东兴证券东兴晨报

Core Insights - The introduction of the "2024-2025 Energy Conservation and Carbon Reduction Action Plan" aims to enforce strict new project approvals, requiring new lithium battery anode and cathode projects to meet industry-leading efficiency standards [1][9][22] - The plan will gradually lift restrictions on new energy vehicle purchases across various regions, promote electrification in public sector vehicles, and initiate pilot projects for the electrification of coastal and inland river vessels [1][9][22] Investment Strategy - In the photovoltaic sector, as the process of eliminating excess capacity accelerates, industry chain prices are expected to bottom out in Q2. It is recommended to focus on auxiliary materials, integrated component companies, and inverters, with key stocks including Tongling Co. and Sunshine Power [2][23] - In the lithium battery sector, attention should be given to the resilient profitability of battery segments and the potential profitability turning point in the anode and cathode materials segment. Recommended stocks include Guoxuan High-Tech, benefiting companies include CATL, Longpan Technology, and Shantou Technology [2][23] Important Company News - The report highlights the active promotion of higher quality development in the new energy vehicle industry, indicating a strategic focus on enhancing industry competitiveness and sustainability [3][41] Monthly Industry News - In April, the production and sales of new energy vehicles reached 870,000 and 850,000 units, respectively, representing year-on-year increases of 35.9% and 33.5%. Exports of new energy vehicles totaled 114,000 units, up 13.3% year-on-year [10][35] - The overall performance of the energy storage market in Q1 2024 was relatively weak, with a year-on-year decline of 2.2%. However, the second quarter is expected to see a rebound in energy storage cell shipments based on production plans from energy storage cell companies [10][35] Industry Policy - The National Development and Reform Commission has proposed measures to consolidate and expand the advantages of the new energy vehicle industry, actively promoting higher quality development [41]