Grid investment dropped from highs. From January to May 2010, the national grid infrastructure investment amounted to RMB 99.7 billion, which was approximately 1/4 of the whole year of 2009. Although the investment in the second half of the year was confirmed, the decline in the new scale was a foregone conclusion. The scale will fall back to about 340 billion yuan, and the contraction of the power grid equipment market this year has been established.
Power supply investment structure tends to be low carbon. In 2009, the domestic grid investment quota exceeded the power supply investment for the first time, and the growth rate of power supply investment also slowed down significantly. The amount of thermal power investment has decreased for several consecutive years, and the share of clean energy such as wind power and nuclear power has continued to increase.
The theme of smart grid is still the long-term main line. In order to optimize the allocation of China's energy resources, meet the needs of clean energy construction and interactive power development, ensure the healthy and efficient development of the national economy, and build a strong smart grid to improve the level of power grid technology and equipment, it has risen to become a national strategy. Smart grid construction will be fully rolled out in 2011. It is estimated that in the next 10 years, the average annual investment in the power grid will be about 380 billion yuan, and the average annual investment for intelligent investment will be 45-50 billion yuan.
The U.S. full-scale construction will start soon. At present, the first UHV Jindongnan-Jingmen project is awaiting state acceptance. It is expected that acceptance and follow-up procedures will be completed this year, which will open the road to comprehensive advancement of the UHV project.
Electrical energy conservation is still a trend. There is no doubt that the country's energy saving and emissions reduction will be promoted this year. High-efficiency motors and contract energy management will be supported by policies. In the second half of the year, it will be expected to introduce incentives for energy conservation and consumption reduction in related industries. Concerned about amorphous alloy transformers, inverter and other industry-related stocks in the policy support continues to clear investment opportunities.
In the second half of 2010, under the background of declining power investment, the fundamentals of the industry remained tight, and the pressure on the power equipment market was relatively high. The performance of the interim report would become the touchstone for companies, and the valuation of individual stocks would be divided. With the gradual clearing up of the fourth quarter grid construction planning and related subdivision standards, the company’s profit forecast will be raised again. Judgment once the equipment will show the trend of the former low and high, the second equipment due to the expected increase in smart grid acceleration, the early increase is more obvious, from the valuation level in advance to reflect the future performance growth expectations, the second half will maintain the trend of high volatility .
It is recommended to focus on investment themes under the themes of energy storage technology and industry, UHV, electrical energy conservation, and regional rejuvenation. Recommended: Rongxin shares, Credit Electric, Wolong Electric, Zhejiang Fu shares, TBEA.