Core individual stock portfolio: recently recommended 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) , Runa Smart Equipment Co.Ltd(301129) , 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) etc.
This week’s special research: the central economic work conference pointed out that energy transformation is regarded as an important direction to win the future, and it is also a long-term project. We must not be eager for quick success and instant benefits. We should “establish first and then break”, put an end to sports “carbon reduction”, and achieve the dual carbon goal in a safe and orderly manner. We believe that the energy transformation follows the principle of “no stand, no break”. In fact, it is to promote the energy transformation more steadily. The steady progress of energy transformation means that the construction of relevant supporting industrial chains needs to be done well in the process. For example, the power grid needs to promote the construction of energy storage system to improve the consumption capacity of new energy power generation. In terms of new energy vehicles, we are optimistic about the explosion of demand for new energy derived industrial chains such as liquid cooling plate and power exchange. Among them, the liquid cooling plate is one of the most critical parts in the battery liquid cooling and heat management system: 1) the liquid cooling plate transfers excess heat through the circulating flow of coolant in the liquid flow channel, so as to realize the cooling function; 2) In addition to power batteries, with the increase of liquid cooling permeability in the field of energy storage, the demand for liquid cooling plates further increases; 3) With the large demand in the downstream, on the one hand, the increase in the supply of aluminum heat transfer materials in the upstream is relatively limited. On the other hand, the liquid cooling plate has the characteristics of small batch and multiple varieties. The specific categories and models in the downstream are expected to achieve the scale effect of production, and the liquid cooling plate industry chain is expected to improve significantly in terms of demand and profitability. Companies related to the industrial chain include: Shanghai Huafon Aluminium Corporation(601702) , Yinbang Clad Material Co.Ltd(300337) , Shenzhen Cotran New Material Co.Ltd(300731) , Shenzhen Frd Science & Technology Co.Ltd(300602) , etc.
Key tracking industries:
Lithium battery equipment resonates with 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, 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, 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 the leading companies with the advantages of green hydrogen industrial chain integration;
For construction machinery, it is expected that the industry sales volume Q4 will have a negative year-on-year growth, and the strong will always be strong. It is recommended to pay attention to the industry leaders and be optimistic about the complete machine and parts companies with product, scale and cost advantages.
