Hong Kong stocks rebounded and the new energy industry in Hong Kong stocks fell, underperforming the market. Last week, Hong Kong’s Hang Seng Index rose 4.18%, the Hang Seng Composite Index rose 3.64% and the Hang Seng China enterprise index rose 4.33%. Wande Hong Kong new energy concept stock index fell 4.77%, significantly underperforming the Hong Kong stock market. Among the 12 industry indexes of Hang Seng, the performance is the worst. From the comparison of PE (TTM), Wande Hong Kong’s new energy concept stock index has a high valuation and can rank third, only lower than Hang Seng’s non essential consumption and Hang Seng’s information technology industry index.
The report on the implementation of the national economic and social development plan in 2021 and the draft national economic and social development plan in 2022 was issued. The report points out the key work of actively and steadily promoting carbon peak and carbon neutralization in 2022. In 2022, China will further promote the construction of large-scale wind power and photovoltaic base projects, actively develop distributed new energy, promote the cluster development of offshore wind power, steadily promote the construction of large-scale hydropower bases in Southwest China and other places, vigorously develop pumped storage, and actively and orderly develop nuclear power on the premise of ensuring absolute safety. The production of renewable energy and nuclear power will continue to advance steadily in 202. We believe that renewable energy will be further supported by policies, which will benefit Longyuan Power 916 HK and other new energy enterprises.
Core view
Photovoltaic industry chain: last week, the photovoltaic industry chain of Hong Kong stocks generally recorded a decline, and Jinyang New Energy, which increased more in the early stage, 1121 HK fell by 23.56%, Xinte energy fell by 0.35%, and other shares generally fell by 3-4%. In terms of the industrial chain, we believe that the terminal price is stable, the price of the industrial chain rebounds slightly, and the price of photovoltaic glass callback slightly in March. It is expected that in 2022, the supply of polysilicon materials will be further released, which is conducive to the improvement of the demand of the industrial chain. We will still maintain the leading new special energy 1799.5% of polysilicon materials with the highest recommended profit margin HK。
Wind power industry chain: the wind power industry chain of Hong Kong stocks fell last week. Hong Kong stock Xinjiang Goldwind Science And Technology Co.Ltd(002202) 2208 HK fell 1.16%. We believe that the subsidy for offshore wind power will gradually decline from 2022, and the wind turbine price will also remain at a low level in the bidding results. In the short term, we will continue to pay attention to the bidding results and order delivery, but in the long term, we are optimistic about the development space of the sector and the profitability of enterprises.
New energy electric field operation: last week, the Hong Kong stock power operation sector fell as a whole, and CGN new energy 1811 HK and Datang new energy 1798 HK fell by about 10%. The rest basically fell within 10%. We believe that the valuation of thermal power based enterprises is low. They have basically released the results in 2021, and the boots have landed. In addition, the expected performance in 2022 has improved and the stock price has rebounded. In addition, in 2022, the long-term association for power coal was signed one after another. It is suggested that investors continue to pay attention to the investment opportunities of high-quality power operators.
Battery and energy storage: battery and energy storage stocks generally fell. But Contemporary Amperex Technology Co.Limited(300750) ( Contemporary Amperex Technology Co.Limited(300750) . SZ) stabilized. We believe that energy storage will be an important supporting facility for new energy power generation in the future, and we are still optimistic about the investment opportunities of the sector for a long time.
Investment advice
Photovoltaic industry chain: new special energy 1799 HK； Wind power industry chain: Xinjiang Goldwind Science And Technology Co.Ltd(002202) 2208 HK； Operation of new energy electric field: Longyuan Power 916 HK； Battery and energy storage: Gotion High-Tech Co.Ltd(002074) Gotion High-Tech Co.Ltd(002074) SZ
Risk tips
The new installed capacity of new energy is less than expected; Repeated epidemics, rising commodity prices, rising logistics costs, and mismatches in upstream and downstream capacity of the industrial chain.
