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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 amid geopolitical turmoil and the pandemic?
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 amid geopolitical turmoil and the pandemic?
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Diaschy86
Diaschy86
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2022-01-01
666
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Diaschy86
Diaschy86
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2021-12-29
666
Which hydrogen energy companies are listed on the Hong Kong Stock Exchange
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。
Which hydrogen energy companies are listed on the Hong Kong Stock Exchange
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Diaschy86
Diaschy86
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2021-12-28
666
Slots may be a thing of the past; Apple's next "pore-free" target could be them.
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 be a thing of the past; Apple's next "pore-free" target could be them.
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Diaschy86
Diaschy86
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2021-12-27
666
The next generation of EUV lithography is about to explode
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
The next generation of EUV lithography is about to explode
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Diaschy86
Diaschy86
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2021-12-25
666
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Diaschy86
Diaschy86
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2021-12-24
666
Tesla's German Gigafactory is expected to achieve mass production in 2022.
眼下，特斯拉只需扫清最后的障碍。
Tesla's German Gigafactory is expected to achieve mass production in 2022.
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Diaschy86
Diaschy86
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2021-12-23
666
The United States claimed unemployment benefits for the first time last week at 205,000
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
The United States claimed unemployment benefits for the first time last week at 205,000
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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":4331,"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":[],"title":"","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":5022,"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":[],"title":"","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":"sh","language":"zh","title":"Where will the market go amid geopolitical turmoil and the pandemic?","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>Investment Points</p><p><b>This week's topic: Where will the market go amid geopolitical turmoil and the pandemic?</b></p><p>1) Geopolitical factors will continue to support high-level fluctuations in commodity prices in the short term, and the evolution of the Russia-Ukraine conflict will determine the sustainability of the rise in commodity prices. The Russia-Ukraine crisis is unlikely to be resolved in the short term. Geopolitical risks will continue to impact market sentiment, strengthening expectations of tightening supply and keeping related commodity prices high. Even if some countries choose to put pressure on commodity price increases by increasing production or finding alternative energy sources in the future, the unlikely change in the supply and demand pattern in the short term will limit the decline in commodity prices. Overall, given the prolonged geopolitical turmoil, commodity prices are likely to remain at high levels.</p><p>2) The Federal Reserve's unexpectedly hawkish stance may put pressure on overvalued sectors. Against the backdrop of high inflation in the United States coupled with geopolitical conflicts exacerbating the inflationary dilemma, a policy adjustment by the Federal Reserve is likely a foregone conclusion. However, the recent continued escalation of geopolitical risks may affect the future prospects of US economic growth, which will lead the Federal Reserve to be more cautious and flexible in its monetary policy decisions. Before a sharp decline in US stocks, the US economy, and inflation occurs, the Federal Reserve's hawkish stance 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 recent signals released by the Federal Reserve, March may favor rate hike by 25 basis points rather than 50 basis points, but the timing of the shrinking balance sheet is likely to be earlier, and the possibility of a \"shrinking balance sheet\" beginning in the second quarter cannot be ruled out.</p><p>3) The disruption caused by the domestic epidemic has strengthened the \"offensive and defensive\" allocation logic. Recently, with the spread of the COVID-19 pandemic in China and the high incidence of COVID-19 outbreaks overseas, and the large proportion of Omeprone infections in neighboring countries and regions, the pressure on domestic prevention and control is expected to further increase. With the recurring pandemic, the recovery in consumption has weakened. Assuming stronger epidemic prevention and control measures are taken in the future, the role of exports in driving the economy may weaken this year. Weak consumption and exports may put more severe downward pressure on the economy in the short term, but in the medium term, it will most likely guide policies to increase support for stabilizing growth. Market recovery will take time, but the end of the correction may be drawing near.</p><p>4) Which industry segments are revising their earnings forecasts upwards? Upstream is strong, while midstream and downstream are under pressure. March and April are a good window of opportunity to observe high-growth industries throughout the year. The market in March has already begun to gradually reflect the performance expectations of the first quarter reports. In mid-to-late April, the market will enter a period of intensive disclosure of annual and first quarter reports. The market often has a seasonal characteristic of \"spring restlessness and decision-making in April\". After the annual and first quarter reports are disclosed, the market will generally adjust its profit forecasts for listed companies. There is still disagreement in the market about whether efforts to stabilize growth are effective. Therefore, we are trying to find out which companies' recovery to stabilize growth is sustainable by looking for marginal changes in profit forecasts, and what the expected changes in fundamentals are.</p><p>Investment highlights: We will continue to focus on undervalued blue-chip stocks, and recommend paying attention to domestic substitution, military industry, anti-epidemic efforts, and gold sectors. Against the backdrop of geopolitical conflicts triggering volatility in global capital markets, a sharp rise in risk aversion, and the ongoing sporadic outbreak of the COVID-19 pandemic in many parts of China, investment opportunities in undervalued blue-chip stocks remain the most stable theme in the market. Although the overall valuation of growth stocks is constrained by rising inflation, the following sub-sectors are still worth paying attention to in terms of specific allocation: 1) For the demand for domestic substitution in the West as a whole: This crisis has made the relationship between the EU, Japan, South Korea and the UK and the US closer. From the perspective of supply chain security, except for the US, the domestic substitution of key components from the entire Western alliance may accelerate in the future. It is recommended to pay attention to: upstream semiconductor materials, Huawei's chip-related software ecosystem, etc. 2) With the emergence of modern Western equipment during the war, the increasing nuclear deterrence between the two sides, the military industry, especially OEMs that have benefited from the final year of the three-year pilot program for state-owned enterprise reform this year, deserve close attention. 3) In the pharmaceutical sector, considering the transmissibility of new viruses, in addition to nucleic acid testing and ventilators, focus should be placed on new vaccines such as mRNA. 4) Risk aversion is affecting the market. With high overseas inflation, geopolitical conflicts coupled with the global economic downturn, it is recommended to pay attention to the allocation value of the gold sector.</p><p>Risk warning: Intensifying geopolitical unrest, an unexpected outbreak of the Omicron epidemic in China, an unexpected tightening of the Federal Reserve's monetary policy and domestic monetary policy liquidity, and the publicly available information used in the research report may be outdated or untimely.</p><p>text</p><p><b>This week's topic: Where will the market go amid geopolitical turmoil and the pandemic?</b></p><p><b>1.1 Geopolitical factors will continue to support commodity prices in the short term.</b></p><p>Recently, geopolitical risks have continued to stir up the market. Due to the unique characteristics of Russia and Ukraine in the pricing of certain resources globally, the dispute between the two countries may lead to an increase in commodity prices. Apart from crude oil, whose prices are already at historical highs, the prices of agrochemical products and non-ferrous metals have generally risen. The spillover effects of the Russia-Ukraine conflict have also affected the international logistics market, causing shipping prices to rise. The reasons for this include not only geopolitical conflicts further exacerbating the already tight energy, crop, and metal supply situation, but also transportation disruptions and market panic caused by Western sanctions against Russia.</p><p>The geopolitical conflict is not over yet, and market expectations mainly follow the changes and fluctuations in the situation between Russia and Ukraine and quickly reflect the trend of commodity prices. On March 9, initial signs of easing tensions between Russia and Ukraine had already had a significant impact on the capital market, with oil and non-ferrous metal prices plummeting that day. However, this collective decline in commodity prices actually reflects more changes in sentiment than improvements in fundamentals, so it is too early to say at this time that the \"price increase wave\" is coming to an end. Recently, although the VIX index has fallen somewhat, it remains at a high level, indicating that market risk aversion has not yet completely subsided.</p><p>As mentioned earlier, the evolution of the Russia-Ukraine conflict will determine the sustainability of rising commodity prices. The current outlook for the Russia-Ukraine conflict is also unclear. Judging from the multiple rounds of negotiations between Russia and Ukraine and the subsequent disclosures by both sides, the two sides have taken a hardline stance and have not yet reached an agreement on a ceasefire agreement. Moreover, the frequent supply of weapons and equipment by NATO countries to Ukraine has also hindered the easing of the conflict. The Russia-Ukraine crisis is unlikely to be resolved in the short term. Geopolitical risks will continue to impact market sentiment, with increased expectations of tightening supply pushing up related commodity prices. Even if some countries choose to put pressure on commodity price increases in the future by increasing production (such as some OPEC members' statements to increase crude oil production) or finding alternative energy sources (the EU proposes to accelerate the promotion of renewable energy), the unlikely change in the supply and demand pattern in the short term will limit the decline in commodity prices. Overall, given the prolonged geopolitical turmoil, commodity prices are likely to remain at high levels.</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 Federal Reserve's unexpectedly hawkish stance may put pressure on overvalued sectors.</b></p><p>Against the backdrop of high inflation in the United States coupled with geopolitical conflicts exacerbating the inflationary dilemma, a policy adjustment by the Federal Reserve may be a foregone conclusion. On March 10, data released by the U.S. Department of Labor showed that the U.S. CPI rose 7.9% year-on-year in February, the highest increase in 40 years, and the core CPI rose to 6.4% year-on-year. Given that commodity prices may remain high due to 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 reinforced the necessity for the Federal Reserve to tighten monetary policy, and the better-than-expected recovery in employment in March has also provided greater room for maneuver for the Federal Reserve to shift its monetary policy. Overall, the Fed's policy adjustment may be a foregone conclusion.</p><p>Since December of last year, the Federal Reserve has frequently released rate hike signals, mainly based on the continued recovery of the U.S. economy and the most urgent pressure on inflation. However, the recent escalation of geopolitical risks may affect the future prospects for US economic growth, leading the Federal Reserve to be more cautious and flexible in its monetary policy decisions.</p><p>Before a sharp decline in US stocks, the US economy, and inflation occurs, the Federal Reserve's hawkish stance is likely to continue to exceed expectations. Although geopolitical conflicts may inhibit future U.S. economic growth to some extent, the fundamental principles of economic normalization have not changed, and with inflation currently high, the Federal Reserve's immediate priority remains 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. Powell had previously signaled a clearer pace and intensity of tightening during his testimony before Congress regarding the semi-annual monetary policy report. In terms of rate hike, the Federal Reserve may prefer March rate hike of 25 basis points rather than 50 basis points, but the timing of the shrinking balance sheet is likely to be earlier, and the possibility of starting a \"shrinking balance sheet\" in the second quarter cannot be 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 disruptions strengthen the \"offensive and defensive\" allocation logic</b></p><p>Recently, sporadic outbreaks of the epidemic have occurred in multiple locations across The number of COVID-19 cases reported nationwide remains high, the number of provinces affected by the epidemic continues to increase, and the infected strains are mainly the Omicron variant. As of March 9, 31 provinces (autonomous regions and municipalities) and the Xinjiang Production and Construction Corps had reported 402 new locally transmitted confirmed cases and 435 asymptomatic locally transmitted infections. A new feature of this round of the epidemic is that since the 6th, the number of new locally transmitted asymptomatic infections has been higher than the number of new locally transmitted cases for four consecutive days.</p><p>The Omeprone variant spreads faster and has milder infection symptoms than other variants, making punctate sporadic or even local outbreaks more likely to occur. The high outbreak of COVID-19 overseas, coupled with a large proportion of Omeprone infections in neighboring countries and regions, is expected to further increase the pressure on domestic prevention and control. Under the direction of epidemic recovery, the demand for products related to epidemic prevention and control will remain high, and funds will mostly flow to ventilators, effective vaccines, and effective drugs.</p><p>With the recurring pandemic, the recovery in consumption has weakened. In addition to the lack of scenarios caused by epidemic prevention and control restrictions dragging down consumption, the pandemic also suppressed residents' consumption capacity and willingness, which is reflected in the fact that before the pandemic, the growth rate of residents' income and expenditure was similar, but the gap widened significantly after the pandemic. Currently, consumption recovery is an inevitable trend driven by policies to stabilize growth, but with the pandemic not yet fully under control, the consumption recovery is weakening.</p><p>Assuming stronger epidemic prevention and control measures are taken in the future, the role of exports in driving the economy may weaken this year. Over the past two years, strong export growth has been one of the most important driving forces supporting the resilience of my country's economy. However, as economies around the world gradually adapt to the \"normalization of the pandemic,\" after June 2021, my country's share of global exports has returned to 14%, the level before the pandemic. As overseas supply chains may begin to recover, coupled with rising labor costs in my country, export growth may be sluggish and under increasing pressure.</p><p>Weak consumption and exports will put more severe downward pressure on the economy in the short term, but in the medium term, it may guide policies to increase support for stabilizing growth. Market recovery will take time, but the end of the correction may be drawing near.</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 upwards? Upstream is strong, while downstream is under pressure.</b></p><p>March and April are a good window of opportunity to observe high-growth industries throughout the year. The market in March has already begun to gradually reflect the performance expectations of the first quarter reports. In mid-to-late April, the market will enter a period of intensive disclosure of annual and first quarter reports. The market often has a seasonal characteristic of \"spring restlessness and decision-making in April\". After the annual and first quarter reports are disclosed, the market will generally adjust its profit forecasts for listed companies. There is still disagreement in the market about whether efforts to stabilize growth are effective. Therefore, we are trying to find out which companies' recovery to stabilize growth is sustainable by looking for marginal changes in profit forecasts, and what the expected changes in fundamentals are.