The PV index fell 5.20% and the wind power index fell 3.75% this week.
This week, the Shanghai Composite Index fell 0.94% and the Shenzhen Component Index fell 2.20%. Among them, the photovoltaic index fell 5.20% and the wind power index fell 3.75%. From the perspective of listed companies, the top five gainers of photovoltaic sector are Henan Ancai Hi-Tech Co.Ltd(600207) (7.4%), Shanxi Coal International Energy Group Co.Ltd(600546) (4.6%), Wuxi Autowell Technology Co.Ltd(688516) (2.0%), Shouhang High-Tech Energy Co.Ltd(002665) (1.4%), Zhejiang Provincial New Energy Investment Group Co.Ltd(600032) (1.1%); The top five gainers of wind power sector are: Ming Yang Smart Energy Group Limited(601615) (5.2%), Dalian Huarui Heavy Industry Group Co.Ltd(002204) (4.2%), Ning Xia Yin Xing Energy Co.Ltd(000862) (0.8%), China Three Gorges Renewables (Group) Co.Ltd(600905) (0.5%), Gepic Energy Development Co.Ltd(000791) (- 0.7%).
Chuan caizhou’s view.
The PV sector fell significantly this week, mainly due to the rise in the price of upstream silicon. According to the data of silicon branch of China Nonferrous Metals Industry Association, the re feeding price of single crystal in China this week was about 250000 yuan / ton, with a weekly increase of 0.36%. The higher price of upstream silicon materials squeezed the profit space of middle and downstream manufacturing enterprises to a certain extent, superimposed the overall market fluctuations, and the photovoltaic sector was frustrated. However, with the rise of silicon materials, the production capacity of silicon materials continues to expand, including Tianjin Zhonghuan Semiconductor Co.Ltd(002129) and other enterprises continue to invest and expand production, and the production of silicon materials is different from other minerals. Raw materials are not subject to overseas markets and technical barriers, and there is no objective bottleneck in the expansion of production. We believe that the price of silicon material will eventually move towards a reasonable range. According to the guidance on energy work in 2022 issued by the national energy administration, wind power photovoltaic power generation will account for about 12% of social electricity consumption this year, and there is a large growth space for the installed capacity of new wind power photovoltaic during the year. Continue to be optimistic about the performance growth of wind power and photovoltaic related equipment manufacturers driven by the rapid development of the whole industry. Related objects: Longi Green Energy Technology Co.Ltd(601012) , Tongwei Co.Ltd(600438) etc. Battery grade lithium carbonate prices fell slightly, and midstream manufacturers are expected to benefit. Affected by the epidemic, SAIC Volkswagen, SAIC GM, Tesla and other vehicle factories shut down, and short-term demand fell. On the other hand, the upstream production capacity is expected to be released under the continuous investment expansion, and the upstream raw materials fell slightly under the superposition of dual factors. With the increasing penetration of new energy vehicles, the profitability of power battery enterprises has gradually increased. It is suggested to pay attention to midstream manufacturers with strong technical strength and stable production capacity. Related objects: Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) .
Industry dynamics.
On April 2, the Ministry of science and technology of the National Energy Administration issued a notice on printing and distributing the “14th five year plan” for scientific and technological innovation in the energy field. The notice pointed out that the construction of a new power system leading to the gradual increase of the proportion of new energy. Comprehensive breakthroughs have been made in key technologies and equipment such as advanced renewable energy power generation and comprehensive utilization, a new generation of power grid adapted to the friendly grid connection of large-scale and high proportion of renewable energy, new high-capacity energy storage, hydrogen energy and fuel cells, so as to further improve the ability of power system to optimize the allocation of resources and improve the guarantee ability of renewable energy supply.
Risk warning.
Macroeconomic growth is lower than expected, the risk of changes in emission reduction policies and the risk of fluctuations in raw material prices.
