In terms of track investment, we pay attention to varieties that continue to confirm high growth or even exceed expectations in the third quarter report. In addition, we pay attention to varieties that are low penetration rate, high certainty under odds thinking, as well as varie

From the perspective of demand expectations, 's overseas inflation continued to hit new highs, and the Federal Reserve's currency contraction rate continued to exceed expectations, which would bring concerns about the shrinking demand. However, with the intensification of the European energy crisis, expectations for some varieties continue to strengthen, such as European photovoltaics, energy storage, etc., but the stock prices of electric vehicles, which are relatively strong in the data, are relatively weak, mainly because investors expect that if demand shrinks in the future, the rigidity of energy demand will be significantly higher than the rigidity of "discretionary consumption" demand such as electric vehicles.

is at the current point in time. How to plan track investment in the next 1-2 quarters?

First, the third quarter report is an important window period, and the third quarter report is an important time to confirm whether the high-prosperity sector can continue to grow. According to the current third-quarter report forecast, some varieties continue to confirm high growth or even exceed expectations, such as photovoltaics, automation, lithium battery structural parts, and energy storage. Some varieties that are less than expected may need to continue to confirm the matching degree of growth and valuation.

Second, low penetration rate and high certainty varieties under odds thinking. Since investors are more sensitive to track penetration than valuation in the current environment, the spatial logic of penetration improvement under the dominant thinking may be more important. Typical examples are low-penetration sodium batteries , TOPCON, HJT, VR/AR/MR, robots, synthetic biology, third-generation semiconductors, domestic large aircraft, meta-universe, industrial Internet, etc. in the consumer electronics field.

Third, pay attention to the possible valuation repair caused by changes in macro demand expectations. 's demand side forecast is generally difficult, and the current market has obviously given expectations of a shrinking demand under the expectations of a global recession, which is reflected in the valuation side, where the valuation of some industries is significantly suppressed. Typically, the fields of automation, semiconductors, etc. under global demand, once the expectations of shrinking demand bottom out, a significant valuation repair may be encountered.

, fourth, track varieties that focus on marginal changes in policy expectations. typical products such as biomedical , medical devices, and information innovation-related products.

? What are the directions for high prosperity in quarterly results?

So far, about 5.9% of A-share companies have disclosed their third-quarter performance forecast/report/express reports. Among them, electronics and basic chemical companies have the largest number of disclosures, and the main industries with disclosure rates reaching more than 10% include coal, petroleum and petrochemicals.

Overall, it is expected that A-shares' third-quarter report profits in 2022 will continue to fluctuate at the bottom

Referring to industrial enterprises' profit indicators, the interim report profits of large-scale industrial enterprises in 2021 and 22 years showed a "high decline". Data disclosed in February, May and August 22 years showed that the total profits of industrial enterprises in the quarter were 5%, -0.91% and -6.82%, respectively, of which the year-on-year growth rates of July and August were -13.44% and -9.2%, respectively.Since the component of industrial enterprises and non-financial listed companies has a certain degree of overlap, and the historical values ​​of the profit growth rates of the two maintain a similar trend, based on this, it is expected that non-financial A-share earnings in the third quarter will reach the bottom of this round of profit cycle. What are the high prosperity directions in the subdivision of

?

Considering the performance forecast of A-shares in the third quarter, the recent changes in the industry's prosperity, and some variables faced by listed companies, we can pay attention to industries where the prosperity is maintained in the future and profits have marginal room for improvement:

1. The new energy vehicle field with a continuous high prosperity (new energy power system/auto parts/rare metals)

Currently, the penetration rate of new energy vehicles is still continuing to rise, new energy sales maintain and grow rapidly, and the export side is relatively strong. The third quarter report forecast shows that some areas have good performance, and this trend is expected to continue. Mainly including: 1) battery-related industries (new energy power system/other chemicals/rare metals). The sales and prices of upstream materials such as lithium-ion battery material (lithium salt) electrolyte and positive electrode materials (such as ternary materials) have increased significantly year-on-year. At the same time, the company's new production capacity continues to be launched. As the self-production rate of product raw materials continues to increase, the overall profitability of the upstream raw materials industry has significantly improved. 2) Auto Parts : Benefiting from policy stimulus in the third quarter, the automobile sector recovered significantly, and the order volume of automobile parts companies increased significantly, such as punch-welded parts, stamping molds, etc., has steadily increased. 3) Power supply equipment: Under the background of high-temperature power limit, the market demand for high-purity crystalline silicon products continues to be strong, and the prices have increased year-on-year. The prices of components, battery cells, , etc. have also increased to varying degrees. In addition, the rapid growth of the market size of the portable energy storage industry has brought about an increase in product penetration rate, and the third quarter performance is expected to achieve a high growth rate.