</p><p>Overall, the upstream market is strong, while the midstream and downstream market are under pressure. The industries whose 2022 profit forecasts have been revised upwards are mainly in the infrastructure industry chain, the new energy vehicle industry chain, and the pharmaceutical sector. The primary sectors that have risen in the past two months include: non-ferrous metals (2.87%), basic chemicals (1.04%), power and utilities (0.84%), and steel (0.71%).</p><p>Upstream: The upward revision of raw material profits in the upstream sector focuses on infrastructure-related industries, among which rare metals, environmental protection and public utilities, and chemical raw materials have seen price increases. On the other hand, domestic economic and financial data for January and February will also be released, which will become an important basis for the market to judge the effect of the previous \"stabilizing growth\" policy and to predict the pace and intensity of subsequent policies. With the main theme of stabilizing growth being emphasized again, the layout of \"stabilizing growth\" in the short term and high-quality development in the long term is expected to continue, and the prosperity related to infrastructure is expected to continue.</p><p>In the midstream industry, the upward revision of profit forecasts is concentrated in sub-sectors with high demand, such as new energy batteries, automotive electronics, and lithium battery/photovoltaic/semiconductor equipment, whose prosperity remains high. Earnings forecasts for semiconductors, electronic components, and computer equipment in the TMT sector have been raised. Meanwhile, profit forecasts for the specialized machinery sector within the machinery and equipment industry have also continued to be raised. In mid-to-late March, on the one hand, indicators of the prosperity of popular sectors, such as new energy vehicle sales, were released one after another. Currently, there are significant differences in expectations for the prosperity of popular sectors in the market, and relevant data will become an important signal for confirming the prosperity. On the other hand, the prosperity of conceptual sectors such as semiconductor equipment, cloud computing, and optical communication may be showing a reversal trend.</p><p>In downstream consumption, profit forecasts for the commerce, agriculture and medical services, and medical distribution sectors have been significantly revised upward. Affected by both cost pressures and the setback in demand caused by the resurgence of the pandemic, the growth rate of the food and beverage industry has slowed down, and the performance of the consumer sector has also shown significant divergence. The retail sector has seen a significant reversal in expectations compared to the decline in profits in 2021, with the 2022 profit forecast raised by about 20%. Essential Consumer's performance has not yet seen a significant upward revision, and in the overall consumer sector, Essential Consumer's earnings expectations are still better than Essential Consumer's. However, in the short term, some grain commodities, including agrochemicals, are expected to rise in price due to the impact of the Russia-Ukraine conflict. Affected by this geopolitical conflict, global related prices...<a href=\"https://laohu8.com/S/000061\">agricultural products</a>High prices may boost the prosperity of agricultural products and affect expectations for live pig prices. This aspect deserves continued observation.</p><p><b>1.5 Investment Highlights: We will continue to focus on undervalued blue-chip stocks; we recommend paying attention to domestic substitution, military industry, pandemic relief, and gold sectors.</b></p><p>Against the backdrop of geopolitical conflicts triggering volatility in global capital markets, a sharp rise in risk aversion, and the ongoing sporadic outbreak of the COVID-19 pandemic in many parts of China, investment opportunities in undervalued blue-chip stocks remain the most stable theme in the market. Although the overall valuation of growth stocks is constrained by rising inflation, the following sub-sectors are still worth paying attention to in terms of specific allocation:</p><p>1) Domestic substitution demand for the entire West: This crisis has caused the EU, Japan and South Korea to completely align themselves with the UK and the US. From the perspective of supply chain security, except for the US, the domestic substitution of key components from the entire Western alliance may accelerate in the future. It is recommended to pay attention to: semiconductor upstream materials, Huawei's chip-related software ecosystem, etc.</p><p>2) With the emergence of modern Western equipment during the war and the increasing nuclear deterrence between the two sides, the military industry, especially OEMs, which benefited from the final year of the three-year pilot program for state-owned enterprise reform this year, deserve close attention.</p><p>3) In medicine, epidemic prevention items, considering the transmission ability of the virus, in addition to nucleic acid testing, ventilators, etc., focus on new vaccines such as mRNA.</p><p>4) Risk aversion is affecting the market, overseas inflation remains high, geopolitical conflicts coupled with a global economic downturn, and it is recommended to pay attention to the investment value of the gold sector.</p><p><b>Market Review and Outlook</b></p><p>Style Index: The market generally fell this week. The CSI 500 and SME Composite Index led the decline. In terms of activity, turnover rates across all industries generally rebounded, with the turnover rate of the Shenzhen Component Index rising significantly.</p><p>Major industry categories: Healthcare and daily consumption performed relatively well this week, while discretionary consumption and real estate performed relatively poorly. In terms of activity, the energy turnover rate has declined significantly, while the healthcare turnover rate has rebounded significantly.</p><p>Primary industries: Primary industries generally declined this week, with home appliances and non-ferrous metals leading the decline. In terms of activity, the turnover rate in the pharmaceutical and media sectors rebounded relatively significantly, while the turnover rate in the defense and military industry 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>III. Emotional Indicator Tracking</b></p><p>Overall market activity: Since 2010, the average daily turnover rate across the A-share market has been roughly 0.4%-1.4%. After smoothing out on the 20th, the turnover rate of all A-shares declined slightly this week. As of March 11, the daily turnover rate reached 1.36%, which is at the historical 82.43rd percentile. The turnover rate of the ChiNext Index is roughly 2%-8%. After smoothing out on the 20th, the turnover rate of the ChiNext Index fluctuated upwards. As of March 11, 2022, the daily turnover rate of the ChiNext index was 13.50%, which is at the 90.6th percentile historically.</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-exchange margin trading: The margin trading balance rebounded slightly this week. As of March 10, the margin trading balance was 1.6194 trillion yuan, a decrease of 8.63 billion yuan from last week. After smoothing out on the 5th, the proportion of margin buying in the total market turnover decreased by 0.2% compared to the previous week.</p><p>Newly listed stock indicators: After smoothing out on the 5th, the turnover rate of newly listed stocks rebounded slightly compared to last week. As of March 11, the average turnover rate of newly listed stocks on the 5th reached 9.12%, which is in the historical 87.14% percentile.</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>IV. Valuation Indicator Tracking</b></p><p>Major industry valuations: Among the price-to-book (PB) valuations, the basic non-ferrous metals, basic chemicals, power equipment and new energy, defense and military, automotive, consumer services, food and beverage, and electronics industries have valuations higher than their historical averages;</p><p>Major industry valuations: Among PE valuations, the valuation levels of agriculture, forestry, animal husbandry and fishery, food and beverage, utilities, leisure services, electrical equipment, automobiles and comprehensive industries are higher than the historical average;</p><p>Industries with both PE and PB valuations at historically high levels: the food and beverage and automotive industries have valuations higher than their historical averages;</p><p>Major indices: Price-to-book (PB) valuations of the SSE 50 and ChiNext indices are higher than their historical averages;</p><p>Major indices: PE valuations of the SSE 50 and SME Board indices are higher than their historical averages;</p><p>Indices with both PE and PB valuations at historical highs: the SSE 50 index has a valuation level higher than its 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: Intensifying geopolitical unrest, an unexpected outbreak of the Omicron epidemic in China, an unexpected tightening of the Federal Reserve's monetary policy and domestic monetary policy liquidity, and the publicly available information used in the research report may be outdated or untimely.</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 amid geopolitical turmoil and the pandemic?\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>Investment Points</p><p><b>This week's topic: Where will the market go amid geopolitical turmoil and the pandemic?</b></p><p>1) Geopolitical factors will continue to support high-level fluctuations in commodity prices in the short term, and the evolution of the Russia-Ukraine conflict will determine the sustainability of the rise in commodity prices. The Russia-Ukraine crisis is unlikely to be resolved in the short term. Geopolitical risks will continue to impact market sentiment, strengthening expectations of tightening supply and keeping related commodity prices high. Even if some countries choose to put pressure on commodity price increases by increasing production or finding alternative energy sources in the future, the unlikely change in the supply and demand pattern in the short term will limit the decline in commodity prices. Overall, given the prolonged geopolitical turmoil, commodity prices are likely to remain at high levels.</p><p>2) The Federal Reserve's unexpectedly hawkish stance may put pressure on overvalued sectors. Against the backdrop of high inflation in the United States coupled with geopolitical conflicts exacerbating the inflationary dilemma, a policy adjustment by the Federal Reserve is likely a foregone conclusion. However, the recent continued escalation of geopolitical risks may affect the future prospects of US economic growth, which will lead the Federal Reserve to be more cautious and flexible in its monetary policy decisions. Before a sharp decline in US stocks, the US economy, and inflation occurs, the Federal Reserve's hawkish stance 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 recent signals released by the Federal Reserve, March may favor rate hike by 25 basis points rather than 50 basis points, but the timing of the shrinking balance sheet is likely to be earlier, and the possibility of a \"shrinking balance sheet\" beginning in the second quarter cannot be ruled out.</p><p>3) The disruption caused by the domestic epidemic has strengthened the \"offensive and defensive\" allocation logic. Recently, with the spread of the COVID-19 pandemic in China and the high incidence of COVID-19 outbreaks overseas, and the large proportion of Omeprone infections in neighboring countries and regions, the pressure on domestic prevention and control is expected to further increase. With the recurring pandemic, the recovery in consumption has weakened. Assuming stronger epidemic prevention and control measures are taken in the future, the role of exports in driving the economy may weaken this year. Weak consumption and exports may put more severe downward pressure on the economy in the short term, but in the medium term, it will most likely guide policies to increase support for stabilizing growth. Market recovery will take time, but the end of the correction may be drawing near.</p><p>4) Which industry segments are revising their earnings forecasts upwards? Upstream is strong, while midstream and downstream are under pressure. March and April are a good window of opportunity to observe high-growth industries throughout the year. The market in March has already begun to gradually reflect the performance expectations of the first quarter reports. In mid-to-late April, the market will enter a period of intensive disclosure of annual and first quarter reports. The market often has a seasonal characteristic of \"spring restlessness and decision-making in April\". After the annual and first quarter reports are disclosed, the market will generally adjust its profit forecasts for listed companies. There is still disagreement in the market about whether efforts to stabilize growth are effective. Therefore, we are trying to find out which companies' recovery to stabilize growth is sustainable by looking for marginal changes in profit forecasts, and what the expected changes in fundamentals are.</p><p>Investment highlights: We will continue to focus on undervalued blue-chip stocks, and recommend paying attention to domestic substitution, military industry, anti-epidemic efforts, and gold sectors. Against the backdrop of geopolitical conflicts triggering volatility in global capital markets, a sharp rise in risk aversion, and the ongoing sporadic outbreak of the COVID-19 pandemic in many parts of China, investment opportunities in undervalued blue-chip stocks remain the most stable theme in the market. Although the overall valuation of growth stocks is constrained by rising inflation, the following sub-sectors are still worth paying attention to in terms of specific allocation: 1) For the demand for domestic substitution in the West as a whole: This crisis has made the relationship between the EU, Japan, South Korea and the UK and the US closer. From the perspective of supply chain security, except for the US, the domestic substitution of key components from the entire Western alliance may accelerate in the future. It is recommended to pay attention to: upstream semiconductor materials, Huawei's chip-related software ecosystem, etc. 2) With the emergence of modern Western equipment during the war, the increasing nuclear deterrence between the two sides, the military industry, especially OEMs that have benefited from the final year of the three-year pilot program for state-owned enterprise reform this year, deserve close attention. 3) In the pharmaceutical sector, considering the transmissibility of new viruses, in addition to nucleic acid testing and ventilators, focus should be placed on new vaccines such as mRNA. 4) Risk aversion is affecting the market. With high overseas inflation, geopolitical conflicts coupled with the global economic downturn, it is recommended to pay attention to the allocation value of the gold sector.</p><p>Risk warning: Intensifying geopolitical unrest, an unexpected outbreak of the Omicron epidemic in China, an unexpected tightening of the Federal Reserve's monetary policy and domestic monetary policy liquidity, and the publicly available information used in the research report may be outdated or untimely.</p><p>text</p><p><b>This week's topic: Where will the market go amid geopolitical turmoil and the pandemic?</b></p><p><b>1.1 Geopolitical factors will continue to support commodity prices in the short term.</b></p><p>Recently, geopolitical risks have continued to stir up the market. Due to the unique characteristics of Russia and Ukraine in the pricing of certain resources globally, the dispute between the two countries may lead to an increase in commodity prices. Apart from crude oil, whose prices are already at historical highs, the prices of agrochemical products and non-ferrous metals have generally risen. The spillover effects of the Russia-Ukraine conflict have also affected the international logistics market, causing shipping prices to rise. The reasons for this include not only geopolitical conflicts further exacerbating the already tight energy, crop, and metal supply situation, but also transportation disruptions and market panic caused by Western sanctions against Russia.</p><p>The geopolitical conflict is not over yet, and market expectations mainly follow the changes and fluctuations in the situation between Russia and Ukraine and quickly reflect the trend of commodity prices. On March 9, initial signs of easing tensions between Russia and Ukraine had already had a significant impact on the capital market, with oil and non-ferrous metal prices plummeting that day. However, this collective decline in commodity prices actually reflects more changes in sentiment than improvements in fundamentals, so it is too early to say at this time that the \"price increase wave\" is coming to an end. Recently, although the VIX index has fallen somewhat, it remains at a high level, indicating that market risk aversion has not yet completely subsided.