New energy revolution and advanced new materials. The goal of “double carbon” will accelerate the new energy revolution. Carbon trading may become an important way to convert old and new energy, and carbon emission rights will become the core variable affecting the development of the industry. The metal industry is the main field of carbon emission and carbon emission reduction, and it is also the main participant in the new energy revolution. At present, the development of China’s new material industry has entered an important window period from scale growth to quality improvement. The 14th five year plan indicates that China should accelerate the high-quality development of the new material industry and promote China to gradually move towards a powerful country in new materials. Therefore, looking forward to the investment strategy in 2022, the new metal materials industry should grasp the investment opportunities of the two main lines of “new energy revolution and advanced new materials” and multiple sub tracks.
New energy revolution: global carbon assets are expanding, and new energy metals usher in a super cycle of demand. The process of realizing the “double carbon” goal is actually the process of enterprise Carbon Asset expansion. Enterprises can reduce fossil energy consumption Increase the proportion of clean energy (photovoltaic, wind power, hydropower, etc.), expand the application of electric vehicles, and develop forestry carbon sink to realize the expansion of carbon assets. On the one hand, increasing the proportion of clean energy will accelerate the development of “photovoltaic (wind power) + energy storage”, on the other hand, it will reconstruct the power system and expand the investment in the power system, so as to drive the development of new energy metals The demand for lithium, nickel, cobalt, copper, rare earth magnetic materials, crystalline silicon, silver, etc. expanding the application of electric vehicles will also drive the demand for new energy metals and lightweight metals (aluminum, magnesium, titanium, etc.).
Advanced new materials: China’s industrial upgrading, new metal materials into the fast lane of development. Over the past 10 years, the technological level of China’s new material industry has been continuously improved, and the industrial scale has grown steadily, from 650 billion yuan in 2010 to 5.3 trillion yuan in 2020, with an average annual compound growth rate of 23%. The Ministry of industry and information technology predicts that the scale of new material industry will reach 10 trillion by the end of the 14th Five Year Plan period, with an average annual compound growth rate of about 13.5% during the planning period. Driven by the national industrial transformation and upgrading trend, in recent years, a large number of specialized and new “little giant” enterprises have emerged in various subdivisions of new materials, and domestic substitution has been gradually carried out in many subdivisions, indicating that China’s new material industry is moving from large-scale development to high-quality development.
Investment suggestion: it is suggested to pay attention to the opportunity of valuation switching driven by the new demand for industrial metals under the wave of new energy revolution and the deterministic opportunity of sustained high prosperity of new energy metals; Special attention is paid to the growth opportunity of high-quality development of new metal materials and leading industries in relevant segments. Focus on: lithium nickel cobalt ( Tianqi Lithium Corporation(002466) , Ganfeng Lithium Co.Ltd(002460) , Chengxin Lithium Group Co.Ltd(002240) , Yongxing Special Materials Technology Co.Ltd(002756) , Sinomine Resource Group Co.Ltd(002738) , Sichuan New Energy Power Company Limited(000155) , Zhejiang Huayou Cobalt Co.Ltd(603799) , Chengtun Mining Group Co.Ltd(600711) , China Molybdenum Co.Ltd(603993) , Nanjing Hanrui Cobalt Co.Ltd(300618) ); aluminum magnesium titanium ( Yunnan Aluminium Co.Ltd(000807) , Henan Shenhuo Coal&Power Co.Ltd(000933) , China Hongqiao (H share), Guangdong Haomei New Materials Co.Ltd(002988) , Guangdong Hoshion Aluminium Co.Ltd(002824) , Lizhong Sitong Light Alloys Group Co.Ltd(300428) , Sunstone Development Co.Ltd(603612) , Nanjing Yunhai Special Metals Co.Ltd(002182) , Baoji Titanium Industry Co.Ltd(600456) , Western Metal Materials Co.Ltd(002149) , Sichuan Anning Iron And Titanium Co.Ltd(002978) ); copper ( Zijin Mining Group Company Limited(601899) , Western Mining Co.Ltd(601168) , Yunnan Copper Co.Ltd(000878) Zhejiang Hailiang Co.Ltd(002203) , Anhui Truchum Advanced Materials And Technology Co.Ltd(002171) , Ningbo Boway Alloy Material Co.Ltd(601137) , etc.); Rare earth magnetic materials ( China Minmetals Rare Earth Co.Ltd(000831) , China Northern Rare Earth (Group) High-Tech Co.Ltd(600111) , Ningbo Yunsheng Co.Ltd(600366) , Jl Mag Rare-Earth Co.Ltd(300748) ); new materials ( Jiangsu Pacific Quartz Co.Ltd(603688) , Henan Liliang Diamond Co.Ltd(301071) , Novoray Corporation(688300) , Poco Holding Co.Ltd(300811) , Hoshine Silicon Industry Co.Ltd(603260) ); precious metals ( Chifeng Jilong Gold Mining Co.Ltd(600988) , Sino-Platinum Metals Co.Ltd(600459) , Hootech Inc(301026) ).
Risk factors: the global economic recovery is less than expected; The progress of policies related to double carbon goals is less than expected; Covid-19 epidemic situation is repeated.
