能源周期“大拐点、大机遇”专题报告：拥抱新质生产力，能源大宗革故鼎新

Group 1: Core Views - The report emphasizes the transformation and upgrading of the energy cycle industry, highlighting the importance of new productive forces in driving high-quality development in China [5][69]. - It identifies significant investment opportunities in sectors such as non-ferrous metals, chemicals, building materials, construction, and public utilities, driven by innovation and green transformation [5][9]. Group 2: Non-Ferrous Metals - The non-ferrous metals industry is crucial for national economic development, with a production scale that continues to expand due to emerging industries [69]. - In 2023, the production of ten commonly used non-ferrous metals exceeded 70 million tons, with a year-on-year growth of 7.1% in the first half of 2024 [69][70]. - The report suggests focusing on key areas such as new materials for digital information, solid-state battery materials for electric vehicles, and hard alloy materials for CNC machine tools [71]. Group 3: Chemicals - The chemical industry is a pillar of the national economy, facing structural challenges and the need for transformation towards high-end and green products [23][24]. - The report recommends attention to companies that focus on high-end product development and green transformation, such as Juhua Co., Yonghe Co., and Hubei Yihua [71]. Group 4: Building Materials - The building materials industry is undergoing rapid transformation driven by digital economy and technological advancements [34]. - Leading companies are expected to enhance their competitiveness through innovation, green development, and digital transformation [34][35]. - Recommended companies include Beixin Building Materials, China Jushi, and Huaxin Cement [34]. Group 5: Construction - The construction industry is expanding its value chain by exploring upstream raw materials and downstream real estate businesses [9][46]. - Major construction firms are advised to focus on new energy sectors and enhance their overall profitability through diversification [9][46]. Group 6: Public Utilities - The report highlights the green and low-carbon transformation of the power industry, driven by dual carbon goals and energy reforms [9][58]. - It suggests that the transition from traditional power sources to renewable energy will create new growth opportunities for companies in the sector [9][58].