</p><p>As mentioned earlier, the evolution of the Russia-Ukraine conflict will determine the sustainability of rising commodity prices. The current outlook for the Russia-Ukraine conflict is also unclear. Judging from the multiple rounds of negotiations between Russia and Ukraine and the subsequent disclosures by both sides, the two sides have taken a hardline stance and have not yet reached an agreement on a ceasefire agreement. Moreover, the frequent supply of weapons and equipment by NATO countries to Ukraine has also hindered the easing of the conflict. The Russia-Ukraine crisis is unlikely to be resolved in the short term. Geopolitical risks will continue to impact market sentiment, with increased expectations of tightening supply pushing up related commodity prices. Even if some countries choose to put pressure on commodity price increases in the future by increasing production (such as some OPEC members' statements to increase crude oil production) or finding alternative energy sources (the EU proposes to accelerate the promotion of renewable energy), the unlikely change in the supply and demand pattern in the short term will limit the decline in commodity prices. Overall, given the prolonged geopolitical turmoil, commodity prices are likely to remain at high levels.</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 Federal Reserve's unexpectedly hawkish stance may put pressure on overvalued sectors.</b></p><p>Against the backdrop of high inflation in the United States coupled with geopolitical conflicts exacerbating the inflationary dilemma, a policy adjustment by the Federal Reserve may be a foregone conclusion. On March 10, data released by the U.S. Department of Labor showed that the U.S. CPI rose 7.9% year-on-year in February, the highest increase in 40 years, and the core CPI rose to 6.4% year-on-year. Given that commodity prices may remain high due to 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 reinforced the necessity for the Federal Reserve to tighten monetary policy, and the better-than-expected recovery in employment in March has also provided greater room for maneuver for the Federal Reserve to shift its monetary policy. Overall, the Fed's policy adjustment may be a foregone conclusion.</p><p>Since December of last year, the Federal Reserve has frequently released rate hike signals, mainly based on the continued recovery of the U.S. economy and the most urgent pressure on inflation. However, the recent escalation of geopolitical risks may affect the future prospects for US economic growth, leading the Federal Reserve to be more cautious and flexible in its monetary policy decisions.</p><p>Before a sharp decline in US stocks, the US economy, and inflation occurs, the Federal Reserve's hawkish stance is likely to continue to exceed expectations. Although geopolitical conflicts may inhibit future U.S. economic growth to some extent, the fundamental principles of economic normalization have not changed, and with inflation currently high, the Federal Reserve's immediate priority remains 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. Powell had previously signaled a clearer pace and intensity of tightening during his testimony before Congress regarding the semi-annual monetary policy report. In terms of rate hike, the Federal Reserve may prefer March rate hike of 25 basis points rather than 50 basis points, but the timing of the shrinking balance sheet is likely to be earlier, and the possibility of starting a \"shrinking balance sheet\" in the second quarter cannot be 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 disruptions strengthen the \"offensive and defensive\" allocation logic</b></p><p>Recently, sporadic outbreaks of the epidemic have occurred in multiple locations across The number of COVID-19 cases reported nationwide remains high, the number of provinces affected by the epidemic continues to increase, and the infected strains are mainly the Omicron variant. As of March 9, 31 provinces (autonomous regions and municipalities) and the Xinjiang Production and Construction Corps had reported 402 new locally transmitted confirmed cases and 435 asymptomatic locally transmitted infections. A new feature of this round of the epidemic is that since the 6th, the number of new locally transmitted asymptomatic infections has been higher than the number of new locally transmitted cases for four consecutive days.</p><p>The Omeprone variant spreads faster and has milder infection symptoms than other variants, making punctate sporadic or even local outbreaks more likely to occur. The high outbreak of COVID-19 overseas, coupled with a large proportion of Omeprone infections in neighboring countries and regions, is expected to further increase the pressure on domestic prevention and control. Under the direction of epidemic recovery, the demand for products related to epidemic prevention and control will remain high, and funds will mostly flow to ventilators, effective vaccines, and effective drugs.</p><p>With the recurring pandemic, the recovery in consumption has weakened. In addition to the lack of scenarios caused by epidemic prevention and control restrictions dragging down consumption, the pandemic also suppressed residents' consumption capacity and willingness, which is reflected in the fact that before the pandemic, the growth rate of residents' income and expenditure was similar, but the gap widened significantly after the pandemic. Currently, consumption recovery is an inevitable trend driven by policies to stabilize growth, but with the pandemic not yet fully under control, the consumption recovery is weakening.</p><p>Assuming stronger epidemic prevention and control measures are taken in the future, the role of exports in driving the economy may weaken this year. Over the past two years, strong export growth has been one of the most important driving forces supporting the resilience of my country's economy. However, as economies around the world gradually adapt to the \"normalization of the pandemic,\" after June 2021, my country's share of global exports has returned to 14%, the level before the pandemic. As overseas supply chains may begin to recover, coupled with rising labor costs in my country, export growth may be sluggish and under increasing pressure.</p><p>Weak consumption and exports will put more severe downward pressure on the economy in the short term, but in the medium term, it may guide policies to increase support for stabilizing growth. Market recovery will take time, but the end of the correction may be drawing near.</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 upwards? Upstream is strong, while downstream is under pressure.</b></p><p>March and April are a good window of opportunity to observe high-growth industries throughout the year. The market in March has already begun to gradually reflect the performance expectations of the first quarter reports. In mid-to-late April, the market will enter a period of intensive disclosure of annual and first quarter reports. The market often has a seasonal characteristic of \"spring restlessness and decision-making in April\". After the annual and first quarter reports are disclosed, the market will generally adjust its profit forecasts for listed companies. There is still disagreement in the market about whether efforts to stabilize growth are effective. Therefore, we are trying to find out which companies' recovery to stabilize growth is sustainable by looking for marginal changes in profit forecasts, and what the expected changes in fundamentals are.</p><p>Overall, the upstream market is strong, while the midstream and downstream market are under pressure. The industries whose 2022 profit forecasts have been revised upwards are mainly in the infrastructure industry chain, the new energy vehicle industry chain, and the pharmaceutical sector. The primary sectors that have risen in the past two months include: non-ferrous metals (2.87%), basic chemicals (1.04%), power and utilities (0.84%), and steel (0.71%).</p><p>Upstream: The upward revision of raw material profits in the upstream sector focuses on infrastructure-related industries, among which rare metals, environmental protection and public utilities, and chemical raw materials have seen price increases. On the other hand, domestic economic and financial data for January and February will also be released, which will become an important basis for the market to judge the effect of the previous \"stabilizing growth\" policy and to predict the pace and intensity of subsequent policies. With the main theme of stabilizing growth being emphasized again, the layout of \"stabilizing growth\" in the short term and high-quality development in the long term is expected to continue, and the prosperity related to infrastructure is expected to continue.</p><p>In the midstream industry, the upward revision of profit forecasts is concentrated in sub-sectors with high demand, such as new energy batteries, automotive electronics, and lithium battery/photovoltaic/semiconductor equipment, whose prosperity remains high. Earnings forecasts for semiconductors, electronic components, and computer equipment in the TMT sector have been raised. Meanwhile, profit forecasts for the specialized machinery sector within the machinery and equipment industry have also continued to be raised. In mid-to-late March, on the one hand, indicators of the prosperity of popular sectors, such as new energy vehicle sales, were released one after another. Currently, there are significant differences in expectations for the prosperity of popular sectors in the market, and relevant data will become an important signal for confirming the prosperity. On the other hand, the prosperity of conceptual sectors such as semiconductor equipment, cloud computing, and optical communication may be showing a reversal trend.</p><p>In downstream consumption, profit forecasts for the commerce, agriculture and medical services, and medical distribution sectors have been significantly revised upward. Affected by both cost pressures and the setback in demand caused by the resurgence of the pandemic, the growth rate of the food and beverage industry has slowed down, and the performance of the consumer sector has also shown significant divergence. The retail sector has seen a significant reversal in expectations compared to the decline in profits in 2021, with the 2022 profit forecast raised by about 20%. Essential Consumer's performance has not yet seen a significant upward revision, and in the overall consumer sector, Essential Consumer's earnings expectations are still better than Essential Consumer's. However, in the short term, some grain commodities, including agrochemicals, are expected to rise in price due to the impact of the Russia-Ukraine conflict. Affected by this geopolitical conflict, global related prices...<a href=\"https://laohu8.com/S/000061\">agricultural products</a>High prices may boost the prosperity of agricultural products and affect expectations for live pig prices. This aspect deserves continued observation.</p><p><b>1.5 Investment Highlights: We will continue to focus on undervalued blue-chip stocks; we recommend paying attention to domestic substitution, military industry, pandemic relief, and gold sectors.</b></p><p>Against the backdrop of geopolitical conflicts triggering volatility in global capital markets, a sharp rise in risk aversion, and the ongoing sporadic outbreak of the COVID-19 pandemic in many parts of China, investment opportunities in undervalued blue-chip stocks remain the most stable theme in the market. Although the overall valuation of growth stocks is constrained by rising inflation, the following sub-sectors are still worth paying attention to in terms of specific allocation:</p><p>1) Domestic substitution demand for the entire West: This crisis has caused the EU, Japan and South Korea to completely align themselves with the UK and the US. From the perspective of supply chain security, except for the US, the domestic substitution of key components from the entire Western alliance may accelerate in the future. It is recommended to pay attention to: semiconductor upstream materials, Huawei's chip-related software ecosystem, etc.</p><p>2) With the emergence of modern Western equipment during the war and the increasing nuclear deterrence between the two sides, the military industry, especially OEMs, which benefited from the final year of the three-year pilot program for state-owned enterprise reform this year, deserve close attention.</p><p>3) In medicine, epidemic prevention items, considering the transmission ability of the virus, in addition to nucleic acid testing, ventilators, etc., focus on new vaccines such as mRNA.</p><p>4) Risk aversion is affecting the market, overseas inflation remains high, geopolitical conflicts coupled with a global economic downturn, and it is recommended to pay attention to the investment value of the gold sector.</p><p><b>Market Review and Outlook</b></p><p>Style Index: The market generally fell this week. The CSI 500 and SME Composite Index led the decline. In terms of activity, turnover rates across all industries generally rebounded, with the turnover rate of the Shenzhen Component Index rising significantly.</p><p>Major industry categories: Healthcare and daily consumption performed relatively well this week, while discretionary consumption and real estate performed relatively poorly. In terms of activity, the energy turnover rate has declined significantly, while the healthcare turnover rate has rebounded significantly.</p><p>Primary industries: Primary industries generally declined this week, with home appliances and non-ferrous metals leading the decline. In terms of activity, the turnover rate in the pharmaceutical and media sectors rebounded relatively significantly, while the turnover rate in the defense and military industry 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>III. Emotional Indicator Tracking</b></p><p>Overall market activity: Since 2010, the average daily turnover rate across the A-share market has been roughly 0.4%-1.4%. After smoothing out on the 20th, the turnover rate of all A-shares declined slightly this week. As of March 11, the daily turnover rate reached 1.36%, which is at the historical 82.43rd percentile. The turnover rate of the ChiNext Index is roughly 2%-8%. After smoothing out on the 20th, the turnover rate of the ChiNext Index fluctuated upwards. As of March 11, 2022, the daily turnover rate of the ChiNext index was 13.50%, which is at the 90.6th percentile historically.</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-exchange margin trading: The margin trading balance rebounded slightly this week. As of March 10, the margin trading balance was 1.6194 trillion yuan, a decrease of 8.63 billion yuan from last week. After smoothing out on the 5th, the proportion of margin buying in the total market turnover decreased by 0.2% compared to the previous week.</p><p>Newly listed stock indicators: After smoothing out on the 5th, the turnover rate of newly listed stocks rebounded slightly compared to last week. As of March 11, the average turnover rate of newly listed stocks on the 5th reached 9.12%, which is in the historical 87.14% percentile.</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>IV. Valuation Indicator Tracking</b></p><p>Major industry valuations: Among the price-to-book (PB) valuations, the basic non-ferrous metals, basic chemicals, power equipment and new energy, defense and military, automotive, consumer services, food and beverage, and electronics industries have valuations higher than their historical averages;</p><p>Major industry valuations: Among PE valuations, the valuation levels of agriculture, forestry, animal husbandry and fishery, food and beverage, utilities, leisure services, electrical equipment, automobiles and comprehensive industries are higher than the historical average;</p><p>Industries with both PE and PB valuations at historically high levels: the food and beverage and automotive industries have valuations higher than their historical averages;</p><p>Major indices: Price-to-book (PB) valuations of the SSE 50 and ChiNext indices are higher than their historical averages;</p><p>Major indices: PE valuations of the SSE 50 and SME Board indices are higher than their historical averages;</p><p>Indices with both PE and PB valuations at historical highs: the SSE 50 index has a valuation level higher than its 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: Intensifying geopolitical unrest, an unexpected outbreak of the Omicron epidemic in China, an unexpected tightening of the Federal Reserve's monetary policy and domestic monetary policy liquidity, and the publicly available information used in the research report may be outdated or untimely.