2. Traditional energy products with high prices and mid- and downstream industries with improved demand (such as high-end equipment, etc.)

Traditional energy fields: Although the overall price of upstream resource products fell in the third quarter, some fields of coal, petroleum and petrochemical still maintained a high prosperity. coal enterprises are making every effort to increase production and supply to ensure energy supply, and coal product prices are running at a high level, and the profit growth rate in the first three quarters remains at a high level; petroleum and petrochemical products prices such as refined oil, LNG and other prices are running at a high level, which brings strong support to the company's performance. In addition, the prices of some fine chemicals have been raised, including ( ammonium nitrate , compound fertilizers, consumer special chemicals, etc.); the sales prices of agricultural chemicals glyphosate , phosphate ore , yellow phosphorus and other products have increased significantly compared with the same period last year, and the profitability of corresponding enterprises has been significantly enhanced.

mid-to-downstream fields : As the price of upstream raw materials has generally declined, the cost pressure in the midstream manufacturing and downstream consumer service industries has been alleviated, and the gross profit margin has room to increase; on the other hand, high-end equipment such as photovoltaic equipment, energy storage equipment, aerospace equipment, special machinery and other sectors are in high demand, and new orders continue to grow and are sufficient. It is expected that the industry's revenue and profit side will be strong.

3. The economic climate has shown marginal improvement and there is a lot of room for improvement in the future (real estate chain consumption such as kitchen and bathroom appliances, etc.)

From the high-frequency data, domestic commercial housing transactions have shown a recovery trend, and the decline in real estate completion in August also narrowed rapidly. It is expected that the future real estate industry performance will have limited room for further decline. The recovery of the completion end will drive the recovery of demand in real estate chain consumption such as home appliances, home furnishings, decoration and building materials, and the release of cost pressure will drive the recovery of the performance of the corresponding industry; the third-quarter performance forecast shows that the profits of kitchen and bathroom appliances have rebounded slightly. In addition, the prosperity of some sub-sectors has also improved significantly, such as breeding industry (rising pig prices), shipping ports (recovering the VLCC tanker market), medical services (order delivery and scale effect), and other industries, which also have room for improvement.

4. Others: utilities/breeding/medical services/computer services, etc.

In addition, the third quarter reports such as utilities/power generation and power grid (upward electricity price), aquaculture industry (cycle turning point), medical services (improvement of leading order delivery, scale effect), computer services (information upgrade and digital transformation , highway traffic volume increase, ETC issuance and sales, smart transportation operation management system and other business recovery), etc. are also expected to perform well.

Overall, the current third-quarter report is relatively small. Combined with the profit data of industrial enterprises, the overall A-share profit in the third quarter is expected to turn negative. However, there are also some sub-sectors with improved performance and upward prosperity, mainly focusing on: the new energy field with continued high prosperity, the mid- and downstream high-end equipment field that benefits from falling cost pressure and increased demand, and the real estate chain with improved margins of prosperity. In addition, the prosperity of some sub-sectors has also shown significant improvements, such as the breeding industry (risen pig prices), shipping ports (recovery of VLCC tanker market), medical services (order delivery and scale effects), etc. It is recommended to pay attention.

? Summary of

Recently, during the exchange with the market, we found that the market's focus is mainly on the following aspects:

1. If the US dollar index and US bond yields peak, how can it affect A-shares?

At present, the market's expectations of the US dollar index and US bond yields reaching a peak may have begun. If the US dollar index and US bond yields both peak, how will it affect A-shares?

first, the double peak of the US dollar index and US bond yields means that the pressure of RMB depreciation is easing or returning to appreciation. If the US dollar index peaks and falls, it will help alleviate the pressure on RMB depreciation. And as the domestic economy improves, China's bond interest rates begin to rise marginally, while the US economic growth rate will gradually weaken. If the US bond yield peaks and falls, it will lead to the inverted interest rate spread between China and the United States. At that time, the RMB is expected to gradually reverse the depreciation trend against the US dollar and enter appreciation.

Second, the US dollar index and US bond yields both peaked, which is expected to drive foreign capital to return to A-shares. If the US dollar index and US Treasury yields fall, the global liquidity environment will be improved, driving the global risk appetite to rebound, and funds may return to emerging markets with high growth rates. In addition, the easing of the pressure on RMB depreciation also has a positive effect on foreign capital inflows, which will provide positive support for A-shares.

Third, after the US dollar index and US bond yields peaked and fell, A-shares rebounded in the short term. Statistics show that in the month and week before the US dollar index peaked, A-shares mostly showed a decline, and after the US dollar index peaked, A-shares had a higher probability of rising in the week, month and three months after the US dollar index peaked. The short-term performance of A-shares before and after the top of US Treasury yields, the three times that the US Treasury yield peaked in January 2000, June 2006, and November 2018 were all at the end of the Fed's interest rate hike. After the US Treasury yields peaked, A-shares' growth may expand or turn from a decline to a rise. It shows that as expectations of interest rate hikes slow down, the negative impact of US Treasury yields on A-shares has weakened.

