Market Overview
As of the closing on February 25, this week, the Shanghai Composite Index fell 1.13% to close at 345141 points, the Shenzhen composite index fell 0.35%, the gem index rose 1.03%, and the power equipment sector rose 4,25%.
Sichuan caizhou viewpoint
As an important extension of the connotation of new infrastructure, green power is also one of the important starting points for steady growth. The green power sector has huge investment space and is mandatory under the "double carbon" strategic goal. With the promotion of the national strategy and the positive response of the local government, it is expected to become the pillar industry of the current new infrastructure.
In the field of wind power, driven by the parity policy, the wind power industry ushered in a rush to install from 2020 to 2021. In 2021, the newly installed capacity of wind power in China was 47.57gw, with a cumulative installed capacity of about 330 million KW, a year-on-year increase of 16.6%. The continuous decline in bidding prices, on the one hand, meets the policy requirements of wind power entering the era of parity, on the other hand, is an important manifestation of the reduction of industrial costs driven by technological progress. According to the action plan for carbon peak before 2030, the total installed capacity of wind power and Cecep Solar Energy Co.Ltd(000591) power generation will reach more than 1.2 billion kw in 2030. In the next nine years, the average annual installed capacity of new scenery will be about 62 million KW before the policy goal can be achieved, and the industry is expected to maintain rapid growth. The notice on printing and Distributing Several Policies to promote the steady growth of industrial economy issued by the national development and Reform Commission on February 18, 2022 proposes to implement the construction of large-scale wind power photovoltaic bases in desert Gobi desert areas and promote the development of offshore wind power in Guangdong, Fujian, Zhejiang, Jiangsu and Shandong. Follow up attention will be paid to the catalytic expectations of relevant policies during the two sessions, and relevant sea wind and land wind power generation is expected to continue to receive support from the policy level.
Investment suggestion: looking forward to the future, technological progress and large-scale production will continue to play a role in reducing costs. Combined with the increased demand for wind energy in the eastern coastal areas, offshore wind power is expected to accelerate its development this year. We can pay attention to the core wind power equipment, submarine cable and other related targets: Haili wind power, Titan Wind Energy (Suzhou) Co.Ltd(002531) , Mingyang Zhizao, Jiangsu Zhongtian Technology Co.Ltd(600522) , etc.
Industry dynamics
The national development and Reform Commission and the National Energy Administration recently issued the opinions on improving the institutional mechanisms and policies and measures for green and low-carbon energy transformation. The opinions include improving the coordinated promotion mechanism for the implementation of the national energy strategy and plan, improving the system and policy system for guiding green energy consumption A number of measures have been put forward to establish a new mechanism for green and low-carbon oriented energy development and utilization. The opinion proposes to promote the construction of an energy supply system dominated by clean and low-carbon energy. Focusing on deserts, Gobi and desert areas, accelerate the construction of large-scale wind power and photovoltaic power generation bases, upgrade and transform the existing coal-fired power units in the region, explore and establish a mechanism for coordination between the sending and receiving ends to provide regulation for the transmission of new energy power, and support the construction, combination and development of new energy power. (NDRC website)
Risk warning: government expenditure is less than expected; The price rise of raw materials exceeded expectations; The scope of the conflict between Ukraine and Russia has expanded.
