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Diaschy86
Diaschy86
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2025-02-24
$Sea Ltd(SE)$
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Diaschy86
Diaschy86
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2024-01-24
$Alzamend Neuro, Inc(ALZN)$
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Diaschy86
Diaschy86
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2022-03-13
Te's
Where will the market go under the geopolitical turmoil and epidemic?
投资要点本周话题：地缘动荡与疫情下，市场将何去何从?1) 地缘因素短期内仍将支撑大宗商品价格高位震荡，俄乌冲突的演进态势将决定大宗商品价格上涨的可持续性。短期内，俄乌危机大概率难以解决。地缘政治风险
Where will the market go under the geopolitical turmoil and epidemic?
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Diaschy86
Diaschy86
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2022-01-01
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Diaschy86
Diaschy86
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2021-12-29
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What are the hydrogen energy companies in Hong Kong stocks?
随着绿电的占比越来越大，储能行业及氢能是明年重点关注的细分版块。
What are the hydrogen energy companies in Hong Kong stocks?
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Diaschy86
Diaschy86
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2021-12-28
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Slots may become history, and Apple's next "non-porous" target may be it
据报道，近期有分析师预测苹果可能会在部分国家和地区尝试推出没有实体SIM卡的iPhone，使用eSIM技术，具体将从iPhone 15 Pro开始。 而最新消息显示，该转变可能会提前。目前，苹果已经建
Slots may become history, and Apple's next "non-porous" target may be it
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Diaschy86
Diaschy86
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2021-12-27
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Next-Gen EUV lithography Is About To Break Out
随着先进制程芯片上量（包括逻辑芯片和存储器），芯片制造端的高技术含量规模也在不断扩大，其中，最具代表性的就是EUV光刻机，市场对其需求在未来几年将大幅增加。 ASML预期今年EUV设备出货量有望达到5
Next-Gen EUV lithography Is About To Break Out
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Diaschy86
Diaschy86
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2021-12-25
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Diaschy86
Diaschy86
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2021-12-24
666
Sorry, this post has been deleted
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Diaschy86
Diaschy86
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2021-12-23
666
U.S. initial jobless claims were 205,000 last week
12月23日，美国上周首次申领失业救济人数为20.5万人，预估为20.5万人，前值为20.6万人。 机构评美国上周初请失业金人数数据：美国上周初请失业金人数变动不大，暗示随着就业市场继续复苏，裁员人数
U.S. initial jobless claims were 205,000 last week
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href=\"https://ttm.financial/S/SE\">$Sea Ltd(SE)$ </a> ","listText":"<a href=\"https://ttm.financial/S/SE\">$Sea Ltd(SE)$ </a> ","text":"$Sea Ltd(SE)$","images":[{"img":"https://community-static.tradeup.com/news/92f0b2db4b2d39c8e1dfceaafba87dbc","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/406728960508208","isVote":1,"tweetType":1,"viewCount":2533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":266340718932216,"gmtCreate":1706060126332,"gmtModify":1706060128650,"author":{"id":"3582212677594923","authorId":"3582212677594923","name":"Diaschy86","avatar":"https://static.tigerbbs.com/023e36d76d8f4434c4ca55ea9d316933","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582212677594923","idStr":"3582212677594923"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/ALZN\">$Alzamend Neuro, Inc(ALZN)$</a> ","listText":"<a href=\"https://ttm.financial/S/ALZN\">$Alzamend Neuro, Inc(ALZN)$</a> ","text":"$Alzamend Neuro, Inc(ALZN)$","images":[{"img":"https://community-static.tradeup.com/news/fac309e092d9017849dcaac89453333e","width":"927","height":"1599"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/266340718932216","isVote":1,"tweetType":1,"viewCount":3203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9036528519,"gmtCreate":1647145666607,"gmtModify":1676534198743,"author":{"id":"3582212677594923","authorId":"3582212677594923","name":"Diaschy86","avatar":"https://static.tigerbbs.com/023e36d76d8f4434c4ca55ea9d316933","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582212677594923","idStr":"3582212677594923"},"themes":[],"htmlText":"Te's","listText":"Te's","text":"Te's","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036528519","repostId":"2219424094","repostType":4,"repost":{"id":"2219424094","kind":"highlight","pubTimestamp":1647141612,"share":"https://ttm.financial/m/news/2219424094?lang=en_US&edition=fundamental","pubTime":"2022-03-13 11:20","market":"us","language":"zh","title":"Where will the market go under the geopolitical turmoil and epidemic?","url":"https://stock-news.laohu8.com/highlight/detail?id=2219424094","media":"智通财经网","summary":"投资要点本周话题：地缘动荡与疫情下，市场将何去何从?1) 地缘因素短期内仍将支撑大宗商品价格高位震荡，俄乌冲突的演进态势将决定大宗商品价格上涨的可持续性。短期内，俄乌危机大概率难以解决。地缘政治风险","content":"<p><html><head></head><body>Key points of investment</p><p><b>This week's topic: Where will the market go under geopolitical turmoil and epidemic?</b></p><p>1) Geopolitical factors will still support the high fluctuation of commodity prices in the short term, and the evolution of the Russia-Ukraine conflict will determine the sustainability of the rise in commodity prices. In the short term, there is a high probability that the Russia-Ukraine crisis will be difficult to solve. Geopolitical risks will continue to affect market sentiment, the expectation of tightening supply will increase, and related commodity prices will remain high. Even if some countries choose to put pressure on the rise of commodities by increasing production or finding alternative energy sources in the future, the difficulty in changing the supply and demand pattern in the short term limits the decline of commodity prices. On the whole, under the premise of long-term geopolitical turmoil, commodity prices are likely to remain at a high level.</p><p>2) The Fed's hawkish beyond expectations may put pressure on the highly valued sector. Under the background of high inflation in the United States and geopolitical conflicts aggravating the inflation dilemma, the Fed's policy adjustment is a foregone conclusion. However, the recent continuous fermentation of geopolitical risks or the impact on the future economic growth prospects of the United States will also lead the Fed to be more cautious and flexible in monetary policy decisions. Before U.S. stocks, U.S. economy and inflation drop sharply, the Fed's hawkish statement will continue to exceed expectations. Even if the pace of rate hike slows down in the short term, the overall tightening is likely to exceed expectations. Judging from the recent signals released by the Federal Reserve, March may be inclined to rate hike 25bp instead of 50bp, but the shrinking balance sheet time will probably be advanced, and the possibility of opening the \"shrinking balance sheet\" in the second quarter is not ruled out.</p><p>3) The domestic epidemic disturbance strengthens the allocation logic of \"both offensive and defensive\". Recently, the domestic epidemic situation has spread, and the overseas COVID-19 epidemic is high. With a large proportion of Omicron infection in neighboring countries and regions, the domestic prevention and control pressure is expected to further increase. Under the repeated epidemic, consumption recovery has weakened. Assuming that stronger epidemic prevention and control measures are taken in the future, the role of exports in driving the economy may be weakened this year. The weakness of consumption and exports may put more serious pressure on the economic downturn in the short term, but in the medium term, there is a high probability that it will guide the policy side to increase support for steady growth. It will still take time for the market to recover, but the end of the adjustment may be gradually approaching.</p><p>4) Which industry segments are revising earnings forecasts upward?: The upstream is strong, and the middle and lower reaches are under pressure. March-April is a good time window to observe high-prosperity industries throughout the year. At present, the market in March has begun to gradually reflect the performance expectation of the first quarterly report. In mid-to-late April, the market will enter the intensive disclosure period of the annual report and the first quarterly report results. The market often has the seasonal characteristics of \"spring restlessness and April decision-making\". After the disclosure of the annual report and the first quarterly report results, the market will generally adjust the profit forecast of listed companies. At present, there have always been differences in the market on \"whether steady growth is effective\", so we try to find out which companies' steady growth recovery is sustainable and what the expected changes in fundamentals are by looking for the marginal changes in profit forecasts.</p><p>Investment points: Still with low valuation blue chip as the main line, it is recommended to pay attention to domestic substitution, military industry, anti-epidemic and gold sectors. Against the background of geopolitical conflict causing global capital market volatility, sharp rising market risk aversion and the uncontained momentum of domestic epidemic in many places, investment opportunities of low-valued blue chips are still the most stable main line of the market. Although the overall valuation of growth stocks is subject to rising inflation, in terms of specific configuration, the following subdivision is still worthy of attention: 1) For the domestic substitution demand of the whole West: this crisis has made the relationship between the European Union, Japan and South Korea and the United Kingdom and the United States closer. From the perspective of supply chain security, except the United States, the domestic substitution of other key components from the whole Western alliance may be accelerated in the future. It is recommended to pay attention to: semiconductor upstream materials, software ecology related to Huawei chips, etc.; 2) With the display of Western modern equipment during the war, the increasing nuclear deterrence of both sides, military industry, especially OEMs that benefited from the last year of the three-year pilot of state-owned enterprise reform this year, deserve special attention. 3) For epidemic prevention articles in medicine, considering the transmission ability of new viruses, in addition to nucleic acid detection, ventilators, etc., we focus on new vaccines such as mRNA. 4) Risk aversion affects the market, overseas inflation remains high, and geopolitical conflicts superimpose the global economic downturn. It is recommended to pay attention to the allocation value of the gold sector.</p><p>Risk warning: The geopolitical turmoil has intensified, the domestic Omicron epidemic has broken out more than expected, the liquidity of the Federal Reserve's monetary policy and domestic monetary policy has tightened more than expected, and the public information used in the research report may be lagged or updated in time.</p><p>text</p><p><b>A topic of the week: Where will the market go under the geopolitical turmoil and epidemic?</b></p><p><b>1.1 Geopolitical factors will still support commodity prices in the short term</b></p><p>Recently, geopolitical risks have continued to agitate the market. Due to the particularity of Russia and Ukraine in the pricing of some global resource products, the dispute between the two countries may guide commodity prices upward. Except for crude oil, whose price is already at a historically high level, the prices of agrochemical products and non-ferrous metals have generally risen. The spillover effect brought by the Russia-Ukraine conflict has also spread to the international logistics market, and shipping prices have climbed. The reasons include, in addition to the geopolitical conflict that has further aggravated the originally tight supply situation of energy, crops and metals, the transportation obstruction and market expectation panic caused by Western countries' sanctions restrictions on Russia.</p><p>At present, the geopolitical conflict is not over, and the market expectation mainly follows the fluctuation of the situation between Russia and Ukraine and quickly reflects the trend of commodity prices. On March 9th, the initial signs of easing of the situation between Russia and Ukraine have had a significant impact on the capital market. On that day, the prices of oil and non-ferrous metals plummeted sharply. However, this collective decline in commodity prices actually reflects more changes in sentiment than improvements in fundamentals, so it is too early to assert that the \"price increase tide\" is coming to an end. Recently, although the VIX index has fallen, it is still at a high level. We can see that the risk aversion in the market has not completely eased.</p><p>As mentioned earlier, the evolution of the Russia-Ukraine conflict will determine the sustainability of commodity price increases. At present, the prospect of the conflict between Russia and Ukraine is unclear. Judging from the multiple rounds of negotiations between Russia and Ukraine and the information disclosed by both sides since then, Russia and Ukraine have a tough stance, and have not yet reached an agreement on the ceasefire agreement. Moreover, NATO countries frequently send weapons and equipment to Ukraine, which also hinders the easing of the conflict. In the short term, there is a high probability that the Russia-Ukraine crisis will be difficult to solve. Geopolitical risks will continue to affect market sentiment, with increased expectations of tightening supply pushing up related commodity prices. Even if some countries choose to put pressure on the rise of commodities in the future by increasing production (for example, some OPEC member states have stated that they will increase crude oil production) or looking for alternative energy (the EU proposes to accelerate the promotion of renewable energy), the difficulty in changing the supply and demand pattern in the short term limits the drop of commodity prices. On the whole, under the premise of long-term geopolitical turmoil, commodity prices are likely to remain at a high level.</p><p><img src=\"https://static.tigerbbs.com/b4cdd2ef4d240452ced73725f02ac3e5\" tg-width=\"1080\" tg-height=\"450\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/9ff090db7fa96fcbb78bd9fdbdf8219b\" tg-width=\"1066\" tg-height=\"780\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>1.2 The Fed's hawkish beyond expectations may put pressure on highly valued sectors</b></p><p>Against the background of high inflation in the United States and geopolitical conflicts aggravating the inflation dilemma, the policy adjustment of the Federal Reserve may be a foregone conclusion. On March 10th, the data released by the U.S. Department of Labor showed that the CPI in the United States rose by 7.9% year-on-year in February, a 40-year high, and the core CPI rose to 6.4% year-on-year. Considering that commodity prices may remain high under the disturbance of geopolitical conflicts, there is a possibility that high inflation in the US economy will be difficult to alleviate in the short term. The severe inflation situation has strengthened the necessity of the Fed's tightening of monetary policy. The unexpected recovery of employment in March also provided more operation space for the Fed's monetary policy shift. On the whole, the Fed's policy adjustment may be a foregone conclusion.</p><p>Since December last year, the Federal Reserve has frequently released rate hike signals, mainly based on the continuous recovery of the US economy and the most urgent pressure on inflation. However, the recent continued fermentation of geopolitical risks or the impact on the future economic growth prospects of the United States will also lead the Federal Reserve to be more cautious and flexible in monetary policy decisions.</p><p>Before the sharp decline of US stocks, US economy and inflation, the Fed's hawkish statement will continue to exceed expectations with a high probability. Although geopolitical conflicts may inhibit the future economic growth of the United States to some extent, the basic principle of economic normalization has not changed, and at present, inflation is high. The Fed's top priority is still to strengthen the guidance of inflation expectations by maintaining a hawkish policy stance. Even if the pace of rate hike slows down in the short term, the overall tightening is likely to exceed expectations. Earlier, Powell released a clearer signal about the pace and intensity of tightening in his testimony on the semi-annual monetary policy report at the congressional hearing. In terms of rate hike, the Federal Reserve may prefer to raise interest rates by 25bp instead of 50bp in March, but the shrinking balance sheet time is likely to be advanced, and the possibility of starting a \"shrinking balance sheet\" in the second quarter is not ruled out.</p><p><img src=\"https://static.tigerbbs.com/a1b7eacdc1fe87b4aa08a15685d974a3\" tg-width=\"1078\" tg-height=\"446\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>1.3 Domestic epidemic disturbance strengthens the allocation logic of \"both offensive and defensive\"</b></p><p>Recently, the domestic epidemic situation has spread at many points. The number of COVID-19 infections reported nationwide continued to remain high, the number of provinces involved in the epidemic continued to increase, and the infected strains were mainly Omicron variants. As of March 9th, 31 provinces (autonomous regions and municipalities directly under the Central Government) and Xinjiang Production and Construction Corps reported 402 new local confirmed cases and 435 local asymptomatic infections. There is a new feature in this round of epidemic, that is, since the 6th, the number of new local asymptomatic infected people in a single day has been higher than the number of new local cases for four consecutive days.</p><p>The Omicron variant spreads faster and has milder infection symptoms than other variants, so punctate or even local outbreaks are more likely to occur. With the high incidence of overseas COVID-19 epidemic, accompanied by a large proportion of Omicron infection in neighboring countries and regions, the pressure of domestic prevention and control is expected to further increase. Under the direction of epidemic recovery, the demand for related products such as epidemic prevention and treatment will remain high, and funds will mostly flow to ventilators, specific vaccines, specific drugs and other tracks.</p><p>Under the repeated epidemic, consumption recovery has weakened. In addition to the lack of scenes caused by prevention and control restrictions that drag down consumption, the epidemic also inhibits residents' spending power and willingness, which is reflected in the comparable growth rate of residents' income and expenditure before the epidemic, and the obvious widening gap after the epidemic. At present, consumption repair is the general trend under the policy of steady growth. However, when the epidemic has not been fully controlled, consumption recovery has weakened.</p><p>Assuming that stronger epidemic prevention and control measures are taken in the future, the role of exports in driving the economy may be weakened this year. In the past two years, the high export boom has been one of the most important driving forces supporting China's economic resilience. However, under the background of global economies gradually adapting to the \"normalization of the epidemic\", China's global export share has returned to 14% after June 2021, the level before the epidemic. With the overseas supply chain or entering the trend of recovery, and the rising labor cost in China, the export growth may be weak and the pressure is gradually increasing.</p><p>The weakness of consumption and exports will put more serious pressure on the economic downturn in the short term, but in the medium term, it may guide policies to increase support for stable growth. It will still take time for the market to recover, but the end of the adjustment may be gradually approaching.