Since the fourth quarter, the volatility of the new energy industry has become more and more obvious. For the new energy industry, a track with high prosperity and high growth, we think that the whole new energy track has been fully expected in many aspects, because the demand in the past year has exceeded expectations, and the price in the middle reaches has risen beyond expectations, resulting in more intense capacity expansion in many aspects in the middle reaches than everyone expected. The intensification of competition brought about by capacity expansion is expected to be concentrated next year.

At present, we are still optimistic about the upstream and downstream ends of new energy. The upstream mainly refers to the link of lithium with hard gap in resources, and the downstream mainly refers to relatively excellent vehicle enterprises, as well as some leading power station enterprises and some photovoltaic distributed power stations. For the research of new energy industry, we will look at it from a closer perspective, and it is more suitable to study manufacturing industry through orders, business, operation and rich capital and property of enterprises. Secondly, it depends on the change of policy, which will bring about changes in business and balance sheet, so the real policy change can have a certain direction, but it is still unpredictable.

In the long run, the new energy track is currently in its infancy, and there is still a lot of room for growth in the future. We should closely follow the development trend of the industrial chain, make a comprehensive analysis, and then make investment layout.

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