Industry perspective:
New energy power generation: the shortage of new energy is expected to be solved, which is conducive to industrial development. In the report on the implementation of the central and local budgets in 2021 and the draft central and local budgets in 2022, the Ministry of Finance clearly proposed to promote the settlement of the subsidy fund gap for renewable energy power generation. Meanwhile, the "expenditure of other government funds" in the "expenditure budget table of central government funds in 2022" increased from 98.5 billion yuan in 2021 to 459.4 billion yuan, an increase of 360.9 billion yuan or 366.4%. The issuance of the notice on self inspection of subsidies for renewable energy power generation will help to clarify the arrears of subsidies and eliminate unqualified subsidies. Based on the above consideration documents, it may indicate that the long-standing problem of subsidy arrears of new energy power generation projects is expected to be solved this year. If the cash flow of about 400 billion is added to the accounts of new energy operators, it will greatly solve the problem of scenery development funds in the next two years, facilitate the acceleration of scenery construction and benefit the whole wind power development industry chain.
Policy: the "14th five year plan" for modern energy system was published to comprehensively promote the development of clean and low-carbon energy. On March 22, the national development and Reform Commission issued the 14th five year plan for modern energy system (hereinafter referred to as the plan), which systematically promoted the construction of clean, low-carbon, safe and efficient energy system. Green related industries continued to become key investment areas, and the development of clean and low-carbon energy ushered in new development opportunities. During the "14th five year plan" period, the first batch of 100 million KW scenery base projects have been started successively, and the second batch of projects are under application. Relevant persons from the energy administration and the national development and Reform Commission said that China will plan 400gw scenic base projects in deserts, Gobi, desert areas and other places. The 14th five year plan for modern energy system actively promotes the construction of multi energy complementary clean energy bases in the upper reaches of the Yellow River, Xinjiang and northern Hebei, as well as the development and utilization of roof photovoltaic in industrial parks and economic development zones. It is estimated that from 2022 to 2025, China's installed capacity of new scenery will reach 500600 million KW
Lithium battery: diaphragm products are increasingly in demand, and the pace of industry expansion is accelerated. The new energy vehicle market is hot, and the demand for power battery drives the demand for diaphragm to rise. According to the survey data of GGII, the shipment volume of lithium battery diaphragm in China was 7.8 billion square meters in 2021, with a year-on-year increase of more than 100%. From the perspective of supply, the supply and demand of mainstream lithium diaphragm enterprises are in tight balance, the head diaphragm enterprises are almost full of production and sales, and the capacity utilization rate of second tier enterprises is improved. The concentration of market competition pattern will continue to improve. According to the statistics of lithium battery of Gaogong, the market share of China's top 6 lithium battery diaphragm enterprises in 2021 was 80.8%, which was higher than that in 2020. Under the background of tight balance between supply and demand of global mainstream lithium battery diaphragm enterprises, power battery head enterprises lock the diaphragm supply in advance. At the same time, the leading enterprises have increased their efforts to expand production capacity. According to incomplete statistics of Gaogong lithium battery, in 2021, China's diaphragm enterprises plan to expand production capacity (including coating capacity) by about 22 billion square meters, with a total investment of more than 56 billion yuan.
Important industry information:
Contemporary Amperex Technology Co.Limited(300750) launched the third generation CTP Kirin battery, which can increase the power by 13% compared with the 4680 system. On March 26, Wu Kai, chief scientist of Contemporary Amperex Technology Co.Limited(300750) made a speech at the 2022 China electric vehicle hundred people's conference, pointing out that Contemporary Amperex Technology Co.Limited(300750) launched the third generation of kylin battery with CTP technology, and its system weight, energy density and bulk energy density continue to lead the highest level in the industry. Under the same chemical system and the same battery pack size, the power of Qilin battery pack can be increased by 13% compared with 4680 system.
One week market performance:
Industry performance: among the 28 Shenwan level industries, the power equipment industry fell 4.05%, ranking 227th; The utility industry fell 3.08% this week, ranking 23rd.
Performance of sub sectors: among the sub sectors, gas III, thermal service, storage battery and other batteries ranked among the top three, with increases of 2.32%, 0.48% and 0.23% respectively; Photovoltaic equipment and auxiliary materials ranked third, with an increase of - 10.5% and - 7.7% respectively.
Growth of individual stocks: Among Listed Companies in the electric power and energy industry, Sunfly Intelligent Technology Co.Ltd(300423) , Changshu Fengfan Power Equipment Co.Ltd(601700) , Ningbo Energy Group Co.Ltd(600982) , Shanghai Cooltech Power Co.Ltd(300153) , Yuan Cheng Cable Co.Ltd(002692) rose in the top five, rising 14.18%, 12.62%, 12.48%, 11.52% and 11.52% respectively.
