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.
Special research this week: the 14th five year plan for modern energy system sets the main objectives of energy work in the next five years. In terms of transformation indicators, by 2025, the carbon dioxide emission per unit GDP will decrease by more than 18% in five years, the energy consumption per unit GDP will decrease by 13.5% in five years, the proportion of non fossil energy consumption will increase to about 20%, and the proportion of non fossil energy power generation will reach 39%. The energy structure transformation needs to balance the transition between "new energy" and "old energy" in the short term, and will eventually develop towards the dual carbon goal. In terms of investment, we suggest to pay attention to: 1) China's first medium and long-term plan for hydrogen energy industry is released, positioning hydrogen energy as an important part of the future national energy system. The hydrogen energy industry chain can be divided into upstream hydrogen production, midstream hydrogen storage / transportation and downstream hydrogen addition / use. During the period of rapid increase in industry penetration and demand explosion, equipment companies are expected to take the lead in benefiting, and focus on the layout of fuel cell test equipment, And from the laboratory to the production line Hefei Kewell Power System Co.Ltd(688551) ; 2) The early-stage adjustment of lithium battery equipment is relatively sufficient. The Federal Reserve's boots are on the ground, the end of China's policy is determined, and the overlapping quarterly report window period is coming, which is expected to usher in a good opportunity for layout. In the medium and long term, the track of lithium battery equipment is broad (it is estimated that the annual update demand is more than 100 billion yuan only in the steady state). However, the industry is second-order leading, and the investment needs new logic. It is suggested to start from structural acceleration, report quality repair, technology update iteration The second is to screen investment targets from four aspects of growth curve. It is suggested to pay attention to Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Shenzhen United Winners Laser Co.Ltd(688518) , Hnac Technology Co.Ltd(300490) , Fujian Nebula Electronics.Ltd(300648) , Kunshan Dongwei Technology Co.Ltd(688700) , etc.
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.
