New energy car ushered in "policy warm wind"

Several ministries and commissions inspectors of the new energy automobile demonstration city experts said that by the end of 2012, China’s new energy vehicles on the road will be expected to reach 100,000 vehicles. 2012 will be the last year for new energy vehicles to be promoted in 25 pilot cities for three years. While the national ministries and commissions are increasing their efforts in promotion, they will begin to comprehensively evaluate the implementation results.

Last week, the Ministry of Science and Technology, the National Development and Reform Commission, the Ministry of Finance, and the Ministry of Industry and Information Technology formally issued the “Notice on Further Implementing the Pilot Work of Energy Conservation and New Energy Vehicle Demonstration and Promotion”, requiring the pilot cities to actively study the exemption of license plate auctions, shakes, and restrictions on new energy vehicles. Other restrictions, such as parking fees, electricity prices, road tolls, and other support policies. In the next step, the state will conduct a comprehensive assessment of 25 model cities and establish rewards and penalties. For cities that fail to pass the annual assessment, the qualification of pilot cities will be eliminated, which means that they will lose the qualifications for state financial assistance.

Wang Cheng, an expert in the National “863 Program for Energy Saving and New Energy Vehicle Major Projects,” briefed the reporter. The state’s goal for the development of new energy vehicles has gone from the original pursuit of quantity to the current quality, system building capacity, infrastructure construction and operational effects. Conduct a comprehensive assessment.

“From the current situation we have learned, some local governments have achieved remarkable results in mobilizing local resources and carrying out new energy vehicle operations. For example, Shanghai, Shenzhen, and other places have already achieved a thousand targets long ago. In some places, According to Wang Cheng, relevant departments will introduce management methods for rewards and penalties based on the evaluation results, and cities with poor implementation may cancel subsidies.

Wang Fuchang, deputy director of the Ministry of Industry and Information Technology, told reporters last week at the "Seminar on Energy Saving and New Energy Vehicle Development" held in Guangzhou that it is imperative to accelerate the development of energy-saving and new energy vehicles. Although significant progress has been made in the development of new energy vehicles, there are still problems in the industry such as the need for upgrading vehicle design technologies, the gap in the performance of key components such as power batteries, and the incomplete knowledge of advanced energy-saving technologies for automobiles. According to him, in the near future, the inspection team of the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and the National Development and Reform Commission will rush to 25 pilot cities for the demonstration and promotion of energy-saving and new energy vehicles for supervision and inspection.

It is worth noting that for the first time, the notice clearly requires that the pilot cities should formulate plans for the charging infrastructure construction and provide new energy vehicle users with parking spaces in their residential quarters, or supporting charging stations for parking spaces in the workplace. These types of charging posts and new The ratio of energy vehicles must not be less than 1:1. It is estimated that by the end of the year, the State Grid will build 75 charging stations and more than 6,000 charging piles in 27 provinces and cities; by 2016, 400 electric vehicle charging stations will be established; between 2016 and 2020, 10,000 electric vehicles will be established. charging station.

Up to now, China has invested 2 billion yuan to develop new energy vehicles. "The ultimate goal of our country's strategy for implementing new energy vehicles is to address energy and environmental protection issues and enhance the core competitiveness of China's auto industry." Wang Cheng said in an interview that by the end of 2012, new energy vehicles on China's roads will be expected to achieve 100,000 yuan. Vehicle.

The four ministries of appointing policies helped new energy auto stocks rise on Monday (November 14), and the new energy vehicle sector that was bathed in the spring breeze of policies renewed its efforts after a long period of silence. BYD and Wanxiang Qianchao began their strong limit sales shortly after the opening bell. Dawning shares rose nearly 8%. In addition, BYD H shares also rose by 26.06%.

The strong performance of new energy vehicles comes from the "Notice on Further Doing a Pilot Work of Demonstration and Promotion of Energy-Saving and New Energy Vehicles" jointly issued by the Ministry of Finance, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and the National Development and Reform Commission on Sunday, and requires the pilot cities to study and formulate new energy vehicles. Encourage policies to implement a series of requirements such as exemption from license plate auctions, shakes, restrictions, etc., and encourage the purchase of new energy vehicles.

Before the hot money speculators were cautious, the government’s support policies for new energy vehicles were intensively introduced. However, because of the high selling prices and insufficient support, new energy vehicles have always been well-known, and the ministries and commissions issued the latest “notice”. The "no shake number, unlimited line" and other policies were proposed to allow the market to have a new vision for new energy vehicles and give the funds a reason to speculate. However, after the open exchange information from the Exchange, it seems that hot money for new energy vehicles in the short term seems more optimistic, and institutional attitudes tend to be cautious.

In the five seats that bought BYD yesterday, Jiangsu and Zhejiang hot money are absolutely the main force. Guotai Junan Shanghai Dapu Road Business Department, Yinhe Securities Hangzhou Xintang Road Business Department, China Everbright Securities Suzhou Suhui Road Business Department each bought 1.67 million yuan, 12.74 million yuan and 7.81 million yuan; only one agency seat, the purchase amount of 18.47 million yuan .

It is worth mentioning that the sales department of Yinhe Securities Hangzhou Xintang Road also bought a universal money wave yesterday, with a purchase amount of 16.99 million yuan; there are also two Chengdu players competing with Yinhe Securities Hangzhou Xintang Road for the universal money wave. Sales Department - Industrial Securities Chengdu Aviation Road and Guotai Junan Chengdu North First Ring Road Sales Department, the purchase amount was 12.89 million yuan and 11.93 million yuan, and another agency seat also bought 9.18 million yuan.