2. Analysis of changes in current popular tracks, how to layout in the next 1-2 quarters?

This round of market declines, and the declines of each track vary greatly. The reasons behind this are mainly related to the penetration rate of each track and demand expectations, and the valuation factor is not the main factor in the differences in adjustments between each track in this round.

is at the current point in time. How to plan track investment in the next 1-2 quarters?

First, the third quarter report is an important window period, and the third quarter report is an important time to confirm whether the high-prosperity sector can continue to grow. Judging from the current third-quarter report forecast, some varieties continue to confirm high growth or even exceed expectations, such as photovoltaics, automation, lithium battery structural parts, and energy storage. Some varieties that are less than expected may need to continue to confirm the matching degree of growth and valuation.

Second, low penetration rate and high certainty varieties under odds thinking.Since investors are more sensitive to track penetration than valuation in the current environment, the spatial logic of penetration improvement under the dominant odds thinking may be more important. Typical examples include low-permeability sodium batteries, TOPCON, HJT, VR/AR/MR, robots, synthetic biology, third-generation semiconductors, domestic large aircraft, meta-universe, industrial Internet, etc. in the consumer electronics field.

Third, pay attention to the possible valuation repair caused by changes in macro demand expectations. It is generally difficult to predict changes on the demand side, and the current market has obviously given expectations of a shrinking demand under the expectations of a global recession. It is reflected in the valuation side that some industries are significantly suppressed. Typically, such as automation, semiconductors and other fields under global demand. Once the expectations of shrinking demand bottom out, a significant valuation recovery may be encountered.

Fourth, track varieties that focus on marginal changes in policy expectations. Typical products include biomedicine, medical devices, and information technology related products.

3. What are the directions for high performance in the third quarter?

The current third-quarter report is relatively small. Based on the profit data of industrial enterprises, the overall A-share profit in the third quarter is expected to turn negative. However, there are also some sub-sectors with improved performance and upward prosperity, mainly focusing on: the new energy field with continued high prosperity, the mid- and downstream high-end equipment field that benefits from falling cost pressure and increased demand, and the real estate chain with improved margins of prosperity. In addition, the prosperity of some sub-sectors has also shown significant improvements, such as the breeding industry (risen pig prices), shipping ports (recovery of VLCC tanker market), medical services (order delivery and scale effects), etc. It is recommended to pay attention.

segments, FAW Jiefang sold about 8,600 heavy trucks in September this year, a year-on-year decrease of single digits (8%). From January to September 2022, the cumulative sales of Jiefang heavy trucks were about 99,400 vehicles, with a market share of about 19%. China National Heavy Truck Corporation sold about 13,000 heavy trucks in September this year, and its cumulative sales of about 125,100 from January to September, with a market share rising to 23.9%. Dongfeng Company sold about 9,100 heavy trucks in September this year; from January to September this year, Dongfeng Company sold about 95,700 heavy trucks of various types, with a market share of 18.3%, and its cumulative sales still ranks third in the industry.

According to statistics from 22 loader manufacturing companies of the China Construction Machinery Industry Association, 9,668 loaders of various types were sold in September 2022, an increase of 0.7% year-on-year (the previous value -2.69%). , the domestic market sales volume was 5,587 units, a year-on-year decrease of 17%; export sales volume was 4,081 units, a year-on-year increase of 42.1%. From January to September 2022, a total of 91,908 loaders of various types were sold, a year-on-year decrease of 18.2%. Among them, the domestic market sales volume was 59,353 units, a year-on-year decrease of 31.3%; the export sales volume was 32,555 units, a year-on-year increase of 25.4%. A total of 919 electric loaders (one unit with 3 tons and 918 units with 5 tons) were sold from January to September 2022, of which 68 units were sold in September.

According to statistics from 26 excavator manufacturing companies in the China Construction Machinery Industry Association, 21,187 excavators of various types were sold in September 2022, an increase of 5.49% (the previous value was 0%), of which 10,520 were domestically, a decrease of 24.5% year-on-year; 10,667 were exported, a increase of 73.3% year-on-year. From January to September 2022, a total of 200,296 excavators were sold, a year-on-year decrease of 28.3%; of which 119,990 were domestic, a year-on-year decrease of 48.3%; 80,306 were exported, a year-on-year increase of 70.5%.

The price index of steel billets, rebars and iron ore fell this week. As of October 14, the billet price index fell by 0.59% week-on-month to 3682.0 yuan/ton; the national HRB400 20mm rebar price fell by 0.79% week-on-month to 4137.0 yuan/ton; the iron ore price index fell by 1.04% week-on-month to 356.76.

