Core individual stock portfolio: Hangzhou Boiler Group Co.Ltd(002534) , Robotechnik Intelligent Technology Co.Ltd(300757) , Gcl Energy Technology Co.Ltd(002015) , Shenzhen United Winners Laser Co.Ltd(688518) , Wuxi Autowell Technology Co.Ltd(688516) , Qingdao Gaoce Technology Co.Ltd(688556) , Shenzhen Cotran New Material Co.Ltd(300731) , Hunan Baili Engineering Sci & Tech Co.Ltd(603959) , Pnc Process Systems Co.Ltd(603690) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Fujian Nebula Electronics.Ltd(300648) , Beijing Tianyishangjia New Material Corp.Ltd(688033) , Shuangliang Eco-Energy Systems Co.Ltd(600481) , Suzhou Maxwell Technologies Co.Ltd(300751) , Hangjin Technology Co.Ltd(000818) , Shenzhen Hopewind Electric Co.Ltd(603063) , Hnac Technology Co.Ltd(300490) , Hefei Kewell Power System Co.Ltd(688551) , Beijing Sdl Technology Co.Ltd(002658) etc.
Special research of this week: according to incomplete statistics, in January 2022, major project commencement activities were carried out in many regions. A total of 6634 projects were started in 20 provinces (cities and districts), with a month on month increase of 33%; The total investment was about 4.9 trillion yuan, an increase of 8% month on month and 68% year on year. According to the data of the Ministry of finance, a total of 698.9 billion yuan of local government bonds were issued in January, including 583.7 billion yuan of new local government bonds and 115.2 billion yuan of refinancing bonds. Due to the requirements of stable growth, the issuance of local government bonds has been accelerated to ensure the demand for project funds and accelerate the construction of major projects, which has become an important starting point for stabilizing the economy. According to China Construction Machinery Industry Association, 15607 excavators of various types were sold in January 2022, a year-on-year decrease of 20.4%; Among them, 8282 sets were sold in China, a year-on-year decrease of 48.3%; 7325 units were exported, with a year-on-year increase of 105%. As the amount of financial carry over and special bonds issued in advance exceeds that in previous years, infrastructure investment in 2022q1 is expected to be significantly large. It is expected that about trillion special bonds will form expenditure in the first quarter, infrastructure projects are supported, and it is expected that the annual infrastructure growth rate will also have a good performance. At the same time, 2021q1 has a high base. It is recommended to continue to pay attention to the follow-up data and marginal changes. It is recommended to pay attention to: Sany Heavy Industry Co.Ltd(600031) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) , Xcmg Construction Machinery Co.Ltd(000425) , Jiangsu Hengli Hydraulic Co.Ltd(601100) , etc. Liquid cooling sector has the characteristics of small batch and multiple varieties, and the demand is large. The liquid cooling sector industry chain is expected to usher in an inflection point, and the downstream specific categories and models are expected to achieve the scale effect of production. From the perspective of industrial chain, it is recommended to pay attention to: 1) the Yinbang Clad Material Co.Ltd(300337) of aluminum heat transfer materials. The upstream raw materials are homogeneous, the downstream cooling sector industry pattern has not been formed, the new capacity is relatively limited, and it is expected to usher in a simultaneous increase in volume and profit under the background of rapid demand growth; 2) Enterprises mainly engaged in cooling sector production, such as Shenzhen Cotran New Material Co.Ltd(300731) (ruitaike), enter the cooling sector industry, benefit from the large-scale elasticity of downstream demand, and are expected to usher in value revaluation.
Key tracking industries:
Lithium battery equipment has a resonance in the global production capacity cycle. It is expected that the demand will exceed 100 billion yuan in 2025. Chinese equipment companies have obvious advantages and are fully optimistic about the first and second tier leaders with advantages in technology, products and scale;
For photovoltaic equipment, the iterative upgrading of equipment promotes the cost reduction of the industrial chain, and the penetration rate of hjt increases rapidly. At the same time, the decline in the price of photovoltaic raw materials is expected to stimulate downstream demand, and we are optimistic about the leaders of battery chips and module equipment;
Energy storage: energy storage is the necessary foundation for building a new power grid. Policies are favorable to the implementation. Power generation and user side promote the prosperity of the industry, and are optimistic about leading companies in battery, inverter, integration and other links;
Semiconductor equipment is expected to meet us industry demand in 2030, reaching US $140 billion. Chinese mainland accounts for a larger share but the localization rate is still low. We hope that the platform companies and domestic alternatives will soon break through.
Automation, industrial consumables with a wide range of downstream applications, with a market scale of about 40 billion yuan, which is expected to reach 55.7 billion yuan in 2026. It is optimistic about the industry leaders benefiting from the improvement of concentration and import substitution;
Hydrogen energy and green hydrogen meet the requirements of carbon neutralization. The rapid development of photovoltaic and wind power lays the foundation for photovoltaic hydrogen production and wind power hydrogen production. We are optimistic about leading companies with the advantages of green hydrogen industrial chain integration;
For construction machinery, the strong is always strong. It is suggested to pay attention to the industry leaders and be optimistic about the complete machine and parts companies with product, scale and cost advantages.
