Sub industry core week view
New energy: the rebound of the sector arrived as scheduled, the overdraft expectation was fully digested, which tamped the bottom of the stock price, the policy, fundamentals and stock price are expected to enter the positive feedback cycle again, the market restart target is directly at a new high, and the proposal to maintain the additional allocation of photovoltaic wind power for multiple main lines is maintained.
Hydrogen energy and fuel cells: the installed capacity of fuel cells doubled year-on-year in January, and the performance was underestimated. There are three phenomena in the market: the entry of central enterprises, the dominance of high-power models and the rapid growth of global FCV sales; The hydrogen energy industry chain has been continuously improved, and the contracted projects have been continuously implemented; Daxing District of Beijing will gradually improve the development policy of hydrogen energy industry.
Battery: the price system fluctuates in this round, and the competitive advantage of strong bargaining leader is expected to expand. Focus on the changes in profit distribution caused by price transmission in the industrial chain. 1. In February, the off-season of midstream production scheduling is not light. From March, the new production capacity of midstream head company will be put into operation gradually, and the chain ratio of production scheduling will be greatly improved. The sector has recently retreated to near pe30x in 22 years and entered the strong allocation value range. Focus on the links with strong bargaining power, such as batteries, diaphragms, positive electrodes, structural parts, carbon black, aluminum plastic film and other auxiliary materials with accelerated localization rate, negative electrodes and PVDF with tight balance between supply and demand.
Power equipment and industrial control: since 2021q4, the investment in power grid has accelerated, the prosperity of the sector is high, and the upgrading and innovation of equipment technology is expected to accelerate. The leading companies in the industrial chain and the technical leaders in subdivided links will fully benefit, and are optimistic about energy storage, digitization, distribution network, amorphous transformer, intelligent operation and maintenance, power electronics, flexible DC and other links. In January, PMI remained above the boom and bust line. In 2022, the demand for industrial control was better, and the valuation cost performance of industrial control sector was prominent.
Important industry events this week
New energy: CNNC Huineng started the first centralized procurement of 6-7.5gw components in 2022; Longji released 182 small sector distributed special components hi Mo 5m; 12 ministries and commissions jointly issued the notice on printing and Distributing Several Policies to promote the steady growth of industrial economy.
Hydrogen energy and fuel cell: Nanjing issued the Interim Provisions on safety management of hydrogen refueling stations, which defined the management responsibilities of 11 departments for the first time; The standard of hydrogen fuel cell coolant was officially released to fill the gap of coolant without specification and standard; The first 120kw organic liquid hydrogen supply device in China has been developed; The U.S. Department of energy has developed a $9.5 billion clean hydrogen program.
Electric vehicles: the China Federation of riders released that the sales of electric vehicles in China in January exceeded expectations; The production of electrolyte, iron lithium materials, diaphragm and negative electrode faucet has been expanded and large orders have continued.
Power equipment and industrial control: none.
Recommended portfolio of sub industries
Risk tips:
The price competition in the industrial chain is more intense than expected; The effect of policy adjustment and implementation is lower than expected; The global epidemic worsened more than expected.
