With the Federal Reserve announcing that it will not raise interest rates in December, the market is widely expected to enter the rate cut channel next year. In this context, the new investment in electricity has gradually shifted from defensive attributes to offense, focusing on the opportunity to overshoot. In terms of new energy investment, we discussed key factors such as capacity clearance, consumption, interest rates, exports, and new technologies. Under the logic of consumption, the export of distribution network, UHV, and power equipment can be used as the basic disk, and priority should be paid to lithium mine electrolyte batteries, American optical storage (inverter, integration), new technologies and other directions in the process.
In the field of robotics, the biggest marginal change in Tesla's second-generation Optimus is in sensor upgrades, including a six-dimensional torque sensor for the foot and a tactile sensor for the fingertip. With the rapid iteration of products, catalytic factors will continue to emerge in the market. In terms of new technologies and the introduction of ** chains, investment opportunities are worth paying attention to.
In terms of battery technology, GAC Inpai leads the trend of self-produced batteries by car companies, and the core focuses on technical pain points such as fast charging. We are optimistic about the technological upgrade of comprehensive fast charging at the battery end + 800V high-voltage platform at the vehicle end + high-power supercharging at the pile end, and the structural investment opportunities led by product and technological innovation next year are worth paying attention to.
It is recommended to pay attention to ** including: State Grid Information and Communication, Ankerui, Xu Ji Electric, Sifang Shares, Guoneng Rixin, Yonggui Electric, Tonghe Technology, Sungrow, Shenghong Shares, Tianci Materials, CATL, Xinde New Materials, etc.
For the utilities sector, we focus on the core issues of 24H1 economic data judgment. Thermal power still has allocation value, and it is currently entering the medium and long-term electricity price contract period of thermal power, except for a few provinces, the overall attitude is optimistic. High dividends have investment value in the medium and long term, and hydropower and nuclear power can be used as the basic allocation plate for large interest rate reduction cycles. In the short term, we will pay attention to the approval of nuclear power, the commercial operation of fourth-generation high-temperature reactors, and the progress of thermal power flexibility transformation. It is recommended to pay attention to: Huadian International, Huaneng International, Inner Mongolia Huadian, Guodian Power, China General Nuclear Power Corporation, SDIC Power, Yangtze River Power, Huaneng Hydropower, etc.
In the field of environmental protection, the general trend of domestic substitution of scientific instruments is the general trend, focusing on the application of life sciences, semiconductors, scientific research and other fields. With the background of debt and active fiscal policies, water conservancy and water affairs are still the easiest projects to promote, focusing on related companies. Interim regulations on the management of carbon emission trading will be promulgated, and the follow-up game between Europe, the United States and China in carbon emission reduction certification standards and carbon price standards needs to be focused on. In terms of environmental protection in emerging fields, it is recommended to continue to pay attention to pan-semiconductor environmental protection, lithium battery ** and other fields. It is recommended to pay attention to ** including: MayAir Technology, Qingda Environmental Protection, Tianqi Shares, Chongqing Water, Hongcheng Environment, etc.
Finally, it should be reminded that the investment in the power grid is less than expected, the risk of changes in the "Belt and Road" and the international export environment, the sales of new energy vehicles are less than expected, the wind and solar policy is less than expected, and the risk of fluctuations in raw materials may have an impact on investment. Investors are advised to fully consider various risk factors and invest cautiously 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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