbon neutrality and carbon peaks become hot words in the three quarterly reports-the


  "dual carbon" goal reshapes the industrial structure


   our reporter Peng Jiang

  Recently, A-share listed companies have successively announced financial reports for the third quarter of 2021.

A review of various financial reports reveals that domestic listed companies in the “dual-carbon” industry have made a lot of effort in transformation and development, energy conservation and carbon reduction, and green development.

How does the traditional energy industry deal with the challenges?

How to seize the opportunity in the new energy market?

How to better contribute to sustainable economic development?

  Coal power industry starts transformation

  To achieve the "dual carbon" goal, it is necessary to accelerate the large-scale decarbonization of electricity, transportation, construction and industry at the level of the real economy.

At present, coal-fired power generation is the largest source of carbon emissions in my country, accounting for about half of the total carbon emissions of the power industry.

Under the path of carbon neutrality, the power system needs to be deeply decarbonized. By 2050, the industry will achieve near-zero emissions, and non-fossil energy power will account for more than 90% of the total electricity.

  The third-quarter financial report shows that listed companies in the coal power industry have not only embarked on a road to a comprehensive clean transformation, but the new energy sector has also become a new source of profits for the company.

  Taking China Resources Power, Three Gorges Energy, and Longyuan Power as examples, in the first half of 2021, the net profits of these three companies' new energy part attributable to the parent were 3.7 billion yuan, 3.27 billion yuan and 4.42 billion yuan, respectively.

In terms of growth rate, China Resources Power’s single-season wind power generation growth rate in the third quarter was about 70%, and the growth rate in the first three quarters was 55.2%; Three Gorges Energy’s single-season power generation growth rate in the third quarter was 35.19%, and the growth rate in the first three quarters was 42.70%. ; Longyuan Power's single-season new energy power generation growth rate in the third quarter was about 17%, and the growth rate in the first three quarters was about 20%.

  Shenwan Hongyuan Securities analyst Liu Xiaoning said that the essence of carbon neutrality is to substantially increase the proportion of non-fossil energy sources.

The overall path of carbon neutrality is "decarbonization in the power industry, and electricity consumption in other industries."

  Data show that in the third quarter, domestic non-fossil energy installed capacity maintained rapid growth.

As of the third quarter, the total installed wind power capacity reached 300 million kilowatts, an increase of 32.8% year-on-year; the utilization hours of wind power equipment were 1,640 hours, an increase of 91 hours year-on-year; the wind power grid-connected capacity is expected to reach 330 million kilowatts by the end of the year.

my country's energy consumption transition is making positive progress.

  "Doing a good job in carbon peak and carbon neutrality will effectively promote the transformation of my country's energy consumption, and will also promote industrial upgrading to bring about changes in energy consumption patterns." said Tian Lihui, Dean of the Institute of Financial Development of Nankai University.

  The new energy market is getting bigger

  Wind data shows that among the 126 listed companies with the concept of "carbon neutrality", 113 listed companies have achieved profitability in the first three quarters.

According to industry insiders, under the background of "dual carbon", there is more room for development in the environmental protection and lithium battery sectors, and the performance of related listed companies is expected to continue to improve.

  Hillhouse partner Li Liang said: “Achieving carbon neutrality can not only bring many new economic growth points, create more high-quality employment and entrepreneurial opportunities in the low-carbon field, but also bring about an increase in economic competitiveness and society. Multiple benefits such as development and environmental protection will realize the unification of economic benefits and social values."

  Specifically, in the third quarter, 96 A-share environmental protection companies achieved revenues of 238.8 billion yuan, a year-on-year increase of 23.75%, and realized a net profit of 22.5 billion yuan attributable to their parents, a year-on-year increase of 1.5%.

Leading companies in the environmental protection sector maintained a steady growth momentum.

In the environmental protection sector, the net profit of the water treatment sector increased by 11.5% year-on-year.

  CICC Securities Analyst Jiang Xinhao said: "Under the'dual-carbon' policy, circular economy and energy saving and emission reduction are important ways to reduce pollution and carbon emissions. As environmental protection policies become more stringent, it is expected that environmental protection needs will continue to grow, with obvious technological advantages. , The profitability of leading environmental protection companies with rich experience is expected to continue to improve."

  Market analysts believe that carbon neutrality means cleaner and more efficient energy use.

Carbon reduction is also inseparable from further tapping the value of waste utilization and improving the efficiency of use.

The third-quarter financial report shows that the overall income of the solid waste sector of listed companies has grown steadily, and the growth has been gradually realized.

The overall operating income of the segment was 125 billion yuan, a year-on-year increase of 25.1%, and the net profit attributable to the parent was 8.9 billion yuan.

  In addition, there is plenty of room for future resource regeneration and improvement.

The CICC report showed that the overall operating income of the waste incineration sector in the third quarter was 47.338 billion yuan, a year-on-year increase of 34.2%, and the net profit attributable to the parent company was 6.674 billion yuan, a year-on-year increase of 42.9%.

  CICC Securities analyst Zhang Yuqi said that with the continuous development of the industry, the demand for exhaust gas treatment continues to increase.

"In particular, the broad-prospective pan-semiconductor industry has the characteristics of high energy consumption and high pollution. The types of exhaust gas produced are more complicated and the treatment is more difficult. The demand for the exhaust gas treatment industry is expected to further increase."

  In terms of lithium batteries, Caixin Securities believes that in the first three quarters of 2021, leading companies in all aspects of lithium batteries are basically at full production. The demand for the entire industry chain is high with high certainty, and the prosperity will be further improved. A new round of power battery production will be expanded. The bonus will last for 3 to 5 years.

As the chip shortage problem is resolved, the purchase demand for electric vehicles will be released intensively.

  Balance development and emission reduction

  At present, the dependence coefficient of my country's national economy on energy consumption is higher than that of foreign developed countries.

Therefore, it is not only necessary to develop but also to reduce emissions, and there are no small challenges in achieving the "dual carbon" goal.

  For example, energy consumption control has become stricter in many places this year, and there have been production restrictions and shutdowns in textile, steel and other industries.

"Achieving the'dual carbon' goal is a gradual process. Relevant localities and departments must increase their overall planning and cannot reduce carbon emissions in a campaign, so as not to affect economic development and people's livelihood security." Tian Lihui said.

  Experts also said that controlling energy consumption is a concrete implementation measure under the national strategic goal of "carbon peak and carbon neutrality".

In the process of realization, it will continue to suppress the supply side of high-energy-consuming industries and continue to catalyze the clean energy industry.

In the long run, it will promote the formation of a new balanced relationship in my country's economic development structure.

However, at this stage, there is no mature clean energy technology that can achieve zero emissions, and it will take a long time to reduce the cost of the "zero-carbon economy".

  "Carbon trading can promote carbon emission reduction by clarifying property rights and dynamically adjusting carbon emission pricing." The higher the price of emission allowances, the higher the cost paid by the company.

The current carbon trading system will increase the production costs of high energy-consuming and high-emission companies, which will bring considerable challenges to related companies and will further promote the transformation of enterprises to green development.

  Peng Wensheng, chief economist of CICC, believes that carbon neutrality is not just a question of green transformation, nor is it just a question of technological innovation. In fact, it is the transformation of the entire economic operation model, thinking model and policy framework into a stage of high-quality development. Important carriers and important aspects.

Peng Jiang