</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华宝","000300.SH":"沪深300","SPY":"标普500ETF","SDOW":"三倍做空道指30ETF-ProShares",".DJI":"道琼斯","09939":"开拓药业-B","BK4559":"巴菲特持仓",".IXIC":"NASDAQ Composite","XPP":"二倍做多富时中国50ETF(ProShares)","BK4550":"红杉资本持仓","GLD":"黄金ETF-SPDR","DUST":"二倍做空黄金矿业指数ETF-Direxion",".SPX":"S&P 500 Index","SSO":"2倍做多标普500ETF-ProShares","NUGT":"二倍做多黄金矿业指数ETF-Direxion","SH":"做空标普500-Proshares","PSQ":"做空纳斯达克100指数ETF-ProShares","IAU":"黄金信托ETF-iShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","000016.SH":"上证50","IVV":"标普500ETF-iShares","TQQQ":"纳指三倍做多ETF","QID":"两倍做空纳斯达克指数ETF-ProShares","GDX":"黄金矿业ETF-VanEck","OEX":"标普100","OEF":"标普100指数ETF-iShares","BK4534":"瑞士信贷持仓","DXD":"两倍做空道琼30指数ETF-ProShares","DJX":"1/100道琼斯","YXI":"ProShares做空FTSE中国50ETF","BK1574":"生物医药B类股","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","DOG":"道指ETF-ProShares做空","UDOW":"三倍做多道指30ETF-ProShares","FXP":"二倍做空富时中国50ETF-ProShares","QQQ":"纳指100ETF"},"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,"CNmain":0.9,"UPRO":0.6,"QID":0.6,"DXD":0.6,"ESmain":0.6,"MNQmain":0.6,"SH":0.6,"DDM":0.6,"QLD":0.6,"UDOW":0.6,"000016.SH":0.6,"DOG":0.6,"000300.SH":0.6,"SQQQ":0.6,"XPP":0.6,"MGCmain":0.6,"SGCmain":0.6,"09939":0.9,"NQmain":0.6,"SPY":0.9,"GLD":0.6,"NUGT":0.6,"SDOW":0.6,"GDX":0.6,"IAU":0.6,"OEF":0.6,"DJX":0.6,"IVV":0.6,".SPX":0.6,"SSO":0.6,"FXP":0.6,"OEX":0.6,"QQQ":0.6,"TQQQ":0.6,"SPXU":0.6,"PSQ":0.6,"GCmain":0.9,".IXIC":0.9,".DJI":0.9,"YXI":0.6,"DUST":0.6,"SGUmain":0.6}},"isVote":1,"tweetType":1,"viewCount":5100,"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":[],"title":"","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":4818,"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":[],"title":"","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":"Which hydrogen energy companies are listed on the Hong Kong Stock Exchange","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 are the prospects for 2022? We will be publishing different articles soon, so please stay tuned. In China's dual-carbon environment, new energy remained the mainstream in 2022, and each sub-sector in this field had different stages of development. The use of hydrogen fuel cell vehicles during the Winter Olympics will boost the development of hydrogen energy, and hydrogen energy may reach a new stage next year. What hydrogen energy stocks in Hong Kong are worth watching?</p><p><h3><b>Choosing between new energy sources?</b></h3>Among the many sectors, new energy remains the most promising core asset in a carbon neutral environment. In high-growth sectors such as new energy vehicles and photovoltaics, the prices of upstream raw materials for photovoltaics are gradually easing, and downstream demand for photovoltaics will be further released. Currently, equipping wind and solar power plants with energy storage projects is standard equipment, and next year will open a new chapter in the energy storage sub-sector.</p><p>Another promising aspect is the hydrogen energy industry. Since the beginning of this year, the development of hydrogen energy in China has been booming. Currently, more than 20 provinces and more than 40 prefecture-level cities have released hydrogen energy plans, with a planned industry scale exceeding one trillion yuan, and have introduced relevant subsidy and support policies for the hydrogen energy and fuel cell industries. Many central state-owned enterprises and listed companies are also vying 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 to 2035, and a series of policies were implemented at an accelerated pace. Recently, five departments jointly issued the \"Notice on Launching the Demonstration Application of Fuel Cell Vehicles\". The city clusters submitted by Beijing, Shanghai and Guangdong Province have become the first batch of demonstration cities. During the four-year demonstration period, each city cluster can receive a maximum subsidy of 1.7 billion yuan from the central government.</p><p><h3><b>Hydrogen energy enters the practical stage</b></h3>Hydrogen energy will continue to gain momentum at the upcoming 2022 Beijing Winter Olympics. Numerous Chinese hydrogen energy brands will contribute to the Beijing Winter Olympics through green technology and will also lead future human lifestyles. Large-scale testing of hydrogen-powered logistics vehicles and large transport vehicles. This proves that hydrogen energy is the first step into practical application. As its use becomes more widespread across various regions and basic equipment begins to improve, the industry is in the initial stage of explosive growth.</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 hydrogen refueling services through five hydrogen refueling stations in the competition area. Among them, there will be 212 \"100% domestic\" hydrogen fuel cell buses. Taking advantage of the Winter Olympics, local hydrogen energy companies that participated in serving the Winter Olympics overcame many technical challenges and also promoted the development of domestic hydrogen energy-related technologies.</p><p>As an emerging industry, hydrogen energy also faces problems such as an immature standards system and an incomplete industrial chain and supporting facilities. The biggest problem with hydrogen fuel cells is not in the hydrogen production process, but in the storage, transportation, and refueling processes. Currently, the cost of hydrogen production can be controlled at around 10 yuan per kilogram, but the storage, transportation and refueling processes cost 30 yuan. This part of the cost must be reduced.</p><p><h3><b>A detailed list of Hong Kong-listed hydrogen energy companies</b></h3>I've written about hydrogen energy development several times this year, and I'll list several Hong Kong stocks with different concepts one by one. Which companies will still be investing in hydrogen energy development next year? What new forces are entering the fray?</p><p>By the end of 2020, my country had 7,352 fuel cell vehicles. The construction of hydrogen refueling stations has gradually accelerated, and by the end of 2020, 128 hydrogen refueling stations had been completed. With the Winter Olympics driving the development of domestic hydrogen energy companies and several cities proposing hydrogen energy development plans for 2025, next year will be a year of accelerated hydrogen energy application.</p><p><b>Regarding hydrogen production:</b></p><p><b>Sinopec</b></p><p><a href=\"https://laohu8.com/S/SNP\">Sinopec</a>As one of the largest integrated energy and chemical companies in China, Sinopec's \"one base, two wings and three new\" industrial structure helps achieve carbon peaking and carbon neutrality. The annual production capacity of pre-hydrogen exceeds 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 deploy 1,000 hydrogen refueling stations</b></p><p>Meanwhile, Sinopec plans to deploy 1,000 hydrogen refueling stations or oil-hydrogen combined stations to help hydrogen energy become Sinopec's most competitive strategic emerging business. We have comprehensively promoted the construction of the entire hydrogen energy industry chain and made breakthroughs in multiple fields such as hydrogen refueling stations, hydrogen production technology, hydrogen fuel cells, and hydrogen storage materials.</p><p>On September 9, Sinopec fully launched its hydrogen energy services for the Winter Olympics. In the two major competition zones of Chongli and Yanqing, Beijing, four hydrogen refueling stations serving the Winter Olympics were officially put into operation: Beijing Qingyuan Street Hydrogen Refueling Station, Beijing Wangquanying Hydrogen Refueling Station, Beijing Yanhua Xinglong Oil-Hydrogen Co-construction Station, and Hebei Chongli Xiwanzi Hydrogen Refueling Station.</p><p><b>PetroChina</b></p><p>Like Sinopec, PetroChina is a major energy and chemical company in China. On October 20, China National Petroleum Corporation (CNPC) released its \"Winter Olympics According to the plan, China National Petroleum Corporation (CNPC) will provide comprehensive support for the Winter Olympics in five aspects: oil, gas, hydrogen, meals, and accommodation.</p><p>In terms of hydrogen energy, China National Petroleum Corporation (CNPC) is expected to provide services for 816 hydrogen fuel cell vehicles, supplying 155 tons of hydrogen energy, which will allow these vehicles to travel a total of 2.32 million kilometers.</p><p><b>Xuyang</b></p><p>Xuyang uses coke oven gas to produce hydrogen. Last year, it made every effort to develop the hydrogen energy industry. As one of the first batch of enterprises selected for the \"List of Key Hydrogen Energy Industry Projects in Hebei Province in 2020\", Xuyang Group has the ability to produce high-purity hydrogen with a purity of 99.999% and is working hand in hand with the Dingzhou Municipal People's Government to build a hydrogen energy application demonstration city.</p><p>Xuyang has several hydrogen energy projects underway, including a planned hydrogen refueling station in Dingzhou that integrates oil, gas, and hydrogen, which is expected to be completed in January 2022. The plan is to build 10 hydrogen refueling stations around Hohhot within the next five years. At the same time, we will actively explore the planning and construction of a hydrogen pipeline from Qingshuihe County to Beijing, which, once laid and put into operation, will serve as an important hydrogen supply guarantee pipeline for cities along the route, such as Hohhot, Zhangjiakou, and Beijing.</p><p><b>Jinma Energy</b></p><p>Jinma Energy is mainly engaged in the production of coke and the production of coking by-products such as benzene, coal tar and raw coal gas. The business covers 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, and 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>According to Xintian Green Energy's annual report last year, the company, together with Hebei University of Science and Technology and other institutions, jointly applied for the \"Large-scale Renewable Energy Coupling Hydrogen Production Key Technology and Application Demonstration\" project, which is a project to convert wind power into hydrogen energy.</p><p>It uses wind power to produce hydrogen, and currently has a 10MW water electrolysis hydrogen production system.</p><p><b>GCL New Energy</b></p><p>GCL New Energy officially released its hydrogen energy strategy at the end of July. The strategy consists of two parts: blue hydrogen and green hydrogen. The initial goal of the blue hydrogen project is to build an annual production capacity of 2.3 million tons of synthetic ammonia, gradually expanding the capacity to an annual production scale of 4 million tons, which can supply 700,000 tons of blue hydrogen to China. Green Hydrogen's goal is to build 100 integrated energy stations by 2025, reaching an annual production capacity of 400,000 tons.</p><p>On December 19, GCL New Energy and GCL-Poly (03800.HK) jointly announced the signing of a long-term natural gas procurement framework agreement. This signifies that GCL New Energy will 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>Backed by CIMC Enric<a href=\"https://laohu8.com/S/000039\">CIMC Group</a>It has its own industrial chain advantages. CIMC Enric has been making significant investments in the hydrogen energy industry in recent years. In May last year, it signed a strategic cooperation agreement with Norwegian-listed company Hexagon to jointly expand the Chinese hydrogen storage and transportation equipment market.</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 partnership involves the production and storage solutions for Type III and Type IV hydrogen storage cylinders, as well as the production of hydrogen supply systems. The company and Ansteel Energy Technology Co., Ltd. launched a coke oven gas-to-liquefied natural gas (LNG) hydrogen production project, which has entered the hydrogen production stage and is characterized by great resource potential and low cost.</p><p><b>Beijing Electromechanical</b></p><p>In March last year, 52 million yuan was raised to build a Type IV hydrogen storage cylinder production line, and on May 17 this year, Type IV cylinders with completely independent intellectual property rights were launched. Currently, Type IV bottles are not in mass production, while Type III fully wound bottles are already in operation, and the overall technology is relatively mature.</p><p>Jingcheng Electromechanical's main business is the manufacturing of gas storage and transportation equipment, and it does not involve the hydrogen energy cell industry. Moreover, the sales revenue of the company's hydrogen storage cylinders and other related products accounts for a smaller proportion compared to the company's other main products. Beijing Electromechanical Group's stock price surged for a period of time and is currently undergoing a correction. Be cautious when entering the market.</p><p><b>technical field of fuel cell</b></p><p><b>Weichai Power</b></p><p><a href=\"https://laohu8.com/S/02338\">Weichai Power</a>The company acquired a 20% stake in Ceres Power for £48 million, and began a comprehensive collaboration with it in the field of solid oxide fuel cells (SOFC technology). The first phase of the collaboration will involve jointly developed fuel cells for range-extended systems for 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 its hydrogen fuel cell system</b></p><p>Benefiting from its advantages in the heavy truck sector, it entered the hydrogen energy industry earlier than other companies in the industry. Weichai Power's hydrogen fuel cell and reactor-related products are mainly used in...<a href=\"https://laohu8.com/S/000957\">ZTO 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>Waiting for customers. Shaanxi Heavy Duty Truck Group is a holding subsidiary of the company, and hydrogen fuel cell vehicles are also one of its strategic businesses.</p><p><b>Yingheng Technology</b></p><p>Ingenic Technology has strong R&D capabilities and is a pioneer in the development of hydrogen fuel cell vehicles. The company's solutions include fuel cell control and high-speed air compressor controllers.</p><p>Yingheng has designed a high-speed air compressor controller that can achieve speed control of over 100,000 rpm, and this product has also been accepted by China's largest hydrogen fuel cell vehicle manufacturer. An air compressor provides the oxygen needed for electrochemical reactions inside a fuel cell. It is one of the key components and accounts for one-quarter of the cost of a fuel cell engine. According to securities firms, the unit price of this product is 10,000 yuan.</p><p>Recently, a subsidiary, Shanghai Hydrogen Heng Automotive Electronics Co., Ltd., The new company originates from the group's fuel cell controller division and 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 formation 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 companies such as Mercedes-Benz and Ford, Dongyue Hydrogen Energy has become one of the very few companies in the world to provide mass-produced proton exchange membranes for fuel cell vehicles. Judging from the current domestic situation, the production and sales volume of its proton exchange membrane fuel cells far surpass that of other automotive 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 a capital increase and share expansion in 2020. Participants in Dongfang Hydrogen Energy's mixed-ownership reform include Three Gorges Capital, Zhongtian Bishui, Dongfang Hydrogen Energy Fund, and Dongfang Hydrogen Energy Holding Platform. This move aims to effectively leverage the advantages of each company, integrate resources from multiple parties, and focus on solving \"bottleneck\" problems such as core components in the hydrogen energy and fuel cell industry, so as to achieve coordinated development and transformation and upgrading of the hydrogen energy industry chain and value chain.</p><p>Dongfang Hydrogen Energy is one of the few fuel cell companies in China capable of equipping 100 hydrogen-powered buses.</p><p><b>Shanghai Electric</b></p><p><a href=\"https://laohu8.com/S/02727\">Shanghai Electric</a>The power plant group is a core industrial segment of Shanghai Electric, specializing in power generation equipment manufacturing, power plant engineering construction, and power plant engineering services. Shanghai Electric began researching proton exchange membrane fuel cell technology in 2016. After three years of independent research and development, it has successfully developed fuel cell engine systems, stacks and membrane electrode technologies and products.</p><p>In 2019, Shanghai Electric 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 technological reserve and industrial competitiveness in the fuel cell system-stack-membrane electrode industry chain.</p><p><b>hydrogen fuel cell vehicle</b></p><p>The application of hydrogen energy in my country's transportation sector follows the path of developing commercial vehicles first and passenger vehicles later. According to data from the National Testing and Management Platform for New Energy Vehicles, in 2020, my country had 2,500 fuel cell buses, 4,070 trucks, and 780 logistics vehicles, respectively.</p><p>Among them, Zhongtong Bus, SAIC Maxus, Yutong Bus, Yaxing Bus, Foton Bus, Shanghai Shenlong, and Foshan Feichi are the main manufacturers of hydrogen-powered vehicles.</p><p><b>GAC Group</b></p><p>Now<a href=\"https://laohu8.com/S/02238\">GAC Group</a>The company is moving quickly. It has released the GAC Aion LX Fuel Cell hydrogen Fuel Cell model, which was included in the Ministry of Industry and Information Technology's recommended catalog this year. It has a top speed of 160 km/h, a range of up to 650 km, and can complete hydrogen refueling in 3-5 minutes, which is almost identical to the user experience of a traditional gasoline vehicle.</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 began trial operation on ride-hailing platforms in Guangzhou in October this year, with an initial batch of 10 vehicles deployed, and 10,000 vehicles planned to be deployed over four years.</p><p><b>Great Wall</b></p><p>Great Wall Motors released products such as a 95kW passenger vehicle fuel cell system engine, a platform fuel cell stack that can be expanded to a maximum of 150kW, and a 70MPa high-pressure hydrogen storage tank valve and pressure reducing valve. The 95kW passenger vehicle fuel cell system engine has been successfully installed.<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 13, Qingling held a signing and delivery ceremony for the first batch of customers for its hydrogen fuel cell vehicles in Chongqing.