In December, it is recommended to pay attention to the direction of the power grid with defensive attributes in the main line of consumption, including UHV, power equipment exports and other primary equipment links, the expectations of these links are more consistent, and some targets have been changed in valuation. In addition, secondary equipment links such as digital grids also have certain expected differences and relatively low valuations, so it is recommended to focus on allocation. The Sea Breeze is also configured as a defensive variety.
This week, lithium carbonate has overfalled, but we believe that this rally is difficult to sustain, the game will be aggravated, and the ** will still go down, but the downward space will gradually decrease. During the January-February 2024 period, we will focus on investment opportunities in the lithium battery industry chain, with priority given to the rotation of lithium mines, electrolytes, batteries, and energy storage in the United States. In addition, we continue to be optimistic about investment opportunities in emerging areas such as 800V supercharging and robotics.
In the photovoltaic field, it is currently in the stage of destocking and price reduction, and then will enter the stage of guaranteed sales and utilization. We need to wait for the emergence of the bottoming signal of the industry, and give priority to investment opportunities in new technology links such as perovskite and BC when it is over-falling.
On the utilities side, our judgment on economic data for the first half of 2024 is central. We believe that thermal power still has a certain allocation value, and we are currently entering the medium and long-term electricity price contract period for thermal power, except for a few provinces, we are generally optimistic. In addition, high dividends have investment value in the medium and long term, but in the short term, due to the implementation of the new power reform, the market-based electricity prices of hydropower and nuclear power will be partially reduced, and they need to be fully responded to and allocated. At the same time, in the short term, we can pay attention to the progress of nuclear power approval, commercial operation of fourth-generation high-temperature reactors, and thermal power flexibility transformation.
In the field of environmental protection, the trend of domestic substitution of scientific instruments is becoming increasingly obvious, especially its application in life sciences, semiconductors, scientific research and other fields. With the background of debt reduction and the support of proactive fiscal policies, water conservancy and water projects have become the easiest projects to promote and deserve our attention. In addition, the interim regulations on the management of carbon emission trading are about to be promulgated, and the game between Europe, the United States and China in terms of carbon emission reduction certification standards and carbon price standards is worth paying close attention to. In terms of environmental protection in emerging fields, it is recommended to continue to pay attention to investment opportunities in the fields of pan-semiconductor environmental protection and lithium battery **.
However, it should be noted that there are certain risks associated with the investment areas recommended above. Investment in the power grid may be lower than expected, the international export environment may change, and the advancement of the Belt and Road Initiative may also face risks. In addition, sales of new energy vehicles may be lower than expected, and the scenery policy may also change. At the same time, fluctuations in raw materials may also have an impact on related companies. Therefore, investors need to fully understand and evaluate these risk factors when making investment decisions.
Note: The data and views in this article are provided by Everbright Electric's new public environmental protection team and are for reference only.
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