</p><p><img src=\"https://static.tigerbbs.com/a59f2a3c0a40eadb62b670af68dcdbb2\" tg-width=\"1063\" tg-height=\"402\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/528312a622c08c7c81d9aaf8023457a9\" tg-width=\"1071\" tg-height=\"418\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>1.4 Which industry segments are revising their earnings forecasts upward?: Upstream strong, midstream and downstream under pressure</b></p><p>March-April is a good time window to observe high-prosperity industries throughout the year. At present, the market in March has begun to gradually reflect the performance expectation of the first quarterly report. In mid-to-late April, the market will enter the intensive disclosure period of the annual report and the first quarterly report results. The market often has the seasonal characteristics of \"spring restlessness and April decision-making\". After the disclosure of the annual report and the first quarterly report results, the market will generally adjust the profit forecast of listed companies. At present, there have always been differences in the market on \"whether steady growth is effective\", so we try to find out which companies' steady growth recovery is sustainable and what the expected changes in fundamentals are by looking for the marginal changes in profit forecasts.</p><p>Overall, the upstream is strong, and the middle and lower reaches are under pressure. The industries with upward profit forecast for 2022 are mainly in the infrastructure industry chain, new energy vehicle industry chain and pharmaceutical sector. Primary industries that have increased in the past two months: non-ferrous metals (2.87%), basic chemicals (1.04%), electric power and utilities (0.84%), iron and steel (0.71%), etc.</p><p>Upstream: The upstream field of raw material profit increase focuses on infrastructure-related industries, among which rare metals, environmental protection and public utilities, and chemical raw materials increase. On the other hand, the domestic economic and financial data from January to February will also be released, which will become an important basis for the market to judge the effect of \"steady growth\" in the early stage and predict the rhythm and intensity of follow-up policies. Under the emphasis of the main line of steady growth again, the layout of short-term \"steady growth\" and long-term high-quality development, the infrastructure-related prosperity is expected to continue.</p><p>In the midstream industry, the upward revision of profit forecast is concentrated on the sub-tracks with high demand and prosperity, such as new energy batteries, automotive electronics, lithium batteries/photovoltaic/semiconductor equipment, and the prosperity continues to remain high. The profit forecast of semiconductors, electronic components and computer equipment in TMT sector was raised. At the same time, the profit forecast of special machinery in machinery and equipment continued to rise. In the middle and late March, on the one hand, the prosperity indicators of popular tracks, such as the sales of new energy vehicles, were released one after another, and the prosperity of popular tracks in the current market is expected to differ greatly, and relevant data will become an important signal for prosperity confirmation. On the other hand, the prosperity of the conceptual fields of semiconductor devices, cloud computing and optical communications may be reversed.</p><p>In downstream consumption, the profit forecast of commerce, agriculture and medical services, and medical circulation sectors has been significantly raised. Due to the dual impact of cost pressure and the setback on the demand side caused by the recurrence of the epidemic, the growth rate of the food and beverage industry slowed down, and the internal performance of the consumer sector also showed obvious differentiation. Compared with the profit reduction in 21 years, there is an obvious expectation reversal of retail, and the profit forecast in 22 years has been raised by about 20%. The required consumption performance still hasn't seen an obvious upward revision. In the overall consumption, the optional profit expectation is still better than the required one. However, in the short term, some grain varieties, including agricultural chemicals, are affected by the war between Russia and Ukraine, and the price increase is expected to be relatively strong. Affected by this geopolitical conflict, global related<a href=\"https://laohu8.com/S/000061\">Agricultural Products</a>The price is at a high level, which may boost the prosperity of agricultural products, and at the same time affect the expectation of hog prices. This aspect is worth continuous observation.</p><p><b>1.5 Investment points: Still taking low valuation blue chips as the main line, it is recommended to pay attention to domestic substitution, military industry, anti-epidemic and gold sectors</b></p><p>Against the background of geopolitical conflict causing global capital market volatility, sharp rising market risk aversion and the uncontained momentum of domestic epidemic situation in many places, low-valued blue-chip investment opportunities remain the most stable main line of the market. In terms of growth stocks, although the overall valuation is subject to rising inflation, in terms of specific allocation, the following breakdown is still worth paying attention to:</p><p>1) For the domestic substitution demand of the whole West: This crisis has made the European Union, Japan and South Korea completely turn to and bind the United Kingdom and the United States. From the perspective of supply chain security, except the United States, the domestic substitution of other key components from the whole Western Alliance may be accelerated in the future. It is recommended to pay attention to: upstream semiconductor materials, software ecology related to Huawei chips, etc.</p><p>2) With the display of Western modern equipment in the course of the war, the increasing nuclear deterrence of both sides, the military industry, especially the OEMs that benefited from the last year of the three-year pilot of state-owned enterprise reform this year, deserve special attention.</p><p>3) For epidemic prevention articles in medicine, considering the transmission ability of the virus, in addition to nucleic acid detection, ventilators, etc., we should focus on new vaccines such as mRNA.</p><p>4) Risk aversion affects the market, overseas inflation remains high, and geopolitical conflicts superimpose the global economic downturn. It is recommended to pay attention to the allocation value of the gold sector.</p><p><b>Market Review and Outlook</b></p><p>Style index: The market is generally down this week. CSI 500, small and medium-sized board index led the decline. In terms of activity, the turnover rate of various industries generally rebounded, and the turnover rate of Shenzhen Component Index increased significantly.</p><p>Major industries: This week, medical care and daily consumption performed relatively brightly, while optional consumption and real estate performed relatively sluggishly. In terms of activity, the energy turnover rate dropped significantly, and the healthcare turnover rate rebounded significantly.</p><p>Primary industries: This week, the primary industries generally fell, with home appliances and non-ferrous metals leading the decline. In terms of activity, the turnover rate of medicine and media has rebounded relatively obviously, while the turnover rate of national defense and military industry has declined.</p><p><img src=\"https://static.tigerbbs.com/8b77bbe4f011209d0f61398519d4b870\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/2d58f4dc49d2ba695c284f3f2b140070\" tg-width=\"988\" tg-height=\"739\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Three sentiment indicator tracking</b></p><p>All-market activity: Since 2010, the average daily turnover rate of all-A is roughly 0.4%-1.4%. All-A turnover dropped slightly this week after smoothing out on the 20th. As of March 11, the single-day turnover rate reached 1.36%, which is at 82.43% of the historical quantile. The turnover rate of GEM is roughly 2%-8%. After smoothing on the 20th, the turnover rate of GEM fluctuates and rises. As of March 11, 2022, the one-day turnover rate of GEM was 13.50%, which is 90.6% of the historical quantile.</p><p><img src=\"https://static.tigerbbs.com/f91bd77cd124660b4b931da83a84f0e2\" tg-width=\"1065\" tg-height=\"410\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>On-site financing: The financing balance rebounded slightly this week. As of March 10th, the financing balance was 1,619.4 billion yuan, a decrease of 8.630 billion yuan compared with last week. After smoothing on the 5th, the proportion of financing purchases in the total market turnover decreased by-0.2% compared with last week.</p><p>Indicators of sub-new shares: After the smoothing on the 5th, the turnover rate of sub-new shares rebounded slightly compared with last week. As of March 11th, the average turnover rate of sub-new shares on the 5th reached 9.12%, which is in the historical quantile of 87.14%.</p><p><img src=\"https://static.tigerbbs.com/54b3f83e23e7b8c86169632226e8093d\" tg-width=\"1067\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Four Valuation Indicators Tracking</b></p><p>Major industry valuation: PB valuation of non-ferrous metals, basic chemicals, power equipment and new energy, national defense and military industry, automobiles, consumer services, food and beverage and electronics industries is higher than the historical average;</p><p>Major industry valuation: In PE valuation, the valuation levels of agriculture, forestry, animal husbandry and fishery, food and beverage, public utilities, leisure services, electrical equipment, automobiles and comprehensive industries are higher than the historical average;</p><p>Industries with PE valuation and PB valuation at historically high levels: the valuation level of food and beverage and automobile industry is higher than the historical average;</p><p>Main indexes: PB valuation SSE 50, GEM refers to a valuation level higher than the historical average;</p><p>Main indexes: PE valuation SSE 50, small and medium-sized board refers to a valuation level higher than the historical average;</p><p>PE valuation and PB valuation are both at historically high indexes: the valuation level of SSE 50 is higher than the historical average;</p><p><img src=\"https://static.tigerbbs.com/26c307f1db2feea63e70afad6a756a4d\" tg-width=\"1069\" tg-height=\"411\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Risk warning: The geopolitical turmoil has intensified, the domestic Omicron epidemic has broken out more than expected, the liquidity of the Federal Reserve's monetary policy and domestic monetary policy has tightened more than expected, and the public information used in the research report may be lagged or updated in time.</p><p></body></html></p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhere will the market go under the geopolitical turmoil and epidemic?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2022-03-13 11:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Key points of investment</p><p><b>This week's topic: Where will the market go under geopolitical turmoil and epidemic?</b></p><p>1) Geopolitical factors will still support the high fluctuation of commodity prices in the short term, and the evolution of the Russia-Ukraine conflict will determine the sustainability of the rise in commodity prices. In the short term, there is a high probability that the Russia-Ukraine crisis will be difficult to solve. Geopolitical risks will continue to affect market sentiment, the expectation of tightening supply will increase, and related commodity prices will remain high. Even if some countries choose to put pressure on the rise of commodities by increasing production or finding alternative energy sources in the future, the difficulty in changing the supply and demand pattern in the short term limits the decline of commodity prices. On the whole, under the premise of long-term geopolitical turmoil, commodity prices are likely to remain at a high level.</p><p>2) The Fed's hawkish beyond expectations may put pressure on the highly valued sector. Under the background of high inflation in the United States and geopolitical conflicts aggravating the inflation dilemma, the Fed's policy adjustment is a foregone conclusion. However, the recent continuous fermentation of geopolitical risks or the impact on the future economic growth prospects of the United States will also lead the Fed to be more cautious and flexible in monetary policy decisions. Before U.S. stocks, U.S. economy and inflation drop sharply, the Fed's hawkish statement will continue to exceed expectations. Even if the pace of rate hike slows down in the short term, the overall tightening is likely to exceed expectations. Judging from the recent signals released by the Federal Reserve, March may be inclined to rate hike 25bp instead of 50bp, but the shrinking balance sheet time will probably be advanced, and the possibility of opening the \"shrinking balance sheet\" in the second quarter is not ruled out.</p><p>3) The domestic epidemic disturbance strengthens the allocation logic of \"both offensive and defensive\". Recently, the domestic epidemic situation has spread, and the overseas COVID-19 epidemic is high. With a large proportion of Omicron infection in neighboring countries and regions, the domestic prevention and control pressure is expected to further increase. Under the repeated epidemic, consumption recovery has weakened. Assuming that stronger epidemic prevention and control measures are taken in the future, the role of exports in driving the economy may be weakened this year. The weakness of consumption and exports may put more serious pressure on the economic downturn in the short term, but in the medium term, there is a high probability that it will guide the policy side to increase support for steady growth. It will still take time for the market to recover, but the end of the adjustment may be gradually approaching.</p><p>4) Which industry segments are revising earnings forecasts upward?: The upstream is strong, and the middle and lower reaches are under pressure. March-April is a good time window to observe high-prosperity industries throughout the year. At present, the market in March has begun to gradually reflect the performance expectation of the first quarterly report. In mid-to-late April, the market will enter the intensive disclosure period of the annual report and the first quarterly report results. The market often has the seasonal characteristics of \"spring restlessness and April decision-making\". After the disclosure of the annual report and the first quarterly report results, the market will generally adjust the profit forecast of listed companies. At present, there have always been differences in the market on \"whether steady growth is effective\", so we try to find out which companies' steady growth recovery is sustainable and what the expected changes in fundamentals are by looking for the marginal changes in profit forecasts.</p><p>Investment points: Still with low valuation blue chip as the main line, it is recommended to pay attention to domestic substitution, military industry, anti-epidemic and gold sectors. Against the background of geopolitical conflict causing global capital market volatility, sharp rising market risk aversion and the uncontained momentum of domestic epidemic in many places, investment opportunities of low-valued blue chips are still the most stable main line of the market. Although the overall valuation of growth stocks is subject to rising inflation, in terms of specific configuration, the following subdivision is still worthy of attention: 1) For the domestic substitution demand of the whole West: this crisis has made the relationship between the European Union, Japan and South Korea and the United Kingdom and the United States closer. From the perspective of supply chain security, except the United States, the domestic substitution of other key components from the whole Western alliance may be accelerated in the future. It is recommended to pay attention to: semiconductor upstream materials, software ecology related to Huawei chips, etc.; 2) With the display of Western modern equipment during the war, the increasing nuclear deterrence of both sides, military industry, especially OEMs that benefited from the last year of the three-year pilot of state-owned enterprise reform this year, deserve special attention. 3) For epidemic prevention articles in medicine, considering the transmission ability of new viruses, in addition to nucleic acid detection, ventilators, etc., we focus on new vaccines such as mRNA. 4) Risk aversion affects the market, overseas inflation remains high, and geopolitical conflicts superimpose the global economic downturn. It is recommended to pay attention to the allocation value of the gold sector.</p><p>Risk warning: The geopolitical turmoil has intensified, the domestic Omicron epidemic has broken out more than expected, the liquidity of the Federal Reserve's monetary policy and domestic monetary policy has tightened more than expected, and the public information used in the research report may be lagged or updated in time.</p><p>text</p><p><b>A topic of the week: Where will the market go under the geopolitical turmoil and epidemic?</b></p><p><b>1.1 Geopolitical factors will still support commodity prices in the short term</b></p><p>Recently, geopolitical risks have continued to agitate the market. Due to the particularity of Russia and Ukraine in the pricing of some global resource products, the dispute between the two countries may guide commodity prices upward. Except for crude oil, whose price is already at a historically high level, the prices of agrochemical products and non-ferrous metals have generally risen. The spillover effect brought by the Russia-Ukraine conflict has also spread to the international logistics market, and shipping prices have climbed. The reasons include, in addition to the geopolitical conflict that has further aggravated the originally tight supply situation of energy, crops and metals, the transportation obstruction and market expectation panic caused by Western countries' sanctions restrictions on Russia.</p><p>At present, the geopolitical conflict is not over, and the market expectation mainly follows the fluctuation of the situation between Russia and Ukraine and quickly reflects the trend of commodity prices. On March 9th, the initial signs of easing of the situation between Russia and Ukraine have had a significant impact on the capital market. On that day, the prices of oil and non-ferrous metals plummeted sharply. However, this collective decline in commodity prices actually reflects more changes in sentiment than improvements in fundamentals, so it is too early to assert that the \"price increase tide\" is coming to an end. Recently, although the VIX index has fallen, it is still at a high level. We can see that the risk aversion in the market has not completely eased.</p><p>As mentioned earlier, the evolution of the Russia-Ukraine conflict will determine the sustainability of commodity price increases. At present, the prospect of the conflict between Russia and Ukraine is unclear. Judging from the multiple rounds of negotiations between Russia and Ukraine and the information disclosed by both sides since then, Russia and Ukraine have a tough stance, and have not yet reached an agreement on the ceasefire agreement. Moreover, NATO countries frequently send weapons and equipment to Ukraine, which also hinders the easing of the conflict. In the short term, there is a high probability that the Russia-Ukraine crisis will be difficult to solve. Geopolitical risks will continue to affect market sentiment, with increased expectations of tightening supply pushing up related commodity prices. Even if some countries choose to put pressure on the rise of commodities in the future by increasing production (for example, some OPEC member states have stated that they will increase crude oil production) or looking for alternative energy (the EU proposes to accelerate the promotion of renewable energy), the difficulty in changing the supply and demand pattern in the short term limits the drop of commodity prices. On the whole, under the premise of long-term geopolitical turmoil, commodity prices are likely to remain at a high level.