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環保新能源2021年行業投資策略:苦盡甘來,再登龍門,給予“推薦”評級
格隆匯 12-17 15:50

機構:中泰證券

評級:推薦

我們將環保新能源行業評級由“中性”上調至“推薦”,主因是行業基本面轉好,中央在今年下半年宣佈多項支持新能源加快發展的遠景目標,例如國家領導人習近平今年 9 月在聯合國大會上宣佈,中國將在 2030 年達到二氧化碳排放量高峯,並在 2060 年實現“碳中和”。領導人其後在 12月 12 日宣佈,到 2030 年,(一)中國非石化能源佔一次能源消費比重為 25%左右;(二)單位國內生產總值二氧化碳排放比 2005 年下降 65%;(三)太陽能及風能總裝機容量達到 12 億千瓦以上。

2020 年港股表現總結:環保新能源依然優於大市

在新冠疫情下,2020 年無疑是充滿變量和挑戰的一年。雖然如此,環保新能源港股板塊今年整體表現仍然優於大市。根據 2020 年 12 月 15 日的收市價及按照我們重點監察的公司市值加權平均計算,環保新能源行業自年初至今上升 45.0%,優於恆生指數同期的 7.0%跌幅。

2021 年行業投資優先次序:光伏 > 天然氣分銷 > 風電 > 供水 > 環保考慮到行業增長及下行政策等因素後,我們定下環保新能源行業下不同子行業的投資優先次序:光伏 > 天然氣分銷 > 風電 > 供水 > 環保。光伏行業是我們的首選,部份光伏產品例如光伏玻璃供不應求,光伏玻璃生產商具有壟斷性。國企近期也積極投入光伏發電市場,有利行業加快發展。

投資首選:信義光能(968 HK) 、中國燃氣(384 HK)

我們首選(一)信義光能(968 HK;買入;目標價 16.20 港元)、(二) 中國燃氣(384 HK;增持;目標價33.20 港元)。前者受惠於光伏行業將加快發展,後者受惠於工商業在新冠疫情已受控下對天然氣需求將會加快恢復。

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