每(mei)經AI快訊，中國銀河09月05日發布研報稱：給予環保公用推薦（維持）評級。

環(huan)(huan)保：疫(yi)情導致(zhi)業績承壓(ya)，板(ban)塊業績分(fen)化(hua)較大：2022H1環(huan)(huan)保板(ban)塊業績披(pi)露完畢，上半年環(huan)(huan)保板(ban)塊實(shi)現營業收入(ru)1421.82億元(yuan),同比下(xia)降(jiang)2.98%；實(shi)現歸(gui)母凈利(li)潤(run)127.73億元(yuan)，同比下(xia)降(jiang)15.63%。上半年受疫(yi)情影響，部分(fen)環(huan)(huan)保在(zai)建項(xiang)目建設(she)進(jin)度(du)放(fang)緩、在(zai)運項(xiang)目產能利(li)用率下(xia)滑，導致(zhi)營收、凈利(li)潤(run)增(zeng)速(su)雙(shuang)雙(shuang)下(xia)降(jiang)。

環(huan)保：看(kan)好(hao)再(zai)(zai)生資(zi)(zi)(zi)源(yuan)(yuan)板(ban)塊：再(zai)(zai)生資(zi)(zi)(zi)源(yuan)(yuan)領(ling)域企(qi)業(ye)表現(xian)(xian)十分亮眼，相(xiang)關企(qi)業(ye)歸母凈利潤增速從13%-400%不等(deng)。“十四五”建立循環(huan)經濟相(xiang)關規劃發布(bu)后，各領(ling)域再(zai)(zai)生資(zi)(zi)(zi)源(yuan)(yuan)子政(zheng)策(ce)陸續出臺，循環(huan)再(zai)(zai)生產(chan)業(ye)景氣度(du)持續提升。一(yi)(yi)方面，再(zai)(zai)生資(zi)(zi)(zi)源(yuan)(yuan)可(ke)以減(jian)少稀(xi)缺原材料(liao)的對外(wai)依(yi)賴，一(yi)(yi)定(ding)程(cheng)度(du)上保障我國(guo)資(zi)(zi)(zi)源(yuan)(yuan)安全；另一(yi)(yi)方面，再(zai)(zai)生資(zi)(zi)(zi)源(yuan)(yuan)具有顯(xian)著的減(jian)碳效應，采用再(zai)(zai)生資(zi)(zi)(zi)源(yuan)(yuan)為原料(liao)可(ke)以幫(bang)助企(qi)業(ye)實現(xian)(xian)自身減(jian)碳目(mu)標。再(zai)(zai)生資(zi)(zi)(zi)源(yuan)(yuan)需求釋(shi)放確定(ding)性較(jiao)高，參考(kao)22H1業(ye)績相(xiang)關企(qi)業(ye)已(yi)顯(xian)現(xian)(xian)業(ye)績高速持續成(cheng)長(chang)。

公(gong)用事業：業績分化明顯，火電(dian)及(ji)燃(ran)氣(qi)(qi)拖累22H1凈利(li)潤下(xia)(xia)滑(hua)：2022年上(shang)半年SW公(gong)用事業板塊(kuai)實(shi)現營業收入10271.48億元,同比(bi)增長21.6%；實(shi)現歸母凈利(li)潤649.30億元，同比(bi)下(xia)(xia)降(jiang)14.0%。2021年下(xia)(xia)半年起(qi)受煤價及(ji)上(shang)游(you)燃(ran)氣(qi)(qi)價格上(shang)漲影(ying)響，火電(dian)板塊(kuai)和燃(ran)氣(qi)(qi)板塊(kuai)凈利(li)潤大幅下(xia)(xia)滑(hua)，帶動(dong)公(gong)用事業整(zheng)體(ti)凈利(li)潤下(xia)(xia)滑(hua)。

公(gong)用事業：看好火電(dian)(dian)(dian)(dian)和(he)綠(lv)電(dian)(dian)(dian)(dian)板(ban)塊(kuai)：（1）對(dui)于電(dian)(dian)(dian)(dian)力行業：全國(guo)(guo)大(da)面積高溫(wen)提(ti)升(sheng)電(dian)(dian)(dian)(dian)力需求(qiu)；LPR下(xia)降減(jian)少財(cai)務成本(ben)；（2）對(dui)于火電(dian)(dian)(dian)(dian)行業：來水(shui)偏枯對(dui)火電(dian)(dian)(dian)(dian)的(de)利用小時數和(he)電(dian)(dian)(dian)(dian)價都有(you)提(ti)振作用；入爐(lu)煤價有(you)望進(jin)(jin)入下(xia)行通道；內蒙取(qu)消優惠電(dian)(dian)(dian)(dian)價，容(rong)量電(dian)(dian)(dian)(dian)價有(you)望加速推(tui)進(jin)(jin)，帶來火電(dian)(dian)(dian)(dian)上網(wang)電(dian)(dian)(dian)(dian)價上行預期；（3）對(dui)于綠(lv)電(dian)(dian)(dian)(dian)行業：通威進(jin)(jin)軍光伏(fu)組件，光伏(fu)電(dian)(dian)(dian)(dian)站投資成本(ben)有(you)望進(jin)(jin)入下(xia)行通道；華能(neng)放棄福建海(hai)風低(di)價項(xiang)目(mu)，新能(neng)源(yuan)(yuan)項(xiang)目(mu)競爭回歸(gui)理(li)性；國(guo)(guo)家(jia)電(dian)(dian)(dian)(dian)網(wang)和(he)南(nan)方(fang)電(dian)(dian)(dian)(dian)網(wang)分別牽頭成立結算(suan)公(gong)司，可再生能(neng)源(yuan)(yuan)補貼有(you)望加速發(fa)放。推(tui)薦(jian)關注：三峽能(neng)源(yuan)(yuan)、龍源(yuan)(yuan)電(dian)(dian)(dian)(dian)力、華能(neng)國(guo)(guo)際、國(guo)(guo)電(dian)(dian)(dian)(dian)電(dian)(dian)(dian)(dian)力、高能(neng)環境、華宏科技、天奇股份(fen)、山(shan)高環能(neng)、英科再生等。

核心(xin)組合：

風(feng)險提示(shi)：政策力度不及預(yu)(yu)期(qi)的(de)風(feng)險；項目建設(she)進度不及預(yu)(yu)期(qi)的(de)風(feng)險;新能源發電出力不及預(yu)(yu)期(qi)的(de)風(feng)險；行業競爭加劇的(de)風(feng)險；細分行業補(bu)貼退坡的(de)風(feng)險。

每經頭條（nbdtoutiao）——

(記者 蔡鼎)

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