Essence Securities stated that the future registration system will lead to profound changes in the capital market.Novice stock operation IPO barriers will be dredged, and shell resources will depreciate; stock differentiation will intensify, delisting shares will increase sharply, registration system will accelerate the polarization of A shares, and investment trends will turn to the leading position.
On May 29, when the Shanghai Stock Exchange responded to the recommendations of the representative members on the capital market during the National Two Sessions in 2020, it stated that it would launch a market maker system in a timely manner and study the introduction of a single T+0 transaction to ensure market liquidity and price discovery. The normal realization of the function.
The Development and Reform Commission issued its opinions on promoting the development of air cargo facilities. In the near future, in 2025, a professional cargo hub airport in Ezhou, Hubei will be built, and the cargo facilities of comprehensive hub airports such as Beijing, Guangzhou, etc. will be optimized and improved, and the cargo facilities capacity of existing comprehensive airports will be fully tapped.
In October, sales of 100,000 new energy vehicles were +19% month-on-month and +105% year-on-year, exceeding market expectations. According to data from the China Automobile Association, in October, my country’s new energy vehicle production/sales was 17/100,000 units, which was +16%/+19% month-on-month and +67%/+105% year-on-year, continuing to maintain rapid growth. From January to October 2020, the cumulative production/sales of 9.4/901,000 vehicles was -2%/-1% year-on-year, and the rate of decline was further narrowed. In terms of vehicle types, new energy passenger vehicles sold 180,000 units in October (+113% year-on-year), of which EV and PHEV sold 120,000 units (+129% year-on-year) and 60,000 units (+67% year-on-year). In addition, 20,000 commercial vehicles were sold (-9% quarter-on-quarter, +34% year-on-year). The high year-on-year increase in sales in October is related to the low base due to the decline in subsidies in 2019. On the other hand, thanks to the continued favorable external policy environment and the intensive launch of high-quality models in the second half of the year, the new energy market is steadily rising.
Of course, not going out does not mean not starting work. Except for first-line medical workers, listed companies are actively participating in donations, scientific research and production of the epidemic. Including masks, alcohol and other necessary anti-virus disinfection supplies, as well as diagnostic reagents, body temperature monitoring, anti-viral drugs, etc.
[Summary of the research report] CWP2020 new products shine, and the industry's cost reduction path is clear. In this exhibition, domestic mainstream wind turbine companies have participated in the exhibition and released new products. The new products on the land are mainly for the three-north parity base, indicating that the three-north parity base has become the focus of wind power market development and the core market for wind turbine companies to compete. Fenghe Yuanjing launches new products for the southern region of the Middle East (especially the low wind speed areas in the plains), which means that the parity territory of the southern region is expected to expand. In the past few years, onshore wind power has achieved rapid subsidies through technological progress. Large capacity, long blades, and high towers are still the main features and means of technological progress. Looking forward to the future, the trend of technological progress is expected to continue, driving the cost of electricity per kilowatt-hour. Decrease at a faster rate. Technology cost reduction-demand creation or the main line of future growth. We believe that in the post-subsidy era, the wind power industry has entered the stage of supply and demand creation. Technology cost reduction-demand creation has a clear context. When technological progress leads to the emergence of new models with more powerful performance, new business models and applications for wind power Scenarios and market demand may emerge. This is similar to the fact that the decline in photovoltaic module prices has spawned more market demand. The difference is that the time period for wind power technology to reduce costs and translate into demand is relatively long. With the continuous advancement of technology cost reduction, the vasNovice stock operationt decentralized wind power market in the south of the Middle East is expected to be developed on a large scale in the future. The wind power + energy storage model will gradually become economical. Overseas markets will expand or change now, and the boundaries of the wind power market will continue to widen . Therefore, the technological iteration of wind turbines and the introduction of new products have become the indicator of the prosperity of the wind power industry. The large number of new products launched by CWP2020 indicates to a certain extent that the prosperity of the industry is expected to increase in the future. Investment advice: Optimistic about the growth of wind power driven by technology cost reduction. In 2021, the newly approved domestic onshore wind power will fully enter the era of no subsidy, and technological progress will become the leading indicator and driving force of the industry's prosperity. Looking to the future, the path of technological progress is clear, and the trend of cost reduction of existing technologies is expected to continue, which is expected to generate more market demand. Maintain the forecast that the newly installed domestic wind power will reach 30GW and above in 2021. It is expected that the domestic wind power market demand will be on the rise during the 14th Five-Year Plan period. The wind power industry’s annual average installed capacity of 50GW is feasible. We are optimistic about the investment opportunities in the wind power sector, and we suggest paying attention to the wind turbine sector of Goldwind Technology (002202), Mingyang Intelligent (601615), Yunda (300772), and the tower sector of Tianshun Wind Energy (002531) and Daikin Heavy Industry (002487). Xinqianglian (300850) in the bearing sector, Riyue shares (603218) in the casting sector, and Dongfang Cable (603606) in the submarine cable sector. risk warning. The new crown epidemic has brought uncertainty to the demand and supply sides of wind power. On the one hand, the new crown epidemic may affect the domestic wind power market demand. On the other hand, some of my country's wind power components and auxiliary materials rely on imports and may be affected by the overseas epidemic. The risk of wind power demand falling short of expected after rush installation. At present, the growth of domestic market demand is mainly driven by rush installation. Considering the sharp drop in on-grid power prices after rush installation, if the development of large bases, parity, and decentralized projects is not as expected, there is a risk of decline in domestic demand. If the price of raw materials such as steel rises sharply, it may affect the overall profitability of the industrial chain. Part of the wind power manufacturing process presents the characteristics of homogeneous competition. After rushing to install, competition may intensify, and product prices and profitability may decline.
Electronics in 2012, media in 2013, computers in 2014, and Internet+ in 2015, so next year we may expand our target focus to media, new energy vehicles, and computers, not just electronics direction.
The share-trading reform carried out in 2005 solved the fundamental institutional problems of the stock market and was of milestone significance for the reform and opening up and stable development of my country's capital market. Market risk appetite was subsequently boosted, and market activity quickly picked up.