</p><p><img src=\"https://static.tigerbbs.com/b4cdd2ef4d240452ced73725f02ac3e5\" tg-width=\"1080\" tg-height=\"450\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/9ff090db7fa96fcbb78bd9fdbdf8219b\" tg-width=\"1066\" tg-height=\"780\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>1.2 The Fed's hawkish beyond expectations may put pressure on highly valued sectors</b></p><p>Against the background of high inflation in the United States and geopolitical conflicts aggravating the inflation dilemma, the policy adjustment of the Federal Reserve may be a foregone conclusion. On March 10th, the data released by the U.S. Department of Labor showed that the CPI in the United States rose by 7.9% year-on-year in February, a 40-year high, and the core CPI rose to 6.4% year-on-year. Considering that commodity prices may remain high under the disturbance of geopolitical conflicts, there is a possibility that high inflation in the US economy will be difficult to alleviate in the short term. The severe inflation situation has strengthened the necessity of the Fed's tightening of monetary policy. The unexpected recovery of employment in March also provided more operation space for the Fed's monetary policy shift. On the whole, the Fed's policy adjustment may be a foregone conclusion.</p><p>Since December last year, the Federal Reserve has frequently released rate hike signals, mainly based on the continuous recovery of the US economy and the most urgent pressure on inflation. However, the recent continued fermentation of geopolitical risks or the impact on the future economic growth prospects of the United States will also lead the Federal Reserve to be more cautious and flexible in monetary policy decisions.</p><p>Before the sharp decline of US stocks, US economy and inflation, the Fed's hawkish statement will continue to exceed expectations with a high probability. Although geopolitical conflicts may inhibit the future economic growth of the United States to some extent, the basic principle of economic normalization has not changed, and at present, inflation is high. The Fed's top priority is still to strengthen the guidance of inflation expectations by maintaining a hawkish policy stance. Even if the pace of rate hike slows down in the short term, the overall tightening is likely to exceed expectations. Earlier, Powell released a clearer signal about the pace and intensity of tightening in his testimony on the semi-annual monetary policy report at the congressional hearing. In terms of rate hike, the Federal Reserve may prefer to raise interest rates by 25bp instead of 50bp in March, but the shrinking balance sheet time is likely to be advanced, and the possibility of starting a \"shrinking balance sheet\" in the second quarter is not ruled out.</p><p><img src=\"https://static.tigerbbs.com/a1b7eacdc1fe87b4aa08a15685d974a3\" tg-width=\"1078\" tg-height=\"446\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>1.3 Domestic epidemic disturbance strengthens the allocation logic of \"both offensive and defensive\"</b></p><p>Recently, the domestic epidemic situation has spread at many points. The number of COVID-19 infections reported nationwide continued to remain high, the number of provinces involved in the epidemic continued to increase, and the infected strains were mainly Omicron variants. As of March 9th, 31 provinces (autonomous regions and municipalities directly under the Central Government) and Xinjiang Production and Construction Corps reported 402 new local confirmed cases and 435 local asymptomatic infections. There is a new feature in this round of epidemic, that is, since the 6th, the number of new local asymptomatic infected people in a single day has been higher than the number of new local cases for four consecutive days.</p><p>The Omicron variant spreads faster and has milder infection symptoms than other variants, so punctate or even local outbreaks are more likely to occur. With the high incidence of overseas COVID-19 epidemic, accompanied by a large proportion of Omicron infection in neighboring countries and regions, the pressure of domestic prevention and control is expected to further increase. Under the direction of epidemic recovery, the demand for related products such as epidemic prevention and treatment will remain high, and funds will mostly flow to ventilators, specific vaccines, specific drugs and other tracks.</p><p>Under the repeated epidemic, consumption recovery has weakened. In addition to the lack of scenes caused by prevention and control restrictions that drag down consumption, the epidemic also inhibits residents' spending power and willingness, which is reflected in the comparable growth rate of residents' income and expenditure before the epidemic, and the obvious widening gap after the epidemic. At present, consumption repair is the general trend under the policy of steady growth. However, when the epidemic has not been fully controlled, consumption recovery has weakened.</p><p>Assuming that stronger epidemic prevention and control measures are taken in the future, the role of exports in driving the economy may be weakened this year. In the past two years, the high export boom has been one of the most important driving forces supporting China's economic resilience. However, under the background of global economies gradually adapting to the \"normalization of the epidemic\", China's global export share has returned to 14% after June 2021, the level before the epidemic. With the overseas supply chain or entering the trend of recovery, and the rising labor cost in China, the export growth may be weak and the pressure is gradually increasing.</p><p>The weakness of consumption and exports will put more serious pressure on the economic downturn in the short term, but in the medium term, it may guide policies to increase support for stable growth. It will still take time for the market to recover, but the end of the adjustment may be gradually approaching.</p><p><img src=\"https://static.tigerbbs.com/a59f2a3c0a40eadb62b670af68dcdbb2\" tg-width=\"1063\" tg-height=\"402\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/528312a622c08c7c81d9aaf8023457a9\" tg-width=\"1071\" tg-height=\"418\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>1.4 Which industry segments are revising their earnings forecasts upward?: Upstream strong, midstream and downstream under pressure</b></p><p>March-April is a good time window to observe high-prosperity industries throughout the year. At present, the market in March has begun to gradually reflect the performance expectation of the first quarterly report. In mid-to-late April, the market will enter the intensive disclosure period of the annual report and the first quarterly report results. The market often has the seasonal characteristics of \"spring restlessness and April decision-making\". After the disclosure of the annual report and the first quarterly report results, the market will generally adjust the profit forecast of listed companies. At present, there have always been differences in the market on \"whether steady growth is effective\", so we try to find out which companies' steady growth recovery is sustainable and what the expected changes in fundamentals are by looking for the marginal changes in profit forecasts.</p><p>Overall, the upstream is strong, and the middle and lower reaches are under pressure. The industries with upward profit forecast for 2022 are mainly in the infrastructure industry chain, new energy vehicle industry chain and pharmaceutical sector. Primary industries that have increased in the past two months: non-ferrous metals (2.87%), basic chemicals (1.04%), electric power and utilities (0.84%), iron and steel (0.71%), etc.</p><p>Upstream: The upstream field of raw material profit increase focuses on infrastructure-related industries, among which rare metals, environmental protection and public utilities, and chemical raw materials increase. On the other hand, the domestic economic and financial data from January to February will also be released, which will become an important basis for the market to judge the effect of \"steady growth\" in the early stage and predict the rhythm and intensity of follow-up policies. Under the emphasis of the main line of steady growth again, the layout of short-term \"steady growth\" and long-term high-quality development, the infrastructure-related prosperity is expected to continue.</p><p>In the midstream industry, the upward revision of profit forecast is concentrated on the sub-tracks with high demand and prosperity, such as new energy batteries, automotive electronics, lithium batteries/photovoltaic/semiconductor equipment, and the prosperity continues to remain high. The profit forecast of semiconductors, electronic components and computer equipment in TMT sector was raised. At the same time, the profit forecast of special machinery in machinery and equipment continued to rise. In the middle and late March, on the one hand, the prosperity indicators of popular tracks, such as the sales of new energy vehicles, were released one after another, and the prosperity of popular tracks in the current market is expected to differ greatly, and relevant data will become an important signal for prosperity confirmation. On the other hand, the prosperity of the conceptual fields of semiconductor devices, cloud computing and optical communications may be reversed.</p><p>In downstream consumption, the profit forecast of commerce, agriculture and medical services, and medical circulation sectors has been significantly raised. Due to the dual impact of cost pressure and the setback on the demand side caused by the recurrence of the epidemic, the growth rate of the food and beverage industry slowed down, and the internal performance of the consumer sector also showed obvious differentiation. Compared with the profit reduction in 21 years, there is an obvious expectation reversal of retail, and the profit forecast in 22 years has been raised by about 20%. The required consumption performance still hasn't seen an obvious upward revision. In the overall consumption, the optional profit expectation is still better than the required one. However, in the short term, some grain varieties, including agricultural chemicals, are affected by the war between Russia and Ukraine, and the price increase is expected to be relatively strong. Affected by this geopolitical conflict, global related<a href=\"https://laohu8.com/S/000061\">Agricultural Products</a>The price is at a high level, which may boost the prosperity of agricultural products, and at the same time affect the expectation of hog prices. This aspect is worth continuous observation.</p><p><b>1.5 Investment points: Still taking low valuation blue chips as the main line, it is recommended to pay attention to domestic substitution, military industry, anti-epidemic and gold sectors</b></p><p>Against the background of geopolitical conflict causing global capital market volatility, sharp rising market risk aversion and the uncontained momentum of domestic epidemic situation in many places, low-valued blue-chip investment opportunities remain the most stable main line of the market. In terms of growth stocks, although the overall valuation is subject to rising inflation, in terms of specific allocation, the following breakdown is still worth paying attention to:</p><p>1) For the domestic substitution demand of the whole West: This crisis has made the European Union, Japan and South Korea completely turn to and bind the United Kingdom and the United States. From the perspective of supply chain security, except the United States, the domestic substitution of other key components from the whole Western Alliance may be accelerated in the future. It is recommended to pay attention to: upstream semiconductor materials, software ecology related to Huawei chips, etc.</p><p>2) With the display of Western modern equipment in the course of the war, the increasing nuclear deterrence of both sides, the military industry, especially the OEMs that benefited from the last year of the three-year pilot of state-owned enterprise reform this year, deserve special attention.</p><p>3) For epidemic prevention articles in medicine, considering the transmission ability of the virus, in addition to nucleic acid detection, ventilators, etc., we should focus on new vaccines such as mRNA.</p><p>4) Risk aversion affects the market, overseas inflation remains high, and geopolitical conflicts superimpose the global economic downturn. It is recommended to pay attention to the allocation value of the gold sector.</p><p><b>Market Review and Outlook</b></p><p>Style index: The market is generally down this week. CSI 500, small and medium-sized board index led the decline. In terms of activity, the turnover rate of various industries generally rebounded, and the turnover rate of Shenzhen Component Index increased significantly.</p><p>Major industries: This week, medical care and daily consumption performed relatively brightly, while optional consumption and real estate performed relatively sluggishly. In terms of activity, the energy turnover rate dropped significantly, and the healthcare turnover rate rebounded significantly.</p><p>Primary industries: This week, the primary industries generally fell, with home appliances and non-ferrous metals leading the decline. In terms of activity, the turnover rate of medicine and media has rebounded relatively obviously, while the turnover rate of national defense and military industry has declined.</p><p><img src=\"https://static.tigerbbs.com/8b77bbe4f011209d0f61398519d4b870\" tg-width=\"976\" tg-height=\"667\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/><img src=\"https://static.tigerbbs.com/2d58f4dc49d2ba695c284f3f2b140070\" tg-width=\"988\" tg-height=\"739\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Three sentiment indicator tracking</b></p><p>All-market activity: Since 2010, the average daily turnover rate of all-A is roughly 0.4%-1.4%. All-A turnover dropped slightly this week after smoothing out on the 20th. As of March 11, the single-day turnover rate reached 1.36%, which is at 82.43% of the historical quantile. The turnover rate of GEM is roughly 2%-8%. After smoothing on the 20th, the turnover rate of GEM fluctuates and rises. As of March 11, 2022, the one-day turnover rate of GEM was 13.50%, which is 90.6% of the historical quantile.</p><p><img src=\"https://static.tigerbbs.com/f91bd77cd124660b4b931da83a84f0e2\" tg-width=\"1065\" tg-height=\"410\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>On-site financing: The financing balance rebounded slightly this week. As of March 10th, the financing balance was 1,619.4 billion yuan, a decrease of 8.630 billion yuan compared with last week. After smoothing on the 5th, the proportion of financing purchases in the total market turnover decreased by-0.2% compared with last week.</p><p>Indicators of sub-new shares: After the smoothing on the 5th, the turnover rate of sub-new shares rebounded slightly compared with last week. As of March 11th, the average turnover rate of sub-new shares on the 5th reached 9.12%, which is in the historical quantile of 87.14%.</p><p><img src=\"https://static.tigerbbs.com/54b3f83e23e7b8c86169632226e8093d\" tg-width=\"1067\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>Four Valuation Indicators Tracking</b></p><p>Major industry valuation: PB valuation of non-ferrous metals, basic chemicals, power equipment and new energy, national defense and military industry, automobiles, consumer services, food and beverage and electronics industries is higher than the historical average;</p><p>Major industry valuation: In PE valuation, the valuation levels of agriculture, forestry, animal husbandry and fishery, food and beverage, public utilities, leisure services, electrical equipment, automobiles and comprehensive industries are higher than the historical average;</p><p>Industries with PE valuation and PB valuation at historically high levels: the valuation level of food and beverage and automobile industry is higher than the historical average;</p><p>Main indexes: PB valuation SSE 50, GEM refers to a valuation level higher than the historical average;</p><p>Main indexes: PE valuation SSE 50, small and medium-sized board refers to a valuation level higher than the historical average;</p><p>PE valuation and PB valuation are both at historically high indexes: the valuation level of SSE 50 is higher than the historical average;</p><p><img src=\"https://static.tigerbbs.com/26c307f1db2feea63e70afad6a756a4d\" tg-width=\"1069\" tg-height=\"411\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Risk warning: The geopolitical turmoil has intensified, the domestic Omicron epidemic has broken out more than expected, the liquidity of the Federal Reserve's monetary policy and domestic monetary policy has tightened more than expected, and the public information used in the research report may be lagged or updated in time.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/676392.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","relate_stocks":{"159934":"黄金ETF","161125":"标普500","399001":"深证成指","510030":"价值ETF","GLD":"黄金ETF-SPDR","QID":"两倍做空纳斯达克指数ETF-ProShares","000300.SH":"沪深300","SPY":"标普500ETF","000016.SH":"上证50","PSQ":"做空纳斯达克100指数ETF-ProShares","DOG":"道指ETF-ProShares做空","SH":"做空标普500-Proshares","BK4559":"巴菲特持仓","YXI":"ProShares做空FTSE中国50ETF","IVV":"标普500ETF-iShares","BK4550":"红杉资本持仓","GDX":"黄金矿业ETF-VanEck","IAU":"黄金信托ETF-iShares","SDOW":"三倍做空道指30ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares",".IXIC":"NASDAQ Composite","FXP":"二倍做空富时中国50ETF-ProShares","QQQ":"纳指100ETF","NUGT":"二倍做多黄金矿业指数ETF-Direxion","UDOW":"三倍做多道指30ETF-ProShares","09939":"开拓药业-B",".SPX":"S&P 500 Index","SQQQ":"纳指三倍做空ETF","OEF":"标普100指数ETF-iShares","DUST":"二倍做空黄金矿业指数ETF-Direxion","QLD":"2倍做多纳斯达克100指数ETF-ProShares",".DJI":"道琼斯","SPXU":"三倍做空标普500ETF-ProShares","XPP":"二倍做多富时中国50ETF(ProShares)","BK4534":"瑞士信贷持仓","UPRO":"三倍做多标普500ETF-ProShares","BK1574":"生物医药B类股","DJX":"1/100道琼斯","TQQQ":"纳指三倍做多ETF","OEX":"标普100","SSO":"2倍做多标普500ETF-ProShares"},"source_url":"http://www.zhitongcaijing.com/content/detail/676392.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2219424094","content_text":"投资要点本周话题：地缘动荡与疫情下，市场将何去何从?1) 地缘因素短期内仍将支撑大宗商品价格高位震荡，俄乌冲突的演进态势将决定大宗商品价格上涨的可持续性。短期内，俄乌危机大概率难以解决。地缘政治风险将持续影响市场情绪，供给收紧预期增强，相关大宗商品价格持续高位。即使部分国家在未来选择以增产或者寻找替代能源的方式对大宗商品涨势施压，但短期内供需格局难变限制了大宗商品价格回落幅度。综合来看，在地缘动荡长期化的前提下，大宗商品价格大概率维持在高位运行。2) 美联储超预期鹰派或使高估值板块承压。在美国通胀高企叠加地缘冲突加剧通胀困境的背景下，美联储政策调整大概率已成定局，但近期地缘政治风险持续发酵或影响未来美国经济增长前景也将导致美联储在货币政策决策上更加谨慎和灵活。在美股、美国经济、通胀出现大幅下滑前，美联储鹰派表述将持续超预期。即便短期内加息节奏放缓，但整体收紧力度大概率超预期。就近期美联储释放的信号来看，3月或倾向于加息25bp而非50bp，但缩表时间大概率会提前，不排除在二季度开启“缩表”的可能性。3) 国内疫情扰动强化“攻守兼备”配置逻辑。近日，国内疫情蔓延，境外新冠肺炎疫情高发，伴随周边国家地区大比例的奥密克戎感染，国内防控压力预计会进一步增加。疫情反复下，消费复苏趋弱。假设未来采取更强的疫情防控措施，今年出口对经济拉动作用也或弱化。消费及出口的疲软短期或对经济下行构成更加严重压力，但是从中期来看，大概率将引导政策面加大稳增长支持力度。市场修复仍待时日，但调整尾声或已渐行渐近。4) 哪些行业细分正在向上修正盈利预测?：上游强劲，中下游承压。3-4月是很好的观察全年高景气行业的时间窗口。当前3月的市场已经开始逐步反应一季报的业绩预期，4 月中下旬市场将进入年报及一季报业绩的密集披露期，市场往往有“春季躁动，四月决断”的季节性特征，在年报及一季报业绩披露后，市场会普遍调整对上市公司的盈利预测。而市场目前对“稳增长发力是否有效”的分歧一直存在，所以我们通过寻找盈利预测边际变化，试图寻找哪些公司的稳增长复苏具备持续性，以及基本面的预期变化情况如何。投资要点：仍以低估值蓝筹为主线，建议关注国产替代、军工、抗疫、黄金板块。地缘冲突引发全球资本市场震荡，市场避险情绪急剧升温以及国内疫情多地散发势头尚未遏制住的背景下，低估值蓝筹的投资机会仍为市场最稳健的主线。成长股方面虽然整体估值受制于通胀上升，就具体配置而言，如下细分仍值得关注：1) 对于整个西方的国产替代需求：本次危机，使得欧盟、日韩与英美关系更加密切，就供应链安全角度而言，除美国外，其余来自于整个西方大联盟的关键零部件的国产替代或将在未来加速，建议关注：半导体上游材料，华为芯片相关的软件生态等，2)伴随战争过程中西方现代化装备的展现，不断增加的双方核威慑，军工，特别是今年受益于国企改革三年试点收官年的主机厂值得重点关注。3)医药当中防疫物品，考虑到新病毒的传播能力，除核酸检测、呼吸机等外，重点关注mRNA等新疫苗，4)避险情绪影响市场，海外通胀居高不下，地缘冲突叠加全球经济下行，建议关注黄金板块的配置价值。风险提示：地缘动荡事件加剧，国内Omicron疫情超预期爆发，美联储货币政策及国内货币政策流动性超预期收紧，研究报告使用的公开资料可能存在信息滞后或更新不及时的情况。正文一 本周话题：地缘动荡与疫情下，市场将何去何从?1.1 地缘因素短期内仍将支撑大宗商品价格近期，地缘政治风险持续搅动市场。由于俄乌在全球部分资源品定价中的特殊性，两国纷争或将引导大宗商品价格上行。除价格已经处于历史高位的原油外，农化产品、有色金属价格普涨。俄乌冲突带来的外溢效应也波及到了国际物流市场，航运价格攀升。究其原因，除了地缘冲突进一步加剧了原本紧张的能源、农作物及金属供应形势以外，还包括西方国家对俄制裁限制带来的运输受阻及市场预期恐慌。现下地缘冲突仍未结束，市场预期主要跟随俄乌局势变化波动并快速反映大宗商品价格走势上。3月9日，俄乌局势初现缓和迹象已经对资本市场产生明显影响，该日油价、有色金属价格大幅重挫。但此次大宗商品价格集体回落实际上更多的是反映了情绪面的变化而非基本面的改善，因此此时断言“涨价潮”趋于结束还为时尚早。近日，VIX指数虽有所下跌但仍处高位水平，我们可以看出，市场避险情绪尚未完全缓和。如前所述，俄乌冲突的演进态势将决定大宗商品价格上涨的可持续性。当前俄乌冲突前景亦未明朗，从俄乌多轮谈判以及此后双方所披露的情况看，俄乌双方立场强硬，目前仍未就停火协议达成一致意见，且北约国家频频输送武器装备至乌克兰，也为冲突缓和造成阻碍。短期内，俄乌危机大概率难以解决。地缘政治风险将持续影响市场情绪， 供给收紧预期增强推高相关大宗商品价格。即使部分国家在未来选择以增产(如OPEC部分成员国表态增产原油)或者寻找替代能源(欧盟提议加速推广可再生能源)的方式对大宗商品涨势施压，但短期内供需格局难变限制了大宗商品价格回落幅度。综合来看，在地缘动荡长期化的前提下，大宗商品价格大概率维持在高位运行。1.2 美联储超预期鹰派或致高估值板块承压在美国通胀高企叠加地缘冲突加剧通胀困境的背景下，美联储政策调整或已成定局。3月10日，美国劳工部发布的数据显示,美国2月CPI同比上涨7.9%,涨幅创40年来新高，核心CPI同比增速升至6.4%。考虑到地缘冲突扰动下大宗商品价格或维持高位，短期内美国经济存在高通胀难以缓解的可能性。通胀形势严峻强化了美联储收紧货币政策的必要性，3月就业超预期复苏也为美联储货币政策转向提供更大的操作空间，综合来看，美联储政策调整或已成定局。自去年12月开始，美联储频频释放加息信号，主要是基于美国经济持续修复以及通胀面临的压力最为紧迫。但近期地缘政治风险持续发酵或影响未来美国经济增长前景也将导致美联储在货币政策决策上更加谨慎和灵活。在美股、美国经济、通胀出现大幅下滑前，美联储鹰派表述大概率将持续超预期。尽管地缘冲突可能会在一定程度上抑制美国未来经济增长，但经济正常化的基本原理尚未改变，且目前通胀居高难下，美联储的当务之急仍是通过维持鹰派政策立场强化对通胀预期的引导。即便短期内加息节奏放缓，但整体收紧力度大概率超预期。此前鲍威尔在国会听证会就半年度货币政策报告作证词中释放了关于紧缩节奏与力度更清晰的信号。从加息幅度上来说，美联储或倾向于3月加息25bp而非50bp，但缩表时间大概率会提前，不排除在二季度开启“缩表”的可能性。1.3 国内疫情扰动强化“攻守兼备”配置逻辑近日，国内疫情多点散发。全国报告新冠感染者继续维持高位，疫情涉及省份持续增多，感染毒株以Omicron变异株为主。截至3月9日，31个省(自治区、直辖市)和新疆生产建设兵团报告新增本土确诊病例402例，本土无症状感染者435例。此轮疫情中有一个新特点，即从6日以来，连续四天本土无症状感染者单日新增数都高于新增本土病例数。