Core portfolio of core shares: combination of core combination of core shares: a combination of core combination of core combinations: combinationof a combination of core shares: Shenzhen United Winners Laser Co.Ltd(688518) \ \, Beijing Sdl Technology Co.Ltd(002658) , Sany Heavy Industry Co.Ltd(600031) , etc.
Special research of this week: from January to April, the growth rate of infrastructure investment is temporarily slowed down due to multiple factors. Under the expectation of steady growth, it is expected that the infrastructure investment of the whole year will remain high. By the end of this year, about 4.4 trillion yuan of special bonds had been issued. According to media reports, the Ministry of finance requires to speed up the issuance of new special bonds, complete most of the issuance of new special bonds this year by the end of June, and complete the completion of the issuance of the remaining amount in the third quarter, leaving room for the implementation of follow-up policies. It is expected that the issuance of government bonds in the following months is expected to continue to accelerate. From the perspective of infrastructure enterprises, the newly signed contract amount of Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) in April 2022 was 333831 billion yuan (+ 23.49%), and the orders on hand were full. On the evening of May 20, Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) disclosed the fixed growth plan. It is planned to raise 15 billion yuan to invest in three categories of projects, supplement working capital and repay bank loans at the same time, and the power of energy and electricity is obvious. In 2022, Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) plans to start construction with an installed capacity of more than 10 million kilowatts of new energy, plans to approve four pumped storage projects, with a total installed capacity of about 5 million kilowatts, and plans to invest 48.332 billion yuan in the field of new energy. It is suggested to pay attention to the investment opportunities of new and old infrastructure equipment: (1) construction machinery and equipment: infrastructure investment is expected to exceed expectations in the second quarter and usher in substantial improvement in the third quarter, which will drive the investment demand of construction machinery and equipment. It is suggested to pay attention to the industry leaders and recommend: Sany Heavy Industry Co.Ltd(600031) , Jiangsu Hengli Hydraulic Co.Ltd(601100) , Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) etc. (2) photovoltaic equipment: the photovoltaic demand outside China was high in the first quarter, It is suggested to pay attention to the excellent companies in China’s photovoltaic equipment industry chain: Shuangliang Eco-Energy Systems Co.Ltd(600481) , Suzhou Maxwell Technologies Co.Ltd(300751) , Shenzhen S.C New Energy Technology Corporation(300724) , etc.
Key tracking industries:
Lithium battery equipment has a resonance in 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;
For power exchange, the operation space of power exchange station is expected to reach 135755 billion yuan in 2025. The operation of power exchange station is the link with the largest market space in the field of power exchange, and it is optimistic about the operation enterprises of power exchange station;
Energy storage: energy storage is the necessary foundation for building a new power grid. Policies are favorable to the implementation. Power generation and user side promote the prosperity of the industry, and are optimistic about leading companies in battery, inverter, integration and other links;
For semiconductor equipment, it is estimated that the industry demand will reach US $140billion by 2030. The proportion of Chinese Mainland will increase, but the localization rate is still low. We are optimistic about platform companies and domestic substitutes that are expected to break through quickly;
Automation, industrial consumables with a wide range of downstream applications, with a market scale of about 40 billion yuan, 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 leading companies with the advantages of green hydrogen industrial chain integration;
For construction machinery, the strong is always strong. It is suggested to pay attention to the industry leaders and be optimistic about the complete machine and parts companies with product, scale and cost advantages.
