Sub industry core week view
New energy: China’s installed capacity + component export data in April verified the high boom of Q2, and the recent micro dynamics of the industrial chain continued to guide the continuation of the high boom in June; The international trade environment is changeable. If the US Anti circumvention event loosens or further stimulates Q3 demand, it will exceed expectations. The sentiment of the sector has increased significantly. As a growth sector hardly disturbed by this round of epidemic, photovoltaic has prominent horizontal comparative advantages. It is expected that the second quarterly report of enterprises with generally high month on month growth is expected to support the strong performance of the stock price of the sector.
Power equipment and industrial control: 1) power grid: the investment planning of the two networks has a high growth rate, the investment is expected to accelerate after the epidemic, and the prosperity of the sector is high. Under the new power system, the upgrading of new technologies and equipment is accelerated, and we are optimistic about the power grid leader and high elastic tracks such as amorphous transformer, South grid, digitization, distribution network and smart meter. 2) PMI fell sharply under the epidemic, the demand for industrial control is expected to hit the bottom and pick up, and the demand for the whole year is good. Under internal and external disturbance factors, the replacement process of domestic brand share is expected to exceed expectations, and we are optimistic about the leader of industrial control sector and downstream structural opportunities.
Hydrogen energy and fuel cell: Dongguan, Guangdong Province has issued the 14th five year plan for hydrogen refueling stations, which ensures the large-scale and cross provincial operation of FCV in Guangdong urban agglomeration, and is beneficial to relevant enterprises in the construction and equipment layout of hydrogen refueling stations; The four provinces issued the 14th five year plan for energy to support the development of hydrogen energy and fuel cells, which is in line with the medium and long-term planning trend of hydrogen energy and is beneficial to relevant enterprises in the whole industrial chain of hydrogen energy.
Important industry events this week
New energy: the European Commission announced the revised “REpower EU” energy plan; The US European trade and Technology Commission issued a joint statement on photovoltaic supply chain issues; 19 US governors jointly requested the president to take measures against anti circumvention investigation to restore the normal operation of us photovoltaic industry; CGN issued the bidding announcement of 8.8gw components; Jingao released the mass production of N-component product deepblue4 0X； The energy administration released the statistical data of the national power industry from January to April, of which the installed capacity of 4.67gw (110% increase and 56% increase) and the installed capacity of wind power is 1.68gw (25% increase); Zhejiang Province issued the 14th five year plan for energy development, pointing out that by 2025, the installed capacity of wind power in the province will reach more than 6.41 million KW, including more than 5 million KW offshore wind power.
Power equipment and industrial control: the signing meeting of 2022 special major science and technology project responsibility certificate of the action plan for tackling key scientific and technological problems of the new power system of the state grid was held, ten key science and technology projects were determined, and the R & D investment was arranged to be 200 million yuan.
Hydrogen energy and fuel cell: jiehydrogen technology, hydrogen Maple energy and hydrogen morning technology were selected into the list of “specialized, special and new” enterprises in Shanghai in 2021; Prager will provide 1GW electrolytic cell for h2energyeurope, which is the largest electrolytic cell device in the world at present Shanxi Meijin Energy Co.Ltd(000723) invest no more than 4.5 billion yuan in the construction of coal coke hydrogen comprehensive utilization demonstration project in Liupanshui City, Guizhou Province Shenzhen Energy Group Co.Ltd(000027) signed a strategic cooperation agreement with Xinjiang to promote 2000 hydrogen vehicles.
Recommended portfolio of sub industries
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Risk tips:
The price competition in the industrial chain is more intense than expected; The effect of policy adjustment and implementation is lower than expected; The global epidemic worsened more than expected.