</p><p>Qingling Motors and Bosch of Germany have established their first hydrogen fuel cell engine joint venture outside of 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, key components required for Qingling's hydrogen-powered vehicles have been produced locally, driving the localization of the upstream and downstream industrial chains.</p><p><b>Sinotruk</b></p><p>The downturn in the heavy-duty truck market may continue into next year, and the management of Sinotruk believes that it can further consolidate its industry leadership with the launch of new models, overseas expansion and cost-saving measures. In addition, the government's proposal to deploy infrastructure ahead of schedule is conducive to the recovery of the heavy truck market.</p><p>China National Heavy Duty Truck Group (CNHTC) has achieved a comprehensive product portfolio in the field of new energy heavy trucks, covering power forms such as pure electric, hybrid, and hydrogen fuel cells, with types involving multiple product sub-sectors such as trucks, dump trucks, tractors, special vehicles, and mixer trucks.</p><p><img src=\"https://static.tigerbbs.com/afd729eb7a31014654764fe5e0c3fb89\" tg-width=\"640\" tg-height=\"456\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">China National Heavy Duty Truck Group (CNHTC) stated that it delivered a self-developed fuel cell-equipped snow truck to the Winter Olympics, which currently has the largest power output in China. The Yellow River heavy-duty tractor, independently developed by China National Heavy Duty Truck Group (CNHTC), is equipped with a WEF160 hydrogen fuel cell and is the first 162kw fuel cell heavy-duty truck in China, achieving environmentally friendly zero emissions.<b>The fuel cell system of this Yellow River brand fuel cell tractor is from Weichai Power.</b></p><p><h3><b>epilogue</b></h3>In 2021, Hong Kong stocks entered a bear market, falling for more than 10 months, with a drop of 27%. Entering 2022, the new energy sector remains one of the core areas of focus. This year, green electricity has gained momentum, with many power stocks rising several times over, becoming a safe haven amid market declines. As the proportion of green electricity increases, the energy storage industry and hydrogen energy are key sub-sectors to focus on next year. In addition, taking advantage of the Winter Olympics, we will participate in local hydrogen energy companies serving the Winter Olympics to promote the development of hydrogen energy. Next year, results will gradually emerge in hydrogen fuel cell buses, trucks, and logistics vehicles. More than 20 provinces and more than 40 prefecture-level cities have already released hydrogen energy plans, with a planned industry scale exceeding one trillion yuan. Many central state-owned enterprises and listed companies are also competing to develop hydrogen energy, which is worth paying attention to.</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>Which hydrogen energy companies are listed on the Hong Kong Stock Exchange</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\">\nWhich hydrogen energy companies are listed on the Hong Kong Stock Exchange\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 are the prospects for 2022? We will be publishing different articles soon, so please stay tuned. In China's dual-carbon environment, new energy remained the mainstream in 2022, and each sub-sector in this field had different stages of development. The use of hydrogen fuel cell vehicles during the Winter Olympics will boost the development of hydrogen energy, and hydrogen energy may reach a new stage next year. What hydrogen energy stocks in Hong Kong are worth watching?</p><p><h3><b>Choosing between new energy sources?</b></h3>Among the many sectors, new energy remains the most promising core asset in a carbon neutral environment. In high-growth sectors such as new energy vehicles and photovoltaics, the prices of upstream raw materials for photovoltaics are gradually easing, and downstream demand for photovoltaics will be further released. Currently, equipping wind and solar power plants with energy storage projects is standard equipment, and next year will open a new chapter in the energy storage sub-sector.</p><p>Another promising aspect is the hydrogen energy industry. Since the beginning of this year, the development of hydrogen energy in China has been booming. Currently, more than 20 provinces and more than 40 prefecture-level cities have released hydrogen energy plans, with a planned industry scale exceeding one trillion yuan, and have introduced relevant subsidy and support policies for the hydrogen energy and fuel cell industries. Many central state-owned enterprises and listed companies are also vying 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 to 2035, and a series of policies were implemented at an accelerated pace. Recently, five departments jointly issued the \"Notice on Launching the Demonstration Application of Fuel Cell Vehicles\". The city clusters submitted by Beijing, Shanghai and Guangdong Province have become the first batch of demonstration cities. During the four-year demonstration period, each city cluster can receive a maximum subsidy of 1.7 billion yuan from the central government.</p><p><h3><b>Hydrogen energy enters the practical stage</b></h3>Hydrogen energy will continue to gain momentum at the upcoming 2022 Beijing Winter Olympics. Numerous Chinese hydrogen energy brands will contribute to the Beijing Winter Olympics through green technology and will also lead future human lifestyles. Large-scale testing of hydrogen-powered logistics vehicles and large transport vehicles. This proves that hydrogen energy is the first step into practical application. As its use becomes more widespread across various regions and basic equipment begins to improve, the industry is in the initial stage of explosive growth.</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 hydrogen refueling services through five hydrogen refueling stations in the competition area. Among them, there will be 212 \"100% domestic\" hydrogen fuel cell buses. Taking advantage of the Winter Olympics, local hydrogen energy companies that participated in serving the Winter Olympics overcame many technical challenges and also promoted the development of domestic hydrogen energy-related technologies.</p><p>As an emerging industry, hydrogen energy also faces problems such as an immature standards system and an incomplete industrial chain and supporting facilities. The biggest problem with hydrogen fuel cells is not in the hydrogen production process, but in the storage, transportation, and refueling processes. Currently, the cost of hydrogen production can be controlled at around 10 yuan per kilogram, but the storage, transportation and refueling processes cost 30 yuan. This part of the cost must be reduced.</p><p><h3><b>A detailed list of Hong Kong-listed hydrogen energy companies</b></h3>I've written about hydrogen energy development several times this year, and I'll list several Hong Kong stocks with different concepts one by one. Which companies will still be investing in hydrogen energy development next year? What new forces are entering the fray?</p><p>By the end of 2020, my country had 7,352 fuel cell vehicles. The construction of hydrogen refueling stations has gradually accelerated, and by the end of 2020, 128 hydrogen refueling stations had been completed. With the Winter Olympics driving the development of domestic hydrogen energy companies and several cities proposing hydrogen energy development plans for 2025, next year will be a year of accelerated hydrogen energy application.</p><p><b>Regarding hydrogen production:</b></p><p><b>Sinopec</b></p><p><a href=\"https://laohu8.com/S/SNP\">Sinopec</a>As one of the largest integrated energy and chemical companies in China, Sinopec's \"one base, two wings and three new\" industrial structure helps achieve carbon peaking and carbon neutrality. The annual production capacity of pre-hydrogen exceeds 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 deploy 1,000 hydrogen refueling stations</b></p><p>Meanwhile, Sinopec plans to deploy 1,000 hydrogen refueling stations or oil-hydrogen combined stations to help hydrogen energy become Sinopec's most competitive strategic emerging business. We have comprehensively promoted the construction of the entire hydrogen energy industry chain and made breakthroughs in multiple fields such as hydrogen refueling stations, hydrogen production technology, hydrogen fuel cells, and hydrogen storage materials.</p><p>On September 9, Sinopec fully launched its hydrogen energy services for the Winter Olympics. In the two major competition zones of Chongli and Yanqing, Beijing, four hydrogen refueling stations serving the Winter Olympics were officially put into operation: Beijing Qingyuan Street Hydrogen Refueling Station, Beijing Wangquanying Hydrogen Refueling Station, Beijing Yanhua Xinglong Oil-Hydrogen Co-construction Station, and Hebei Chongli Xiwanzi Hydrogen Refueling Station.</p><p><b>PetroChina</b></p><p>Like Sinopec, PetroChina is a major energy and chemical company in China. On October 20, China National Petroleum Corporation (CNPC) released its \"Winter Olympics According to the plan, China National Petroleum Corporation (CNPC) will provide comprehensive support for the Winter Olympics in five aspects: oil, gas, hydrogen, meals, and accommodation.</p><p>In terms of hydrogen energy, China National Petroleum Corporation (CNPC) is expected to provide services for 816 hydrogen fuel cell vehicles, supplying 155 tons of hydrogen energy, which will allow these vehicles to travel a total of 2.32 million kilometers.</p><p><b>Xuyang</b></p><p>Xuyang uses coke oven gas to produce hydrogen. Last year, it made every effort to develop the hydrogen energy industry. As one of the first batch of enterprises selected for the \"List of Key Hydrogen Energy Industry Projects in Hebei Province in 2020\", Xuyang Group has the ability to produce high-purity hydrogen with a purity of 99.999% and is working hand in hand with the Dingzhou Municipal People's Government to build a hydrogen energy application demonstration city.</p><p>Xuyang has several hydrogen energy projects underway, including a planned hydrogen refueling station in Dingzhou that integrates oil, gas, and hydrogen, which is expected to be completed in January 2022. The plan is to build 10 hydrogen refueling stations around Hohhot within the next five years. At the same time, we will actively explore the planning and construction of a hydrogen pipeline from Qingshuihe County to Beijing, which, once laid and put into operation, will serve as an important hydrogen supply guarantee pipeline for cities along the route, such as Hohhot, Zhangjiakou, and Beijing.</p><p><b>Jinma Energy</b></p><p>Jinma Energy is mainly engaged in the production of coke and the production of coking by-products such as benzene, coal tar and raw coal gas. The business covers 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, and 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>According to Xintian Green Energy's annual report last year, the company, together with Hebei University of Science and Technology and other institutions, jointly applied for the \"Large-scale Renewable Energy Coupling Hydrogen Production Key Technology and Application Demonstration\" project, which is a project to convert wind power into hydrogen energy.</p><p>It uses wind power to produce hydrogen, and currently has a 10MW water electrolysis hydrogen production system.</p><p><b>GCL New Energy</b></p><p>GCL New Energy officially released its hydrogen energy strategy at the end of July. The strategy consists of two parts: blue hydrogen and green hydrogen. The initial goal of the blue hydrogen project is to build an annual production capacity of 2.3 million tons of synthetic ammonia, gradually expanding the capacity to an annual production scale of 4 million tons, which can supply 700,000 tons of blue hydrogen to China. Green Hydrogen's goal is to build 100 integrated energy stations by 2025, reaching an annual production capacity of 400,000 tons.</p><p>On December 19, GCL New Energy and GCL-Poly (03800.HK) jointly announced the signing of a long-term natural gas procurement framework agreement. This signifies that GCL New Energy will 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>Backed by CIMC Enric<a href=\"https://laohu8.com/S/000039\">CIMC Group</a>It has its own industrial chain advantages. CIMC Enric has been making significant investments in the hydrogen energy industry in recent years. In May last year, it signed a strategic cooperation agreement with Norwegian-listed company Hexagon to jointly expand the Chinese hydrogen storage and transportation equipment market.</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 partnership involves the production and storage solutions for Type III and Type IV hydrogen storage cylinders, as well as the production of hydrogen supply systems. The company and Ansteel Energy Technology Co., Ltd. launched a coke oven gas-to-liquefied natural gas (LNG) hydrogen production project, which has entered the hydrogen production stage and is characterized by great resource potential and low cost.</p><p><b>Beijing Electromechanical</b></p><p>In March last year, 52 million yuan was raised to build a Type IV hydrogen storage cylinder production line, and on May 17 this year, Type IV cylinders with completely independent intellectual property rights were launched. Currently, Type IV bottles are not in mass production, while Type III fully wound bottles are already in operation, and the overall technology is relatively mature.</p><p>Jingcheng Electromechanical's main business is the manufacturing of gas storage and transportation equipment, and it does not involve the hydrogen energy cell industry. Moreover, the sales revenue of the company's hydrogen storage cylinders and other related products accounts for a smaller proportion compared to the company's other main products. Beijing Electromechanical Group's stock price surged for a period of time and is currently undergoing a correction. Be cautious when entering the market.</p><p><b>technical field of fuel cell</b></p><p><b>Weichai Power</b></p><p><a href=\"https://laohu8.com/S/02338\">Weichai Power</a>The company acquired a 20% stake in Ceres Power for £48 million, and began a comprehensive collaboration with it in the field of solid oxide fuel cells (SOFC technology). The first phase of the collaboration will involve jointly developed fuel cells for range-extended systems for 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 its hydrogen fuel cell system</b></p><p>Benefiting from its advantages in the heavy truck sector, it entered the hydrogen energy industry earlier than other companies in the industry. Weichai Power's hydrogen fuel cell and reactor-related products are mainly used in...<a href=\"https://laohu8.com/S/000957\">ZTO 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>Waiting for customers. Shaanxi Heavy Duty Truck Group is a holding subsidiary of the company, and hydrogen fuel cell vehicles are also one of its strategic businesses.</p><p><b>Yingheng Technology</b></p><p>Ingenic Technology has strong R&D capabilities and is a pioneer in the development of hydrogen fuel cell vehicles. The company's solutions include fuel cell control and high-speed air compressor controllers.</p><p>Yingheng has designed a high-speed air compressor controller that can achieve speed control of over 100,000 rpm, and this product has also been accepted by China's largest hydrogen fuel cell vehicle manufacturer. An air compressor provides the oxygen needed for electrochemical reactions inside a fuel cell. It is one of the key components and accounts for one-quarter of the cost of a fuel cell engine. According to securities firms, the unit price of this product is 10,000 yuan.</p><p>Recently, a subsidiary, Shanghai Hydrogen Heng Automotive Electronics Co., Ltd., The new company originates from the group's fuel cell controller division and 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 formation 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 companies such as Mercedes-Benz and Ford, Dongyue Hydrogen Energy has become one of the very few companies in the world to provide mass-produced proton exchange membranes for fuel cell vehicles. Judging from the current domestic situation, the production and sales volume of its proton exchange membrane fuel cells far surpass that of other automotive 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 a capital increase and share expansion in 2020. Participants in Dongfang Hydrogen Energy's mixed-ownership reform include Three Gorges Capital, Zhongtian Bishui, Dongfang Hydrogen Energy Fund, and Dongfang Hydrogen Energy Holding Platform. This move aims to effectively leverage the advantages of each company, integrate resources from multiple parties, and focus on solving \"bottleneck\" problems such as core components in the hydrogen energy and fuel cell industry, so as to achieve coordinated development and transformation and upgrading of the hydrogen energy industry chain and value chain.</p><p>Dongfang Hydrogen Energy is one of the few fuel cell companies in China capable of equipping 100 hydrogen-powered buses.</p><p><b>Shanghai Electric</b></p><p><a href=\"https://laohu8.com/S/02727\">Shanghai Electric</a>The power plant group is a core industrial segment of Shanghai Electric, specializing in power generation equipment manufacturing, power plant engineering construction, and power plant engineering services. Shanghai Electric began researching proton exchange membrane fuel cell technology in 2016. After three years of independent research and development, it has successfully developed fuel cell engine systems, stacks and membrane electrode technologies and products.