Core individual stock portfolio: recently recommended Hangzhou Boiler Group Co.Ltd(002534) , Robotechnik Intelligent Technology Co.Ltd(300757) , Gcl Energy Technology Co.Ltd(002015) , Shenzhen United Winners Laser Co.Ltd(688518) , Wuxi Autowell Technology Co.Ltd(688516) , Qingdao Gaoce Technology Co.Ltd(688556) , Shenzhen Cotran New Material Co.Ltd(300731) , Hunan Baili Engineering Sci & Tech Co.Ltd(603959) , Pnc Process Systems Co.Ltd(603690) , Wuxi Lead Intelligent Equipment Co.Ltd(300450) , Zhejiang Hangke Technology Incorporated Company(688006) , Fujian Nebula Electronics.Ltd(300648) , Beijing Tianyishangjia New Material Corp.Ltd(688033) , Shuangliang Eco-Energy Systems Co.Ltd(600481) , Suzhou Maxwell Technologies Co.Ltd(300751) , Hangjin Technology Co.Ltd(000818) etc.
Special research this week: at present, the increase in the penetration rate of new energy vehicles has been driven by the industry endogenous. It is expected that in 2025, the proportion of global new energy vehicles will reach 21%, and the proportion of medium Shanxi Guoxin Energy Corporation Limited(600617) vehicles will reach 33%. With the continuous large-scale downstream demand, we are optimistic about the explosion of demand for new energy derived industrial chains such as battery, motor / electronic control, air conditioning and thermal management. Among them, the new energy vehicle air conditioning thermal management system is divided into PTC and heat pump air conditioning. The heating efficiency of heat pump air conditioning is about 3 ~ 4 times that of PTC air conditioning, which effectively solves the pain point of shortening the endurance of electric vehicles in winter; At the refrigerant level, carbon dioxide efficiency and environmental safety are outstanding, which is expected to become the mainstream technology path of automobile refrigerant. Since 2020, mainstream car companies have been equipped with heat pump air conditioning, and the penetration rate has accelerated. We expect that the global heat pump air conditioning market space for new energy vehicles will be 93.1 billion yuan in 2025, with a five-year compound growth rate of 165%. Companies related to the industrial chain include: Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) , Zhejiang Yinlun Machinery Co.Ltd(002126) , Shanghai Kelai Mechatronics Engineering Co.Ltd(603960) , etc. Contemporary Amperex Technology Co.Limited(300750) will hold the evogo power exchange brand press conference on January 18. Its power exchange products will be available to all vehicle enterprises. The admission of giants is expected to accelerate the development of power exchange mode. Relevant companies in the industrial chain include: Gcl Energy Technology Co.Ltd(002015) , Suzhou Harmontronics Automation Technology Co.Ltd(688022) , Shandong Weida Machinery Co.Ltd(002026) , Csg Smart Science&Technology Co.Ltd(300222) .
Key tracking industries:
Lithium battery equipment resonates with 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;
Energy storage: energy storage is the necessary foundation for building a new power grid. Policies are favorable, 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, 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 the leading companies with the advantages of green hydrogen industrial chain integration;
For construction machinery, it is expected that the industry sales volume Q4 will have a negative year-on-year growth, and the strong will always be strong. It is recommended to pay attention to the industry leaders and be optimistic about the complete machine and parts companies with product, scale and cost advantages.
