Under carbon neutralization, the new infrastructure continued to catalyze the green electricity sector, with sales picking up and expected improvement of auto parts under domestic substitution. On December 23, 2021, coal (2.6%), agriculture, forestry, animal husbandry and fishery (2.4%), electric power and public utilities (2.2%), food and beverage (2.1%), automobile (1.8%), and coal chemical industry (4.0%), power generation and power grid (3.7%), auto parts II (3.4%), animal husbandry (3.2%), industrial metals (2.8%), etc. dominated the performance of secondary industries. Specifically: 1) carbon neutralization superposition infrastructure is expected to continue to catalyze the green electricity direction. The central economic work conference indicated that we should “advance” infrastructure investment and maintain “double carbon”
The promotion remains unchanged. It is proposed that “new renewable energy will not be included in the total energy consumption control”, which will continue to catalyze green power enterprises under the framework of new infrastructure and carbon neutralization. 2) The performance of auto parts is superior under the expected improvement. At present, the price of raw materials has fallen sharply, the problem of car core shortage has been alleviated, and the sales volume of the industry has warmed up. At the same time, with the acceleration of China’s intelligent electric, it is expected that the domestic substitution process of auto parts will be started, and the performance of the next plate is expected to be superior.
In the restless spring, growth is still the main line, focusing on policy orientation, expected improvement and valuation cost performance. Spring agitation is still in progress, and growth is still the main focus: 1) from the perspective of policy orientation, pay attention to the new and old infrastructure directions supported by “advanced” infrastructure investment proposed at the economic work conference, and consider that China’s old infrastructure is relatively saturated at present, and more policies may be made to develop new infrastructure in the future, green power, ultra-high voltage Charging piles and other directions are expected to benefit the most, and the undervalued central enterprises of building materials in the old infrastructure also deserve attention. 2) From the perspective of expected improvement, the current official media has made a positive change in the expression of metauniverse, and its catalytic scientific and technological direction is expected to be dominant under the expected improvement, such as the content application direction of the media sector (virtual human, radio and television, etc.), the front-end equipment direction of consumer electronics (major VR / AR OEM leaders) The underlying architecture direction of the communication sector (cloud computing, edge computing, blockchain) deserves attention; At the same time, the direction of domestic upgrading and replacement of auto parts driven by intelligent vehicles is also worthy of attention. 3) From the perspective of valuation and cost performance, the underestimated value cycle related to new energy under the diffusion of growth main line style, military industry with wind power and equipment upgrading, and the high boom pharmaceutical direction with reasonable valuation under adjustment deserve attention.
Risk warning: secondary outbreak of the epidemic; The introduction of policies was less than expected
（ Northeast Securities Co.Ltd(000686) ）
