Sniper

The Report is produced in Chinese only.

昔日報告:
  29-04-2024 (星期一) “以舊換新”靴子落地,車市或迎小陽春
  02-04-2024 (星期二) 品牌服飾與鞋類正進入補貨週期
  11-03-2024 (星期一) 新一輪以舊換新政策或提振市場情緒
  27-11-2023 (星期一) 試點開始,智能網聯汽車關注度提升
  06-11-2023 (星期一) 2023 年第三季全球 PC 出貨量再次下降
[第1頁 / 共66頁]

中國去產能範圍擴至煤電 今年目標5000萬千瓦

“兩會”期間,李克強總理發佈的《2017年政府工作報告》指出,今年去產能開始向煤電擴圍。今年要淘汰、停建、緩建煤電產能5000萬千瓦以上,以防範化解煤電產能過剩風險,提高煤電行業效率,為清潔能源發展騰空間。要嚴格執行環保、能耗、品質、安全等相關法律法規和標準,更多運用市場化法治化手段,有效處置“僵屍企業”,推動企業兼併重組、破產清算,堅決淘汰不達標的落後產能,嚴控過剩行業新上產能。另外,報告也指出中國將會堅決打好藍天保衛戰。今年二氧化硫、氮氧化物排放量要分別下降3%,重點地區細顆粒物(PM2.5)濃度明顯下降。一要加快解決燃煤污染問題。全面實施散煤綜合治理,推進北方地區冬季清潔取暖,完成以電代煤、以氣代煤300萬戶以上,全部淘汰地級以上城市建成區燃煤小鍋爐。加大燃煤電廠超低排放和節能改造力度,東中部地區要分別於今明兩年完成,西部地區於2020年完成。抓緊解決機制和技術問題,優先保障可再生能源發電上網,有效緩解棄水、棄風、棄光狀況。

我們建議投資者可關注中國電力(2380 HK),集團是全國五大上市電力公司之一,有壟斷地位,預計受惠於國家煤電去產能計劃。因為我們認為小型火力發電廠將會陸續被淘汰,以及將會淘汰的都是落後煤電機組,集團的煤電機組都是較先進以及低排放的機組。在煤電去產能成功後,燃煤發電機組的上網電價預計將可提升,以及火電發電機組利用小時數也可有望上升,從而集團的盈利能力將會改善。再者,公司的可再生能源佔權益裝機容量總額約20.04%,高於同業的佔比。2016上半年火力業務的淨利潤各自佔淨利潤總額的貢獻比率為48.5%,而水電佔已50.7%,風力以及光伏發電佔1%。

撰稿: 王承坤研究分析員
電話:
+852 2277 6516

電郵地址:
timwong@phillip.com.hk
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
E-Check
Login
Investor Notes
Free Subscribe
Contact Us