The prices of thermal coal and coke futures have fallen, while the prices of coking coal futures have risen. As of October 14, the price of coke futures fell by 0.39% week-on-month to 2783.5 yuan/ton, the price of coking coal futures rose by 1.35% week-on-month to 2134.5 yuan/ton, and the price of thermal coal futures fell by 1.4% week-on-month to 888.4 yuan/ton.

4 Funds·Mass and few - Financing transfers inflows, important shareholders' net increase in holdings in the secondary market

Judging from the flow of funds throughout the week, northbound funds showed a net outflow trend this week, financing funds were inflows, newly established equity-oriented public funds decreased, and ETFs were net subscription. Specifically, northbound funds had a net outflow of 6.25 billion yuan this week; the total net inflow of financing funds in the first four trading days was 2.19 billion yuan; 3.39 billion new equity-oriented public funds were established, down 8.41 billion yuan from the previous period; net subscription of ETFs, corresponding to a net inflow of 7.05 billion yuan.

From the perspective of net subscription of ETFs, ETFs are net subscriptions and broad index ETFs are both net subscriptions, among which the Shanghai and Shenzhen 300 ETFs are the most subscribed; industry ETFs are half subscribed, among which the securities companies have more subscriptions and pharmaceutical ETFs have more redemptions. Specifically, the overall net subscription of stock ETFs was 5.15 billion shares. Among them, the Shanghai and Shenzhen 300, ChiNext ETF, CSI 500 ETF, Shanghai 50 ETF and Shuangchuang 50 ETF had net subscriptions of 1.24 billion, 290 million, 1.03 billion, 570 million, and 330 million respectively. In terms of the industry, information technology ETFs were net redeemed 80 million shares; consumer ETFs were net redeemed 620 million shares; pharmaceutical ETFs were net redeemed 3.95 billion shares; brokerage ETFs were net subscriptions 1.72 billion shares; financial real estate ETFs were net subscriptions 120 million shares; military ETFs were net subscriptions 400 million shares; raw material ETFs were net subscriptions 400 million shares; new energy; smart car ETFs were net subscriptions 220 million shares.

This week, the scale of newly established equity-oriented public funds fell compared with the previous period, and 3.39 billion new equity-oriented funds were established.

This week (October 10-October 14), a net outflow of northbound funds was 6.25 billion yuan, from the previous net inflow to the net outflow.In terms of the preferences of the industry, the northbound funds had a higher net purchase scale of pharmaceuticals, biology, non-ferrous metals, media, etc., with net purchases of 1.48 billion yuan, 1.07 billion yuan and 950 million yuan respectively; food and beverages, automobiles, banks, etc. were sold in a concentrated manner, with net sales reaching -6.38 billion yuan, -1.41 billion yuan and -1.14 billion yuan. In terms of

stocks, the net purchase scale of northbound funds are CATL, Zhaoyi Innovation, Pioneer Intelligence, etc.; the net sale scale includes Kweichow Moutai, Wuliangye, Tongwei Co., Ltd., etc.

In terms of financing, the net inflow of financing funds in the first four trading days was 2.19 billion yuan. From the perspective of industry preferences, this week's financing funds concentrated on buying food and beverages, with a net purchase of 1.37 billion yuan. Other industries with the highest net purchase scale mainly include banks, coal, basic chemicals, etc.; net sales are mainly mechanical equipment, national defense and military industry, non-bank finance, etc. From the perspective of individual stocks, stocks with higher net purchases include Kweichow Moutai, China Merchants Bank, Tongwei Co., Ltd., etc., and the main ones with more net purchases include Shanxi Fenjiu, CATL, Luoyang Molybdenum Industry, etc.

From the perspective of capital demand, important shareholders have changed from net reduction to slight net increase, and the scale of planned share reduction has decreased. 's important shareholders increased their holdings by 1.61 billion yuan this week, reducing their holdings by 1.27 billion yuan, and increasing their holdings by 350 million yuan, from net reduction to net increase. Among them, industries with a higher scale of net increase in holdings include construction decoration, petroleum and petrochemicals, power equipment, etc.; industries with a higher scale of net reduction include pharmaceuticals and biology, machinery and equipment, basic chemicals, etc. The planned share reduction announced this week was 40 million yuan, a decrease from the previous period.

5

Theme·Wind direction—The United States has expanded semiconductor restrictions on China, and the domestic information innovation market has ushered in opportunities

This week, the Wind All A Index rose 2.77% weekly, the ChiNext Index rose 6.35%, and the Shanghai and Shenzhen 300 rose 0.99%. The main topics of the chicken industry, livestock and poultry breeding and operating systems that have the highest gains this week.