Brokerage's point of view: policy development can be implemented in a pragmatic direction to revitalize the industry Northeast Securities Auto analyst Liu Lixi said that on July 19, 2011, Premier Wen Jiabao stated in his speech that the development direction and ultimate goal of China’s new energy vehicles is not very clear . The market misunderstood this speech and caused certain negative impact on the development of new energy vehicles. The "Notice" made it clear that "the demonstration and promotion of energy-saving and new energy vehicles has entered a new phase". Undoubtedly it is necessary to shelve the argument and continue to vigorously implement the established policies.

"The state has introduced four policies for energy-saving and new energy vehicles. However, due to the lack of good organization and management, the effectiveness of implementation has been greatly reduced. The Circular has made clear the organization, planning, supervision, evaluation and existing problems of policy implementation. The requirements are conducive to ensuring the implementation of policies. The most noteworthy thing is to start the 'accountability system' for pilot cities and enterprises for demonstration and promotion, said Liu Lixi.

Deng Xinrong, senior analyst of Founder Securities Nonferrous Metals and New Materials Industry, also stated that the “Notice” requires the pilot cities to implement the pilot policies of the central government, research and formulate incentive policies for the demonstration and promotion of new energy vehicles, and implement restrictions on license plate auctions, shakes, and restrictions. Encourage the purchase of new energy vehicles. The policy has been developed in a “pragmatic” direction, laying the foundation for new energy vehicles to advance.

At present, the state has promulgated 27 promotional catalogues of energy-saving and new energy vehicles, including 61 companies and 338 models. Among them, 217 are pure electric vehicles, 112 are hybrid vehicles, and 9 are fuel cell vehicles.

Ping Bing’s automobile industry analyst Yu Bing believes that BYD is undoubtedly the biggest beneficiary under the drive of electric vehicle technology becoming mature, state subsidies, and gradual improvement of charging equipment. In addition, due to its dominant position in the motor and charging facility manufacturers, Shuguang and Autetron will benefit from the development of the new energy automotive industry.

CITIC Securities stated that the industrial chain of new energy vehicles mainly includes the upstream battery materials and control systems, the entire vehicle manufacturing part of the middle stream, and the downstream charging stations (pile) and exchange point operations. Judging from the current listed companies, the three major sub-sectors of lithium battery concept, charging equipment, and vehicle manufacturing (including motor manufacturing) have attracted much attention.

Lithium power concept, the two cities involved in more listed companies, Jiangsu Cathay Pacific, Yi Wei lithium energy, Cheng Fei integration, Desai battery, Xin Wang Da and Lu Xiang shares closed daily limit yesterday, Yan Feng Li, Tibet City vote , Fluoride, Tianqi Lithium and Fosu Technology all rose more than 7%. The subdivided varieties as a whole had already entered the bottom before the third quarter before and after the third quarter, in which the new shares of Xinwangda hit a new high in the second half of the previous year; Yiwei Lianyungang, Luxiang shares, Suifeng Lithium and Tianqi Lithium had previously The process of concentration has been concentrated, and there have been clear signs of capital involvement; Desai battery, Fluoride, Nandu power supply, etc. have all exhibited a sideways “defeil” pattern in August.

Charging equipment, chargers, charging piles equipment suppliers are Altynx, power source, Wanma cable, State Power Nanrui, Xuji Electric and so on. Among them, the 3 shares of Aotexun, Power Source, and Wanma Cable have reached their daily limit, indicating that the market is sensitive to the news that the notification requires the implementation of charging infrastructure. In addition, there are Rongxin shares, Senyuan Electric, Siyuan Electric and so on in listed companies involved in active filtering and power monitoring equipment, of which Senyuan Electric rose 3.89% yesterday and has reached a new high during the year.

In terms of vehicle manufacturing, BYD is undoubtedly the most well-known stock in the market. It also closed the daily limit within 20 minutes of the opening and drove the daily limit of the universal money to close the daily limit. Shuguang shares closed up 7.93%; Special Motors, Dayang Motors and Founder Motors all rose more than 3.5%.

Three major ideas for stock selection In terms of specific investment, analysts believe that the following three ideas can be followed in the new energy vehicle segment:

First, the development of the industry, supporting the first. For the development of new energy automotive industry, complete downstream supporting facilities are the most important basic work, which also means that the development of the industry will inevitably start from the investment of downstream charging piles. As a result, companies like Altynx and Senyuan Electric, which are related to the charging pile business, may become the first beneficiaries of the industry's development.

Second, follow the wave of funds to surf. Judging from the recent market performance, the introduction of new industry policies can often trigger the rapid speculation of funds on related stocks. Therefore, when the development prospects of the industry are relatively rampant, keeping pace with the short-term funds, surfing new energy vehicle stocks is also a realistic choice. Analysts believe that if you participate in the market for new energy vehicles with the purpose of short speculation, the size of the equity of the selected species is preferably smaller. Yesterday's daily limit of BYD and Aotexun belonged to the "pocket" category of tradable shares.

Third, select "performance + theme" stocks. For stable investors, the important reason why emerging industry stocks are not attractive is that most stocks have no performance support. However, the new energy automobile industry has a wide range of depth, which includes a large number of blue chip stocks, and also provides opportunities for stable investors to participate. For example, from the perspective of valuation, the current P/E ratios of a large number of stocks related to the new energy automobile industry, such as Shanghai Automotive, Huayu Automotive and Yutong Bus, are all around 10 times, providing investors with a high margin of safety.