</p><p>In 2019, Shanghai Electric 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 technological reserve and industrial competitiveness in the fuel cell system-stack-membrane electrode industry chain.</p><p><b>hydrogen fuel cell vehicle</b></p><p>The application of hydrogen energy in my country's transportation sector follows the path of developing commercial vehicles first and passenger vehicles later. According to data from the National Testing and Management Platform for New Energy Vehicles, in 2020, my country had 2,500 fuel cell buses, 4,070 trucks, and 780 logistics vehicles, respectively.</p><p>Among them, Zhongtong Bus, SAIC Maxus, Yutong Bus, Yaxing Bus, Foton Bus, Shanghai Shenlong, and Foshan Feichi are the main manufacturers of hydrogen-powered vehicles.</p><p><b>GAC Group</b></p><p>Now<a href=\"https://laohu8.com/S/02238\">GAC Group</a>The company is moving quickly. It has released the GAC Aion LX Fuel Cell hydrogen Fuel Cell model, which was included in the Ministry of Industry and Information Technology's recommended catalog this year. It has a top speed of 160 km/h, a range of up to 650 km, and can complete hydrogen refueling in 3-5 minutes, which is almost identical to the user experience of a traditional gasoline vehicle.</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 began trial operation on ride-hailing platforms in Guangzhou in October this year, with an initial batch of 10 vehicles deployed, and 10,000 vehicles planned to be deployed over four years.</p><p><b>Great Wall</b></p><p>Great Wall Motors released products such as a 95kW passenger vehicle fuel cell system engine, a platform fuel cell stack that can be expanded to a maximum of 150kW, and a 70MPa high-pressure hydrogen storage tank valve and pressure reducing valve. The 95kW passenger vehicle fuel cell system engine has been successfully installed.<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 13, Qingling held a signing and delivery ceremony for the first batch of customers for its hydrogen fuel cell vehicles in Chongqing.</p><p>Qingling Motors and Bosch of Germany have established their first hydrogen fuel cell engine joint venture outside of 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, key components required for Qingling's hydrogen-powered vehicles have been produced locally, driving the localization of the upstream and downstream industrial chains.</p><p><b>Sinotruk</b></p><p>The downturn in the heavy-duty truck market may continue into next year, and the management of Sinotruk believes that it can further consolidate its industry leadership with the launch of new models, overseas expansion and cost-saving measures. In addition, the government's proposal to deploy infrastructure ahead of schedule is conducive to the recovery of the heavy truck market.</p><p>China National Heavy Duty Truck Group (CNHTC) has achieved a comprehensive product portfolio in the field of new energy heavy trucks, covering power forms such as pure electric, hybrid, and hydrogen fuel cells, with types involving multiple product sub-sectors such as trucks, dump trucks, tractors, special vehicles, and mixer trucks.</p><p><img src=\"https://static.tigerbbs.com/afd729eb7a31014654764fe5e0c3fb89\" tg-width=\"640\" tg-height=\"456\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">China National Heavy Duty Truck Group (CNHTC) stated that it delivered a self-developed fuel cell-equipped snow truck to the Winter Olympics, which currently has the largest power output in China. The Yellow River heavy-duty tractor, independently developed by China National Heavy Duty Truck Group (CNHTC), is equipped with a WEF160 hydrogen fuel cell and is the first 162kw fuel cell heavy-duty truck in China, achieving environmentally friendly zero emissions.<b>The fuel cell system of this Yellow River brand fuel cell tractor is from Weichai Power.</b></p><p><h3><b>epilogue</b></h3>In 2021, Hong Kong stocks entered a bear market, falling for more than 10 months, with a drop of 27%. Entering 2022, the new energy sector remains one of the core areas of focus. This year, green electricity has gained momentum, with many power stocks rising several times over, becoming a safe haven amid market declines. As the proportion of green electricity increases, the energy storage industry and hydrogen energy are key sub-sectors to focus on next year. In addition, taking advantage of the Winter Olympics, we will participate in local hydrogen energy companies serving the Winter Olympics to promote the development of hydrogen energy. Next year, results will gradually emerge in hydrogen fuel cell buses, trucks, and logistics vehicles. More than 20 provinces and more than 40 prefecture-level cities have already released hydrogen energy plans, with a planned industry scale exceeding one trillion yuan. Many central state-owned enterprises and listed companies are also competing to develop hydrogen energy, which is worth paying attention to.</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":{"BK1169":"半导体设备","03800":"协鑫科技","BK1594":"碳中和概念股","LNG":"Cheniere Energy","BK1554":"光伏太阳能股","BK4144":"石油与天然气的储存和运输"},"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":{"LNG":0.9,"03800":0.9}},"isVote":1,"tweetType":1,"viewCount":6169,"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":[],"title":"","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 be a thing of the past; Apple's next \"pore-free\" target could be them.","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, some analysts have recently predicted that Apple may try launching iPhones without physical SIM cards and using eSIM technology in some countries and regions, starting with the iPhone 15 Pro.</p><p>However, the latest news indicates that this shift may be brought forward. Currently, Apple has advised several major U.S. carriers to prepare for eSIM-only smartphones to be released in September 2022.</p><p>The report states that the entire mobile phone industry currently recognizes non-porous design to improve the overall integrity of mobile phones. Unsurprisingly, Apple has played a pioneering role in this direction. First, it replaced the physical buttons on the front with a linear motor to simulate touch, and then led the wave of removing the 3.5mm headphone jack. Incidentally, it also used AirPods to create a true wireless headphone market with a potential size of hundreds of billions.</p><p>Removing the physical card slot is expected to further improve the overall dustproof and waterproof performance of the device.</p><p><b>What is an eSIM card and what are its advantages?</b></p><p>An eSIM card, also known as an embedded SIM card, embeds a traditional SIM card directly into the device's chip, rather than being added to the device as a separate, removable component. Take mobile phone SIM cards as an example. Nowadays, if we want to make calls on our phones, we need to buy a SIM card at a business hall and insert it. However, if it is an eSIM card, this is not necessary because it is inside the chip.</p><p>Compared to traditional SIMs, eSIMs offer advantages such as small size, low cost, convenience, flexibility, security, cross-regional deployment, and remote management.</p><p>Specifically, a highly integrated eSIM solution can first solve the problem of SIM card slots taking up a lot of phone space. Although SIM cards are now very small, with the trend of mobile phones becoming thinner and lighter, card slots will still restrict the appearance design and battery capacity of mobile phones or wearable devices.</p><p>In addition, the SIM card slot also affects the waterproof performance of the phone, while the eSIM is integrated inside the phone and does not need to be slotted in the body, which can improve the waterproof level of the phone.</p><p>With the eSIM solution, each mobile device can independently use the mobile network to access the internet and even make calls. Your various devices will never become \"bricks\" without Wi-Fi.</p><p>For operators, users can save a huge amount of money by not using SIM cards, since their user base is measured in hundreds of millions.</p><p>The advantages of eSIM are not limited to the ease of use of mobile phones and wearable devices; its superiority is also reflected in its application in harsh environments. For example, when operating in high-temperature, low-temperature, and high-vibration environments, the device insertion and removal card is very easily damaged, and eSIM can perfectly solve these problems.</p><p><b>The demand for eSIMs is exploding exponentially in the Internet of Things era.</b></p><p>With the global mobile communication terminal market penetration rate exceeding 100% and approaching saturation, the further expansion of traditional SIM card services has encountered bottlenecks, while the rapid rise of the Internet of Things has brought new hope to eSIM cards.</p><p>According to a research report by Huachuang Securities, eSIMs are built into devices, allowing users to choose carrier plans more flexibly, or to change carriers at any time without unlocking the device or purchasing a new one. This development aligns with the trend of SIM cards shrinking from large to small and from physical to virtual, and will meet the connectivity needs of tens of billions of devices in the Internet of Things.</p><p>According to calculations by China Merchants Securities, assuming the number of IoT connections reaches 24 billion in 2020 and 100 billion in 2025, the demand for SIMs based on cellular IoT management will reach more than 30 billion, and eSIMs will occupy the vast majority of the IoT SIM market.</p><p><b>Even considering a future fee of 1 yuan per eSIM, this would correspond to a new market of over 30 billion yuan.</b>，<b>This is six times the current 5 billion traditional SIM market.</b>If we also consider the SIM service management market, the market size is even larger.</p><p>For this reason, the three major telecom operators have consistently maintained an active focus on eSIM.</p><p><b>The ultimate form that analysts are optimistic about – the super eSIM card</b></p><p>In fact, in addition to eSIM cards, Pacific Securities recently mentioned a super SIM card in a research report, which contains an encryption chip and NFC functions, and can serve as a meal card, access card, transportation card, and car key offline. Online services include financial security authentication, 5G electronic signatures, and large transfers.</p><p>In June of this year, China Mobile conducted a centralized procurement of 111.4 million Super SIM cards, with eight companies, including Wuhan Tianyu, Hengbao, Chu Tianlong, and Dongxin Heping, winning the bids.</p><p>The Super SIM card is a new generation of SIM card products with large storage capacity and high security data processing capabilities. This product supports \"single Nano + storage\" mobile phones, providing users with ultra-large capacity, secure storage, one-click phone switching, and SIM card-supported calling, SMS, and data traffic functions.</p><p>Pacific Securities points out that Super SIM cards can solve three major pain points: insufficient storage in human terminals, difficulty in one-click phone replacement, and operators' desire for data entry points, and will explode with the 5G phone replacement wave.</p><p>In addition, the central bank is promoting dual offline digital currencies.<b>The Super SIM card is also a hard carrier for a hard wallet.</b>。</p><p>Pacific Securities stated that 5G Super SIM cards can be integrated with digital currency payment applications to form a 5G Super SIM card digital currency wallet, breaking through the \"wallet\" that currently exists only in the form of application software. It encrypts and stores data from the chip layer, while simultaneously realizing \"secure storage of digital assets\" and \"secure identity authentication,\" making it a multi-functional card.</p><p>They believe 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 entry point for the Internet of Things, digital authentication and application expansion, and the country will use SIM cards as the hardware carrier of national credit.<b>eSIM and Super SIM will be categories that are about to experience explosive growth in the Internet of Things, mobile terminals, and hard wallets in the future.</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 be a thing of the past; Apple's next \"pore-free\" target could be them.</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 be a thing of the past; Apple's next \"pore-free\" target could be them.\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, some analysts have recently predicted that Apple may try launching iPhones without physical SIM cards and using eSIM technology in some countries and regions, starting with the iPhone 15 Pro.</p><p>However, the latest news indicates that this shift may be brought forward. Currently, Apple has advised several major U.S. carriers to prepare for eSIM-only smartphones to be released in September 2022.</p><p>The report states that the entire mobile phone industry currently recognizes non-porous design to improve the overall integrity of mobile phones. Unsurprisingly, Apple has played a pioneering role in this direction. First, it replaced the physical buttons on the front with a linear motor to simulate touch, and then led the wave of removing the 3.5mm headphone jack. Incidentally, it also used AirPods to create a true wireless headphone market with a potential size of hundreds of billions.</p><p>Removing the physical card slot is expected to further improve the overall dustproof and waterproof performance of the device.</p><p><b>What is an eSIM card and what are its advantages?</b></p><p>An eSIM card, also known as an embedded SIM card, embeds a traditional SIM card directly into the device's chip, rather than being added to the device as a separate, removable component. Take mobile phone SIM cards as an example. Nowadays, if we want to make calls on our phones, we need to buy a SIM card at a business hall and insert it. However, if it is an eSIM card, this is not necessary because it is inside the chip.</p><p>Compared to traditional SIMs, eSIMs offer advantages such as small size, low cost, convenience, flexibility, security, cross-regional deployment, and remote management.</p><p>Specifically, a highly integrated eSIM solution can first solve the problem of SIM card slots taking up a lot of phone space. Although SIM cards are now very small, with the trend of mobile phones becoming thinner and lighter, card slots will still restrict the appearance design and battery capacity of mobile phones or wearable devices.</p><p>In addition, the SIM card slot also affects the waterproof performance of the phone, while the eSIM is integrated inside the phone and does not need to be slotted in the body, which can improve the waterproof level of the phone.</p><p>With the eSIM solution, each mobile device can independently use the mobile network to access the internet and even make calls. Your various devices will never become \"bricks\" without Wi-Fi.</p><p>For operators, users can save a huge amount of money by not using SIM cards, since their user base is measured in hundreds of millions.</p><p>The advantages of eSIM are not limited to the ease of use of mobile phones and wearable devices; its superiority is also reflected in its application in harsh environments. For example, when operating in high-temperature, low-temperature, and high-vibration environments, the device insertion and removal card is very easily damaged, and eSIM can perfectly solve these problems.</p><p><b>The demand for eSIMs is exploding exponentially in the Internet of Things era.</b></p><p>With the global mobile communication terminal market penetration rate exceeding 100% and approaching saturation, the further expansion of traditional SIM card services has encountered bottlenecks, while the rapid rise of the Internet of Things has brought new hope to eSIM cards.</p><p>According to a research report by Huachuang Securities, eSIMs are built into devices, allowing users to choose carrier plans more flexibly, or to change carriers at any time without unlocking the device or purchasing a new one. This development aligns with the trend of SIM cards shrinking from large to small and from physical to virtual, and will meet the connectivity needs of tens of billions of devices in the Internet of Things.</p><p>According to calculations by China Merchants Securities, assuming the number of IoT connections reaches 24 billion in 2020 and 100 billion in 2025, the demand for SIMs based on cellular IoT management will reach more than 30 billion, and eSIMs will occupy the vast majority of the IoT SIM market.</p><p><b>Even considering a future fee of 1 yuan per eSIM, this would correspond to a new market of over 30 billion yuan.</b>，<b>This is six times the current 5 billion traditional SIM market.</b>If we also consider the SIM service management market, the market size is even larger.</p><p>For this reason, the three major telecom operators have consistently maintained an active focus on eSIM.</p><p><b>The ultimate form that analysts are optimistic about – the super eSIM card</b></p><p>In fact, in addition to eSIM cards, Pacific Securities recently mentioned a super SIM card in a research report, which contains an encryption chip and NFC functions, and can serve as a meal card, access card, transportation card, and car key offline. Online services include financial security authentication, 5G electronic signatures, and large transfers.</p><p>In June of this year, China Mobile conducted a centralized procurement of 111.4 million Super SIM cards, with eight companies, including Wuhan Tianyu, Hengbao, Chu Tianlong, and Dongxin Heping, winning the bids.