Core portfolio of core shares: combination of core combination of core shares: a combination of core combination of core combinations: combinationof a combination of core shares: Shenzhen United Winners Laser Co.Ltd(688518) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Beijing Sdl Technology Co.Ltd(002658) , etc.
This week's special research: as China enters the two sessions, the manufacturing industry is stable and good, focusing on investment opportunities in advanced manufacturing
When China entered the two sessions, the government work report was released: the fifth session of the 13th National People's Congress opened on the morning of March 5, and China officially entered the two sessions. This government work report puts forward new requirements for the future development of China's manufacturing industry. The report proposes to increase the proportion of R & D expenses plus deduction of manufacturing enterprises to 100%; Focus on supporting the manufacturing industry and comprehensively solve the problem of tax rebate for retention in manufacturing, scientific research, technical services and other industries; Promote the upgrading of traditional industries and accelerate the development of advanced manufacturing clusters; Focus on cultivating "specialized and special new" enterprises; Promote the industry to move towards medium and high-end.
In February, China's manufacturing PMI was 50.2%, standing on the boom and bust line for four consecutive months: in February, China's manufacturing PMI was 50.2%, an increase of 0.1 percentage points month on month, standing on the boom and bust line for four consecutive months, and the outlook of the manufacturing industry increased. In terms of industries, the PMI of high-tech manufacturing industry and equipment manufacturing industry are 53.1% and 51.4% respectively, which have been in the expansion range since March 2020.
Pay attention to investment opportunities in advanced manufacturing under the new situation: "stability" is one of the keywords of this year's government work report. For the manufacturing industry, maintaining the basic stability of the proportion of the manufacturing industry, improving the core competitiveness of the manufacturing industry and building a solid economic "ballast" are important tasks under the new situation. The government work report proposes to implement the action plan of carbon peak, promote the transformation of coal power energy conservation and carbon reduction, flexibility and heating, and suggest paying attention to Xizi clean energy (waste heat tap and light storage pioneer); It is proposed to promote the planning and construction of large-scale wind and solar power base and its supporting regulatory power supply, and it is suggested to pay attention to Shuangliang Eco-Energy Systems Co.Ltd(600481) (photovoltaic silicon wafer); It is proposed to promote the transformation from "dual control" of energy consumption to "dual control" of total carbon emission and intensity, and it is suggested to pay attention to Beijing Sdl Technology Co.Ltd(002658) (carbon monitoring equipment); It is proposed to continue to support the consumption of new energy vehicles, and it is suggested to pay attention to Gcl Energy Technology Co.Ltd(002015) (operation of replacement power station).
Key tracking industries:
Lithium battery equipment has a resonance in 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;
For power exchange, the operation space of power exchange station is expected to reach 135755 billion yuan in 2025. The operation of power exchange station is the link with the largest market space in the field of power exchange, and it is optimistic about the operation enterprises of power exchange station;
Energy storage: energy storage is the necessary foundation for building a new power grid. Policies are favorable to the implementation. 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 yuan, 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 leading companies with the advantages of green hydrogen industrial chain integration;
For construction machinery, the strong is always strong. It is suggested to pay attention to the industry leaders and be optimistic about the complete machine and parts companies with product, scale and cost advantages.
