Board Quotes:
This week, all sectors of the A-shares stocks fell across the board. The new energy sector fell 2.98%, while the power equipment sector fell 3.31%. The subdivision of the sub-sectors is obvious, and the recent nuclear power sector has performed outstandingly and has become the main force driving the new energy sector. Overseas PV listed companies performed poorly this week, and most of them fell.
Industry fundamentals:
The price of photovoltaic products continued to fall this week, and the rate of decline in the past two weeks slowed down. In the past year, the prices of upstream components and power plant equipment of solar modules have basically kept declining. It is still too early to discuss the recovery of the industry economy. Some companies still maintain high inventory levels. The price of German PV subsidies will be reduced by 15% at the beginning of next year, and there will still be room for price decline in the future.
Industry perspective and investment logic:
In Europe and other developed countries, the subsidy of PV industry is expected to be lowered, and the industry's economic prosperity continues to decline. In the future, the focus of PV development will gradually tilt toward the Asia-Pacific. However, the short-term market and demand cannot be completely switched. Polysilicon prices are near the bottom in the short-term and the domestic market is expected to continue. Expansion beyond expectations. In October, the export volume of China's modules decreased by 7.1% month-on-month, and the price was down by 4.4% month-on-month, of which exports to Europe fell by 5.4% month-on-month, and corporate earnings and gross margins were under greater pressure. We believe that the photovoltaic industry chain will also experience pains and profit compression in all sectors. The short-term component situation is better than polysilicon and silicon wafers. Renewable energy price increase for the first time since 2006, will promote the rapid development of the domestic photovoltaic industry. The "12th Five-Year Plan" solar power target was raised to 15GW. We are relatively optimistic about the demand for photovoltaic grid-connected equipment brought about by the start-up of the domestic market. In particular, small- and medium-sized rooftop photovoltaic systems are expected to be widely promoted in the country in the short term, which will benefit the photovoltaic inverter leader and new flexible related equipment companies in the short term. In terms of nuclear power, China’s nuclear power investment increased by 26% year-on-year in the previous month. The expansion of nuclear power standards has been set. With the review and approval of nuclear power being expected to be clear, China’s nuclear power development will enter a new orbit in the future, and it will focus on the leading companies with the advantages of third-generation technology localization.
This week, all sectors of the A-shares stocks fell across the board. The new energy sector fell 2.98%, while the power equipment sector fell 3.31%. The subdivision of the sub-sectors is obvious, and the recent nuclear power sector has performed outstandingly and has become the main force driving the new energy sector. Overseas PV listed companies performed poorly this week, and most of them fell.
Industry fundamentals:
The price of photovoltaic products continued to fall this week, and the rate of decline in the past two weeks slowed down. In the past year, the prices of upstream components and power plant equipment of solar modules have basically kept declining. It is still too early to discuss the recovery of the industry economy. Some companies still maintain high inventory levels. The price of German PV subsidies will be reduced by 15% at the beginning of next year, and there will still be room for price decline in the future.
Industry perspective and investment logic:
In Europe and other developed countries, the subsidy of PV industry is expected to be lowered, and the industry's economic prosperity continues to decline. In the future, the focus of PV development will gradually tilt toward the Asia-Pacific. However, the short-term market and demand cannot be completely switched. Polysilicon prices are near the bottom in the short-term and the domestic market is expected to continue. Expansion beyond expectations. In October, the export volume of China's modules decreased by 7.1% month-on-month, and the price was down by 4.4% month-on-month, of which exports to Europe fell by 5.4% month-on-month, and corporate earnings and gross margins were under greater pressure. We believe that the photovoltaic industry chain will also experience pains and profit compression in all sectors. The short-term component situation is better than polysilicon and silicon wafers. Renewable energy price increase for the first time since 2006, will promote the rapid development of the domestic photovoltaic industry. The "12th Five-Year Plan" solar power target was raised to 15GW. We are relatively optimistic about the demand for photovoltaic grid-connected equipment brought about by the start-up of the domestic market. In particular, small- and medium-sized rooftop photovoltaic systems are expected to be widely promoted in the country in the short term, which will benefit the photovoltaic inverter leader and new flexible related equipment companies in the short term. In terms of nuclear power, China’s nuclear power investment increased by 26% year-on-year in the previous month. The expansion of nuclear power standards has been set. With the review and approval of nuclear power being expected to be clear, China’s nuclear power development will enter a new orbit in the future, and it will focus on the leading companies with the advantages of third-generation technology localization.
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