奥密克戎变异株传播速度更快且感染症状较其他变异株更轻微，因此点状散发甚至局部爆发更容易出现。境外新冠肺炎疫情高发，伴随周边国家地区大比例的奥密克戎感染，国内防控压力预计会进一步增加。疫情修复方向下，防疫、治疫等相关产品需求将维持高位，资金多流向呼吸机、特效疫苗、特效药等赛道。疫情反复下，消费复苏趋弱。除了防控限制引发的场景缺失拖累消费外，疫情同样对居民的消费能力和意愿产生抑制，体现为疫情前居民收入和支出增速相当、疫后差距明显拉大。目前，消费修复是稳增长政策发力下的大势所趋，但在疫情尚未完全控制住的情况下，消费复苏趋弱。假设未来采取更强的疫情防控措施，今年出口对经济拉动作用也或弱化。过去两年，出口高景气是支撑我国经济韧性最重要的动能之一，但在全球各经济体逐渐适应“疫情常态化”的背景下，2021年6月后，我国出口占全球份额已回到14%，这一疫情之前的水平。随着海外供应链或进入趋势性恢复，叠加我国人力成本的走高，出口增长或乏力且承压渐增。消费及出口的疲软短期内会对经济下行构成更加严重压力，但是从中期来看，或将引导政策面加大稳增长支持力度。市场修复仍待时日，但调整尾声或已渐行渐近。1.4 哪些行业细分正在向上修正盈利预测?：上游强劲，中下游承压3-4月是很好的观察全年高景气行业的时间窗口。当前3月的市场已经开始逐步反应一季报的业绩预期，4 月中下旬市场将进入年报及一季报业绩的密集披露期，市场往往有“春季躁动，四月决断”的季节性特征，在年报及一季报业绩披露后，市场会普遍调整对上市公司的盈利预测。而市场目前对“稳增长发力是否有效”的分歧一直存在，所以我们通过寻找盈利预测边际变化，试图寻找哪些公司的稳增长复苏具备持续性，以及基本面的预期变化情况如何。整体来看，上游强劲，中下游承压。22年盈利预测上调的行业主要在基建产业链、新能源车产业链及医药板块。近2个月调涨的一级行业：有色金属(2.87%)，基础化工(1.04%)，电力及公用(0.84%)，钢铁(0.71%)等。上游：上游领域的原材料盈利上调的领域聚焦在基建相关产业，其中，稀有金属、环保公用、化学原料调涨。另一方面，国内1-2 月经济、金融数据也将公布，并成为市场判断前期“稳增长”效果以及预判后续政策节奏和力度的重要依据，稳增长主线再次强调下，短期“稳增长”及长期高质量发展的布局，基建相关景气度有望延续。中游行业中，盈利预测上修集中在需求高景气的细分赛道，如新能源电池、汽车电子、锂电/光伏/半导体设备，景气度持续维持高位。TMT板块中半导体、电子零组件、计算机设备的盈利预测调涨。同时，机械设备中专用机械领域盈利预期也持续上调。3 月中下旬，一方面，热门赛道景气度指标，如新能源车销量陆续发布，当前市场的热门赛道景气度预期分歧较大，相关数据将成为景气确认的重要信号。另一方面，半导体设备、云计算、光通信这些细分领域的概念领域景气度或有反转的趋势。下游消费中，商贸、农业及医疗服务、医疗流通板块的盈利预测明显上调。受成本压力及疫情复发导致需求端受挫的双重影响，食品饮料行业增速放缓，消费板块内部业绩表现也出现明显的分化。商贸零售相对于21年的盈利下调出现明显的预期反转，22年盈利预测上调20%左右。必选消费业绩仍没有看到明显的上修，整体消费中，可选的盈利预期仍好于必选。但是 短期，粮食部分品种、包括农用化工受俄乌战火的影响，涨价预期比较强烈，受这种地缘冲突的影响，全球相关农产品价格在高位，这可能对农产品景气度有所助推，同时影响生猪价格的预期，这方面值得持续的观察。1.5 投资要点：仍以低估值蓝筹为主线，建议关注国产替代、军工、抗疫、黄金板块地缘冲突引发全球资本市场震荡，市场避险情绪急剧升温以及国内疫情多地散发势头尚未遏制住的背景下，低估值蓝筹的投资机会仍为市场最稳健的主线。成长股方面虽然整体估值受制于通胀上升，就具体配置而言，但如下细分仍值得关注：1) 对于整个西方的国产替代需求：本次危机，使得欧盟、日韩彻底倒向并绑定英美，就供应链安全角度而言，除美国外，其余来自于整个西方大联盟的关键零部件的国产替代或将在未来加速，建议关注：半导体上游材料，华为芯片相关的软件生态等。2) 伴随战争过程中西方现代化装备的展现，不断增加的双方核威慑，军工，特别是今年受益于国企改革三年试点收官年的主机厂值得重点关注。3)医药当中防疫物品，考虑到病毒的传播能力，除核酸检测、呼吸机等外，重点关注mRNA等新疫苗。4)避险情绪影响市场，海外通胀居高不下，地缘冲突叠加全球经济下行，建议关注黄金板块的配置价值。二 市场回顾及展望风格指数：本周市场行情普跌。中证500、中小板指领跌。活跃度方面，各行业换手率普遍回升，深证成指换手率上升明显。大类行业：本周医疗保健、日常消费相对表现亮眼，可选消费、房地产相对表现低迷。活跃度方面，能源换手率明显回落，医疗保健换手率明显回升。一级行业：本周一级行业普跌，家电、有色金属领跌。活跃度方面，医药、传媒换手率回升相对明显，国防军工换手率有所下滑。三 情绪指标跟踪全市场活跃度：2010年以来，全A日均换手率区间大致为0.4%-1.4%。20日平滑后本周全A换手率小幅下降。截止3月11日，单日换手率达到1.36%，处于历史分位的82.43%。创业板指换手率区间大致为2%-8%，20日平滑后创业板指换手率震荡上升。截止2022年3月11日，创业板单日换手率为13.50%，处于历史分位的90.6%。场内融资：本周融资余额小幅回升，截止3月10日，融资余额为16194亿元，较上周减少86.30亿。5日平滑后融资买入额占全市场成交额的比重较上周下降-0.2%。次新股指标：5日平滑后次新股换手率较上周小幅回升，截止3月11日，5日次新股换手率均值达到9.12%，处于历史分位87.14%。四 估值指标跟踪主要行业估值： PB估值中基有色金属、基础化工、电力设备及新能源、国防军工、汽车、消费者服务、食品饮料和电子行业估值水平高于历史均值;主要行业估值：PE估值中农林牧渔、食品饮料、公用事业、休闲服务、电器设备、汽车和综合行业估值水平高于历史均值;PE估值、PB估值均处在历史高位的行业：食品饮料、汽车行业估值水平高于历史均值;主要指数：PB估值上证50、创业板指估值水平高于历史均值;主要指数：PE估值上证50、中小板指估值水平高于历史均值;PE估值、PB估值均处在历史高位的指数：上证50估值水平高于历史均值;风险提示：地缘动荡事件加剧，国内Omicron疫情超预期爆发，美联储货币政策及国内货币政策流动性超预期收紧，研究报告使用的公开资料可能存在信息滞后或更新不及时的情况。","news_type":1,"symbols_score_info":{"159934":0.6,"161125":0.6,"399001":0.9,"510030":0.6,"QID":0.6,"QQQ":0.6,"09939":0.9,"DUST":0.6,"GLD":0.6,"OEF":0.6,"UDOW":0.6,"NQmain":0.6,"IVV":0.6,"DOG":0.6,".SPX":0.6,"YXI":0.6,"000300.SH":0.6,"ESmain":0.6,"SGUmain":0.6,"FXP":0.6,"GDX":0.6,"XPP":0.6,"000016.SH":0.6,"CNmain":0.9,"MGCmain":0.6,"DJX":0.6,"DDM":0.6,"SSO":0.6,".DJI":0.9,"MNQmain":0.6,"SPXU":0.6,"NUGT":0.6,"TQQQ":0.6,"IAU":0.6,".IXIC":0.9,"PSQ":0.6,"OEX":0.6,"SQQQ":0.6,"SDOW":0.6,"QLD":0.6,"UPRO":0.6,"SPY":0.9,"SH":0.6,"GCmain":0.9,"SGCmain":0.6,"DXD":0.6}},"isVote":1,"tweetType":1,"viewCount":3418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9003649107,"gmtCreate":1640972513219,"gmtModify":1676533560054,"author":{"id":"3582212677594923","authorId":"3582212677594923","name":"Diaschy86","avatar":"https://static.tigerbbs.com/023e36d76d8f4434c4ca55ea9d316933","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582212677594923","idStr":"3582212677594923"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9003649107","repostId":"2195412025","repostType":4,"isVote":1,"tweetType":1,"viewCount":3101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9009436851,"gmtCreate":1640751398534,"gmtModify":1676533539119,"author":{"id":"3582212677594923","authorId":"3582212677594923","name":"Diaschy86","avatar":"https://static.tigerbbs.com/023e36d76d8f4434c4ca55ea9d316933","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582212677594923","idStr":"3582212677594923"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9009436851","repostId":"2194634480","repostType":4,"repost":{"id":"2194634480","kind":"highlight","pubTimestamp":1640751129,"share":"https://ttm.financial/m/news/2194634480?lang=en_US&edition=fundamental","pubTime":"2021-12-29 12:12","market":"hk","language":"zh","title":"What are the hydrogen energy companies in Hong Kong stocks?","url":"https://stock-news.laohu8.com/highlight/detail?id=2194634480","media":"格隆汇","summary":"随着绿电的占比越来越大，储能行业及氢能是明年重点关注的细分版块。","content":"<p>What is the outlook for 2022? Recently, different articles will be launched one after another. Please pay attention. Under China's two-carbon environment, new energy will still be the mainstream in 2022, and various sub-sectors in this field will have different development stages. During the Winter Olympics, hydrogen fuel cell vehicles will be used to help the development of hydrogen energy, and hydrogen energy may reach a new stage next year. What hydrogen energy industry stocks can we pay attention to in Hong Kong stocks?</p><p><h3><b>A choice among new energy sources?</b></h3>Among many sections, new energy is still the most promising core asset in a carbon neutral environment. In high-prosperity tracks such as new energy vehicles and photovoltaics, the price of upstream raw materials of photovoltaics will gradually ease, and the downstream demand of photovoltaics will be further released. At present, wind and photovoltaic power stations with energy storage projects are already standard, which will open a new chapter in the energy storage segment industry next year.</p><p>Another optimistic thing is the hydrogen energy industry. Since the beginning of this year, the development of hydrogen energy in China has been hot. At present, more than 20 provinces and more than 40 prefecture-level cities have issued hydrogen energy plans, with a planned industrial scale exceeding one trillion yuan, and introduced subsidy support policies related to hydrogen energy and fuel cell industries. Many central enterprises and listed companies are also competing to develop hydrogen energy.</p><p><img src=\"https://static.tigerbbs.com/b1524405382daa3e7f4bef15fc32ee51\" tg-width=\"504\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>At the beginning of this year, hydrogen energy was included in the national \"14th Five-Year Plan\" and the outline of long-term goals for 2035, and a series of policies were accelerated. Recently, five departments jointly issued the Notice on Starting the Demonstration Application of Fuel Cell Vehicles, and the urban agglomerations submitted by Beijing, Shanghai and Guangdong Province became the first batch of demonstration cities. During the four-year demonstration period, each urban agglomeration can receive up to 1.7 billion yuan of central financial funds.</p><p><h3><b>Hydrogen enters practical stage</b></h3>In the upcoming 2022 Beijing Winter Olympics, hydrogen energy will continue to exert its strength. Many Chinese hydrogen brands will help green + technology for the Beijing Winter Olympics, and will also lead the future human lifestyle. Large-scale use of hydrogen logistics vehicles and large-scale transport vehicles. This proves the first step for hydrogen energy to enter the actual should. As it is used more and more widely everywhere and basic equipment begins to be improved, this industry is in the initial stage of explosion.</p><p><img src=\"https://static.tigerbbs.com/342a8fe2c4689fd7b8a3357519384270\" tg-width=\"896\" tg-height=\"599\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">During the Beijing Winter Olympics, 600 hydrogen fuel cell buses provided hydrogenation through five hydrogen refueling stations and served in the competition area. Among them, there will be 212 \"100% domestic\" hydrogen fuel cell buses. Taking advantage of the opportunity of the Winter Olympics, local hydrogen energy enterprises participating in serving the Winter Olympics have overcome a number of technical problems, and also driven the development of domestic hydrogen energy-related technologies.</p><p>As an emerging industry, hydrogen energy also faces problems such as immature standard system, imperfect industrial chain and supporting facilities. The biggest problem of hydrogen fuel cell is not in hydrogen production, but in storage, transportation and replenishment. At present, the cost of hydrogen production can be controlled at about 10 yuan per kilogram, but the storage, transportation and hydrogenation links cost 30 yuan, so the cost of this middle part must be reduced.</p><p><h3><b>Breakdown of Hong Kong Hydrogen Energy Enterprises</b></h3>This year, I have also written about the development of hydrogen energy several times, and a number of concept Hong Kong stocks are given to you one by one. Will those enterprises deploy hydrogen energy development in hydrogen energy layout next year? Those new forces are entering the game?</p><p>By the end of 2020, there were 7,352 fuel cell vehicles in China. The construction progress of hydrogen refueling stations has gradually accelerated. By the end of 2020, 128 hydrogen refueling stations have been built. With the help of the Winter Olympics to promote the development of domestic hydrogen energy enterprises, and many cities proposing hydrogen energy development plans for 2025, next year will be the year when hydrogen energy application will be accelerated.</p><p><b>In terms of hydrogen production:</b></p><p><b>Sinopec Corp</b></p><p><a href=\"https://laohu8.com/S/SNP\">Sinopec</a>Sinopec is one of the largest integrated energy and chemical companies in China, with the industrial structure of \"one foundation, two wings and three new\", helping to achieve carbon peak and carbon neutrality. The former annual hydrogen production capacity exceeded 3.9 million tons, accounting for about 11% of the national hydrogen production.</p><p><img src=\"https://static.tigerbbs.com/3090a2c3ce83255dbd688a9c03d107c6\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><b>Sinopec plans to lay out 1,000 hydrogen refueling stations</b></p><p>At the same time, Sinopec plans to deploy 1,000 hydrogen refueling stations or oil-hydrogen joint construction stations to help hydrogen energy become the most competitive strategic emerging business of Sinopec. Comprehensively promote the construction of the whole hydrogen energy industry chain, and have made breakthroughs in many fields such as hydrogen refueling stations, hydrogen production technology, hydrogen fuel cells and hydrogen storage materials.</p><p>On September 9th, Sinopec launched its hydrogen energy service for the Winter Olympics in an all-round way. In the two competition areas of Chongli and Yanqing of Beijing Winter Olympics, a total of four hydrogen refueling stations serving the Winter Olympics, namely, Beijing Qingyuan Street Hydrogen Refueling Station, Beijing Wangquanying Hydrogen Refueling Station, Beijing Yanhua Xinglong Oil and Hydrogen Joint Construction Station and Hebei Chongli Xiwanzi Hydrogen Refueling Station, were officially put into operation.</p><p><b>PetroChina</b></p><p>PetroChina, like Sinopec, is a major energy and chemical company in China. On October 20th, PetroChina released the Winter Olympics Guarantee Plan. According to the plan, PetroChina will provide three-dimensional guarantee for the Winter Olympics from five aspects: oil, gas, hydrogen, meal and accommodation.</p><p>In terms of hydrogen energy, PetroChina is expected to provide services for 816 hydrogen fuel cell vehicles, and it is expected to supply 155 tons of hydrogen energy, which can provide these vehicles with a cumulative driving range of 2.32 million kilometers.</p><p><b>Rising Sun</b></p><p>Risun produces hydrogen from coke oven gas, and last year made every effort to develop the hydrogen energy industry. As the first batch of enterprises selected in the List of Key Projects of Hydrogen Energy Industry in Hebei Province in 2020, Risun Group has the ability to produce high-purity hydrogen with a purity of 99.999%, and joined hands with Dingzhou Municipal People's Government to build a demonstration city for hydrogen energy application.</p><p>Several hydrogen energy projects in Risun are under implementation, and it is planned to build an oil, gas and hydrogen trinity hydrogenation station in Dingzhou, which is expected to be completed in January 2022. It is planned to build 10 hydrogen refueling stations around Hohhot in the next five years. At the same time, the planning and construction of hydrogen pipeline from Qingshuihe County to Beijing will be actively explored, and it will be laid and put into use as an important hydrogen supply guarantee pipeline in Hohhot, Zhangjiakou, Beijing and other cities along the route.</p><p><b>Jinma Energy</b></p><p>Jinma Energy is principally engaged in the production of coke and production of coking by-products such as benzene, coal tar and waste coal gas. The business has covered the production, transportation and storage of high-purity hydrogen, with an annual production capacity of over 300 million cubic meters (approximately 27,000 tons).</p><p>Earlier, a joint venture agreement was entered into with Shanghai Hydrogen Maple whereby the parties have agreed to establish a joint venture company in Henan Province, the PRC. Shanghai Hydrogen Maple participated in the construction and operation of 12 hydrogen refueling stations.</p><p><b>Xintian Green Energy</b></p><p>Last year's annual report of Xintian Green Energy disclosed that the \"Large-scale Renewable Energy Coupled Hydrogen Production Key Technology and Application Demonstration\" project jointly applied by the company, Hebei University of Science and Technology and other units, that is, the project of converting wind power into hydrogen energy.</p><p>It is producing hydrogen from wind power, and now has a 10MW hydrogen production system by electrolyzing water.</p><p><b>GCL New Energy</b></p><p>GCL New Energy officially released the hydrogen energy strategy of listed companies at the end of July. The strategy consists of blue hydrogen and green hydrogen. Among them, the first phase goal of blue hydrogen is to build an annual output of 2.3 million tons of synthetic ammonia, and gradually expand the capacity to an annual production scale of 4 million tons, which can supply 700,000 tons of domestic blue hydrogen. The green hydrogen target is to plan to build 100 integrated energy stations with an annual capacity of 400,000 tonnes by 2025.</p><p>On December 19th, GCL New Energy and GCL-Poly (03800.HK) jointly announced that they had signed a long-term natural gas procurement framework agreement, which indicated that GCL New Energy would obtain a stable gas source of 5 trillion cubic meters in the future, providing a solid guarantee for the development of the company's hydrogen energy industry.</p><p><b>Hydrogen storage and transportation</b></p><p><b>CIMC Enric</b></p><p>CIMC Enric Back<a href=\"https://laohu8.com/S/000039\">CIMC Group</a>It has its own industrial chain advantages. In recent years, CIMC Enric has made great efforts in the hydrogen energy industry. In May last year, it signed a strategic cooperation with Hexagon, a listed company in Norway, to jointly expand the hydrogen storage and transportation equipment market in China.</p><p><img src=\"https://static.tigerbbs.com/1d836102367d77a5f1c151524e1b8951\" tg-width=\"640\" tg-height=\"291\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The strategic collaboration involves the production and storage and transportation solutions of Type III and Type IV hydrogen storage bottles, as well as the production of hydrogen supply systems. The company and Angang Energy Technology Company started the co-production hydrogen project of coke oven gas to liquefied natural gas (LNG), and entered the hydrogen production link, which has the characteristics of large resource potential and low cost.</p><p><b>Jingcheng Electromechanical</b></p><p>In March last year, 52 million yuan was raised for the construction of Type IV hydrogen storage bottle production line, and on May 17th this year, Type IV bottles with completely independent intellectual property rights were launched. At present, Type IV bottles have not been mass-produced, and Type III fully wound bottles have been operated, and the overall technology is relatively mature.</p><p>The main business of Jingcheng Electromechanical is the manufacturing industry of gas storage and transportation equipment, which does not involve the hydrogen energy battery industry, and the sales revenue of the company's hydrogen storage bottles and other related products is smaller than that of the company's other main products. Jingcheng Electromechanical has soared for a period, and it is now in the midst of a callback. Be careful to intervene.</p><p><b>Fuel cell technical field</b></p><p><b>Weichai Power</b></p><p><a href=\"https://laohu8.com/S/02338\">Weichai Power</a>Acquired a 20% stake in Ceres Power of the UK for £48 million, and launched full cooperation with it in the field of solid-state oxide fuel cell (SOFC technology). The first phase of cooperation will use the jointly developed fuel cell for the range extension system of electric buses.</p><p><img src=\"https://static.tigerbbs.com/5ba243084bad547384425ed0e41745e1\" tg-width=\"810\" tg-height=\"540\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><b>Many heavy trucks and buses use their hydrogen fuel cell systems</b></p><p>Thanks to its advantages in the field of heavy trucks, the marketization of hydrogen energy industry is earlier than that of industry enterprises. Weichai Power's hydrogen fuel cell and reactor related products are mainly equipped with<a href=\"https://laohu8.com/S/000957\">Zhongtong Bus</a>、<a href=\"https://laohu8.com/S/600213\">Yaxing Bus</a>And<a href=\"https://laohu8.com/S/600066\">Yutong Bus</a>、<a href=\"https://laohu8.com/S/000951\">SINOTRUK</a>Wait for clients. Among them, Shaanxi Heavy Duty Truck is the holding subsidiary of the company, which is a hydrogen gas vehicle and one of its strategic businesses.</p><p><b>Yingheng Technology</b></p><p>Yingheng Technology has strong R&D capabilities and is also a pioneer in the development of hydrogen fuel cell vehicles. The company's solutions include fuel cell controls and high-speed air compressor controllers.</p><p>Yingheng has designed a high-speed air compressor controller that can achieve speed control above 100,000 rpm, and this product is also accepted by China's largest hydrogen fuel cell vehicle manufacturer. The air compressor provides the oxygen needed for the electrochemical reaction inside the fuel cell, and it is one of the collar components. Its cost accounts for 1/4 of that of the fuel cell engine. According to the estimation of the brokerage, the unit price of this product is 10,000 yuan.</p><p>Recently, a subsidiary, Shanghai Hydrogen Heng Automotive Electronics Co., Ltd., was established. The new company, originating from the Group's Fuel Cell Controller Division, will focus on the development and commercialization of core electronic control systems for hydrogen fuel cells.</p><p><b>Dongyue</b></p><p>Dongyue Hydrogen Energy has fully mastered the key intermediates, monomer production technology, resin raw material production technology, film forming process technology, equipment technology and quality control technology for fuel cell membrane production, and has obtained dozens of domestic and foreign patents. The first phase of its 1.5 million square meter fuel cell proton exchange membrane production line has been put into operation.</p><p>Through cooperation with Mercedes-Benz and Ford, Dongyue Hydrogen Energy has become one of the few enterprises in the world that provide mass-produced proton exchange membranes for fuel cell vehicles. From the current domestic situation, the production and sales of its proton exchange membrane fuel cells are far ahead of other vehicle hydrogen fuel cells.</p><p><b>Dongfang Electric</b></p><p><a href=\"https://laohu8.com/S/01072\">Dongfang Electric</a>Its subsidiary Dongfang Electric (Chengdu) Hydrogen Fuel Cell Technology Co., Ltd. completed its capital increase and share expansion in 2020. Three Gorges Capital, Zhongtian Bishui, Dongfang Hydrogen Energy Fund and Dongfang Hydrogen Energy Shareholding Platform participated in the mixed reform of Dongfang Hydrogen Energy. This move aims to effectively give full play to the advantages of each company, integrate multiple resources, focus on solving the \"stuck neck\" problems such as core components of hydrogen energy and fuel cell industry, and realize the coordinated development, transformation and upgrading of hydrogen energy industry chain and value chain.