The valuation and repair market of the hottest ele

2022-07-23
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Electrical equipment: the valuation and repair market of the new energy sector continues to recommend 1 share. Core view:

latest research view:

the quota system is expected to be implemented next year to ensure long-term development. This week, the National Energy Administration issued the notice on the implementation of renewable energy power quota system. The document requires that quota assessment be formally carried out from 2019, and stipulates that quota certificates and green certificates can be used as supplementary means to complete quota tasks. At present, the probability of the implementation of the quota system is high. In addition to ensuring the stable consumption of new energy, it is not necessary to set the installed capacity with PC. in addition, the "quota system + green certificate" model may accelerate the industry's payment collection and ensure the sustainable development of the industry

the growth of wind power generation slowed down, and the fall in steel prices was good for midstream equipment manufacturers. In October, the wind power generation increased by 4.2% year-on-year, and the growth rate decreased by 9.3 percentage points month on month. There are obvious differences in the growth rate of power generation in different regions, and the growth rate of power generation of downstream operators is differentiated. As the "one size fits all" policy will no longer be adopted for environmental protection and production restriction, the steel supply in the fourth quarter may usher in marginal improvement; With the advent of the era of bidding, operators will gradually shift their focus from the price of the complete machine to the cost of kilowatt hour electricity, which will benefit midstream equipment manufacturers as a whole

policy orientation has changed, market sentiment has warmed up, and there are investment opportunities in the new energy sector. Under the policy stimulus, the market sentiment has warmed up, and there is a repair opportunity for the oversold sector. With the gradual weakening of factors that suppress market valuation, new energy policies may be intensively introduced, and the sector may usher in phased investment opportunities

investment advice. The valuation of the electrical equipment sector has been at the historical bottom, and the downward space is limited. The renewable energy quota system is expected to be implemented next year to ensure downstream consumption and stable installed capacity. In terms of wind power equipment manufacturers, we continue to recommend tower manufacturers (,) (), leading wind turbine manufacturers (,) (), and suggest paying attention to (,) (), etc. In addition, Jian Jian pays attention to nuclear power equipment suppliers (,) (), (,) () and (,) () as well as photovoltaic faucet (,) () and Linyang energy () UTM according to its tempering color, which can also be used for product quality control, (,) (), (,) (), etc

one week's industry hot spot: the renewable energy power quota system strives to narrow the gap with the developed countries and starts the third round of consultation; In October 2018, energy production grew steadily; In October, the electricity consumption of the whole society increased by 6.7% year-on-year

performance of core portfolio last week: the electrical equipment industry index increased by 6.44% and the cumulative yield was -23.46%

both recommended portfolio and focused portfolio outperformed the industry index

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