Core recommended portfolio: Eve Energy Co.Ltd(300014) , Shandong Fengyuan Chemical Co.Ltd(002805) , Shandong Weida Machinery Co.Ltd(002026) , Fujian Nebula Electronics.Ltd(300648) , Ja Solar Technology Co.Ltd(002459) , Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , Contemporary Amperex Technology Co.Limited(300750) , Gotion High-Tech Co.Ltd(002074) , Trina Solar Co.Ltd(688599) , Titan Wind Energy (Suzhou) Co.Ltd(002531)
New energy power generation:
Photovoltaic: new renewable energy and raw material energy will not be included in the total energy consumption control, and accelerate the transformation from “dual control” of energy consumption to “dual control” of total carbon emission and intensity. The central economic work conference held this week focused on the path and rhythm of achieving the dual carbon goal. In terms of energy security, the meeting stressed that the gradual withdrawal of traditional energy should be based on the safe and reliable substitution of new energy. At the same time, state-owned enterprises in the energy industry should take the lead in ensuring supply and price stability to ensure energy supply; In terms of industry and energy production, it is emphasized to realize clean and efficient utilization of coal, and industrial production should focus on green and low-carbon technology; In terms of objective assessment and evaluation methods, it is proposed that two types of energy / fuel use can not be included in the total energy consumption control. One is the consumption of new renewable energy, Second, for fossil fuels consumed in the form of raw materials in industrial production (these fossil fuels do not emit greenhouse gases to the environment after use), improve the evaluation methods, and realize the “double control” evaluation from energy consumption to “double control” of total carbon emission and intensity as soon as possible Transformation. It is expected that with the release of new capacity of silicon materials next year, the downstream installed demand will usher in a centralized release and achieve high-speed growth. It is recommended to pay attention to polysilicon materials and battery leading Tongwei Co.Ltd(600438) ; Component faucet Longi Green Energy Technology Co.Ltd(601012) , Ja Solar Technology Co.Ltd(002459) ; Large silicon chip faucets Tianjin Zhonghuan Semiconductor Co.Ltd(002129) , Zhejiang Jingsheng Mechanical & Electrical Co.Ltd(300316) ; Inverter taps Sungrow Power Supply Co.Ltd(300274) , Ginlong Technologies Co.Ltd(300763) , Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) ; Photovoltaic auxiliary materials: Hangzhou First Applied Material Co.Ltd(603806) , Flat Glass Group Co.Ltd(601865) ; Layout Jiangsu Akcome Science And Technology Co.Ltd(002610) , Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen S.C New Energy Technology Corporation(300724) , Risen Energy Co.Ltd(300118) , Jolywood (Suzhou) Sunwatt Co.Ltd(300393) of the new technical route; Operation of photovoltaic power station: Jinko Power Technology Co.Ltd(601778) , Cecep Solar Energy Co.Ltd(000591) , Jiangsu Linyang Energy Co.Ltd(601222) .
Wind power: the introduction of wind power transformation management measures will be accelerated to open the market space of “big for small” for wind turbines. According to the report of Polaris wind power network, the relevant policies of the management measures for the transformation, upgrading and decommissioning of wind farms have been accelerated, and the policies will encourage wind farms that have been connected to the grid for more than 15 years to carry out “big for small” transformation. For the transformation and upgrading project with an operation period of less than 20 years and the cumulative power generation does not exceed the subsidized power of the whole life cycle of the project before transformation, the annual subsidized power is the lower of 5% of the subsidized power of the whole life cycle of the project before transformation and the annual actual power generation; In terms of electricity price, the on grid electricity price subsidy of wind farm reconstruction and upgrading project shall be implemented according to the original project electricity price policy, and the rest shall be implemented according to the electricity price policy of the year when the project is re filed; In terms of transformation space, as of 2010, China’s cumulative wind power installed capacity was 44.7gw, of which some electric fields are expected to complete the transformation and upgrading in the next five years to strengthen the growth of wind power during the 14th Five Year Plan period. It is suggested to pay attention to the energy storage industry chain and join hands with the target Fujian Nebula Electronics.Ltd(300648) of Ningde energy storage ecosystem; Recommend Xinjiang Goldwind Science And Technology Co.Ltd(002202) , Ming Yang Smart Energy Group Limited(601615) and parts enterprises with rapid growth performance Titan Wind Energy (Suzhou) Co.Ltd(002531) , Shanghai Taisheng Wind Power Equipment Co.Ltd(300129) , Shandong Shuangyi Technology Co.Ltd(300690) , Jinlei Technology Co.Ltd(300443) , Riyue Heavy Industry Co.Ltd(603218) .
New energy vehicles: China’s new energy vehicle sales and battery installed capacity increased significantly in November. According to the data of China Automobile Association, the sales volume of new energy vehicles in November was 450000, a year-on-year increase of 121.1% and a month on month increase of 17.3%. The monthly sales volume exceeded 400000 for the first time, an increase of 67000 compared with 385000 in October, with a large monthly increase. In November, the penetration rate of new energy vehicles was 17.8%. In November, the wholesale sales of new energy passenger vehicle enterprises exceeded 10000, ushering in a comprehensive breakthrough stage. In November, the installed capacity of China Shipbuilding Industry Group Power Co.Ltd(600482) battery was 20.8gwh, with a year-on-year increase of 96% and a month on month increase of 35%, an increase of 5.4gwh compared with 15.4gwh in October. Under the background of the rapid development of new energy vehicles, the installed capacity of power batteries has also achieved rapid growth. The leading edge of lithium iron phosphate continues. In terms of structure, the installed capacity of ternary battery in November was 9.24gwh, an increase of 32% month on month, accounting for 44%; The installed capacity of lithium iron phosphate battery was 11.57gwh, an increase of 37% month on month, accounting for 56%. From January to November this year, the cumulative installed capacity of lithium iron phosphate was 64.78gwh, accounting for 51%; Ternary installed capacity is 63.29gwh, accounting for 49%. In terms of recommendation, continue to recommend Contemporary Amperex Technology Co.Limited(300750) , Shanghai Putailai New Energy Technology Co.Ltd(603659) , Hunan Changyuan Lico Co.Ltd(688779) , Ningbo Ronbay New Energy Technology Co.Ltd(688005) , Shandong Fengyuan Chemical Co.Ltd(002805) , Zhejiang Yongtai Technology Co .Ltd(002326) , Guangzhou Tinci Materials Technology Co.Ltd(002709) , Beijing Easpring Material Technology Co.Ltd(300073) , Cngr Advanced Material Co.Ltd(300919) , Hunan Zhongke Electric Co.Ltd(300035) , Yunnan Energy New Material Co.Ltd(002812) .
Risk tip: the installed demand of new energy is less than expected, the new energy power generation policy is less than expected, and the macro-economy is less than expected.
