Monthly report of the hottest electrical equipment

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Monthly report of electrical equipment and new energy industry: electric vehicles continue to grow, wind power continues to improve

[Fengguang storage] the utilization hours of wind power in the first half of the year exceeded expectations, and the quota system is expected to be introduced within the year

quota system: the National Energy Administration recently made it clear that it does not distinguish between stock and incremental assets, and the subsidy intensity of renewable energy will remain unchanged for 20 years. The "leader in charge of the National Energy Administration" made the above statement during the consultation period. The document is expected to be issued in 2018, and the "green card" will be issued simultaneously. The transition period is from 2018 to 2020. The quota system will cover the minimum installed capacity of new energy power generation and promote the improvement of power rationing. At the same time, the introduction of green certificates will alleviate the pressure of renewable energy subsidies to a certain extent. After 2020, new energy will usher in the era of parity, and compulsory quotas and green certificates will jointly ensure the proportion of renewable energy use in China

wind power: the China electricity union released that the utilization hours of wind power in the first half of 2018 were 1143 hours, with a year-on-year increase of 16.15%, and the growth rate was more than 8.8 percentage points higher than 7.3% in 2017, reflecting that the design of new buffer materials such as 201 was at the feet of runners, and the improvement of wind power curtailment and the rebound of wind power operation business performance showed an accelerated trend in the past eight years. The improvement of power rationing and the increase of wind power utilization hours not only improve the operators' enthusiasm for fixture replacement, but also loosen the administrative binding of wind power construction activities in some regions. It is expected that the wind power industry will show a periodicity of nearly five years in the improvement of power rationing and the natural growth of installed capacity

photovoltaic: the impact of the 531 policy continues. As the total demand is artificially controlled, the manufacturing end will continue to be oversupplied, and the price and profit margin will be under pressure in the short term. Downstream operations and EPC will benefit from the cost reduction of [China Plastics News]. In addition, considering that the seventh batch of renewable energy subsidy catalogue has been issued, the cash flow of subsequent operators will also improve. At the same time, the continuous improvement of power rationing since this year has also brought continuous improvement to the profitability of operators. It is suggested to focus on solar energy, solar power and Linyang energy

[electric vehicle] after the policy switch, the smooth transition, the industry growth is still

the China Automobile Association released the July data on August 10, and the production and sales of new energy vehicles in July were 90000 and 84000 respectively, with a year-on-year increase of 53.6% and 47.7%. According to the data of the Federation of passenger cars, the sales volume of passenger cars in July was 70800 units, an increase of 70% year-on-year, which was basically flat on a month on month basis. In the stage of decline in the overall sales volume of passenger cars, new energy passenger cars showed a strong trend, and the transition was relatively stable after the policy switch. From the perspective of policy orientation and the current penetration rate of new energy vehicles is less than 5%, the medium and long-term growth of the industry remains the same; In the medium and short term, the battery industry chain is still in the stage of continuous price reduction. With the gradual release of downstream pure market demand and the gradual clarity of the expectation of refund and subsidy, the industry is expected to realize the compensation by volume

investment proposal

[wind power] the prospect of industry installed capacity growth in [wind power] will continue to be verified by the new wind power and data. It is suggested to focus on manufacturing leaders + operation rookies: Goldwind technology and Tianshun wind energy

[photovoltaic] it is suggested to pay attention to the triple performance elasticity brought by the continuous improvement of power rationing at the operation end, and it is suggested to focus on solar energy, sunshine power and Linyang energy

[electric vehicle] it is suggested to pay attention to the industry leader under the trend of high nickel, and pay attention to new technology paths such as soft bags. It is suggested to focus on dangsheng technology, new Zebang, and Xinlun technology

risk tips

risks of core policies and industry changes; The changes of the latest version of the draft for comments on the quota system and the installed capacity of wind power were not as expected; The production and sales of new energy vehicles were less than expected

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