</p><p>Dongfang Hydrogen Energy is one of the few fuel cell enterprises in China that can support 100 hydrogen buses.</p><p><b>Shanghai Electric</b></p><p><a href=\"https://laohu8.com/S/02727\">Shanghai Electric</a>Power Station Group is the core industrial sector of Shanghai Electric, specializing in power generation equipment manufacturing, power station engineering construction and power station engineering services, etc. Shanghai Electric has been researching proton exchange membrane fuel cell technology since 2016. After three years of independent research and development accumulation, it has successfully developed fuel cell engine system, stack and membrane electrode technology and products.</p><p>In 2019, Shanghai Electric has successfully developed fuel cell engine systems, stacks and membrane electrode technologies and products with completely independent intellectual property rights. Based on this, Shanghai Electric has formed a relatively complete technical reserve and industrialization competitiveness in the fuel cell system-stack-membrane electrode industrial chain.</p><p><b>Hydrogen fuel cell vehicle</b></p><p>The application of hydrogen energy in China's transportation field follows the path of commercial vehicles developing first and passenger vehicles developing later. According to the data of the National Testing and Management Platform of New Energy Vehicles, in 2020, the number of fuel cell buses, trucks and logistics vehicles in China was 2,500, 4,070 and 780 respectively.</p><p>Among them, Zhongtong Bus, SAIC Maxus, Yutong Bus, Yaxing Bus, Foton Bus, Shanghai Shenlong and Foshan Feichi are the main enterprises producing hydrogen vehicles.</p><p><b>GAC Group</b></p><p>Now<a href=\"https://laohu8.com/S/02238\">GAC Group</a>The pace is relatively fast. The company has released GAC Aion LX Fuel Cell hydrogen Fuel model, which was included in the recommended catalogue of the Ministry of Industry and Information Technology this year. The top speed is 160KM/h, the cruising range is as high as 650km, and the hydrogen filling work can be completed in 3-5 minutes, which is almost the same as the traditional Fuel vehicle experience.</p><p><img src=\"https://static.tigerbbs.com/0651dd9d2fc444ca08e62c76981ecc29\" tg-width=\"640\" tg-height=\"406\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>This model was put into trial operation on the online car-hailing platform in Guangzhou in October this year. The first batch of 10 vehicles will be released, and 10,000 vehicles will be released in four years.</p><p><b>Great Wall</b></p><p>Great Wall released products such as 95kW fuel cell system engine for passenger vehicles, platform fuel cell stack that can be expanded up to 150kW, and 70MPa high-pressure hydrogen storage bottle valve and pressure reducing valve. The 95kW passenger vehicle fuel cell system engine is currently successfully equipped<a href=\"https://laohu8.com/S/601633\">Great Wall Motors</a>The first fuel cell SUV to be launched soon.</p><p><b>Qingling Motors</b></p><p>Qingling has made good progress in developing hydrogen fuel cell vehicles. On August 13th, Qingling held the signing and delivery ceremony of the first batch of customers of hydrogen fuel cell vehicles in Chongqing.</p><p>Qingling Motors established its first hydrogen fuel cell engine joint venture with Bosch of Germany in Chongqing, focusing on the future development direction of automobiles, and taking the lead in developing hydrogen fuel cell engines and hydrogen-powered trucks. In addition, the key components required for Qingling's hydrogen-powered vehicles have been produced locally, driving the localization of upstream and downstream industrial chains.</p><p><b>SINOTRUK</b></p><p>The downward cycle of the heavy-duty truck market is likely to continue into next year, and the management of Sinotruk believes that the launch of new models, overseas expansion and cost-saving measures can further strengthen its leading position in the industry. In addition, the state proposes to deploy infrastructure in advance, which is conducive to the recovery of the heavy truck market.</p><p>Sinotruk has achieved a perfect product layout in the field of new energy heavy trucks, covering pure electric power, hybrid power, hydrogen fuel cell and other power forms, and the types involve trucks, dump trucks, tractors, special-purpose vehicles, mixer trucks and other product segments.</p><p><img src=\"https://static.tigerbbs.com/afd729eb7a31014654764fe5e0c3fb89\" tg-width=\"640\" tg-height=\"456\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Sinotruk said that the company delivered a self-developed snow-pulled truck equipped with fuel cells for the Winter Olympics, and its power is the largest in China at present. The Yellow River heavy-duty tractor independently developed by Sinotruk, equipped with WEF160 hydrogen fuel cell, is the first 162kw fuel cell heavy truck in China, achieving environmental protection and zero emission.<b>The fuel cell system of this Yellow River brand fuel cell tractor comes from Weichai Power.</b></p><p><h3><b>epilogue</b></h3>Hong Kong stocks entered a bear market in 2021, and Hong Kong stocks fell for more than 10 months, with a decline of 27%. Entering 2022, the new energy field is still one of the core concerns of everyone. With this year's green power, many power stocks have risen several times, becoming a safe haven in the falling market. With the increasing proportion of green electricity, energy storage industry and hydrogen energy are the subdivisions that will be focused on next year. In addition, taking advantage of the opportunity of the Winter Olympics, we will participate in local hydrogen energy enterprises serving the Winter Olympics to promote the development of hydrogen energy. Next year, hydrogen fuel cell buses, trucks and logistics vehicles will gradually see results. Previously, more than 20 provinces and more than 40 prefecture-level cities have issued hydrogen energy plans, and the planned industrial scale exceeds one trillion yuan. Many central enterprises and listed companies are also competing to lay out hydrogen energy development, which is also worthy of everyone's attention.</p>","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What are the hydrogen energy companies in Hong Kong stocks?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat are the hydrogen energy companies in Hong Kong stocks?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">格隆汇</strong><span class=\"h-time small\">2021-12-29 12:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>What is the outlook for 2022? Recently, different articles will be launched one after another. Please pay attention. Under China's two-carbon environment, new energy will still be the mainstream in 2022, and various sub-sectors in this field will have different development stages. During the Winter Olympics, hydrogen fuel cell vehicles will be used to help the development of hydrogen energy, and hydrogen energy may reach a new stage next year. What hydrogen energy industry stocks can we pay attention to in Hong Kong stocks?</p><p><h3><b>A choice among new energy sources?</b></h3>Among many sections, new energy is still the most promising core asset in a carbon neutral environment. In high-prosperity tracks such as new energy vehicles and photovoltaics, the price of upstream raw materials of photovoltaics will gradually ease, and the downstream demand of photovoltaics will be further released. At present, wind and photovoltaic power stations with energy storage projects are already standard, which will open a new chapter in the energy storage segment industry next year.</p><p>Another optimistic thing is the hydrogen energy industry. Since the beginning of this year, the development of hydrogen energy in China has been hot. At present, more than 20 provinces and more than 40 prefecture-level cities have issued hydrogen energy plans, with a planned industrial scale exceeding one trillion yuan, and introduced subsidy support policies related to hydrogen energy and fuel cell industries. Many central enterprises and listed companies are also competing to develop hydrogen energy.</p><p><img src=\"https://static.tigerbbs.com/b1524405382daa3e7f4bef15fc32ee51\" tg-width=\"504\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>At the beginning of this year, hydrogen energy was included in the national \"14th Five-Year Plan\" and the outline of long-term goals for 2035, and a series of policies were accelerated. Recently, five departments jointly issued the Notice on Starting the Demonstration Application of Fuel Cell Vehicles, and the urban agglomerations submitted by Beijing, Shanghai and Guangdong Province became the first batch of demonstration cities. During the four-year demonstration period, each urban agglomeration can receive up to 1.7 billion yuan of central financial funds.</p><p><h3><b>Hydrogen enters practical stage</b></h3>In the upcoming 2022 Beijing Winter Olympics, hydrogen energy will continue to exert its strength. Many Chinese hydrogen brands will help green + technology for the Beijing Winter Olympics, and will also lead the future human lifestyle. Large-scale use of hydrogen logistics vehicles and large-scale transport vehicles. This proves the first step for hydrogen energy to enter the actual should. As it is used more and more widely everywhere and basic equipment begins to be improved, this industry is in the initial stage of explosion.</p><p><img src=\"https://static.tigerbbs.com/342a8fe2c4689fd7b8a3357519384270\" tg-width=\"896\" tg-height=\"599\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">During the Beijing Winter Olympics, 600 hydrogen fuel cell buses provided hydrogenation through five hydrogen refueling stations and served in the competition area. Among them, there will be 212 \"100% domestic\" hydrogen fuel cell buses. Taking advantage of the opportunity of the Winter Olympics, local hydrogen energy enterprises participating in serving the Winter Olympics have overcome a number of technical problems, and also driven the development of domestic hydrogen energy-related technologies.</p><p>As an emerging industry, hydrogen energy also faces problems such as immature standard system, imperfect industrial chain and supporting facilities. The biggest problem of hydrogen fuel cell is not in hydrogen production, but in storage, transportation and replenishment. At present, the cost of hydrogen production can be controlled at about 10 yuan per kilogram, but the storage, transportation and hydrogenation links cost 30 yuan, so the cost of this middle part must be reduced.</p><p><h3><b>Breakdown of Hong Kong Hydrogen Energy Enterprises</b></h3>This year, I have also written about the development of hydrogen energy several times, and a number of concept Hong Kong stocks are given to you one by one. Will those enterprises deploy hydrogen energy development in hydrogen energy layout next year? Those new forces are entering the game?</p><p>By the end of 2020, there were 7,352 fuel cell vehicles in China. The construction progress of hydrogen refueling stations has gradually accelerated. By the end of 2020, 128 hydrogen refueling stations have been built. With the help of the Winter Olympics to promote the development of domestic hydrogen energy enterprises, and many cities proposing hydrogen energy development plans for 2025, next year will be the year when hydrogen energy application will be accelerated.</p><p><b>In terms of hydrogen production:</b></p><p><b>Sinopec Corp</b></p><p><a href=\"https://laohu8.com/S/SNP\">Sinopec</a>Sinopec is one of the largest integrated energy and chemical companies in China, with the industrial structure of \"one foundation, two wings and three new\", helping to achieve carbon peak and carbon neutrality. The former annual hydrogen production capacity exceeded 3.9 million tons, accounting for about 11% of the national hydrogen production.</p><p><img src=\"https://static.tigerbbs.com/3090a2c3ce83255dbd688a9c03d107c6\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><b>Sinopec plans to lay out 1,000 hydrogen refueling stations</b></p><p>At the same time, Sinopec plans to deploy 1,000 hydrogen refueling stations or oil-hydrogen joint construction stations to help hydrogen energy become the most competitive strategic emerging business of Sinopec. Comprehensively promote the construction of the whole hydrogen energy industry chain, and have made breakthroughs in many fields such as hydrogen refueling stations, hydrogen production technology, hydrogen fuel cells and hydrogen storage materials.</p><p>On September 9th, Sinopec launched its hydrogen energy service for the Winter Olympics in an all-round way. In the two competition areas of Chongli and Yanqing of Beijing Winter Olympics, a total of four hydrogen refueling stations serving the Winter Olympics, namely, Beijing Qingyuan Street Hydrogen Refueling Station, Beijing Wangquanying Hydrogen Refueling Station, Beijing Yanhua Xinglong Oil and Hydrogen Joint Construction Station and Hebei Chongli Xiwanzi Hydrogen Refueling Station, were officially put into operation.</p><p><b>PetroChina</b></p><p>PetroChina, like Sinopec, is a major energy and chemical company in China. On October 20th, PetroChina released the Winter Olympics Guarantee Plan. According to the plan, PetroChina will provide three-dimensional guarantee for the Winter Olympics from five aspects: oil, gas, hydrogen, meal and accommodation.</p><p>In terms of hydrogen energy, PetroChina is expected to provide services for 816 hydrogen fuel cell vehicles, and it is expected to supply 155 tons of hydrogen energy, which can provide these vehicles with a cumulative driving range of 2.32 million kilometers.</p><p><b>Rising Sun</b></p><p>Risun produces hydrogen from coke oven gas, and last year made every effort to develop the hydrogen energy industry. As the first batch of enterprises selected in the List of Key Projects of Hydrogen Energy Industry in Hebei Province in 2020, Risun Group has the ability to produce high-purity hydrogen with a purity of 99.999%, and joined hands with Dingzhou Municipal People's Government to build a demonstration city for hydrogen energy application.</p><p>Several hydrogen energy projects in Risun are under implementation, and it is planned to build an oil, gas and hydrogen trinity hydrogenation station in Dingzhou, which is expected to be completed in January 2022. It is planned to build 10 hydrogen refueling stations around Hohhot in the next five years. At the same time, the planning and construction of hydrogen pipeline from Qingshuihe County to Beijing will be actively explored, and it will be laid and put into use as an important hydrogen supply guarantee pipeline in Hohhot, Zhangjiakou, Beijing and other cities along the route.</p><p><b>Jinma Energy</b></p><p>Jinma Energy is principally engaged in the production of coke and production of coking by-products such as benzene, coal tar and waste coal gas. The business has covered the production, transportation and storage of high-purity hydrogen, with an annual production capacity of over 300 million cubic meters (approximately 27,000 tons).</p><p>Earlier, a joint venture agreement was entered into with Shanghai Hydrogen Maple whereby the parties have agreed to establish a joint venture company in Henan Province, the PRC. Shanghai Hydrogen Maple participated in the construction and operation of 12 hydrogen refueling stations.</p><p><b>Xintian Green Energy</b></p><p>Last year's annual report of Xintian Green Energy disclosed that the \"Large-scale Renewable Energy Coupled Hydrogen Production Key Technology and Application Demonstration\" project jointly applied by the company, Hebei University of Science and Technology and other units, that is, the project of converting wind power into hydrogen energy.</p><p>It is producing hydrogen from wind power, and now has a 10MW hydrogen production system by electrolyzing water.</p><p><b>GCL New Energy</b></p><p>GCL New Energy officially released the hydrogen energy strategy of listed companies at the end of July. The strategy consists of blue hydrogen and green hydrogen. Among them, the first phase goal of blue hydrogen is to build an annual output of 2.3 million tons of synthetic ammonia, and gradually expand the capacity to an annual production scale of 4 million tons, which can supply 700,000 tons of domestic blue hydrogen. The green hydrogen target is to plan to build 100 integrated energy stations with an annual capacity of 400,000 tonnes by 2025.</p><p>On December 19th, GCL New Energy and GCL-Poly (03800.HK) jointly announced that they had signed a long-term natural gas procurement framework agreement, which indicated that GCL New Energy would obtain a stable gas source of 5 trillion cubic meters in the future, providing a solid guarantee for the development of the company's hydrogen energy industry.</p><p><b>Hydrogen storage and transportation</b></p><p><b>CIMC Enric</b></p><p>CIMC Enric Back<a href=\"https://laohu8.com/S/000039\">CIMC Group</a>It has its own industrial chain advantages. In recent years, CIMC Enric has made great efforts in the hydrogen energy industry. In May last year, it signed a strategic cooperation with Hexagon, a listed company in Norway, to jointly expand the hydrogen storage and transportation equipment market in China.</p><p><img src=\"https://static.tigerbbs.com/1d836102367d77a5f1c151524e1b8951\" tg-width=\"640\" tg-height=\"291\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The strategic collaboration involves the production and storage and transportation solutions of Type III and Type IV hydrogen storage bottles, as well as the production of hydrogen supply systems. The company and Angang Energy Technology Company started the co-production hydrogen project of coke oven gas to liquefied natural gas (LNG), and entered the hydrogen production link, which has the characteristics of large resource potential and low cost.</p><p><b>Jingcheng Electromechanical</b></p><p>In March last year, 52 million yuan was raised for the construction of Type IV hydrogen storage bottle production line, and on May 17th this year, Type IV bottles with completely independent intellectual property rights were launched. At present, Type IV bottles have not been mass-produced, and Type III fully wound bottles have been operated, and the overall technology is relatively mature.</p><p>The main business of Jingcheng Electromechanical is the manufacturing industry of gas storage and transportation equipment, which does not involve the hydrogen energy battery industry, and the sales revenue of the company's hydrogen storage bottles and other related products is smaller than that of the company's other main products. Jingcheng Electromechanical has soared for a period, and it is now in the midst of a callback. Be careful to intervene.</p><p><b>Fuel cell technical field</b></p><p><b>Weichai Power</b></p><p><a href=\"https://laohu8.com/S/02338\">Weichai Power</a>Acquired a 20% stake in Ceres Power of the UK for £48 million, and launched full cooperation with it in the field of solid-state oxide fuel cell (SOFC technology). The first phase of cooperation will use the jointly developed fuel cell for the range extension system of electric buses.</p><p><img src=\"https://static.tigerbbs.com/5ba243084bad547384425ed0e41745e1\" tg-width=\"810\" tg-height=\"540\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><b>Many heavy trucks and buses use their hydrogen fuel cell systems</b></p><p>Thanks to its advantages in the field of heavy trucks, the marketization of hydrogen energy industry is earlier than that of industry enterprises. Weichai Power's hydrogen fuel cell and reactor related products are mainly equipped with<a href=\"https://laohu8.com/S/000957\">Zhongtong Bus</a>、<a href=\"https://laohu8.com/S/600213\">Yaxing Bus</a>And<a href=\"https://laohu8.com/S/600066\">Yutong Bus</a>、<a href=\"https://laohu8.com/S/000951\">SINOTRUK</a>Wait for clients. Among them, Shaanxi Heavy Duty Truck is the holding subsidiary of the company, which is a hydrogen gas vehicle and one of its strategic businesses.</p><p><b>Yingheng Technology</b></p><p>Yingheng Technology has strong R&D capabilities and is also a pioneer in the development of hydrogen fuel cell vehicles. The company's solutions include fuel cell controls and high-speed air compressor controllers.