Market review: last week, the electrical equipment sector closed at 11977.26, up 4.8%. The Shanghai Composite Index closed at 3490.76, up 0.8%; Shenzhen composite index closed at 13459.68, up 1.78%; The CSI 300 index closed at 4651.24, up 1.08%; The gem index closed at 2826.81, up 2.93%.
In terms of sub sectors, the photovoltaic equipment sector rose by 5.44%; The wind power equipment sector rose 7.03%, with the largest increase; The battery sector rose 6.68%; The power grid equipment sector rose 3.34%; The motor sector rose 3.44%; Other power equipment sectors rose 1.28%, the smallest increase.
Investment suggestion: the electrical equipment sector rose 4.8% last week, better than the Shanghai Composite Index and gem index in the same period. Photovoltaic, wind power and new energy vehicles rebounded significantly. We believe that the current valuation of the photovoltaic sector has shown long-term investment value after preliminary adjustment. It is recommended to actively layout the photovoltaic sector.
New energy: at present, the production of photovoltaic is good, and it is expected to exceed expectations in the first quarter. The price of silicon material is expected to start to decline slightly, forming a sector stimulus, the new capacity of silicon wafer begins to be put into operation, and the price of silicon wafer begins to decline. It is suggested to pay attention to Shanghai Aiko Solar Energy Co.Ltd(600732) with clear reversal of performance and Tongwei Co.Ltd(600438) with continuous benefit of silicon material price.
Wind power: in the global environment of carbon emission reduction, it also plays an important role as photovoltaic, and the long-term trend is good. However, the short-term performance is affected by the price rise of upstream raw materials and the price reduction of downstream host machines, so it is difficult to achieve high growth. At present, the valuation is at a reasonable level. It is suggested to pay attention to the catalysis brought to the sector by the future bidding situation of the industry and the price trend of raw materials.
New energy vehicles: according to the data from the main engine plant and the passenger Association, the sales volume of new energy vehicles in January still maintained the rapid growth trend of last year, but the price of lithium carbonate reported 470000 yuan last week. The rise in the price of raw materials in the upstream of the industry will bring a cost burden to the midstream manufacturing. At present, the downstream main engine plant has begun to increase the price of pure electric vehicles one after another. It remains to be seen whether it will affect the sales volume of pure electric vehicles in the future. In addition, at present, the supply of lithium carbonate has begun to be tight. Some second-line manufacturers have difficulty in getting goods and have tight inventory. Lithium supply may become the bottleneck of the growth of new energy vehicle sales this year. It is expected that the future will still be dominated by structural market. It is suggested to pay attention to the opportunities of technology replacement and tight production capacity. It is recommended that the domestic aluminum-plastic film sector may replace the accelerated aluminum-plastic film sector this year. At present, with the valuation adjustment, some segments have reached the point worthy of investment, and the supply of copper foil is still tight. In addition, ternary materials will still become the mainstream in the future. We can pay attention to ternary precursors and positive sectors.
Power equipment: Recently, international commodity prices have rebounded rapidly, and the prices of copper, aluminum and steel have an upward trend. There is a certain cost pressure on cable manufacturers with high downstream copper costs. In addition, for high-end products with good supply and demand, this will become an opportunity to raise prices, which is worthy of attention to the recent trend of copper prices.
Combination this week: Shanghai Aiko Solar Energy Co.Ltd(600732) , Tongwei Co.Ltd(600438) , Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , Crown Advanced Material Co.Ltd(688560) , Jiangsu Azure Corporation(002245) , Guangdong Jiayuan Technology Co.Ltd(688388) , Nuode Investment Co.Ltd(600110) , Shanghai Taisheng Wind Power Equipment Co.Ltd(300129) .
Risk warning: the risk that the growth rate of the industry is lower than expected; Risk of policy uncertainty; The risk of price decline due to fierce market competition.