The topic events worth paying attention to this week and next week are:

(1) Photovoltaics - Three departments: Requirements not to engage in price gouging behaviors such as hoarding and taking the opportunity to speculate, and promote the high-quality development of the photovoltaic industry

On October 9, in accordance with the relevant requirements of the "Notice on Promoting the Coordinated Development of the Photovoltaic Industry Chain and Supply Chain" jointly issued by the Ministry of Industry and Information Technology, the State Administration for Market Regulation, and the National Energy Administration, in order to deeply guide the coordinated development of the upstream and downstream of the photovoltaic industry, the relevant business departments of the three departments, on the basis of organizing the cooperation and docking of the photovoltaic industry chain and supply chain, recently collectively interviewed some polysilicon backbone enterprises and industry institutions, and guided relevant units to strengthen self-discipline and self-inspection and standardized management. The three departments put forward work requirements for relevant units: First, we must focus on the overall situation and long-term interests, adhere to win-win cooperation between upstream and downstream, and promote the high-quality development of the photovoltaic industry; Second, we must effectively strengthen corporate self-discipline, carry out in-depth self-inspection and self-correction, consciously standardize sales behaviors, and avoid price gouging behaviors such as hoarding and taking the opportunity to speculate; Third, we must coordinate the construction of photovoltaic existing projects, reasonably release existing production capacity, and moderately accelerate the construction of compliant projects under construction, and at the same time, we must analyze and prevent risks in advance for the large-scale production of new production capacity in subsequent production.

(2) New Energy - National Energy Administration: Strongly support the development, construction of large wind power photovoltaic bases, distributed energy, etc., grid-connected operation and consumption utilization

On October 9, the National Energy Administration's official website issued the "Action Plan for the Improvement of Energy Carbon Peak and Carbon Neutralization Standardization". The main contents are: establishing and improving a renewable energy standard system mainly based on photovoltaics and wind power, researching and establishing a standard system to support the construction of new power systems, accelerating the improvement of a new energy storage standard system, and strongly supporting the development, construction of large wind power photovoltaic bases, distributed energy, etc., grid-connected operation and consumption and utilization. By 2025, a relatively complete energy standard system that can strongly support and lead the transformation of energy green and low-carbon energy will be initially established. Energy standards will be transformed from quantity and scale to quality and efficiency, and the standard organizational system will be further improved. Energy standards will interact well with technological innovation and industrial development, effectively promoting the transformation of energy green and low-carbon energy, energy conservation and carbon reduction, technological innovation, and carbon emission reduction in the industrial chain.

(3) Metaverse - Shanghai: Accelerate the innovative application of industrial Metaverse

On October 8, the Office of the Shanghai Municipal Urban Digital Transformation Leading Group issued the "Implementation Plan for Digital Transformation of Shanghai Manufacturing" and a task decomposition table to relevant departments and district governments in Shanghai. Shanghai will accelerate the innovative application of industrial meta-universe. Accelerate the in-depth expansion and integrated application of digital technologies such as 5G, AI, AR/VR/MR, blockchain, and digital twins in the manufacturing field. Focus on the fields of aviation, automobiles, nuclear power, biomedicine, consumer goods, etc., and build a number of application scenarios such as borderless collaborative design, virtual R&D optimization, multi-dimensional simulation manufacturing, test and verification optimization, remote operation and maintenance, and asset management. Support the construction of an intelligent manufacturing twin platform based on technologies such as integrated extended reality, multi-dimensional perception, real-time reverse modeling, and build a digital twin factory.

(4) Hydrogen Energy - Shanxi: Release "Medium- and Long-term Plan for the Development of the Hydrogen Energy Industry (2022-2035)"

On October 9, Shanxi issued the "Medium- and Long-term Plan for the Development of the Hydrogen Energy Industry (2022-2035)". By 2035, Shanxi will form a leading hydrogen energy industry cluster in China. By 2025, the number of fuel cell vehicles will exceed 10,000, and a number of hydrogen refueling stations will be deployed to build, with the country's leading application scale. By 2030, the number of fuel cell vehicles will reach 50,000, and renewable energy hydrogen production will be widely used in transportation, energy storage, industry and other fields, forming a hydrogen energy industry cluster with reasonable layout, industrial complementarity, and coordinated progress, which will strongly support the province to achieve carbon peak. By 2035, a leading hydrogen energy industry cluster in China will be formed.

(5) Digital RMB - Central Bank: Multilateral Central Bank Digital Currency Bridge completes its first test

On October 11, it was learned from the Shenzhen Local Financial Supervision and Administration Bureau that recently, the multilateral Central Bank Digital Currency Bridge (m-CBDCBridge) platform has successfully completed the first real transaction pilot test based on digital currencies in four countries or regions. The branches of five pilot banks in mainland China in Shenzhen organized their respective corporate customers to participate in the first batch of pilot tests. It is reported that among all transactions in mainland China participating in this pilot test, the transaction volume of enterprises from Shenzhen accounts for one-third, making it the region with the richest business scenarios and the most transaction volume. Since the beginning of this year, relevant policies on digital RMB have been continuously introduced, promoting the accelerated implementation of digital currency application scenarios.