</p><p>Yingheng has designed a high-speed air compressor controller that can achieve speed control above 100,000 rpm, and this product is also accepted by China's largest hydrogen fuel cell vehicle manufacturer. The air compressor provides the oxygen needed for the electrochemical reaction inside the fuel cell, and it is one of the collar components. Its cost accounts for 1/4 of that of the fuel cell engine. According to the estimation of the brokerage, the unit price of this product is 10,000 yuan.</p><p>Recently, a subsidiary, Shanghai Hydrogen Heng Automotive Electronics Co., Ltd., was established. The new company, originating from the Group's Fuel Cell Controller Division, will focus on the development and commercialization of core electronic control systems for hydrogen fuel cells.</p><p><b>Dongyue</b></p><p>Dongyue Hydrogen Energy has fully mastered the key intermediates, monomer production technology, resin raw material production technology, film forming process technology, equipment technology and quality control technology for fuel cell membrane production, and has obtained dozens of domestic and foreign patents. The first phase of its 1.5 million square meter fuel cell proton exchange membrane production line has been put into operation.</p><p>Through cooperation with Mercedes-Benz and Ford, Dongyue Hydrogen Energy has become one of the few enterprises in the world that provide mass-produced proton exchange membranes for fuel cell vehicles. From the current domestic situation, the production and sales of its proton exchange membrane fuel cells are far ahead of other vehicle hydrogen fuel cells.</p><p><b>Dongfang Electric</b></p><p><a href=\"https://laohu8.com/S/01072\">Dongfang Electric</a>Its subsidiary Dongfang Electric (Chengdu) Hydrogen Fuel Cell Technology Co., Ltd. completed its capital increase and share expansion in 2020. Three Gorges Capital, Zhongtian Bishui, Dongfang Hydrogen Energy Fund and Dongfang Hydrogen Energy Shareholding Platform participated in the mixed reform of Dongfang Hydrogen Energy. This move aims to effectively give full play to the advantages of each company, integrate multiple resources, focus on solving the \"stuck neck\" problems such as core components of hydrogen energy and fuel cell industry, and realize the coordinated development, transformation and upgrading of hydrogen energy industry chain and value chain.</p><p>Dongfang Hydrogen Energy is one of the few fuel cell enterprises in China that can support 100 hydrogen buses.</p><p><b>Shanghai Electric</b></p><p><a href=\"https://laohu8.com/S/02727\">Shanghai Electric</a>Power Station Group is the core industrial sector of Shanghai Electric, specializing in power generation equipment manufacturing, power station engineering construction and power station engineering services, etc. Shanghai Electric has been researching proton exchange membrane fuel cell technology since 2016. After three years of independent research and development accumulation, it has successfully developed fuel cell engine system, stack and membrane electrode technology and products.</p><p>In 2019, Shanghai Electric has successfully developed fuel cell engine systems, stacks and membrane electrode technologies and products with completely independent intellectual property rights. Based on this, Shanghai Electric has formed a relatively complete technical reserve and industrialization competitiveness in the fuel cell system-stack-membrane electrode industrial chain.</p><p><b>Hydrogen fuel cell vehicle</b></p><p>The application of hydrogen energy in China's transportation field follows the path of commercial vehicles developing first and passenger vehicles developing later. According to the data of the National Testing and Management Platform of New Energy Vehicles, in 2020, the number of fuel cell buses, trucks and logistics vehicles in China was 2,500, 4,070 and 780 respectively.</p><p>Among them, Zhongtong Bus, SAIC Maxus, Yutong Bus, Yaxing Bus, Foton Bus, Shanghai Shenlong and Foshan Feichi are the main enterprises producing hydrogen vehicles.</p><p><b>GAC Group</b></p><p>Now<a href=\"https://laohu8.com/S/02238\">GAC Group</a>The pace is relatively fast. The company has released GAC Aion LX Fuel Cell hydrogen Fuel model, which was included in the recommended catalogue of the Ministry of Industry and Information Technology this year. The top speed is 160KM/h, the cruising range is as high as 650km, and the hydrogen filling work can be completed in 3-5 minutes, which is almost the same as the traditional Fuel vehicle experience.</p><p><img src=\"https://static.tigerbbs.com/0651dd9d2fc444ca08e62c76981ecc29\" tg-width=\"640\" tg-height=\"406\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>This model was put into trial operation on the online car-hailing platform in Guangzhou in October this year. The first batch of 10 vehicles will be released, and 10,000 vehicles will be released in four years.</p><p><b>Great Wall</b></p><p>Great Wall released products such as 95kW fuel cell system engine for passenger vehicles, platform fuel cell stack that can be expanded up to 150kW, and 70MPa high-pressure hydrogen storage bottle valve and pressure reducing valve. The 95kW passenger vehicle fuel cell system engine is currently successfully equipped<a href=\"https://laohu8.com/S/601633\">Great Wall Motors</a>The first fuel cell SUV to be launched soon.</p><p><b>Qingling Motors</b></p><p>Qingling has made good progress in developing hydrogen fuel cell vehicles. On August 13th, Qingling held the signing and delivery ceremony of the first batch of customers of hydrogen fuel cell vehicles in Chongqing.</p><p>Qingling Motors established its first hydrogen fuel cell engine joint venture with Bosch of Germany in Chongqing, focusing on the future development direction of automobiles, and taking the lead in developing hydrogen fuel cell engines and hydrogen-powered trucks. In addition, the key components required for Qingling's hydrogen-powered vehicles have been produced locally, driving the localization of upstream and downstream industrial chains.</p><p><b>SINOTRUK</b></p><p>The downward cycle of the heavy-duty truck market is likely to continue into next year, and the management of Sinotruk believes that the launch of new models, overseas expansion and cost-saving measures can further strengthen its leading position in the industry. In addition, the state proposes to deploy infrastructure in advance, which is conducive to the recovery of the heavy truck market.</p><p>Sinotruk has achieved a perfect product layout in the field of new energy heavy trucks, covering pure electric power, hybrid power, hydrogen fuel cell and other power forms, and the types involve trucks, dump trucks, tractors, special-purpose vehicles, mixer trucks and other product segments.</p><p><img src=\"https://static.tigerbbs.com/afd729eb7a31014654764fe5e0c3fb89\" tg-width=\"640\" tg-height=\"456\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Sinotruk said that the company delivered a self-developed snow-pulled truck equipped with fuel cells for the Winter Olympics, and its power is the largest in China at present. The Yellow River heavy-duty tractor independently developed by Sinotruk, equipped with WEF160 hydrogen fuel cell, is the first 162kw fuel cell heavy truck in China, achieving environmental protection and zero emission.<b>The fuel cell system of this Yellow River brand fuel cell tractor comes from Weichai Power.</b></p><p><h3><b>epilogue</b></h3>Hong Kong stocks entered a bear market in 2021, and Hong Kong stocks fell for more than 10 months, with a decline of 27%. Entering 2022, the new energy field is still one of the core concerns of everyone. With this year's green power, many power stocks have risen several times, becoming a safe haven in the falling market. With the increasing proportion of green electricity, energy storage industry and hydrogen energy are the subdivisions that will be focused on next year. In addition, taking advantage of the opportunity of the Winter Olympics, we will participate in local hydrogen energy enterprises serving the Winter Olympics to promote the development of hydrogen energy. Next year, hydrogen fuel cell buses, trucks and logistics vehicles will gradually see results. Previously, more than 20 provinces and more than 40 prefecture-level cities have issued hydrogen energy plans, and the planned industrial scale exceeds one trillion yuan. Many central enterprises and listed companies are also competing to lay out hydrogen energy development, which is also worthy of everyone's attention.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.gelonghui.com/p/503161\">格隆汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1d836102367d77a5f1c151524e1b8951","relate_stocks":{"BK4144":"石油与天然气的储存和运输","LNG":"Cheniere Energy","03800":"协鑫科技","BK1169":"半导体设备","BK1594":"碳中和概念股","BK1554":"光伏太阳能股"},"source_url":"http://www.gelonghui.com/p/503161","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"2194634480","content_text":"2022年有什么展望，最近会陆续推出不同文章请大家留意。中国两碳环境下，2022年新能源仍是主流，在这个领域各细分版块都有不同的发展阶段。冬奥期间使用氢燃料电池汽车，助力氢能发展，明年氢能或再上新阶段。港股中有什么氢能产业股可留意呢？\n新能源中选择？\n在众多版块中，在碳中和的环境下，新能源依然是最看好的核心资产。新能源汽车、光伏等高景气度赛道，光伏的上游原材料价格逐步缓解，光伏下游需求将进一步释放。现时，风光电发电站配储能项目已经是标配，明年打开储能细分行业的新篇章。\n另一个看好的是氢能行业，今年以来国内氢能发展热度高涨，目前已有20多个省份、40多个地级市发布氢能规划，规划产业规模超过万亿元，并出台氢能及燃料电池产业相关补贴扶持政策。众多央企和上市公司也竞相布局氢能发展。\n\n今年年初，氢能被纳入国家「十四五」规划和2035年远景目标纲要，一系列政策加速落地。近期，五部门联合发布《关于启动燃料电池汽车示范应用工作的通知》，北京市、上海市、广东省所报送的城市群成为首批示范城市，4年示范期内，每个城市群最高可获得17亿元中央财政资金奖补。\n氢能进入实用阶段\n即将到来的2022北京冬奥会，氢能将继续发力。众多中国的氢能品牌，将为北京冬奥助力绿色+科技，也将引领未来人类的生活方式。大规模使用氢能物流车及大型运输车试验。这证明了氢能进入实际应该中的第一步，随着各地使用越来越广，基本设备开始完善，这个行业正处于爆发的初阶段。\n北京冬奥会期间，有氫燃料电池客车600輛客車通过5座加氢站提供加氢，在赛区服务。其中将有212辆「100%国产」氢燃料电池客车。借着冬奥的机遇，参与服务冬奥的本土氢能企业，在技术上攻克了多项难题，也带动了国产氢能相关技术的发展。\n作为新兴产业，氢能还面临标准体系不成熟、产业链和配套设施不完善等问题。氢燃料电池最大的问题不在制氢环节，而在储、运、加环节。现时制氢成本可以控制在每公斤10元左右，但储、运和加氢环节要30元，必须把中间这部分成本降下来。\n细数港股氢能企业\n今年也写过数次氢能发展，多只概念港股逐只数给大家。明年还有那些企业在氢能布局氢能发展呢？有那些新势力入局？\n截止 2020年底，我国燃料电池汽车保有量7352辆。加氢站建设进度逐步加快，截止 2020 年底，加氢站建成 128 座。借助冬奥带动国产氢能企业发展，加上多个城市提出2025年氢能发展计划，明年是氢能应用提速的年份。\n制氢方面：\n中国石化\n中石化是中国最大的一体化能源化工公司之一，中石化「一基两翼三新」产业格局，助力碳达峰、碳中和。前氢气年产能力超390万吨，占全国氢气产量的11%左右。\n中石化规划布局1000座加氢站\n同时，中石化规划布局1000座加氢站或油氢合建站，助力氢能成为中国石化最具竞争力的战略新兴业务。全面推进氢能全产业链建设，已在加氢站、制氢技术、氢燃料电池、储氢材料等多个领域取得突破。\n9月9日，中国石化为冬奥氢能服务全面启动，在北京冬奥崇礼和延庆两大赛区，北京庆园街加氢站、北京王泉营加氢站、北京燕化兴隆油氢合建站、河北崇礼西湾子加氢站，共4座服务冬奥的加氢站正式投营。\n中国石油\n中国石油跟中石化一样，都是中国主要能源化工公司。10月20日，中国石油发布《冬奥保障计划》。按照计划，中国石油将从油、气、氢、餐、宿等五个方面为冬奥提供立体保障。\n在氢能方面，中国石油预计将为816辆氢燃料电池车提供服务，预计供应氢能155吨，可供这些车辆行驶里程累计达232万公里。\n旭阳\n旭阳以焦炉煤气制氢，去年全力发展氢能产业，旭阳集团作为入选第一批《河北省2020年氢能产业重点项目清单》的企业，具备了生产纯度99.999%高纯氢的能力，与定州市人民政府携手共建氢能应用示范城市。\n旭阳的多个氢能项目在正推行中，拟在定州建设一座油气氢三位一体加氢站，预计2022年1月建成。计划在未来5年内，在呼和浩特周边建设10座加氢站。同时还将积极探索清水河县到北京氢气管道规划建设，铺设投用后作为呼和浩特、张家口、北京等沿线城市一个重要的氢气供应保障管道。\n金马能源\n金马能源是主要从事于，生产焦炭及生产苯、煤焦油及荒煤气等焦化副产品。业务已覆盖高纯度氢气之生产、输送、储存等环节，年产能逾3亿立方米(约2.7万吨)。\n早前，与上海氢枫订立合资协议，订约方已同意于中国河南省成立一家合资公司。上海氢枫参与12所加氢站的建设与运营。\n新天绿能\n新天绿能去年年报披露，该公司联合河北科技大学等单位共同申报的「大规模可再生能源耦合制氢关键技术及应用示范」项目，即以风电转化为氢能的项目。\n以风电制氢，现正拥有10MW的电解水制氢系统。\n协鑫新能源\n协鑫新能源在7月底正式对外发布了上市公司氢能战略。该战略由蓝氢和绿氢两部分构成。其中，蓝氢首期目标是建成年産230万吨合成氨，逐步扩能至每年400万吨生産规模，可供应国内70万吨蓝氢。绿氢目标是计划到2025年建设100座综合能源站，达到40万吨年産能。\n12月19日，协鑫新能源与保利协鑫(03800.HK)联合发布公告称，签署天然气长期采购框架协议，这标志着协鑫新能源未来将获得5万亿立方米的稳定气源，为公司氢能产业发展提供坚实的保障。\n储运氢方面\n中集安瑞科\n中集安瑞科背靠中集集团，有着自身的产业链优势。中集安瑞科近年于氢能行业大力布局，去年5月与挪威上市公司Hexagon签署了战略合作，共同拓展中国氢气储运装备市场。\n\n战略合作涉及三型和四型储氢瓶的生产和储运解决方案，以及供氢系统的生产。公司与鞍钢能源科技公司启动焦炉气制液化天然气(LNG)联产氢气项目，进入制氢环节，具有资源潜力大、成本低等特点。\n京城机电\n去年3月募集5200万进行Ⅳ型储氢瓶生产线的建设，并于今年5月17日推出了完全自主知识产权的Ⅳ型瓶。目前Ⅳ型瓶还没有量产，Ⅲ型全缠绕型瓶已运营，技术整体相对成熟。\n京城机电主营业务为气体储运装备制造业，不涉及氢能源电池行业，且公司储氢瓶等相关产品的销售收入相比公司其他主营产品占比较小。京城机电暴涨一段，现时正在回调中，介入要小心。\n燃料电池技术领域\n潍柴动力\n潍柴动力以4,800万英镑收购英国锡里斯（Ceres Power）20%的股份，与其在固态氧化物燃料电池（SOFC技术）领域展开全面合作，首期合作将联合开发款燃料电池用于电动客车增程系统。\n多间重卡及公交车使用其氢燃料电池系统\n得益于自身在重卡领域的优势，在氢能产业的市场化相对行业企业较早。潍柴动力的氢燃料电池、反应堆相关产品主要配套于中通客车、亚星客车及宇通客车、中国重汽等客户。其中陕重汽为公司的控股子公司，是氢燃气整车也是其战略业务之一。\n英恒科技\n英恒科技具有强大的研发能力，也是氢燃料电池汽车开发的先行者。该公司的解决方案包括燃料电池控制和高速空气压缩机控制器。\n英恒设计了一种高速空压机控制器，该控制器可实现 100,000 rpm 以上的转速控制，该产品亦被中国最大的氢燃料电池汽车制造商所接受。空压机是为燃料电池内部进行的电化学反应提供所需的氧气，是关铤部件之一，成本占燃料电池发动机的1/4，据券商估计这产品单价1万元。\n近期还成立了子公司上海氢恒汽车电子有限公司。新公司源自集团燃料电池控制器事业部,将专注于氢燃料电池核心电控系统的开发以及商业化。\n东岳\n东岳氢能已完全掌握燃料电池膜生产用关键中间体、单体生产技术、树脂原料生产技术、成膜过程技术、装备技术以及质量控制技术，且已取得数十项国内外专利。其150万平方米燃料电池质子交换膜生产线一期已经投产。\n东岳氢能通过与奔驰、福特等合作，成为全球极少数为燃料电池汽车提供量产质子交换膜的企业之一。从目前国内情况看，其质子交换膜燃料电池的产销量遥遥领先于其他车用氢燃料电池。\n东方电气\n东方电气旗下子公司东方电气（成都）氢燃料电池科技有限公司在2020年完成增资扩股，参与东方氢能混改的有三峡资本、中天碧水、东方氢能基金、东方氢能持股平台。此举旨在有效发挥各家优势，整合多方资源，着力解决氢能及燃料电池产业环节核心零部件等“卡脖子”问题，实现氢能产业链、价值链协同发展和转型升级。\n东方氢能是国内少数能够配套100台级氢能客车的燃料电池企业之一。\n上海电气\n上海电气电站集团是上海电气核心产业板块，专业从事发电设备制造、电站工程建设和电站工程服务等。上海电气自2016年开始研究质子交换膜燃料电池技术，经过三年的自主研发积累，成功开发出燃料电池发动机系统、电堆及膜电极技术和产品。\n2019年，上海电气已成功开发出具有完全自主知识产权的燃料电池发动机系统、电堆及膜电极技术和产品。基于此，上海电气在燃料电池系统-电堆-膜电极产业链上，已形成较完整的技术储备和产业化竞争力。\n氢燃料电池汽车\n我国氢能源在交通领域的应用遵循商用车先发展，乘用车后发展的路径。根据新能源汽车国家检测与管理平台的数据显示，2020年我国燃料电池客车、货车、物流车保有量分别为 2500辆、4070辆、780辆。\n其中中通客车、上汽大通、宇通客车、亚星客车、福田客车、上海申龙以及佛山飞驰为主力生产氢能整车的企业。\n广汽集团\n现以广汽集团步伐比较快，公司已经发布了广汽埃安Aion LX Fuel Cell氢燃料车型，并于今年纳入工信部推荐目录，最高时速160KM/h，续航里程高达650km，且3-5分钟就可完成氢气加注工作，与传统的燃油车使用体验几乎无异。\n\n该款车型于今年十月在广州网约车平台试运行，首批投放为10辆，四年将会投放10000辆。\n长城\n长城发布了95kW乘用车燃料电池系统发动机、最大可拓展至150kW的平台化燃料电池堆及70MPa高压储氢瓶阀及减压阀等产品。95kW乘用车燃料电池系统发动机目前已成功搭载长城汽车即将推出的首款燃料电池SUV。\n庆铃汽车\n庆铃发展氢燃料电池车有良好进展，在8月13日，庆铃在重庆举行氢燃料电池车首批客户签约及交车仪式。\n庆铃汽车与德国博世在重庆成立其本土以外的首个氢燃料电池发动机合资公司，聚焦汽车未来发展方向，率先布局发展氢燃料电池发动机和氢动力卡车。此外，庆铃氢动力车辆所需关键零部件已经实现现地化生产，带动上下游产业链本土化。\n中国重汽\n重型卡车市场的下行周期可能持续到明年，中国重汽管理层相信在推出新型号、海外扩张及节省成本措施下，可进一步巩固其行业领导地位。加上国家提出超前布署基建，有利重卡市场复甦。\n中国重汽在新能源重卡领域已实现完善的产品布局，产品覆盖纯电、混合动力、氢燃料电池等动力形式，类型涉及载货车、自卸车、牵引车、专用车、搅拌车等多个产品细分领域。\n中国重汽称，公司为冬奥会交付了自主研发的搭载燃料电池的雪拉车，它的功率也是目前国内最大的。中国重汽自主研发的黄河重型牵引车，搭载WEF160氢燃料电池，是国内首台162kw燃料电池重卡，实现了环保零排放。这款黄河牌燃料电池牵引车的燃料电池系统来自潍柴动力。\n结语\n2021年港股进入熊市，港股下跌了10个多月，下跌幅度也达27%。进入2022年，新能源领域仍是大家关注的核心之一。今年的绿电发力，多只电力股上涨数倍，成为跌市中的避风港。随着绿电的占比越来越大，储能行业及氢能是明年重点关注的细分版块。另外，借着冬奥的机遇，参与服务冬奥的本土氢能企业，促进氢能发展。明年氢能燃料电池客车、货车、物流车上渐见成果，前已有20多个省份、40多个地级市发布氢能规划，规划产业规模超过万亿元，众多央企和上市公司也竞相布局氢能发展也值得大家留意。","news_type":1,"symbols_score_info":{"03800":0.9,"LNG":0.9}},"isVote":1,"tweetType":1,"viewCount":4166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9009210455,"gmtCreate":1640685339136,"gmtModify":1676533534040,"author":{"id":"3582212677594923","authorId":"3582212677594923","name":"Diaschy86","avatar":"https://static.tigerbbs.com/023e36d76d8f4434c4ca55ea9d316933","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582212677594923","idStr":"3582212677594923"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9009210455","repostId":"1118962717","repostType":4,"repost":{"id":"1118962717","kind":"news","pubTimestamp":1640684731,"share":"https://ttm.financial/m/news/1118962717?lang=en_US&edition=fundamental","pubTime":"2021-12-28 17:45","market":"us","language":"zh","title":"Slots may become history, and Apple's next \"non-porous\" target may be it","url":"https://stock-news.laohu8.com/highlight/detail?id=1118962717","media":"华尔街见闻","summary":"据报道，近期有分析师预测苹果可能会在部分国家和地区尝试推出没有实体SIM卡的iPhone，使用eSIM技术，具体将从iPhone 15 Pro开始。\n而最新消息显示，该转变可能会提前。目前，苹果已经建","content":"<p>According to reports, recently, some analysts predicted that Apple may try to launch iPhones without physical SIM cards in some countries and regions, using eSIM technology, starting with iPhone 15 Pro.</p><p>And the latest news shows that the shift may be earlier. For now, Apple has advised several major US carriers to prepare for the release of eSIM-only smartphones in September 2022.</p><p>According to the report, at present, the whole mobile phone industry recognizes non-porosity to improve the overall integrity of mobile phones. Unsurprisingly, Apple played a pioneer role in this direction. First, it replaced the front physical button with linear motor simulation touch, and led the wave of removing 3.5mm headphone jack. By the way, it also used AirPods to create a true wireless headphone market with a potential scale of 100 billion yuan.</p><p>Removing the physical card slot is expected to further improve the dust-proof and waterproof performance of the whole machine.</p><p><b>What is an eSIM card and what are its advantages?</b></p><p>eSIM card, also called embedded SIM card, embeds the traditional SIM card directly on the device chip, rather than adding it to the device as a separate removable component. Take the mobile phone phone card as an example. Now, if our mobile phone wants to make a call, we need to buy a phone card in the business hall and insert it. However, if it is an eSIM card, it is not necessary, because it is in the chip.</p><p>Compared with traditional SIM, eSIM has the advantages of small size, low cost, convenience, flexibility, security, cross-regional deployment and remote management.</p><p>Specifically, the highly integrated eSIM scheme can first solve the problem that SIM card slots occupy a lot of mobile phone space. Although SIM cards are already very small now, the card slot will still restrict the shape design and battery capacity of mobile phones or wearable devices under the trend of mobile phones becoming thinner and thinner.</p><p>In addition, the SIM card slot also affects the waterproof performance of the mobile phone, while eSIM is integrated inside the mobile phone, which does not need to be slotted in the fuselage, which can improve the waterproof rating of the mobile phone.</p><p>With eSIM scheme, each mobile terminal can independently use the mobile network to surf the Internet and even make phone calls, and your various devices will never become \"bricks\" without WiFi.</p><p>For operators, users can save a huge expense without SIM cards. After all, their users are calculated in millions.</p><p>The advantages of eSIM are not only limited to the convenience of mobile phones and wearable devices, but also reflected in harsh environmental applications. For example, when running in high temperature, low temperature and high vibration environments, the plug-in card of the device is very easy to be damaged, and eSIM can perfectly solve these problems.</p><p><b>Exponential explosion of eSIM demand in the Internet of Things era</b></p><p>As the penetration rate of mobile communication terminals in the global market exceeds 100% and tends to be saturated, the further expansion of traditional SIM card business has encountered a bottleneck, and the rapid rise of IoT has brought a new dawn for eSIM card.</p><p>According to Huachuang Securities Research Report, eSIM is built into the device, allowing users to choose the carrier package more flexibly, or change the carrier at any time without unlocking the device or purchasing a new device. This development is in line with the trend of SIM cards changing from large to small, from real to virtual, and will meet the connection needs of tens of billions of devices in the Internet of Things.</p><p>According to the calculation of China Merchants Securities, assuming that the number of Internet of Things connections reaches 24 billion in 2020 and 100 billion in 2025, the demand for SIM based on cellular Internet of Things management will reach more than 30 billion, and eSIM will occupy most of the Internet of Things SIM market.</p><p><b>Even if you consider each eSIM charging 1 yuan in the future, it will correspond to a new market of more than 30 billion yuan</b>，<b>Is six times the current 5 billion traditional SIM market</b>If the SIM service management market is considered again, the market size is even larger.</p><p>Because of this, the three major operators have always maintained an active layout of eSIM.</p><p><b>The Ultimate Form Analysts Like-Super eSIM Card</b></p><p>In fact, in addition to eSIM card, Pacific Securities recently mentioned a super SIM card in the research report, which contains encryption chip and NFC function, and can be used as meal card, access card, transportation card and car key offline; Online financial security authentication, 5G electronic signature and large transfer can be carried out.</p><p>In June this year, China Mobile purchased 111.4 million super SIM cards, and eight enterprises, including Wuhan Tianyu, Hengbao, Chu Tianlong, Eastcom and Ping, won the bid.</p><p>Super SIM card is a new generation SIM card product with large capacity storage function and high security data processing function. This product supports \"single Nano + storage\" form of mobile phones, providing users with ultra-large capacity, secure storage, one-click switching, and SIM card-supported calling, SMS and data traffic functions</p><p>Pacific Securities pointed out that super SIM card can solve three major pain points: insufficient storage of human terminals, difficulty in one-click replacement, and operators' desire for traffic entrance, and it will break out with the 5G replacement tide.</p><p>In addition, the central bank promotes dual offline digital currencies,<b>Super SIM cards are also hard carriers for hard wallets</b>。