China has made clear the goal of achieving carbon peak by 2030 and carbon neutralization by 2060. In October 2021, the State Council issued the “1 + n” policy system of carbon peak and carbon neutralization, and issued the opinions on completely, accurately and comprehensively implementing the new development concept to do a good job in carbon peak and carbon neutralization and the action plan for carbon peak before 2030, which together constitute the top-level design of the two stages of carbon peak and carbon neutralization. In the long run, the development of low-carbon economy not only reduces the backward production capacity, but also provides opportunities for accelerating the development of green and efficient new production capacity, including the manufacturing of clean energy and energy-saving preparation, hydrogen energy, biomass energy, photovoltaic technology, energy storage and other applications of green technology, which have long-term development space. Driven by the growth of demand, the related upstream chemical raw material industry will usher in a boom opportunity. We are optimistic about the prosperity of relevant photovoltaic, wind power, lithium, hydrogen energy industry and chemical raw materials industry upstream of biomass energy.
Investment main line: the proportion of primary energy consumption such as photovoltaic and wind power is increasing, and secondary energy such as lithium battery contributes to carbon emission reduction and drives the rapid growth of upstream chemical products demand: we are optimistic about (1) the high prospect of subdivided industries such as trichlorosilane upstream of polysilicon and EVA upstream of photovoltaic adhesive film in the photovoltaic industry chain; (2) In the lithium industry chain: the industrial chain of lithium solvent dimethyl carbonate (DMC), phosphoric acid iron phosphate lithium iron phosphate upstream of cathode material and binder PVDF continues; (3) Hydrogen fuel cell: proton exchange membrane will benefit from the rapid growth of fuel cell demand in the future; (4) Overseas policies drive the explosive growth of biomass energy demand, and are optimistic about the rapid growth of China’s biodiesel industry.
Relevant subject matter: trichlorosilane – [ Tangshan Sunfar Silicon Industry Co.Ltd(603938) ]; EVA – Levima Advanced Materials Corporation(003022) 、 Jiangsu Eastern Shenghong Co.Ltd(000301) 、 Rongsheng Petro Chemical Co.Ltd(002493) ； DMC- Shandong Shida Shenghua Chemical Group Company Limite(603026) Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) ； Phosphoric acid iron phosphate lithium iron phosphate – [ Yunnan Yuntianhua Co.Ltd(600096) ], [ Hubei Xingfa Chemicals Group Co.Ltd(600141) ], [ Chengdu Wintrue Holding Co.Ltd(002539) ], [ Kunming Chuan Jin Nuo Chemical Co.Ltd(300505) ], [ Sichuan Development Lomon Co.Ltd(002312) ], [ Hubei Yihua Chemical Industry Co.Ltd(000422) ]; PVDF – [ Lecron Industrial Development Group Co.Ltd(300343) ], [Dongyue Group], [ Zhejiang Juhua Co.Ltd(600160) ]; Proton exchange membrane – [Dongyue Group]; Biodiesel – [ Longyan Zhuoyue New Energy Co.Ltd(688196) ], etc.
Risk tip: the prices of related products have fallen sharply, the progress of new production capacity in related industries is higher than expected, the raw material market fluctuates violently, and the downstream demand is lower than expected.