</p><p>The Super SIM card is a new generation of SIM card products with large storage capacity and high security data processing capabilities. This product supports \"single Nano + storage\" mobile phones, providing users with ultra-large capacity, secure storage, one-click phone switching, and SIM card-supported calling, SMS, and data traffic functions.</p><p>Pacific Securities points out that Super SIM cards can solve three major pain points: insufficient storage in human terminals, difficulty in one-click phone replacement, and operators' desire for data entry points, and will explode with the 5G phone replacement wave.</p><p>In addition, the central bank is promoting dual offline digital currencies.<b>The Super SIM card is also a hard carrier for a hard wallet.</b>。</p><p>Pacific Securities stated that 5G Super SIM cards can be integrated with digital currency payment applications to form a 5G Super SIM card digital currency wallet, breaking through the \"wallet\" that currently exists only in the form of application software. It encrypts and stores data from the chip layer, while simultaneously realizing \"secure storage of digital assets\" and \"secure identity authentication,\" making it a multi-functional card.</p><p>They believe 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 entry point for the Internet of Things, digital authentication and application expansion, and the country will use SIM cards as the hardware carrier of national credit.<b>eSIM and Super SIM will be categories that are about to experience explosive growth in the Internet of Things, mobile terminals, and hard wallets in the future.</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":4520,"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":[],"title":"","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":"The next generation of EUV lithography is about to explode","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>As the volume of advanced process chips (including logic chips and memories) increases, the scale of high-tech content in chip manufacturing is also constantly expanding. Among them, the most representative is the EUV lithography, 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, but even so, supply still falls short of demand. With the evolution of logic chip and DRAM manufacturing processes, the number of EUV exposure mask layers on single-chip wafers is increasing rapidly. Among them, the average number of EUV exposure layers on advanced logic process wafers exceeded 10 in 2021 and will exceed 20 in 2023.</p><p>According to ASML estimates, a 7nm to 3nm process 12-inch wafer fab with a monthly capacity of 45,000 wafers will have 10 to 20 EUV mask layers per wafer and 9 to 18 EUV lithography installations. With a monthly production capacity of 100,000 DRAM wafers, the number of EUV mask layers on a single wafer ranges from 1 to 6, and the number of EUV lithography units installed reaches 2 to 9. These factors will significantly boost the demand for EUV exposure equipment, and the demand for EUV lithography will reach new records year by year until 2025.</p><p><h3><b>The demand side is constantly increasing</b></h3>Currently, 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>With SK Hynix, the demand for EUV 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>Clearly, TSMC, a leader in advanced process chips, has the greatest demand for EUV lithography. It can be compared with Intel. By 2023, TSMC is expected to have a total of 133 EUV chips, while Intel has 20.</p><p>Currently, TSMC accounts for half of the industry's EUV equipment installation base and wafer production, and plans to expand capacity through state-of-the-art 3nm and 2nm wafer fabs.</p><p>In recent years, TSMC has been increasing its procurement of EUV equipment. Since the second half of this year, its 5nm production capacity has been fully operational, 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 gradually introduced into mass production. To maintain its technological leadership, TSMC will enter mass production next year with 4nm, which has been optimized from 5nm, and the new 3nm will also be introduced into mass production in the second half of next year, demonstrating the high demand for EUV.</p><p>Since 2018, ASML has increased its production of EUV lithography, producing approximately 75 units, of which TSMC reportedly purchased 60%.</p><p>For Samsung, both its wafer 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 stable procurement of EUV equipment, and reportedly ordered about 20 units. One unit 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, hoping to become a top global wafer foundry. The company spends 10 trillion won annually to develop chip foundry technology and purchase necessary equipment, especially EUV lithography, in order to catch up with TSMC.</p><p>Let's take a look at Intel. A few years ago, the company believed that the EUV process was not mature enough. Now that the EUV lithography process has been in mass production for several years, Intel has started to follow suit. Its newly launched Intel 4 process will be fully introduced into the EUV lithography, and the Intel 3 and Intel 20A processes will continue to introduce EUV.</p><p>After 2025, the company's manufacturing process is planned for the Intel 18A, which will use second-generation ribbon FET transistors. The EUV lithography will also undergo a major upgrade. To this end, Intel has stated that it will deploy the next generation of High-NA EUV and is expected to be the first to obtain the industry's first High-NA EUV lithography. Currently, the company is working closely with ASML to ensure the success of this industry-breaking technology, surpassing the current generation of EUVs.</p><p>NA stands for numerical aperture, which will increase from the current maximum of 0.33 to 0.5 in the future. It is understood that ASML's NXE:5000 series will achieve this performance. Previously expected to be released in 2023, it has now been delayed to 2025, with a single unit expected to cost more than $300 million.</p><p>The above discusses logic chip production. In terms of memory, especially DRAM, Samsung and SK Hynix are now using EUV equipment in their DRAM production, while Micron has stated that it plans to start applying EUV to its DRAM production in 2024.</p><p><h3><b>supply-side follow-up</b></h3>As EUV lithography technology becomes increasingly important, the advantages of ASML are becoming more and more apparent. However, besides ASML, other suppliers in lithography 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, light source wavelength longer than EUV) lithography technology, but ASML, as the leading company, also has a 62% market share in the DUV lithography field.</p><p>Currently, although only ASML can produce EUV lithography, its technology is too complex and requires cooperation with semiconductor equipment manufacturers and research institutions in the industry to produce the more advanced EUV equipment needed in the future.</p><p>For example, Tokyo Electronics (TEL) recently 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, the NXE:5000.</p><p>Compared to traditional EUV lithography, high NA EUV lithography is expected to provide a more advanced pattern scaling solution. The coater/developer introduced into the United High NA laboratory will have advanced capabilities, compatible not only with widely used chemically amplified resists and underlayers, but also with spin-on metal-containing resists. Spin-coating of metal-containing resists has demonstrated high resolution and etch resistance, and is expected to achieve finer patterning. However, metal-containing resists also require precise pattern size control and metal contamination control on the back and bevel surfaces of the chip. To address these challenges, the 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 new process modules, a single unit of the TEL Coater/Developer can process a variety of materials online, including chemically amplified resists, metal-containing resists, and underlayers. This will enable flexible wafer 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 expected to increase the hourly exposure throughput to 160 pieces. The launch of the NXE: 3800E in 2023 will increase the hourly exposure throughput to 195-220 pieces.</p><p>As for the next-generation EUV technology with a high numerical aperture of 0.55, 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 approximately 40 EUV lithography this year, expanding to 55 units in 2022 and 60 units in 2023.</p><p>To produce EUV equipment, ASML needs to purchase the lenses required for the system from Zeiss in Germany. However, the number of lenses it can purchase each year is limited, which results in long delivery times for the system. In response, Peter Wennink stated that the company's EUV equipment delivery cycle will also be shortened from 18 to 24 months to 12 to 18 months.</p><p>Wennink stated that all three of its major DRAM customers plan to use EUV for mass production. By 2021, these companies are expected to spend a total of €1.2 billion on EUV systems. He added that EUV shipments to these companies will increase in the future.</p><p>ASML has begun production of its new NXE 3600D EUV equipment, which offers a 15% to 20% increase in productivity and a 30% increase in coverage compared to the previous 3400C.</p><p>In the second quarter of this year, ASML reported sales of €4 billion and net profit of €1 billion, representing increases of 20% and 38% respectively compared to the second quarter of 2020. The company's orders increased by 75% compared to the previous quarter to €8.3 billion, of which €4.9 billion was for EUV equipment.</p><p>South Korea accounts for 39% of ASML's sales, followed by Taiwan, China, at 35%. The company expects sales in 2021 to increase by 35% compared to 2020.</p><p><h3><b>epilogue</b></h3>With advancements in chip manufacturing processes, TSMC and Samsung have already purchased large quantities of EUV lithography, while memory chip manufacturer SK Hynix has also begun adopting EUV lithography and will significantly increase its purchases over the next five years.<a href=\"https://laohu8.com/S/MU\">Micron Technology</a>It is also planned to begin using EUV equipment in 2024.</p><p>The large-scale purchase of EUV equipment by the four major chip manufacturers means that the application rate of this type of lithography will increase significantly in the next few years and gradually take a dominant position. An ASML executive said at an EUV lithography ecosystem conference that EUV equipment is expected to account for more than 60% of the global wafer fab operating lithography by 2025.</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>The next generation of EUV lithography is about to explode</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\">\nThe next generation of EUV lithography is about to explode\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>As the volume of advanced process chips (including logic chips and memories) increases, the scale of high-tech content in chip manufacturing is also constantly expanding. Among them, the most representative is the EUV lithography, 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, but even so, supply still falls short of demand. With the evolution of logic chip and DRAM manufacturing processes, the number of EUV exposure mask layers on single-chip wafers is increasing rapidly. Among them, the average number of EUV exposure layers on advanced logic process wafers exceeded 10 in 2021 and will exceed 20 in 2023.</p><p>According to ASML estimates, a 7nm to 3nm process 12-inch wafer fab with a monthly capacity of 45,000 wafers will have 10 to 20 EUV mask layers per wafer and 9 to 18 EUV lithography installations. With a monthly production capacity of 100,000 DRAM wafers, the number of EUV mask layers on a single wafer ranges from 1 to 6, and the number of EUV lithography units installed reaches 2 to 9. These factors will significantly boost the demand for EUV exposure equipment, and the demand for EUV lithography will reach new records year by year until 2025.</p><p><h3><b>The demand side is constantly increasing</b></h3>Currently, 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>With SK Hynix, the demand for EUV 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>Clearly, TSMC, a leader in advanced process chips, has the greatest demand for EUV lithography. It can be compared with Intel. By 2023, TSMC is expected to have a total of 133 EUV chips, while Intel has 20.</p><p>Currently, TSMC accounts for half of the industry's EUV equipment installation base and wafer production, and plans to expand capacity through state-of-the-art 3nm and 2nm wafer fabs.</p><p>In recent years, TSMC has been increasing its procurement of EUV equipment. Since the second half of this year, its 5nm production capacity has been fully operational, 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 gradually introduced into mass production. To maintain its technological leadership, TSMC will enter mass production next year with 4nm, which has been optimized from 5nm, and the new 3nm will also be introduced into mass production in the second half of next year, demonstrating the high demand for EUV.</p><p>Since 2018, ASML has increased its production of EUV lithography, producing approximately 75 units, of which TSMC reportedly purchased 60%.</p><p>For Samsung, both its wafer 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 stable procurement of EUV equipment, and reportedly ordered about 20 units. One unit 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, hoping to become a top global wafer foundry. The company spends 10 trillion won annually to develop chip foundry technology and purchase necessary equipment, especially EUV lithography, in order to catch up with TSMC.</p><p>Let's take a look at Intel. A few years ago, the company believed that the EUV process was not mature enough. Now that the EUV lithography process has been in mass production for several years, Intel has started to follow suit. Its newly launched Intel 4 process will be fully introduced into the EUV lithography, and the Intel 3 and Intel 20A processes will continue to introduce EUV.</p><p>After 2025, the company's manufacturing process is planned for the Intel 18A, which will use second-generation ribbon FET transistors. The EUV lithography will also undergo a major upgrade. To this end, Intel has stated that it will deploy the next generation of High-NA EUV and is expected to be the first to obtain the industry's first High-NA EUV lithography. Currently, the company is working closely with ASML to ensure the success of this industry-breaking technology, surpassing the current generation of EUVs.</p><p>NA stands for numerical aperture, which will increase from the current maximum of 0.33 to 0.5 in the future. It is understood that ASML's NXE:5000 series will achieve this performance. Previously expected to be released in 2023, it has now been delayed to 2025, with a single unit expected to cost more than $300 million.</p><p>The above discusses logic chip production. In terms of memory, especially DRAM, Samsung and SK Hynix are now using EUV equipment in their DRAM production, while Micron has stated that it plans to start applying EUV to its DRAM production in 2024.</p><p><h3><b>supply-side follow-up</b></h3>As EUV lithography technology becomes increasingly important, the advantages of ASML are becoming more and more apparent. However, besides ASML, other suppliers in lithography 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, light source wavelength longer than EUV) lithography technology, but ASML, as the leading company, also has a 62% market share in the DUV lithography field.</p><p>Currently, although only ASML can produce EUV lithography, its technology is too complex and requires cooperation with semiconductor equipment manufacturers and research institutions in the industry to produce the more advanced EUV equipment needed in the future.</p><p>For example, Tokyo Electronics (TEL) recently 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, the NXE:5000.</p><p>Compared to traditional EUV lithography, high NA EUV lithography is expected to provide a more advanced pattern scaling solution. The coater/developer introduced into the United High NA laboratory will have advanced capabilities, compatible not only with widely used chemically amplified resists and underlayers, but also with spin-on metal-containing resists. Spin-coating of metal-containing resists has demonstrated high resolution and etch resistance, and is expected to achieve finer patterning. However, metal-containing resists also require precise pattern size control and metal contamination control on the back and bevel surfaces of the chip. To address these challenges, the 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 new process modules, a single unit of the TEL Coater/Developer can process a variety of materials online, including chemically amplified resists, metal-containing resists, and underlayers. This will enable flexible wafer 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 expected to increase the hourly exposure throughput to 160 pieces. The launch of the NXE: 3800E in 2023 will increase the hourly exposure throughput to 195-220 pieces.</p><p>As for the next-generation EUV technology with a high numerical aperture of 0.55, 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 approximately 40 EUV lithography this year, expanding to 55 units in 2022 and 60 units in 2023.