【英文】摩根士丹利报告：中国脱碳主题投资策略：评估赋能技术和库存理念（53页）

英文研究报告 2022年04月26日 07:00 管理员

Refreshing our coverage and taking into account the data of our latest sustainable solution database: Since we published our report Sustainability: China – Net Zero: 44 Stocks Exposed to Theme and Lessons from Europe's Green Deal (12 Nov 2020), we have expanded research coverage on some companies that have exposure to the decarbonisation theme as the theme is evolving. We prepare the latest stock list using bottom-up data collected from analysts, especially on the company's specific revenue/EBITA exposure to the climate change theme. For more details, please see Sustainability: 2022 Sustainable Solution Stocks (17 Feb 2022). In addition to the stock ratings, we also provide the percentage revenue exposure of each company to the technologies, for both 2022E and 2024E, so investors can also identify "transition stocks" as well. How this list is valuable for investors: We believe this list of 60 stocks provides investors with a single place to find a group of diversified companies that all have varying exposure to the over-arching theme of China's decarbonisation. We think investors can benefit from analysing the China decarbonisation theme systematically across the segments, rather than looking at each one in isolation.

China's national Emissions Trading Scheme (ETS) began operations in July 2021: Trading under China's national ETS – the biggest carbon market globally in terms of emissions covered – officially kicked off on 16 July. The scheme started off by covering entities with annual emissions of over 26,000 tCO2 e within the power and heat generation sector, but we expect coverage of the scheme to expand to all eight emission-intensive sectors (power generation, petrochemical, chemical, building materials, steel, non-ferrous metals, pulp and paper, and domestic aviation) by 2025. The first compliance cycle of China's ETS was completed on December 31, 2021. The price closed at Rmb54.22 on December 31, 2021, which was up 13% compared to the opening price on July 16. 99.5% of 2,262 companies covered by the ETS met the compliance deadline, according to MEE. China's carbon price as of 24 March 2022 was Rmb58 (c. US$9.10).