Market review: in March 2022, the power equipment and new energy sector (ci005011. WI) fell 10.01% compared with the previous month, and the CSI 300 index fell 7.84% in the same period.
Industry trend observation: on March 24, the national development and Reform Commission, the energy administration and the Ministry of Finance jointly issued the notice on carrying out self inspection of subsidies for renewable energy power generation, and decided to carry out the verification of subsidies for renewable energy power generation nationwide, so as to further find out the base amount of subsidies for renewable energy power generation through the combination of enterprise self inspection, on-site inspection and key supervision, Severely crack down on cheating and compensation for renewable energy power generation.
We believe that encouraging enterprises to actively find and correct problems through self inspection is conducive to promoting the settlement of historical arrears of follow-up subsidies. If the problem of historical underpayment can be formally solved and a mechanism of timely payment of subsidies can be formed in the future, it will be conducive to the long-term development of China Shanxi Guoxin Energy Corporation Limited(600617) industry. In terms of specific targets, renewable energy power generation operation enterprises will directly benefit. It is suggested to pay attention to relevant leading enterprises China Three Gorges Renewables (Group) Co.Ltd(600905) etc.
Important industrial policies: the two ministries and commissions jointly issued the plan for modern energy system in the 14th five year plan, the implementation plan for the development of new energy storage in the 14th five year plan and the medium and long term plan for the development of hydrogen energy industry (20212035); The Energy Administration issued the guidance on energy work in 2022; Qinghai Province has issued the “14th five year energy” plan, and it is expected to add 44gw of wind energy storage capacity.
Monthly industry highlights: in February, the production and sales of new energy vehicles decreased month on month and increased year on year; The US Department of Commerce launched an anti circumvention investigation on Chinese photovoltaic enterprises; The price of silicon material continued to rise slightly, and the central monocrystalline silicon chip generally rose by 0.14-0.21 yuan / piece.
Monthly important announcement: Xinjiang Daqo New Energy Co.Ltd(688303) , Do-Fluoride New Materials Co.Ltd(002407) , Jingsheng technology and other proposed funds to invest in the construction of new energy projects Ja Solar Technology Co.Ltd(002459) and Qujing invested in the development and construction of “green photovoltaic new energy base”, with a total investment of about 10 billion yuan Longi Green Energy Technology Co.Ltd(601012) purchased 44.2 billion yuan of polycrystalline silicon materials for two years from Tongwei Co.Ltd(600438) Tongwei Co.Ltd(600438) Trina Solar Co.Ltd(688599) independently developed high-efficiency i-topcon battery, with a maximum battery efficiency of 25.5%, has set a new world record for the efficiency of large-scale industrialized n-type monocrystalline silicon i-topcon battery.
Investment strategy: looking forward to the future, we continue to be optimistic about the development prospect of China’s renewable energy and new energy vehicle market, as well as the promotion of the industrialization of new wind power and photovoltaic technologies on long-term cost reduction and efficiency increase. It is suggested to pay attention to: Sungrow Power Supply Co.Ltd(300274) , Riyue Heavy Industry Co.Ltd(603218) , Ming Yang Smart Energy Group Limited(601615) , China Three Gorges Renewables (Group) Co.Ltd(600905) and other high-quality scenery leading enterprises.
Risk warning: the global spread of covid-19 epidemic and its impact on social and economic activities deviate from expectations; The development direction of new technologies in photovoltaic and other fields may deviate from expectations; The main business development of relevant listed companies may be lower than expected