</p><p>Pacific Securities said that 5G super SIM card can be integrated with digital currency payment applications to form a 5G super SIM card digital currency wallet, breaking through the \"wallet\" that only exists in the form of application software at present, encrypting and storing from the chip layer, and realizing \"secure storage of digital assets\" and \"identity security authentication\" at the same time. One card has multiple functions.</p><p>It believes that with the advancement of 5G and digital currency in the future, the form and function of SIM cards will undergo revolutionary changes. Operators will use SIM cards as the entrance to the Internet of Everything, digital authentication and application expansion, and the state will use SIM cards as the hardware carrier of national credit.<b>eSIM and super SIM will be the categories that will explode in the future of Internet of Things, mobile terminals and hard wallets.</b></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Slots may become history, and Apple's next \"non-porous\" target may be it</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSlots may become history, and Apple's next \"non-porous\" target may be it\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-12-28 17:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to reports, recently, some analysts predicted that Apple may try to launch iPhones without physical SIM cards in some countries and regions, using eSIM technology, starting with iPhone 15 Pro.</p><p>And the latest news shows that the shift may be earlier. For now, Apple has advised several major US carriers to prepare for the release of eSIM-only smartphones in September 2022.</p><p>According to the report, at present, the whole mobile phone industry recognizes non-porosity to improve the overall integrity of mobile phones. Unsurprisingly, Apple played a pioneer role in this direction. First, it replaced the front physical button with linear motor simulation touch, and led the wave of removing 3.5mm headphone jack. By the way, it also used AirPods to create a true wireless headphone market with a potential scale of 100 billion yuan.</p><p>Removing the physical card slot is expected to further improve the dust-proof and waterproof performance of the whole machine.</p><p><b>What is an eSIM card and what are its advantages?</b></p><p>eSIM card, also called embedded SIM card, embeds the traditional SIM card directly on the device chip, rather than adding it to the device as a separate removable component. Take the mobile phone phone card as an example. Now, if our mobile phone wants to make a call, we need to buy a phone card in the business hall and insert it. However, if it is an eSIM card, it is not necessary, because it is in the chip.</p><p>Compared with traditional SIM, eSIM has the advantages of small size, low cost, convenience, flexibility, security, cross-regional deployment and remote management.</p><p>Specifically, the highly integrated eSIM scheme can first solve the problem that SIM card slots occupy a lot of mobile phone space. Although SIM cards are already very small now, the card slot will still restrict the shape design and battery capacity of mobile phones or wearable devices under the trend of mobile phones becoming thinner and thinner.</p><p>In addition, the SIM card slot also affects the waterproof performance of the mobile phone, while eSIM is integrated inside the mobile phone, which does not need to be slotted in the fuselage, which can improve the waterproof rating of the mobile phone.</p><p>With eSIM scheme, each mobile terminal can independently use the mobile network to surf the Internet and even make phone calls, and your various devices will never become \"bricks\" without WiFi.</p><p>For operators, users can save a huge expense without SIM cards. After all, their users are calculated in millions.</p><p>The advantages of eSIM are not only limited to the convenience of mobile phones and wearable devices, but also reflected in harsh environmental applications. For example, when running in high temperature, low temperature and high vibration environments, the plug-in card of the device is very easy to be damaged, and eSIM can perfectly solve these problems.</p><p><b>Exponential explosion of eSIM demand in the Internet of Things era</b></p><p>As the penetration rate of mobile communication terminals in the global market exceeds 100% and tends to be saturated, the further expansion of traditional SIM card business has encountered a bottleneck, and the rapid rise of IoT has brought a new dawn for eSIM card.</p><p>According to Huachuang Securities Research Report, eSIM is built into the device, allowing users to choose the carrier package more flexibly, or change the carrier at any time without unlocking the device or purchasing a new device. This development is in line with the trend of SIM cards changing from large to small, from real to virtual, and will meet the connection needs of tens of billions of devices in the Internet of Things.</p><p>According to the calculation of China Merchants Securities, assuming that the number of Internet of Things connections reaches 24 billion in 2020 and 100 billion in 2025, the demand for SIM based on cellular Internet of Things management will reach more than 30 billion, and eSIM will occupy most of the Internet of Things SIM market.</p><p><b>Even if you consider each eSIM charging 1 yuan in the future, it will correspond to a new market of more than 30 billion yuan</b>，<b>Is six times the current 5 billion traditional SIM market</b>If the SIM service management market is considered again, the market size is even larger.</p><p>Because of this, the three major operators have always maintained an active layout of eSIM.</p><p><b>The Ultimate Form Analysts Like-Super eSIM Card</b></p><p>In fact, in addition to eSIM card, Pacific Securities recently mentioned a super SIM card in the research report, which contains encryption chip and NFC function, and can be used as meal card, access card, transportation card and car key offline; Online financial security authentication, 5G electronic signature and large transfer can be carried out.</p><p>In June this year, China Mobile purchased 111.4 million super SIM cards, and eight enterprises, including Wuhan Tianyu, Hengbao, Chu Tianlong, Eastcom and Ping, won the bid.</p><p>Super SIM card is a new generation SIM card product with large capacity storage function and high security data processing function. This product supports \"single Nano + storage\" form of mobile phones, providing users with ultra-large capacity, secure storage, one-click switching, and SIM card-supported calling, SMS and data traffic functions</p><p>Pacific Securities pointed out that super SIM card can solve three major pain points: insufficient storage of human terminals, difficulty in one-click replacement, and operators' desire for traffic entrance, and it will break out with the 5G replacement tide.</p><p>In addition, the central bank promotes dual offline digital currencies,<b>Super SIM cards are also hard carriers for hard wallets</b>。</p><p>Pacific Securities said that 5G super SIM card can be integrated with digital currency payment applications to form a 5G super SIM card digital currency wallet, breaking through the \"wallet\" that only exists in the form of application software at present, encrypting and storing from the chip layer, and realizing \"secure storage of digital assets\" and \"identity security authentication\" at the same time. One card has multiple functions.</p><p>It believes that with the advancement of 5G and digital currency in the future, the form and function of SIM cards will undergo revolutionary changes. Operators will use SIM cards as the entrance to the Internet of Everything, digital authentication and application expansion, and the state will use SIM cards as the hardware carrier of national credit.<b>eSIM and super SIM will be the categories that will explode in the future of Internet of Things, mobile terminals and hard wallets.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3648356\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/74282bcfe2e1d6d1ec4546eb18e35028","relate_stocks":{"AAPL":"苹果"},"source_url":"https://wallstreetcn.com/articles/3648356","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1118962717","content_text":"据报道，近期有分析师预测苹果可能会在部分国家和地区尝试推出没有实体SIM卡的iPhone，使用eSIM技术，具体将从iPhone 15 Pro开始。\n而最新消息显示，该转变可能会提前。目前，苹果已经建议美国几家主要运营商为2022年9月发布的只支持eSIM的智能手机做好准备。\n报道称，目前整个手机行业都认可无孔化，以提升手机整体的完整性。苹果在这一方向上毫不意外地扮演了急先锋身份，先是用线性马达模拟触感替代了正面实体按键，还引领去掉3.5mm耳机接口的浪潮，顺带还用AirPods造出了个潜在规模达千亿的真无线耳机市场。\n而去掉物理卡槽有望进一步提升整机防尘防水性能。\n什么是eSIM卡，有哪些优势？\neSIM卡又叫嵌入式SIM卡，将传统SIM卡直接嵌入到设备芯片上，而非作为独立的可移除零部件加入设备中。以手机电话卡为例，现在我们的手机想要打电话，都需要到营业厅买张电话卡插进去，但如果是eSIM卡，就没这个必要，因为它本身是在芯片里面。\n相比传统的SIM，eSIM具有体积小低成本、便利性、灵活性、安全、跨区域部署以及远程管理等功能优势等优势。\n具体来看，高度集成的eSIM方案，首先能解决SIM卡槽占用大量手机空间的难题，虽然现在SIM卡已经很小，但在手机越来越轻薄趋势下，卡槽还是会制约手机或可穿戴设备的外形设计和电池容量。\n此外，SIM卡槽还影响手机的防水性能，而eSIM集成在手机内部，不需要在机身上开槽，可以提高手机的防水等级。\n使用eSIM方案，每一个移动终端都可独立使用移动网络上网，甚至打电话，你的各种设备再也不会在没有WiFi的情况下变成“砖头”。\n对于运营商来说，用户不用SIM卡，也能省下一笔巨大的开支，毕竟他们的用户数都是以亿为单位计算的。\neSIM的优势不仅限于手机、可穿戴设备使用方便，它在优越性还体现在恶劣环境应用上。例如运行在高温、低温、高振动的环境中，设备插拔卡非常容易损坏，eSIM就能完美地解决这些问题。\n物联网时代eSIM需求呈指数级爆发\n随着全球市场移动通信终端市场渗透率超过100%趋于饱和，传统的SIM卡业务的进一步扩张遇到了瓶颈，而物联网的快速兴起为eSIM卡带来了新的曙光。\n据华创证券研报，eSIM内置于设备中，允许用户更加灵活的选择运营商套餐，或者在无需解锁设备、购买新设备的前提下随时更换运营商，这一发展符合SIM卡由大变小、由实变虚的趋势，将满足物联网百亿设备的连接需求。\n据招商证券测算，假设2020年物联网连接数达到240亿，2025年达到1000亿，则基于对蜂窝物联网管理带来的SIM需求将达到300亿以上，并且eSIM将占据物联网SIM的绝大部分市场。\n即使考虑每个eSIM未来收取1元费用，也将对应一个300亿以上的新增市场，是与目前50亿的传统SIM市场的6倍，如果再考虑到SIM服务管理市场，则市场规模更大。\n也正因为如此，三大运营商一直保持着对eSIM的积极布局。\n分析师看好的终极形态——超级eSIM卡\n事实上，除了eSIM卡，太平洋证券近日在研报中还提到一种超级SIM卡，它内含加密芯片以及NFC功能，线下可充当饭卡、门禁卡、交通卡、车钥匙；线上可以进行金融安全认证、5G电子签名以及大额转账等。\n今年6月，中国移动集中采购1.114亿张超级SIM卡，武汉天喻、恒宝、楚天龙、东信和平等8家企业中标。\n超级SIM卡，是一款具有大容量存储功能、高安全数据处理功能的新一代SIM卡产品。该产品支持“单Nano+存储”形态的手机，为用户同时提供超大容量、安全存储、一键换机以及SIM卡所支持的通话、短信和数据流量功能\n太平洋证券指出，超级SIM卡可解决人终端存储不足、一键换机难、运营商对流量入口的渴望三大痛点，将伴随5G换机潮呈现爆发。\n此外，央行推动双离线数字货币，超级SIM卡也是硬钱包的硬载体。\n太平洋证券表示，5G超级SIM卡可与数字货币支付应用相融合，形成5G超级SIM卡数字货币钱包，突破目前仅以应用软件形式存在的“钱包”，从芯片层加密存储，同时实现“数字资产安全存储”和“身份安全认证”，一卡多能。\n其认为，未来5G和数字货币的推进，SIM卡形态和功能将发生革命性变化，运营商将SIM卡作为万物互联、数字认证和应用拓展的入口，国家将SIM卡作为国家级信用的硬件载体。eSIM与超级SIM将是未来物联网、手机终端、硬钱包即将爆发式增长的品类。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2770,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9009156798,"gmtCreate":1640577998118,"gmtModify":1676533527098,"author":{"id":"3582212677594923","authorId":"3582212677594923","name":"Diaschy86","avatar":"https://static.tigerbbs.com/023e36d76d8f4434c4ca55ea9d316933","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582212677594923","idStr":"3582212677594923"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9009156798","repostId":"2194797491","repostType":4,"repost":{"id":"2194797491","kind":"highlight","pubTimestamp":1640576240,"share":"https://ttm.financial/m/news/2194797491?lang=en_US&edition=fundamental","pubTime":"2021-12-27 11:37","market":"sh","language":"zh","title":"Next-Gen EUV lithography Is About To Break Out","url":"https://stock-news.laohu8.com/highlight/detail?id=2194797491","media":"半导体行业观察","summary":"随着先进制程芯片上量（包括逻辑芯片和存储器），芯片制造端的高技术含量规模也在不断扩大，其中，最具代表性的就是EUV光刻机，市场对其需求在未来几年将大幅增加。\nASML预期今年EUV设备出货量有望达到5","content":"<p>With the quantity of advanced process chips (including logic chips and memories), the scale of high-tech content in chip manufacturing is also constantly expanding. Among them, EUV lithography is the most representative, and the market demand for it will increase significantly in the next few years.</p><p>ASML expects EUV equipment shipments to reach 50 units this year, which is already a very impressive number, and even so, demand is still in short supply. With the evolution of logic chips and DRAM processes, the number of EUV exposure mask layers of a single wafer is increasing rapidly. Among them, the average number of EUV exposure layers of advanced logic process wafers has exceeded 10 layers in 2021 and will exceed 20 layers in 2023.</p><p>According to ASML's estimation, a 12-inch wafer fab with a 7nm ~3nm process with a monthly production capacity of 45,000 pieces has a single wafer EUV mask layer between 10 and 20 layers, and the number of EUV lithography installations reaches 9 to 18 units; With a monthly production capacity of 100,000 DRAM factories, the number of EUV mask layers of a single wafer ranges from 1 to 6 layers, and the number of EUV lithography installations reaches 2 to 9 units. These will generate a large demand for EUV exposure equipment, and the demand for EUV lithography until 2025 will set new records year by year.</p><p><h3><b>Continuous improvement on the demand side</b></h3>At present, the chip manufacturers with the largest demand for EUV equipment include<a href=\"https://laohu8.com/S/INTC\">Intel</a>、<a href=\"https://laohu8.com/S/TSM\">TSMC</a>、<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>And SK Hynix, the demand for EUVs from these four giants will continue to increase in the coming years.</p><p><img src=\"https://static.tigerbbs.com/5b20aa1f230eded2222be5eae10df7ba\" tg-width=\"800\" tg-height=\"393\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Obviously, TSMC, the leader of advanced process chips, has the greatest demand for EUV lithography, which can be compared with Intel. By 2023, TSMC is expected to have a total of 133 EUV lithography, compared with Intel's 20.</p><p>Currently, TSMC accounts for half of the industry's EUV equipment installation base and wafer output, and plans to expand capacity with state-of-the-art 3nm and 2nm fabs.</p><p>In recent years, TSMC has been increasing the number of EUV equipment purchases. Since the second half of this year, its 5nm production capacity has been fully opened, including<a href=\"https://laohu8.com/S/AAPL\">Apple</a>A15 Application Processor and M1X/M2 Computer Processor, MediaTek and<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>New 5G mobile phone chips,<a href=\"https://laohu8.com/S/AMD\">AMD</a>Zen 4 architecture computers and server processors will be introduced into mass production one after another. In order to maintain its technological leadership, TSMC's 4nm optimized from 5nm will enter mass production next year, and the new 3nm will also be introduced into mass production in the second half of next year, which shows the demand for EUV.</p><p>Since 2018, ASML has increased production of EUV lithography, producing about 75 units, of which TSMC is said to have bought 60%.</p><p>For Samsung, both its foundry and advanced process DRAM require EUV lithography, and the number is increasing year by year, second only to TSMC. According to statistics, Samsung currently has 25 EUV devices, about half the number of TSMC.</p><p>In order to obtain more EUV equipment, in October 2020, Samsung leader and vice chairman Lee Jae-yong flew to ASML headquarters to discuss the stable purchase of EUV equipment, and it is said that about 20 units were ordered. One costs more than 20 billion won ($177 million).</p><p>According to Samsung's Vision 2030 announced in April 2019, the company plans to invest a total of 133 trillion won in hopes of becoming the world's top foundry. The company spends 10 trillion won a year to develop chip foundry technology and buy necessary equipment, particularly EUV lithography, to catch up with TSMC.</p><p>Let's take a look at Intel again. A few years ago, the company thought that EUV process was not mature enough. Now EUV lithography process has been mass-produced for several years, and Intel has begun to follow up. Its newly launched Intel 4 process will be fully introduced into EUV lithography, and the subsequent Intel 3 and Intel 20A processes will continue to be introduced into EUV.</p><p>After 2025, the company's process technology is planned to Intel 18A, which will use the second generation RibbonFET transistor, and the EUV lithography will also have a major upgrade. For this reason, Intel said that it will deploy the next generation High-NA EUV, and it is expected to take the lead in obtaining the first High-NA EUV lithography in the industry. Currently, the company is working closely with ASML to ensure the success of this industry-breakthrough technology, surpassing the current generation of EUVs.</p><p>NA represents numerical aperture, which will be upgraded to 0.5 in the future from the current highest value of 0.33. It is reported that ASML's NXE: 5000 series will achieve such performance. It was previously expected to come out in 2023, but now it has been postponed to 2025. The price of a single unit is expected to exceed 300 million US dollars.</p><p>The above talks about the production of logic chips. In terms of memory, especially DRAM, both Samsung and SK Hynix now use EUV equipment in their DRAM production, while Micron said it plans to apply EUV to its DRAM production from 2024.</p><p><h3><b>Supply-side follow-up</b></h3>As EUV lithography becomes more and more important, the advantages of ASML are becoming more and more obvious. However, in addition to ASML, lithography suppliers include Japanese manufacturers Nikon and<a href=\"https://laohu8.com/S/CAJ\">Canon</a>(Canon), these two companies can compete with ASML in deep ultraviolet (DUV, the wavelength of the light source is longer than EUV) lithography technology, but ASML, as the enterprise leader, also has a 62% market share in the field of DUV lithography.</p><p>At present, although only ASML can produce EUV lithography, because its technology is too complicated, it also needs to cooperate with semiconductor equipment manufacturers and scientific research institutions in the industry to produce more advanced EUV equipment needed in the future.</p><p>For example, not long ago, Tokyo Electronics (TEL) announced the launch of its leading coater to the imec-ASML Joint High-Na EUV Research Laboratory, which will be integrated with ASML's next-generation high-Na EUV lithography system NXE:5000.</p><p>High-Na EUV lithography is expected to provide more advanced pattern scaling solutions compared to conventional EUV lithography. The coater/developer introduced into the Joint High NA Laboratory will have advanced functionality and be compatible not only with widely used chemically amplified resists and underlayers, but also with spin-coated metal-containing resists. Spin-coated metal-containing resist has exhibited high resolution and high etch resistance, promising finer patterning. However, metal-containing resists also require precise pattern size control and metal contamination control on the backside and bevel of the chip. To address these challenges, coaters/developers installed at the United High NA Laboratory are equipped with cutting-edge process modules capable of handling metal-containing resists.</p><p>Combined with the new process module, TEL Coater/Developer's single unit can handle multiple materials on-line, including chemically amplified resist, metal-containing resist, and underlayers. This will enable flexible fab operations.</p><p>In the second half of this year, ASML launched the latest 0.33 numerical aperture EUV lithography NXE: 3600D, which is estimated to increase the throughput to 160 pieces per hour. In 2023, the launch of NXE: 3800E can increase the throughput to 195~220 pieces per hour.</p><p>As for the next-generation EUV technology with 0.55 high numerical aperture, it is expected to enter mass production after 2025, supporting 1.5nm and 1nm logic processes, as well as the most advanced DRAM processes.</p><p>During a conference call in the second quarter of this year, ASML CEO Peter Wennink said the company plans to produce about 40 EUV lithography this year and will expand to 55 units in 2022 and increase production to 60 units in 2023.</p><p>To produce EUV equipment, ASML needs to procure the lenses required for the system from Zeiss in Germany, however, it has a limited number of lenses it can procure per year, which leads to long lead times for the system. In response, Peter Wennink said that the company's EUV equipment lead time will also be shortened to 12 to 18 months from the previous 18 to 24 months.</p><p>Wennink said all three of its major DRAM customers plan to use EUVs for mass production. By 2021, the companies are expected to spend a total of 1.2 billion euros on EUV systems. EUV shipments to these companies will increase in the future, he added.</p><p>ASML has begun production of its NXE 3600D new EUV equipment, delivering a 15% to 20% increase in productivity and a 30% increase in coverage over the previous 3400C.