</p><p>To produce EUV equipment, ASML needs to purchase the lenses required for the system from Zeiss in Germany. However, the number of lenses it can purchase each year is limited, which results in long delivery times for the system. In response, Peter Wennink stated that the company's EUV equipment delivery cycle will also be shortened from 18 to 24 months to 12 to 18 months.</p><p>Wennink stated that all three of its major DRAM customers plan to use EUV for mass production. By 2021, these companies are expected to spend a total of €1.2 billion on EUV systems. He added that EUV shipments to these companies will increase in the future.</p><p>ASML has begun production of its new NXE 3600D EUV equipment, which offers a 15% to 20% increase in productivity and a 30% increase in coverage compared to the previous 3400C.</p><p>In the second quarter of this year, ASML reported sales of €4 billion and net profit of €1 billion, representing increases of 20% and 38% respectively compared to the second quarter of 2020. The company's orders increased by 75% compared to the previous quarter to €8.3 billion, of which €4.9 billion was for EUV equipment.</p><p>South Korea accounts for 39% of ASML's sales, followed by Taiwan, China, at 35%. The company expects sales in 2021 to increase by 35% compared to 2020.</p><p><h3><b>epilogue</b></h3>With advancements in chip manufacturing processes, TSMC and Samsung have already purchased large quantities of EUV lithography, while memory chip manufacturer SK Hynix has also begun adopting EUV lithography and will significantly increase its purchases over the next five years.<a href=\"https://laohu8.com/S/MU\">Micron Technology</a>It is also planned to begin using EUV equipment in 2024.</p><p>The large-scale purchase of EUV equipment by the four major chip manufacturers means that the application rate of this type of lithography will increase significantly in the next few years and gradually take a dominant position. An ASML executive said at an EUV lithography ecosystem conference that EUV equipment is expected to account for more than 60% of the global wafer fab operating lithography by 2025.</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":{"BK4141":"半导体产品","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)","BK4529":"IDC概念","BK4505":"高瓴资本持仓","BK4535":"淡马锡持仓","03145":"华夏亚洲高息股","BK4515":"5G概念","TEL":"泰科电子","BK4550":"红杉资本持仓","BK4548":"巴美列捷福持仓","INTC":"英特尔","BK4145":"电子制造服务","TSM":"台积电","EWT":"台湾ETF-iShares MSCI","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","BK4527":"明星科技股","BK4512":"苹果概念","BK4526":"热门中概股"},"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":{"TSM":0.9,"EWT":0.9,"03145":0.9,"TEL":0.9,"TWmain":0.9,"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":5028,"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":[],"title":"","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":5078,"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":[],"title":"","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,"repost":{"id":"1125940737","kind":"news","pubTimestamp":1640334304,"share":"https://ttm.financial/m/news/1125940737?lang=en_US&edition=fundamental","pubTime":"2021-12-24 16:25","market":"us","language":"zh","title":"Tesla's German Gigafactory is expected to achieve mass production in 2022.","url":"https://stock-news.laohu8.com/highlight/detail?id=1125940737","media":"智通财经网","summary":"眼下，特斯拉只需扫清最后的障碍。","content":"<p>Right now,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>With just one last hurdle cleared, its Berlin Gigafactory in Germany is expected to achieve mass production in 2022.</p><p>The final hurdle facing Tesla's Gigafactory in Germany comes from local environmental organizations. According to reports, the head of a local environmental organization said that the Eggersdorf waterworks water plant, where Tesla's Gigafactory is located, pumps nearly 4 million cubic meters of water from the ground every year. However, the Tesla factory will account for the majority of the water consumption, which will inevitably affect the domestic water use of surrounding residents and the use of other industrial water.</p><p>Local environmental groups have accused the state government of approving Eggersdorf waterworks' plan to increase pumping rates without conducting relevant tests, forcing the local government to hold a hearing to address the issue. The hearing, originally scheduled for earlier this month, was unexplainedly postponed to the end of December, once again dashing Tesla's hopes of achieving mass production at its Gigafactory in 2021.</p><p>For Tesla, the full operation of its Gigafactory in Germany is a key component of the company's future. \"The German Gigafactory is key to Tesla's capacity expansion plans for 2022 and beyond,\" said Dan Ives, managing director of Wedbush. \"For the factory, the key is to start producing cars in early January next year.\" \"There's too much red tape; they didn't expect to spend three months discussing how to cut down trees.\"</p><p><b>With great difficulty</b></p><p>Despite rapid construction progress, Tesla's Gigafactory project in Germany has faced numerous obstacles since its launch. In addition to facing challenges from local environmental organizations, the lengthy government licensing process has already caused Tesla a lot of complaints. In addition, Tesla's recent decision to expand its factory and build a battery-grade lithium plant nearby has also drawn some criticism.</p><p>In terms of environmental protection, Tesla faces numerous problems, from initial drinking water pollution to deforestation and noise, to ants migrating in the soil and bats and snakes hibernating in the forests. The groundwater problem has become an urgent issue, while local environmental organizations are still working tirelessly to protest the factory's impact on the living environment of surrounding residents, demanding that automakers comply with stringent local environmental requirements. They accuse Tesla of being at odds with German business culture.</p><p>German media reports that environmental issues will once again force Tesla's German factory to postpone mass production until early 2022, and Tesla currently needs to prepare more written materials for the hearing in order to deal with the related accusations.</p><p>However, as a boon to the local economy and employment, Tesla's Gigafactory has still received a lot of support. The project is expected to create up to 40,000 jobs in the coming years, and the mayor of Gruenheide, where the factory is located, called it a \"once-in-a-lifetime opportunity\" to stimulate the local economy.</p><p>Ross Gerber, CEO of asset management firm Gerber Kawasaki and an investor in Tesla, said he is not too worried about the obstacles Tesla faces. “From the perspective that we know the factory will start construction soon, this is not a big problem.” “We are very optimistic about the European market, where there is a lot of demand for Tesla.”</p><p><b>European Market</b></p><p>Gartner automotive industry analyst Pedro Pacheco said that while the impact of Tesla's German Gigafactory will be gradual, it is significant. “I think the most direct difference is production capacity. From a manufacturing perspective, Tesla will have more available capacity and shorter delivery times to its European customers.”</p><p>He added that the German Gigafactory would play a “crucial” role if Tesla were to develop new models designed for the European market. \"Germany is one of the world's leading automotive powers, and also a major automotive power in Europe. Therefore, if you want to utilize European talent, you must come to Germany.\"</p><p>Another pressing issue Tesla may face is the ongoing disruptions to its global supply chain and chip shortages, which have dealt a heavy blow to the entire automotive industry. Ross Gerber said he believes Tesla has weathered the chip shortage crisis relatively well, but the automotive industry will still be affected at least in the first quarter of 2022.</p><p>“I still think the chip shortage will be a challenge in the first quarter of next year. But I also think this problem will ease over the next 12 months. By some point next year, all of this will be resolved.”</p>","source":"highlight_zhitongcaijin","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>Tesla's German Gigafactory is expected to achieve mass production in 2022.</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\">\nTesla's German Gigafactory is expected to achieve mass production in 2022.\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\">2021-12-24 16:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Right now,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>With just one last hurdle cleared, its Berlin Gigafactory in Germany is expected to achieve mass production in 2022.</p><p>The final hurdle facing Tesla's Gigafactory in Germany comes from local environmental organizations. According to reports, the head of a local environmental organization said that the Eggersdorf waterworks water plant, where Tesla's Gigafactory is located, pumps nearly 4 million cubic meters of water from the ground every year. However, the Tesla factory will account for the majority of the water consumption, which will inevitably affect the domestic water use of surrounding residents and the use of other industrial water.</p><p>Local environmental groups have accused the state government of approving Eggersdorf waterworks' plan to increase pumping rates without conducting relevant tests, forcing the local government to hold a hearing to address the issue. The hearing, originally scheduled for earlier this month, was unexplainedly postponed to the end of December, once again dashing Tesla's hopes of achieving mass production at its Gigafactory in 2021.</p><p>For Tesla, the full operation of its Gigafactory in Germany is a key component of the company's future. \"The German Gigafactory is key to Tesla's capacity expansion plans for 2022 and beyond,\" said Dan Ives, managing director of Wedbush. \"For the factory, the key is to start producing cars in early January next year.\" \"There's too much red tape; they didn't expect to spend three months discussing how to cut down trees.\"</p><p><b>With great difficulty</b></p><p>Despite rapid construction progress, Tesla's Gigafactory project in Germany has faced numerous obstacles since its launch. In addition to facing challenges from local environmental organizations, the lengthy government licensing process has already caused Tesla a lot of complaints. In addition, Tesla's recent decision to expand its factory and build a battery-grade lithium plant nearby has also drawn some criticism.</p><p>In terms of environmental protection, Tesla faces numerous problems, from initial drinking water pollution to deforestation and noise, to ants migrating in the soil and bats and snakes hibernating in the forests. The groundwater problem has become an urgent issue, while local environmental organizations are still working tirelessly to protest the factory's impact on the living environment of surrounding residents, demanding that automakers comply with stringent local environmental requirements. They accuse Tesla of being at odds with German business culture.</p><p>German media reports that environmental issues will once again force Tesla's German factory to postpone mass production until early 2022, and Tesla currently needs to prepare more written materials for the hearing in order to deal with the related accusations.</p><p>However, as a boon to the local economy and employment, Tesla's Gigafactory has still received a lot of support. The project is expected to create up to 40,000 jobs in the coming years, and the mayor of Gruenheide, where the factory is located, called it a \"once-in-a-lifetime opportunity\" to stimulate the local economy.</p><p>Ross Gerber, CEO of asset management firm Gerber Kawasaki and an investor in Tesla, said he is not too worried about the obstacles Tesla faces. “From the perspective that we know the factory will start construction soon, this is not a big problem.” “We are very optimistic about the European market, where there is a lot of demand for Tesla.”</p><p><b>European Market</b></p><p>Gartner automotive industry analyst Pedro Pacheco said that while the impact of Tesla's German Gigafactory will be gradual, it is significant. “I think the most direct difference is production capacity. From a manufacturing perspective, Tesla will have more available capacity and shorter delivery times to its European customers.”</p><p>He added that the German Gigafactory would play a “crucial” role if Tesla were to develop new models designed for the European market. \"Germany is one of the world's leading automotive powers, and also a major automotive power in Europe. Therefore, if you want to utilize European talent, you must come to Germany.\"</p><p>Another pressing issue Tesla may face is the ongoing disruptions to its global supply chain and chip shortages, which have dealt a heavy blow to the entire automotive industry. Ross Gerber said he believes Tesla has weathered the chip shortage crisis relatively well, but the automotive industry will still be affected at least in the first quarter of 2022.</p><p>“I still think the chip shortage will be a challenge in the first quarter of next year. But I also think this problem will ease over the next 12 months. By some point next year, all of this will be resolved.”</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/628590.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/f76b3cc53dd60ecb6eab407da188d689","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.zhitongcaijing.com/content/detail/628590.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"1125940737","content_text":"眼下，特斯拉只需扫清最后的障碍，其德国柏林超级工厂就有望在2022年实现量产。\n特斯拉德国超级工厂面临的最后一道障碍来自当地环保组织。据悉，当地环保组织负责人表示，特斯拉超级工厂所在地的Eggersdorf waterworks水厂每年从地下抽取将近400万立方的水，然而特斯拉工厂将占有大部分的用量，将势必影响到周边相关的居民的生活用水以及其余工业用水的使用。\n当地环保组织控诉州政府在未经过相关测试就批复了Eggersdorf waterworks水厂提高抽水率的计划，迫使当地政府不得不召开相关听证会处理该问题。而原本计划在本月早些时候召开的听证会被无故延期至12月底，导致特斯拉超级工厂在2021年实现量产的希望再度破灭。\n对于特斯拉而言，德国超级工厂能够实现全面运营是该公司未来的关键组成部分。Wedbush董事总经理Dan Ives表示：“德国超级工厂是特斯拉2022年及以后扩大产能计划的关键。对于该工厂来说，关键是要在明年1月初开始生产汽车。”“繁文缛节太多了，他们没有想到要花三个月的时间来讨论如何砍伐树木。”\n举步维艰\n尽管建设进展迅速，但特斯拉德国超级工厂项目自启动以来便一路坎坷。除了需要面对当地环保组织的挑战以外，冗长的政府行政许可流程已经使得特斯拉满腹牢骚。此外，特斯拉近期扩大工厂范围、并将在其附近建设一个电池级锂工厂的决定也招致了一些批评。\n在环保方面，特斯拉面对着从最初的饮用水污染到砍伐树木、噪音，再到影响土壤中的蚂蚁搬家、森林中的蝙蝠和蛇冬眠等众多问题。目前看地下水问题已经成为了燃眉之急，同时当地环保组织仍在不懈努力地抗议该工厂对于周边居民生活环境的影响以此要求汽车制造商遵循当地严苛的环保要求，他们斥责特斯拉与德国的商业文化相悖。\n德国媒体称环保问题将再度迫使特斯拉德国工厂量产延期至2022年年初，目前特斯拉需要为该听证会准备更多的书面材料以便应对相关的控诉。\n不过，作为对当地经济和就业的一个利好，特斯拉超级工厂还是得到了很多支持。该项目预计未来几年将创造多达4万个就业岗位，工厂所在地格伦海德(Gruenheide)镇长称这是刺激当地经济“千载难逢的机会”。\n作为特斯拉的投资者，资管公司Gerber Kawasaki的首席执行官Ross Gerber表示，他不太担心特斯拉所面临的障碍。“从我们知道该工厂很快就会开工的角度来看，这不是一个大问题。”“我们非常看好欧洲市场，对特斯拉的需求量很大。”\n欧洲市场\nGartner汽车行业分析师Pedro Pacheco表示，虽然特斯拉德国超级工厂的影响将是渐近的，但意义重大。“我认为最直接的区别在于产能。从制造的角度来看，特斯拉将拥有更多可用产能，对其欧洲客户的交付期将缩短。”\n他还补充称，如果特斯拉在开发针对欧洲市场设计的新车型时，德国超级工厂将有着“至关重要”的作用。“德国是世界上最主要的汽车强国之一，同时也是欧洲的主要汽车强国。因此，如果你想利用欧洲的人才，你就必须来到德国。”\n特斯拉可能需要面对的另一个迫在眉睫的问题，是全球供应链持续中断和芯片短缺，这对整个汽车行业造成了沉重打击。Ross Gerber表示，他认为特斯拉已经相对较好地度过了芯片短缺危机，但至少在2022年第一季度，汽车行业仍将受影响。\n“我仍然认为明年第一季度，芯片短缺将是一项挑战。但我也认为，这个问题将在未来12个月得到缓解。到明年的某个时候，这一切都会迎刃而解。”","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":4916,"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":[],"title":"","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":"The United States claimed unemployment benefits for the first time last week at 205,000","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 December 23, the number of people claiming unemployment benefits for the first time in the United States last week was 205,000, compared to the estimated 205,000 and the previous figure of 206,000.</p><p>Institutional analysis of U.S. initial jobless claims data last week: The number of U.S. initial jobless claims last week remained largely unchanged, suggesting that layoffs are at a historically low level as the job market continues to recover. The data was basically the same as the previous week. The report highlights low unemployment figures in recent months as employers focus on attracting and retaining employees to keep pace with consumer demand. The number of people applying for unemployment benefits is roughly the same as before the pandemic, reflecting the tightness in the U.S. labor market. Nevertheless, with the spread of the Omeprone strain, the increase in COVID-19 cases poses a risk to recruitment 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>The United States claimed unemployment benefits for the first time last week at 205,000</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\">\nThe United States claimed unemployment benefits for the first time last week at 205,000\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 December 23, the number of people claiming unemployment benefits for the first time in the United States last week was 205,000, compared to the estimated 205,000 and the previous figure of 206,000.</p><p>Institutional analysis of U.S. initial jobless claims data last week: The number of U.S. initial jobless claims last week remained largely unchanged, suggesting that layoffs are at a historically low level as the job market continues to recover. The data was basically the same as the previous week. The report highlights low unemployment figures in recent months as employers focus on attracting and retaining employees to keep pace with consumer demand. The number of people applying for unemployment benefits is roughly the same as before the pandemic, reflecting the tightness in the U.S. labor market. Nevertheless, with the spread of the Omeprone strain, the increase in COVID-19 cases poses a risk to recruitment 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":5162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}