Sub industry core week view
New energy: the price rise of photovoltaic continues to verify that the demand intensity exceeds the expectation. Under the current global macro and micro environment, the demand for new energy may “continue to exceed the expectation at a speed and intensity exceeding the expectation” for a long time; Under the industry growth rate of 50% + the new high of the share price of the sector should be the natural result. (this week, we will discuss in depth the logic behind the strong price performance of this round of photovoltaic industry chain and look forward to the follow-up trend. See the text for details)
Hydrogen energy and fuel cell: the 14th five year plan for hydrogen energy in Inner Mongolia has been released, with a target total output value of 100 billion hydrogen energy, 100 hydrogen stations and 5000 hydrogen heavy trucks, so as to create a hydrogen energy industry layout of “one zone, six bases and one corridor”; Fuel cell vehicles began to work in the field of cold chain logistics.
Power equipment and industrial control: since 2021q4, the investment in power grid has accelerated, the prosperity of the sector is high, and the upgrading and innovation of equipment technology is expected to accelerate. The leading companies in the industrial chain and the technical leaders in subdivided links will fully benefit, and are optimistic about energy storage, digitization, distribution network, amorphous transformer, intelligent operation and maintenance, power electronics, flexible DC and other links. In February, PMI continued to stay above the boom and bust line. In 2022, the demand for industrial control was better, and the valuation cost performance of industrial control sector was prominent.
Electric vehicles: in February, overseas sales continued to grow month on month, and the market maintained a high boom.
Important industry events this week
New energy: the International Energy Agency issued the 10 point plan for the EU to reduce its dependence on Russian natural gas; protect
GCL energy returns to the list of Hong Kong stock connect;
Hydrogen energy and fuel cell: Inner Mongolia hydrogen energy “14th five year plan” released Beijing Sinohytec Co.Ltd(688339) supporting the first batch of 100 Zhilan 4.5-ton hydrogen fuel refrigerated vehicles in China, delivered to Beijing shunyida; The largest hydrogen energy supply base in Shanghai will be built in August, with an annual output of more than 8400 tons of hydrogen; Guangdong issued the first national safety technical code for hydrogen production and hydrogenation integrated station.
Electric vehicles: European countries released car sales in February; Autoinnovate releases US February electric vehicle sales
Power equipment and industrial control: none.
Recommended portfolio of sub industries
See the text on the next page for details.
Risk tips:
The price competition in the industrial chain is more intense than expected; The effect of policy adjustment and implementation is lower than expected; The global epidemic worsened more than expected.