</p><p>In the second quarter of this year, ASML generated sales of EUR 4 billion and net profit of EUR 1 billion, up 20% and 38%, respectively, from the second quarter of 2020. The company's orders rose 75% compared to the previous quarter to €8.3 billion, with €4.9 billion for EUV equipment.</p><p>South Korea accounted for 39% of ASML's sales, followed by Taiwan, China at 35%. The company expects sales to grow 35% in 2021 compared to 2020.</p><p><h3><b>epilogue</b></h3>With the improvement of chip manufacturing technology, TSMC and Samsung have purchased a large number of EUV lithography, and memory chip manufacturer SK Hynix has also started to adopt EUV lithography, which will also significantly increase the purchase volume in the next five years.<a href=\"https://laohu8.com/S/MU\">Micron Technology</a>It is also planned to start using EUV equipment in 2024.</p><p>The large purchase of EUV equipment by the four major chip factories means that the application proportion of this kind of lithography will increase greatly in the next few years and gradually occupy a dominant position. EUV devices are expected to account for more than 60% of the global lithography in which fabs operate by 2025, an ASML executive said at an EUV lithography ecosystem conference.</p>","source":"36kr_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Next-Gen EUV lithography Is About To Break Out</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNext-Gen EUV lithography Is About To Break Out\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">半导体行业观察</strong><span class=\"h-time small\">2021-12-27 11:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With the quantity of advanced process chips (including logic chips and memories), the scale of high-tech content in chip manufacturing is also constantly expanding. Among them, EUV lithography is the most representative, and the market demand for it will increase significantly in the next few years.</p><p>ASML expects EUV equipment shipments to reach 50 units this year, which is already a very impressive number, and even so, demand is still in short supply. With the evolution of logic chips and DRAM processes, the number of EUV exposure mask layers of a single wafer is increasing rapidly. Among them, the average number of EUV exposure layers of advanced logic process wafers has exceeded 10 layers in 2021 and will exceed 20 layers in 2023.</p><p>According to ASML's estimation, a 12-inch wafer fab with a 7nm ~3nm process with a monthly production capacity of 45,000 pieces has a single wafer EUV mask layer between 10 and 20 layers, and the number of EUV lithography installations reaches 9 to 18 units; With a monthly production capacity of 100,000 DRAM factories, the number of EUV mask layers of a single wafer ranges from 1 to 6 layers, and the number of EUV lithography installations reaches 2 to 9 units. These will generate a large demand for EUV exposure equipment, and the demand for EUV lithography until 2025 will set new records year by year.</p><p><h3><b>Continuous improvement on the demand side</b></h3>At present, the chip manufacturers with the largest demand for EUV equipment include<a href=\"https://laohu8.com/S/INTC\">Intel</a>、<a href=\"https://laohu8.com/S/TSM\">TSMC</a>、<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>And SK Hynix, the demand for EUVs from these four giants will continue to increase in the coming years.</p><p><img src=\"https://static.tigerbbs.com/5b20aa1f230eded2222be5eae10df7ba\" tg-width=\"800\" tg-height=\"393\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Obviously, TSMC, the leader of advanced process chips, has the greatest demand for EUV lithography, which can be compared with Intel. By 2023, TSMC is expected to have a total of 133 EUV lithography, compared with Intel's 20.</p><p>Currently, TSMC accounts for half of the industry's EUV equipment installation base and wafer output, and plans to expand capacity with state-of-the-art 3nm and 2nm fabs.</p><p>In recent years, TSMC has been increasing the number of EUV equipment purchases. Since the second half of this year, its 5nm production capacity has been fully opened, including<a href=\"https://laohu8.com/S/AAPL\">Apple</a>A15 Application Processor and M1X/M2 Computer Processor, MediaTek and<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>New 5G mobile phone chips,<a href=\"https://laohu8.com/S/AMD\">AMD</a>Zen 4 architecture computers and server processors will be introduced into mass production one after another. In order to maintain its technological leadership, TSMC's 4nm optimized from 5nm will enter mass production next year, and the new 3nm will also be introduced into mass production in the second half of next year, which shows the demand for EUV.</p><p>Since 2018, ASML has increased production of EUV lithography, producing about 75 units, of which TSMC is said to have bought 60%.</p><p>For Samsung, both its foundry and advanced process DRAM require EUV lithography, and the number is increasing year by year, second only to TSMC. According to statistics, Samsung currently has 25 EUV devices, about half the number of TSMC.</p><p>In order to obtain more EUV equipment, in October 2020, Samsung leader and vice chairman Lee Jae-yong flew to ASML headquarters to discuss the stable purchase of EUV equipment, and it is said that about 20 units were ordered. One costs more than 20 billion won ($177 million).</p><p>According to Samsung's Vision 2030 announced in April 2019, the company plans to invest a total of 133 trillion won in hopes of becoming the world's top foundry. The company spends 10 trillion won a year to develop chip foundry technology and buy necessary equipment, particularly EUV lithography, to catch up with TSMC.</p><p>Let's take a look at Intel again. A few years ago, the company thought that EUV process was not mature enough. Now EUV lithography process has been mass-produced for several years, and Intel has begun to follow up. Its newly launched Intel 4 process will be fully introduced into EUV lithography, and the subsequent Intel 3 and Intel 20A processes will continue to be introduced into EUV.</p><p>After 2025, the company's process technology is planned to Intel 18A, which will use the second generation RibbonFET transistor, and the EUV lithography will also have a major upgrade. For this reason, Intel said that it will deploy the next generation High-NA EUV, and it is expected to take the lead in obtaining the first High-NA EUV lithography in the industry. Currently, the company is working closely with ASML to ensure the success of this industry-breakthrough technology, surpassing the current generation of EUVs.</p><p>NA represents numerical aperture, which will be upgraded to 0.5 in the future from the current highest value of 0.33. It is reported that ASML's NXE: 5000 series will achieve such performance. It was previously expected to come out in 2023, but now it has been postponed to 2025. The price of a single unit is expected to exceed 300 million US dollars.</p><p>The above talks about the production of logic chips. In terms of memory, especially DRAM, both Samsung and SK Hynix now use EUV equipment in their DRAM production, while Micron said it plans to apply EUV to its DRAM production from 2024.</p><p><h3><b>Supply-side follow-up</b></h3>As EUV lithography becomes more and more important, the advantages of ASML are becoming more and more obvious. However, in addition to ASML, lithography suppliers include Japanese manufacturers Nikon and<a href=\"https://laohu8.com/S/CAJ\">Canon</a>(Canon), these two companies can compete with ASML in deep ultraviolet (DUV, the wavelength of the light source is longer than EUV) lithography technology, but ASML, as the enterprise leader, also has a 62% market share in the field of DUV lithography.</p><p>At present, although only ASML can produce EUV lithography, because its technology is too complicated, it also needs to cooperate with semiconductor equipment manufacturers and scientific research institutions in the industry to produce more advanced EUV equipment needed in the future.</p><p>For example, not long ago, Tokyo Electronics (TEL) announced the launch of its leading coater to the imec-ASML Joint High-Na EUV Research Laboratory, which will be integrated with ASML's next-generation high-Na EUV lithography system NXE:5000.</p><p>High-Na EUV lithography is expected to provide more advanced pattern scaling solutions compared to conventional EUV lithography. The coater/developer introduced into the Joint High NA Laboratory will have advanced functionality and be compatible not only with widely used chemically amplified resists and underlayers, but also with spin-coated metal-containing resists. Spin-coated metal-containing resist has exhibited high resolution and high etch resistance, promising finer patterning. However, metal-containing resists also require precise pattern size control and metal contamination control on the backside and bevel of the chip. To address these challenges, coaters/developers installed at the United High NA Laboratory are equipped with cutting-edge process modules capable of handling metal-containing resists.</p><p>Combined with the new process module, TEL Coater/Developer's single unit can handle multiple materials on-line, including chemically amplified resist, metal-containing resist, and underlayers. This will enable flexible fab operations.</p><p>In the second half of this year, ASML launched the latest 0.33 numerical aperture EUV lithography NXE: 3600D, which is estimated to increase the throughput to 160 pieces per hour. In 2023, the launch of NXE: 3800E can increase the throughput to 195~220 pieces per hour.</p><p>As for the next-generation EUV technology with 0.55 high numerical aperture, it is expected to enter mass production after 2025, supporting 1.5nm and 1nm logic processes, as well as the most advanced DRAM processes.</p><p>During a conference call in the second quarter of this year, ASML CEO Peter Wennink said the company plans to produce about 40 EUV lithography this year and will expand to 55 units in 2022 and increase production to 60 units in 2023.</p><p>To produce EUV equipment, ASML needs to procure the lenses required for the system from Zeiss in Germany, however, it has a limited number of lenses it can procure per year, which leads to long lead times for the system. In response, Peter Wennink said that the company's EUV equipment lead time will also be shortened to 12 to 18 months from the previous 18 to 24 months.</p><p>Wennink said all three of its major DRAM customers plan to use EUVs for mass production. By 2021, the companies are expected to spend a total of 1.2 billion euros on EUV systems. EUV shipments to these companies will increase in the future, he added.</p><p>ASML has begun production of its NXE 3600D new EUV equipment, delivering a 15% to 20% increase in productivity and a 30% increase in coverage over the previous 3400C.</p><p>In the second quarter of this year, ASML generated sales of EUR 4 billion and net profit of EUR 1 billion, up 20% and 38%, respectively, from the second quarter of 2020. The company's orders rose 75% compared to the previous quarter to €8.3 billion, with €4.9 billion for EUV equipment.</p><p>South Korea accounted for 39% of ASML's sales, followed by Taiwan, China at 35%. The company expects sales to grow 35% in 2021 compared to 2020.</p><p><h3><b>epilogue</b></h3>With the improvement of chip manufacturing technology, TSMC and Samsung have purchased a large number of EUV lithography, and memory chip manufacturer SK Hynix has also started to adopt EUV lithography, which will also significantly increase the purchase volume in the next five years.<a href=\"https://laohu8.com/S/MU\">Micron Technology</a>It is also planned to start using EUV equipment in 2024.</p><p>The large purchase of EUV equipment by the four major chip factories means that the application proportion of this kind of lithography will increase greatly in the next few years and gradually occupy a dominant position. EUV devices are expected to account for more than 60% of the global lithography in which fabs operate by 2025, an ASML executive said at an EUV lithography ecosystem conference.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1542175181891588\">半导体行业观察</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/38b14d4c1528b585f44d427c7a09d860","relate_stocks":{"BK4145":"电子制造服务","INTC":"英特尔","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4512":"苹果概念","BK4527":"明星科技股","BK4526":"热门中概股","BK4141":"半导体产品","EWT":"台湾ETF-iShares MSCI","BK4534":"瑞士信贷持仓","BK4503":"景林资产持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","TEL":"泰科电子","BK4529":"IDC概念","TSM":"台积电","BK4505":"高瓴资本持仓","BK4535":"淡马锡持仓","BK4515":"5G概念","03145":"华夏亚洲高息股","BK4550":"红杉资本持仓","BK4548":"巴美列捷福持仓"},"source_url":"https://36kr.com/p/1542175181891588","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2194797491","content_text":"随着先进制程芯片上量（包括逻辑芯片和存储器），芯片制造端的高技术含量规模也在不断扩大，其中，最具代表性的就是EUV光刻机，市场对其需求在未来几年将大幅增加。\nASML预期今年EUV设备出货量有望达到50台，这已经是一个非常可观的数字了，即使如此，仍然供不应求。随着逻辑芯片及DRAM制程的演进，单片晶圆EUV曝光光罩层数正在快速提升，其中先进逻辑制程晶圆2021年EUV曝光层数平均已超过10层，2023年将超过20层。\n据ASML预估，月产能达4.5万片的7nm~3nm制程12吋晶圆厂，单片晶圆EUV光罩层数介于10～20层，EUV光刻机安装数量达9～18台；月产能达10万片DRAM厂，单片晶圆EUV光罩层数介于1～6层，EUV光刻机安装数量达2～9台。这些将大量催生对EUV曝光设备的需求量，2025年之前的EUV光刻机需求将逐年创下新纪录。\n需求侧不断提升\n目前，对EUV设备需求量最大的芯片厂商包括英特尔、台积电、三星和SK海力士，未来几年，这四巨头对EUV的需求将持续增加。\n\n显然，先进制程芯片龙头台积电对EUV光刻机的需求量最大，可以与英特尔做一下比较，到2023年，预计台积电共拥有133台EUV光刻机，而英特尔为20台。\n目前，台积电占行业EUV设备安装基础和晶圆产量的一半，并计划通过最先进的3nm和2nm晶圆厂扩大产能。\n近几年，台积电一直在提升EUV设备采购数量，今年下半年以来，其5nm产能全开，包括苹果A15应用处理器及M1X／M2电脑处理器、联发科及高通新款5G手机芯片、AMD的Zen 4架构电脑及服务器处理器等将陆续导入量产。为了维持技术领先，台积电由5nm优化后的4nm将在明年进入量产，全新3nm也将在明年下半年导入量产，EUV需求量可见一斑。\n自2018年以来，ASML增加了EUV光刻机的产量，生产了约75台，据说台积电购买了其中的60%。\n三星方面，其晶圆代工和先进制程DRAM都需要EUV光刻机，而且数量逐年递增，仅次于台积电。据统计，三星目前拥有25台EUV设备，数量约为台积电的一半。\n为了获得更多的EUV设备，2020年10月，三星领导人、副董事长李在镕飞到ASML总部，商讨稳定采购EUV设备，据说订购了大约20台。一台的价格超过200亿韩元（1.77 亿美元）。\n根据三星2019年4月宣布的 Vision 2030，该公司计划总投资133万亿韩元，希望成为全球顶级晶圆代工企业。该公司每年花费10万亿韩元来开发芯片代工技术并购买必要的设备，特别是EUV光刻机，以追赶手台积电。\n再来看一下英特尔，前些年，该公司认为EUV工艺不够成熟，现在EUV光刻工艺已经量产几年了，英特尔开始跟进，其新推出的Intel 4制程将全面导入EUV光刻机，之后的Intel 3、Intel 20A工艺会持续导入EUV。\n2025年之后，该公司的制程工艺规划到了Intel 18A，将使用第二代RibbonFET晶体管，EUV光刻机也会有一次重大升级，为此，英特尔表示将部署下一代High-NA EUV，有望率先获得业界第一台High-NA EUV光刻机。目前，该公司正与ASML密切合作，确保这一行业突破性技术取得成功，超越当前一代EUV。\nNA表示数值孔径，从目前的最高值为0.33，今后将提升到0.5，据悉，ASML的NXE：5000系列将实现这样的性能，之前预计是在2023年问世，现在推迟到了2025年，单台售价预计将超过3亿美元。\n以上谈的是逻辑芯片的生产，在存储器方面，特别是DRAM，三星和 SK 海力士现在都在其DRAM生产中使用EUV设备，美光则表示计划从2024年开始将EUV应用于其DRAM生产。\n供给侧跟进\n随着EUV光刻技术变得越来越重要，ASML的优势也越发明显。不过，光刻机供货商除ASML之外，还有日本厂商尼康（Nikon）和佳能（Canon），这两家在深紫外线（DUV，光源波长比EUV长）的光刻技术上能与ASML竞争，但ASML作为企业龙头，在DUV光刻领域，也拥有62％的市场份额。\n目前，虽然只有ASML一家能生产EUV光刻机，但由于其技术过于复杂，也需要与业内的半导体设备厂商和科研机构合作，才能生产出未来需要的更先进EUV设备。\n例如，不久前，东京电子（TEL）宣布，向imec-ASML联合高 NA EUV 研究实验室推出其领先的涂布机，该设备将与 ASML 的下一代高NA EUV光刻系统NXE:5000 集成。\n与传统的 EUV 光刻相比，高 NA EUV 光刻有望提供更先进的图案缩放解决方案。被引入联合高 NA 实验室的涂布机/显影剂将具有先进的功能，不仅与广泛使用的化学放大抗蚀剂和底层兼容，而且还与旋涂含金属抗蚀剂兼容。旋涂含金属抗蚀剂已表现出高分辨率和高抗蚀刻性，有望实现更精细的图案化。然而，含金属的抗蚀剂还需要精密的图案尺寸控制以及芯片背面和斜面的金属污染控制。为了应对这些挑战，安装在联合高 NA 实验室的涂布机/显影剂配备了能够处理含金属抗蚀剂的前沿工艺模块。\n结合新的工艺模块，TEL Coater/Developer 的单个单元可以在线处理多种材料，包括化学放大抗蚀剂、含金属抗蚀剂和底层。这将实现灵活的晶圆厂运营。\n今年下半年，ASML推出了最新0.33数值孔径EUV光刻机NXE：3600D，每小时曝光产量（throughput）预估可提升至160片，2023年再推出NXE：3800E可将每小时曝光产量提升到195～220片。\n至于0.55高数值孔径的下一代EUV技术预计2025年后进入量产，支援1.5nm及1nm逻辑制程，以及最先进的DRAM制程。\n在今年第二季度的电话会议上，ASML 首席执行官 Peter Wennink 表示，该公司计划今年生产约40台EUV光刻机，并将在2022 年扩大到55台，2023 年将产量增加到60台。\n要生产EUV设备，ASML需要从德国蔡司公司采购系统所需的镜头，然而，它每年可以采购的镜头数量有限，这导致系统的交货时间很长。对此，Peter Wennink表示，该公司的EUV设备交付周期也将从之前的18至24个月缩短至12至 18个月。\nWennink 表示，其三大 DRAM 客户都计划使用 EUV 进行量产。到 2021 年，这些公司预计将总共花费 12 亿欧元来购买 EUV 系统。他补充说，未来向这些公司的 EUV 出货量将增加。\nASML已经开始生产其NXE 3600D新型EUV设备，与之前的3400C相比，该系统的生产率提高了15%到20%，覆盖率提高了30%。\n今年第二季度，ASML的销售额为40亿欧元，净利润为10亿欧元，比2020年第二季度分别增长20%和38%。该公司的订单与上一季度相比增长了 75%，达到 83 亿欧元，其中 49 亿欧元用于EUV设备。\n韩国占ASML销售额的39%，其次是中国台湾的35%。该公司预计2021年的销售额将比 2020年增长35%。\n结语\n随着芯片制程工艺的提升，台积电和三星已采购大量EUV光刻机，存储芯片制造商SK海力士也已开始采用EUV光刻机，未来5年也将大幅增加采购量，美光科技也计划在2024年开始使用EUV设备。\n四大芯片厂大量采购EUV设备，意味这该类光刻机的应用比例在未来几年将大幅提升，并逐渐占据主导地位。ASML的一名高管在一次EUV光刻机生态系统会议上表示，预计到2025年，全球晶圆厂运行的光刻机中，EUV设备所占比例将超过60%。","news_type":1,"symbols_score_info":{"INTC":0.9,"TSM":0.9,"TEL":0.9,"EWT":0.9,"03145":0.9,"TWmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9009999523,"gmtCreate":1640407528573,"gmtModify":1676533519994,"author":{"id":"3582212677594923","authorId":"3582212677594923","name":"Diaschy86","avatar":"https://static.tigerbbs.com/023e36d76d8f4434c4ca55ea9d316933","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582212677594923","idStr":"3582212677594923"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9009999523","repostId":"2194017966","repostType":4,"isVote":1,"tweetType":1,"viewCount":3286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9009001981,"gmtCreate":1640336955872,"gmtModify":1676533517178,"author":{"id":"3582212677594923","authorId":"3582212677594923","name":"Diaschy86","avatar":"https://static.tigerbbs.com/023e36d76d8f4434c4ca55ea9d316933","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582212677594923","idStr":"3582212677594923"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9009001981","repostId":"1125940737","repostType":4,"isVote":1,"tweetType":1,"viewCount":3054,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9000467963,"gmtCreate":1640267694889,"gmtModify":1676533513312,"author":{"id":"3582212677594923","authorId":"3582212677594923","name":"Diaschy86","avatar":"https://static.tigerbbs.com/023e36d76d8f4434c4ca55ea9d316933","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582212677594923","idStr":"3582212677594923"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9000467963","repostId":"1193043649","repostType":4,"repost":{"id":"1193043649","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1640266303,"share":"https://ttm.financial/m/news/1193043649?lang=en_US&edition=fundamental","pubTime":"2021-12-23 21:31","market":"us","language":"zh","title":"U.S. initial jobless claims were 205,000 last week","url":"https://stock-news.laohu8.com/highlight/detail?id=1193043649","media":"老虎资讯综合","summary":"12月23日，美国上周首次申领失业救济人数为20.5万人，预估为20.5万人，前值为20.6万人。\n机构评美国上周初请失业金人数数据：美国上周初请失业金人数变动不大，暗示随着就业市场继续复苏，裁员人数","content":"<p>On Dec. 23, the number of initial claims for unemployment benefits in the United States last week was 205,000, compared with the estimate of 205,000 and the previous value of 206,000.</p><p>Agency comments on the number of initial unemployment claims in the United States last week: The number of initial unemployment claims in the United States changed little last week, suggesting that as the job market continues to recover, the number of layoffs is at a historically low level. That data was roughly unchanged from the previous week. The report highlights the low number of unemployed people in recent months as employers focus on attracting and retaining employees to keep up with consumer demand. Unemployment claims are broadly in line with pre-pandemic levels, reflecting a tight U.S. labor market. Still, rising COVID cases as the Omicron strain spreads pose a risk to hiring prospects.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. initial jobless claims were 205,000 last week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. initial jobless claims were 205,000 last week\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-12-23 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Dec. 23, the number of initial claims for unemployment benefits in the United States last week was 205,000, compared with the estimate of 205,000 and the previous value of 206,000.</p><p>Agency comments on the number of initial unemployment claims in the United States last week: The number of initial unemployment claims in the United States changed little last week, suggesting that as the job market continues to recover, the number of layoffs is at a historically low level. That data was roughly unchanged from the previous week. The report highlights the low number of unemployed people in recent months as employers focus on attracting and retaining employees to keep up with consumer demand. Unemployment claims are broadly in line with pre-pandemic levels, reflecting a tight U.S. labor market. Still, rising COVID cases as the Omicron strain spreads pose a risk to hiring prospects.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5712911a97692958e444016d45d93118","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193043649","content_text":"12月23日，美国上周首次申领失业救济人数为20.5万人，预估为20.5万人，前值为20.6万人。\n机构评美国上周初请失业金人数数据：美国上周初请失业金人数变动不大，暗示随着就业市场继续复苏，裁员人数处于历史低位。该数据与前一周基本持平。该报告凸显出近几个月失业人数较低，因雇主专注于吸引和留住员工，以跟上消费者需求的步伐。申请失业金人数与疫情前的水平大体一致，反映了美国劳动力市场的紧张。尽管如此，随着奥密克戎毒株的传播，新冠病例的增加对招聘前景构成了风险。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3099,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}