每經AI快(kuai)訊，中國銀河05月31日發布研報稱：給予公用事業推薦（維持）評級。

事件：國務院印發《2024—2025年節(jie)能(neng)(neng)(neng)(neng)(neng)降(jiang)(jiang)碳(tan)(tan)行(xing)(xing)動方案》的(de)通知。要(yao)求(qiu)2024年，單位GDP能(neng)(neng)(neng)(neng)(neng)源(yuan)(yuan)消耗和(he)(he)CO2排放分別降(jiang)(jiang)低2.5%、3.9%左右，規模以上(shang)工業單位增加值能(neng)(neng)(neng)(neng)(neng)源(yuan)(yuan)消耗降(jiang)(jiang)低3.5%左右，非化石能(neng)(neng)(neng)(neng)(neng)源(yuan)(yuan)消費(fei)占比達到(dao)(dao)18.9%左右，重(zhong)點領(ling)域和(he)(he)行(xing)(xing)業節(jie)能(neng)(neng)(neng)(neng)(neng)降(jiang)(jiang)碳(tan)(tan)改造形成(cheng)節(jie)能(neng)(neng)(neng)(neng)(neng)量約5000萬(wan)噸(dun)(dun)標(biao)準(zhun)煤(mei)、減排二(er)氧化碳(tan)(tan)約1.3億噸(dun)(dun)。2025年，非化石能(neng)(neng)(neng)(neng)(neng)源(yuan)(yuan)消費(fei)占比達到(dao)(dao)20%左右，重(zhong)點領(ling)域和(he)(he)行(xing)(xing)業節(jie)能(neng)(neng)(neng)(neng)(neng)降(jiang)(jiang)碳(tan)(tan)改造形成(cheng)節(jie)能(neng)(neng)(neng)(neng)(neng)量約5000萬(wan)噸(dun)(dun)標(biao)準(zhun)煤(mei)、減排二(er)氧化碳(tan)(tan)約1.3億噸(dun)(dun)。

方案著力(li)優(you)化能(neng)(neng)(neng)(neng)源(yuan)(yuan)結構，大(da)力(li)發(fa)展清潔可(ke)(ke)再生能(neng)(neng)(neng)(neng)源(yuan)(yuan)：化石能(neng)(neng)(neng)(neng)源(yuan)(yuan)：消(xiao)(xiao)(xiao)費(fei)減(jian)量與清潔化并舉(ju)，消(xiao)(xiao)(xiao)減(jian)非(fei)電(dian)(dian)(dian)用煤、加強煤炭(tan)清潔高效(xiao)利用、推動煤電(dian)(dian)(dian)三改聯動；非(fei)化石能(neng)(neng)(neng)(neng)源(yuan)(yuan)：大(da)力(li)發(fa)展風光、分(fen)布式等(deng)(deng)清潔可(ke)(ke)再生能(neng)(neng)(neng)(neng)源(yuan)(yuan)；有序開發(fa)大(da)型水電(dian)(dian)(dian)基地、海風、核電(dian)(dian)(dian)等(deng)(deng)；推廣先進生物燃料(liao)、可(ke)(ke)持(chi)續航空(kong)燃料(liao)等(deng)(deng)，到2025年非(fei)化石能(neng)(neng)(neng)(neng)源(yuan)(yuan)發(fa)電(dian)(dian)(dian)量占比(bi)達到39%。同(tong)時力(li)促清潔能(neng)(neng)(neng)(neng)源(yuan)(yuan)消(xiao)(xiao)(xiao)納(na)(na)，加快新(xin)能(neng)(neng)(neng)(neng)源(yuan)(yuan)外送通道建(jian)設；積極發(fa)展儲能(neng)(neng)(neng)(neng)；大(da)力(li)發(fa)展微電(dian)(dian)(dian)網、虛擬電(dian)(dian)(dian)廠；提升需求側響應能(neng)(neng)(neng)(neng)力(li)，降低新(xin)能(neng)(neng)(neng)(neng)源(yuan)(yuan)消(xiao)(xiao)(xiao)納(na)(na)紅線至90%，高耗能(neng)(neng)(neng)(neng)行業(ye)非(fei)化石能(neng)(neng)(neng)(neng)源(yuan)(yuan)消(xiao)(xiao)(xiao)費(fei)比(bi)例不低于20%，加強綠證交(jiao)易與節能(neng)(neng)(neng)(neng)降碳(tan)掛鉤。方案同(tong)時明確要落實煤電(dian)(dian)(dian)容量電(dian)(dian)(dian)價(jia)、深化新(xin)能(neng)(neng)(neng)(neng)源(yuan)(yuan)上網電(dian)(dian)(dian)價(jia)市(shi)場(chang)化改革，研究完善儲能(neng)(neng)(neng)(neng)機(ji)制等(deng)(deng)。電(dian)(dian)(dian)改的推進，將力(li)促新(xin)能(neng)(neng)(neng)(neng)源(yuan)(yuan)的快速發(fa)展。