(6) Metaverse - Qingdao: A Metaverse Industry Development Fund will be established. The target scale is not less than 500 million

Recently, Qingdao Shinan District issued the "Several Policy Measures of Qingdao Shinan District on Promoting the High-Quality Development of Metaverse Industry", proposing to cultivate the agglomeration and development of Metaverse industry, promote the agglomeration and concentration of talents in the Metaverse field, create industry demonstrations through scenario applications, promote the improvement of Metaverse enterprise innovation capabilities, innovate Metaverse enterprise financing services, support leading enterprises to become bigger and stronger, and improve the construction of a public support system. In addition to providing subsidies to enterprises and talents in the field of metaverse, the policy also mentioned in the innovative metaverse enterprise financing services that an industrial development fund will be established, and a metaverse industrial investment fund with a target scale of no less than 500 million yuan will be established within three years, with the first phase of 2022 of 100 million yuan.

(7) New energy storage - Shanghai: Build a future industrial cluster New energy storage will take the lead

On October 11, Shanghai issued the "Shanghai Action Plan to Build a Highland for Future Industrial Innovation to Develop and Strengthen Future Industrial Clusters". By 2030, a number of hard-core achievements, innovative enterprises and leading talents with world influence will emerge in the fields of future health, future intelligence, future energy, future space, future materials, etc. In terms of new energy storage, the "Plan" lists a number of technologies, including compressed air, flow batteries, flywheel energy storage, sodium batteries, solid-state batteries, hydrogen fuel cells, etc. Promote the development of strategic energy storage technology, promote the commercialization of long-term energy storage technologies such as compressed air and liquid flow batteries, promote the implementation of new energy storage stations for "optical storage and charging", accelerate technical tests such as flywheel energy storage and sodium ion batteries, and promote the research and development of solid-state battery electrolyte technology. Promote innovation in high-power, long-life hydrogen fuel cells and key materials such as carbon paper, proton exchange membrane, and catalysts, and promote application research on fuel cell cohesive supply systems and solid oxide fuel cells.

(8) Lithium battery - Jiangxi: Several policies and measures are introduced to promote the development of the lithium battery new energy industry. Enterprises will receive a one-time reward of 5 million yuan for listing

Jiangxi Provincial Government officially issued and implemented the "Several Policy Measures on Optimizing and Strengthening the Lithium Battery New Energy Industry in Jiangxi Province". In order to attract investment in major projects such as positive electrode materials, next-generation negative electrode materials, power batteries, etc. At the same time, major lithium battery projects with high technological content and strong driving effect with an investment scale of more than 1 billion yuan and actual fixed asset investment of no less than 500 million yuan are completed. For lithium battery key materials, high-performance power type, and energy storage type lithium-ion battery manufacturers, through provincial key innovation industrial upgrading projects, 10-20 million yuan will be given as preferential support through equity pledge and other methods.

(9) Photovoltaics - Guangzhou: By 2025, the installed photovoltaic capacity will reach 1 million kilowatts, and strive to achieve 1.2 million kilowatts and above

On October 11, the Guangzhou Municipal Bureau of Industry and Information Technology issued the "Guangzhou Power Grid Development Plan (2022-2025)". The document proposes that by 2025, the installed capacity of photovoltaic power generation will reach 1 million kilowatts, striving to reach 1.2 million kilowatts or more; the installed capacity of biomass power generation will reach 930,000 kilowatts; and the installed capacity of wind power will reach 160,000 kilowatts.

(10) Intelligent Driving - Ministry of Industry and Information Technology: The first international standard for autonomous driving test scenarios formulated by my country was officially released

On October 13, the Ministry of Industry and Information Technology released a message that the first international standard for autonomous driving test scenarios formulated by my country was officially released. This standard is an important basic standard for the test scenarios of autonomous driving systems. It meets the industry's need to use standardized language to describe the test scenarios when carrying out autonomous driving test evaluation related work. It will be widely used in the research and development, testing and management of global intelligent connected vehicle autonomous driving technology and products, and provides important basic support for various autonomous driving applications such as smart travel, regional connections and road transportation.

This week's industry observation - The United States expands semiconductor restrictions on China, and the domestic information innovation market ushers in opportunities

The U.S. government expands semiconductor restrictions on China. On October 7, the US government introduced a policy to further tighten the export of semiconductor products to China. The sanctions can be roughly divided into the following aspects: restricting China from obtaining high computing power and artificial intelligence chips under advanced processes, including banning American companies such as Nvidia and AMD from selling such chips to China, and also restricting Chinese artificial intelligence chip companies from slicing in overseas Fab factories under US technology; restricting American equipment manufacturers such as Applied Materials, Pan Lin, and Kelei to sell semiconductor equipment to any Chinese company, and large domestic Fab factories may be greatly affected; 31 Chinese companies, research institutions and other groups are included in the so-called "unverified list" (UVL list), restricting them from obtaining certain regulated American semiconductor technology capabilities, such as using American companies' EDA software for chip design, or purchasing American companies' equipment to make chips, and shouldering the responsibility of NAND Yangtze Memory, which is the important task of domestically producing FLASH flash memory chips, is among them; in terms of personnel, Americans are clearly prohibited from providing any assistance to the development of China's semiconductors, including but not limited to restricting Chinese companies from setting up R&D institutions in the United States.

The United States has increased its semiconductor restrictions on China, the demand for domestic IT production continues to increase, and Information Technology is expected to enter a stage of comprehensive acceleration. Recently, the United States has successively introduced a series of restrictions on China's advanced semiconductors: On August 9, US President Biden signed the Chip and Science Act, which requires companies that receive subsidies from the US government to not develop precision chips (generally chips below 28 nanometers) in mainland China and other regions within 10 years; on August 31, GPU giant Nvidia issued an announcement stating that it has received a notice from the US government that if two high-end GPU chips are exported to Chinese and Russian customers - A100 and H100, a new export license is required. In addition, AMD also stated that it will suspend the shipment of GPU MI100 and MI200 to Chinese customers. The United States, Japan, South Korea and Taiwan Province of China formed the "Chip Quad Alliance" and held its first meeting in early October in an attempt to curb my country's development in the chip field.Faced with the US's semiconductor restrictions on China, domestic substitution ushered in an opportunity. Due to concerns, the entire bottom-up IT domestic system will usher in the demand for domestic production due to supply chain security considerations, and Xinchuang may enter a stage of acceleration in its entirety.

? The domestic information innovation system ecosystem continues to be improved

The scale of domestic information innovation is rapidly expanding. The full name of Information Technology Innovation is the information technology application innovation industry. It is the foundation of data security and network security, and an important part of new infrastructure. In order to solve the problem that core technologies are subject to others and ensure the independent security of information, the "Digital China" strategy was proposed in the "14th Five-Year Plan". The IT industry ushered in a wave of comprehensive domestic substitution from basic hardware-basic software-industry application software, and the information and innovation industry is booming. In recent years, the scale of my country's information innovation industry has continued to expand. In 2021, the scale of the information innovation industry reached 688.63 billion yuan, with a compound growth rate of 35.7% in the past five years, and is expected to exceed 2 trillion yuan in 2025.

The construction of domestic information and innovation ecosystem has accelerated comprehensively, and China Electronics and Huawei have formed a relatively complete information and innovation ecosystem . At present, my country's information innovation field mainly faces "bottleneck" problems in operating systems, CPUs, databases, CAD, EDA, chip manufacturing and other links. China Electronics has built a complete PKS information innovation system with Feiteng + Kirin as the core. The Kirin operating system under CEC is currently the domestic operating system with the highest domestic market share and the most complete industrial ecology, and has strong competitiveness; Feiteng CPU is one of the six domestic CPU manufacturers, and its market share in Xinchuang continues to be ahead; Kirin and Feiteng have basically solved the problem of "lack of chips and souls" in my country Electronics' Internet Information Industry. According to the 2021 Ecological Conference on PKS Security Advanced Green Computing, Feiteng CPU and Kirin operating system account for 70% and more than 85% of the domestic similar market respectively, with more than 100,000 ecological enterprises, and have formed a relatively complete ecological system and remained in the leading market share in the field of Information Innovation. Huawei takes Kunpeng processor as the core and provides basic software such as openEuler and openGauss with an open source open idea. By gathering external upstream and downstream companies to assist in cooperation, it has formed a relatively complete Kunpeng information creation ecosystem.

Domestic information and innovation ecosystem construction has been significantly accelerated. In terms of operating system of , Tongxin operating system integrates the technical strength of many domestic operating systems, CPUs and some application manufacturers. It can support heterogeneous domestic chips such as Feiteng, Kunpeng, Haiguang, Zhaoxin, Loongson, Shenwei and other heterogeneous domestic chips as well as corresponding notebooks, desktops, and servers under one technical architecture and core to achieve simplified application and overall machine adaptation and ecological unity. By tracking the adaptation of Kirin and Tongxin system, it was found that from July to September 2022, Kirin and Tongxin operating systems doubled in terms of the number of software adaptation, and the construction of domestic information and innovation ecosystems has accelerated significantly and continued to improve.