力推高耗(hao)能(neng)行(xing)業(ye)(ye)節(jie)(jie)(jie)能(neng)降(jiang)(jiang)碳(tan)(tan)，低(di)碳(tan)(tan)技(ji)術(shu)與(yu)循環經濟(ji)雙管齊下：鋼(gang)(gang)鐵：加強(qiang)產(chan)能(neng)產(chan)量(liang)調(diao)控(kong)，深(shen)入調(diao)整產(chan)品(pin)結構(gou)(gou)，大力推進廢鋼(gang)(gang)循環利用，支持發(fa)(fa)展電爐短(duan)流程煉(lian)鋼(gang)(gang)。加快節(jie)(jie)(jie)能(neng)降(jiang)(jiang)碳(tan)(tan)改(gai)造，加強(qiang)氫(qing)冶金等低(di)碳(tan)(tan)冶煉(lian)技(ji)術(shu)示范(fan)應(ying)用。石化(hua)(hua)(hua)：強(qiang)化(hua)(hua)(hua)產(chan)業(ye)(ye)規劃布(bu)局(ju)剛性約束，合理調(diao)控(kong)產(chan)能(neng)規模。實(shi)施(shi)能(neng)量(liang)系統(tong)優(you)化(hua)(hua)(hua)，推廣(guang)先進技(ji)術(shu)和(he)節(jie)(jie)(jie)能(neng)設備(bei)(bei)(bei)(bei)，加快行(xing)業(ye)(ye)節(jie)(jie)(jie)能(neng)降(jiang)(jiang)碳(tan)(tan)改(gai)造和(he)工藝流程再(zai)造。有色：優(you)化(hua)(hua)(hua)產(chan)能(neng)布(bu)局(ju)，大力發(fa)(fa)展再(zai)生金屬產(chan)業(ye)(ye)。嚴格能(neng)效(xiao)和(he)環保準(zhun)入，推進存(cun)量(liang)項目節(jie)(jie)(jie)能(neng)降(jiang)(jiang)碳(tan)(tan)改(gai)造和(he)用能(neng)設備(bei)(bei)(bei)(bei)更新(xin)。建材：嚴格落實(shi)產(chan)能(neng)置換政策(ce)，嚴格新(xin)增項目準(zhun)入，大力發(fa)(fa)展綠(lv)色建材。優(you)化(hua)(hua)(hua)用能(neng)結構(gou)(gou)，推動(dong)原(yuan)料低(di)碳(tan)(tan)化(hua)(hua)(hua)替代。建筑：推廣(guang)使(shi)用綠(lv)色低(di)碳(tan)(tan)建材。結合城市更新(xin)行(xing)動(dong)、老舊小區改(gai)造等加快推進建筑節(jie)(jie)(jie)能(neng)改(gai)造。交(jiao)(jiao)運(yun)(yun)：推進低(di)碳(tan)(tan)交(jiao)(jiao)通基礎(chu)設施(shi)建設，提(ti)升交(jiao)(jiao)通樞紐場站用能(neng)電氣化(hua)(hua)(hua)水平(ping)。推動(dong)交(jiao)(jiao)通運(yun)(yun)輸(shu)裝(zhuang)備(bei)(bei)(bei)(bei)低(di)碳(tan)(tan)轉型，加快發(fa)(fa)展多式聯運(yun)(yun)，推動(dong)重點行(xing)業(ye)(ye)清潔運(yun)(yun)輸(shu)。方案同時提(ti)出(chu)公共機(ji)構(gou)(gou)、用能(neng)產(chan)品(pin)設備(bei)(bei)(bei)(bei)節(jie)(jie)(jie)能(neng)降(jiang)(jiang)碳(tan)(tan)行(xing)動(dong)等，推進各領(ling)域低(di)碳(tan)(tan)產(chan)品(pin)、裝(zhuang)備(bei)(bei)(bei)(bei)的應(ying)用、發(fa)(fa)展循環經濟(ji)，降(jiang)(jiang)低(di)全社會能(neng)耗(hao)強(qiang)度，實(shi)現綠(lv)色轉型。

投資策(ce)略：建議(yi)從用(yong)(yong)能(neng)(neng)(neng)(neng)的(de)低(di)碳(tan)化、耗能(neng)(neng)(neng)(neng)的(de)減(jian)碳(tan)化兩(liang)大(da)維度挖掘投資機會：用(yong)(yong)能(neng)(neng)(neng)(neng)低(di)碳(tan)化：化石能(neng)(neng)(neng)(neng)源(yuan)清(qing)潔(jie)高效利用(yong)(yong)，火電(dian)(dian)轉型有望(wang)迎(ying)估(gu)值重塑；新能(neng)(neng)(neng)(neng)源(yuan)政策(ce)日趨完(wan)善，行(xing)業成長(chang)空(kong)間(jian)巨大(da)。耗能(neng)(neng)(neng)(neng)減(jian)碳(tan)化：高耗能(neng)(neng)(neng)(neng)行(xing)業節能(neng)(neng)(neng)(neng)降碳(tan)產品、裝(zhuang)備、技術迎(ying)發(fa)展契機；再生資源(yuan)低(di)碳(tan)屬性(xing)打開新成長(chang)空(kong)間(jian)。個股建議(yi)關(guan)注：電(dian)(dian)力(li)板塊華能(neng)(neng)(neng)(neng)國際、華電(dian)(dian)國際、國電(dian)(dian)電(dian)(dian)力(li)、大(da)唐(tang)發(fa)電(dian)(dian)、皖(wan)能(neng)(neng)(neng)(neng)電(dian)(dian)力(li)、浙能(neng)(neng)(neng)(neng)電(dian)(dian)力(li)、三(san)峽能(neng)(neng)(neng)(neng)源(yuan)、龍源(yuan)電(dian)(dian)力(li)、中(zhong)綠(lv)電(dian)(dian)等。節能(neng)(neng)(neng)(neng)環保(bao)板塊高能(neng)(neng)(neng)(neng)環境、偉明環保(bao)、瀚藍環境、藍曉科技、景津裝(zhuang)備、聯美控股、華宏(hong)科技等。

風險(xian)提示(shi)：政策推進(jin)不及預期的風險(xian)。

每經頭條（nbdtoutiao）——

(記者 王曉波)

免責聲(sheng)明：本文內容(rong)與數據僅供(gong)參(can)考，不構成投資建(jian)議，使用前請核實。據此操作，風險自擔。