As the information creation ecosystem gradually improves, information creation may develop from compliance-driven to demand-driven development. According to data from Haibi Research Institute, information creation products are not limited to compliance-driven. For example, some private enterprises and foreign enterprises are also purchasing information creation products. Information creation products also have the possibility of impressing users in terms of ease of use, price, service, functions, technology, etc. As the information creation ecosystem continues to improve, product performance continues to improve, gradually narrowing the gap with foreign manufacturers, the user base will continue to expand, which is expected to promote the development of information creation products from compliance-driven to demand-driven. In terms of penetration rate, the enterprise penetration rate of Xinchuang products in scale in 2022 is 41.2%, and is expected to grow to 50.7% in 2025.

? Industry information creation is mainly based on party and government information creation, and accelerates the popularization of

Party and government information creation is the first field to promote, and financial information creation follows closely behind, with huge development potential. Industry information innovation and innovation are accelerating the popularization of along the "2+8+N" direction. According to Yiou Think Tank, the party and government have gradually carried out a plan to replace official document system since 2013. It is expected that the basic official document system information transformation will be completed in 2022, and the localized replacement of the e-government system will be gradually launched in 23 years, with a larger market scale. In addition, among the eight key industries, the financial industry has the fastest promotion of information technology and innovation, followed by telecommunications, followed by energy, transportation, aerospace, and education and medical care are also gradually promoting policy and piloting. Finally, it is expected that the information technology innovation in N industries will be gradually launched in 2023.

The transformation of the Party and Government Information Creation Official Document System has been basically completed and is gradually expanding to the e-government system. The core of the party and government is the official document system, so in the party and government’s trust creation, the independent and controllable replacement of electronic official documents is the first step. After two pilot projects from 2013 to 2019, it began to enter the stage of rapid promotion in 2020. According to the current development trend, it is expected that the current party and government office business field will form a mature industry ecosystem, and will continue to penetrate into district, county and township governments in the future. At the same time, with the basic completion of software and hardware adaptation, the adaptation cost has dropped significantly and the profit space has increased, which is conducive to the healthy development of the ecology and the promotion of industry information innovation. Based on electronic documents, the information and innovation transformation of e-government will be carried out in an orderly manner.

The financial information innovation industry started early, and it has been accelerating its pace since 2021, with huge development potential. Since the launch of Inspur Tissot K1 mini-machine in 2013, my country's banking industry has begun to explore the application of independent controllable technologies. Under the leadership and policy guidance of superior institutions such as the China Banking Regulatory Commission and the People's Bank of China, the financial field has been continuously successful in its independent and controllable practices, such as the realization of "IOE" by Postal Savings Bank and Baixin Bank. 2021 is the year of the outbreak of financial information innovation and innovation. The platform of the financial information innovation laboratory is fully built, and the information innovation ecology is further improved. The second phase pilot has been expanded to nearly 200 pilot units, including state-owned banks, joint-stock companies, rural commercial banks, insurance, securities, payments, etc., and the replacement content includes OA and email. In 2022, the remaining 4,000 financial institutions will be piloted and accelerated, and by 2023, the replacement of general systems such as official documents, finance, personnel, and decision-making support will be completed. According to Yiou Think Tank, the 21-year domestic production target of Financial Information Technology Innovation is about 12%-15%, corresponding to the purchase volume of about 40,000 units. Assuming that the 22-year domestic production target reaches 30%, and it will increase year by year, it is expected that the penetration rate will reach 70% in 2025, and there is a large procurement demand market.

In summary, as the United States increases its semiconductor restrictions on China, the entire bottom-up IT domestic system will also usher in the demand for domestic production due to supply chain security considerations, and my country's information and innovation industry is expected to enter a stage of comprehensive acceleration. At present, the scale of domestic information innovation and innovation is expanding rapidly, and the construction of information innovation and innovation ecological construction has accelerated significantly. In terms of the industry, the party, government, and financial information innovation are the main focus, followed by financial information innovation. Industry information innovation is accelerating its popularity along the "2+8+N" direction. It is expected that in 23 years, information innovation in many industries will be launched one after another, and the industrial chain has sufficient opportunities. It is recommended to pay attention to investment opportunities in related fields.

In terms of industry valuation, most sector valuations rose this week. Among them, the valuation of the agriculture, forestry, animal husbandry and fishery sector rose more, with an increase of more than 8.11, and the valuation of the food and beverage sector fell more, with a decrease of more than 1.63. Among them, the agriculture, forestry, animal husbandry and fishery sector rose 8.11 to 121.8, in the 97.6% historical quarter; the valuation of the food and beverage sector fell 1.63 to 33.2, in the 68.2% historical quarter. As of the close of October 14, the top five industries in the first-level industries ranked valuation are agriculture, forestry, animal husbandry and fishery, automobiles, social services, utilities, and comprehensive.

This article comes from the financial world