Cathay Pacific Fund Manager Wang Yang
On the afternoon of November 19, the third session of China Construction Investment's 2020 "JIC Lecture • Technology Investment Series" was held at the China Construction Investment Bookstore. Cathay Pacific Fund Manager Wang Yang and Soochow Securities Research Institute Deputy Director and Chief Analyst of Power Equipment New Energy Zeng Duohong, with the theme of "What kind of future are smart cars heading?", for audiences from all walks of life watching live and online live broadcasts, It analyzes in detail the in-depth transformation of the automotive industry chain and the intelligent strategy of mainstream auto companies, and has an enlightening discussion on how to grasp the investment logic of the automotive industry.
Wang Yang shared the investment opportunities in the new energy automobile industry. He said that in the context of the global new energy vehicle industry with a certain upward trend, the industry penetration rate of new energy vehicles will steadily and continuously increase. The domestic industry has gradually transformed from a policy-driven market to a consumption-driven market. Tesla's success further proves that the power on the supply side is another driving force for global electrification, and that truly good products can create demand.
In terms of investment logic, Wang Yang believes that according to the development law of the automobile industry, the planning time of the platform is generally about 5 years, and the model planning time is about 3 years, so the upcoming models and competition in 2020-2022 are basically predictable. Therefore, the main line of investment at this stage can be laid out around the main force of global sales growth and its industrial chain. From a mid-to-long term perspective, it is still necessary to continue to find links and companies that are in line with the industry's development direction.
Zeng Duohong shared his insights into the development trend of the automobile industry. She pointed out that 2020 is the first year of global electrification. Explosive models such as Tesla, New Forces, and Volkswagen will drive the rise of super product cycles and promote the explosion of ToC demand. She believes that the automobile is ushering in a century of great changes, electrification and intelligence are the general trend of the industry, the automobile industry will transform from the industrial chain to the ecological chain, and the division of roles and profit distribution between car companies, component suppliers and technology companies will be renewed. , Value chain construction, auto companies will rely on software development and iterative upgrades to regain control.
Regarding the pattern of the smart car industry, Zeng Duohong said that Tesla is the leading benchmark, and traditional car companies are catching up, while new car manufacturers have become a climate and have huge future potential. Chinese companies in the electrified parts sector have become globally competitive. The field of intelligence will also give birth to better companies.
In the subsequent guest dialogue session, Wang Yang and Zeng Duohong further discussed the impact of the smart car industry policy on auto companies, how the smart car industry, which is a historical opportunity for overtaking in my country's manufacturing industry, should exert its strength, and what technical bottlenecks exist in smart cars We conducted in-depth discussions on other issues, and launched a lively interaction with online and offline audiences, which provided a valuable reference for the audience to understand the market status and development direction of smart cars.
In 2020, China Construction Investment Group will launch the "JIC Lecture Hall•Technology Investment Series" centering on the spirit of the Fifth Plenary Session of the 19th Central Committee and the "14th Five-Year Plan" proposal, with the key words of "Intelligent Connected World", focusing on 5G, chips, and artificial intelligence We will invite well-known experts, scholars and industry veterans in related fields, from macro to micro, from technology to industry, and from theory to practice, in many key areas of technology investment, such as financial technology, information security, and smart cars. The online and offline linkage will explain to the audience how the fourth wave of technological revolution can deliver new development momentum to China, study and judge the frontier trends and investment directions of industry development and technological progress, and exchange and share practical experience. The next 5 lectures will also be held during the year.
"JIC Lecture Hall" is a high-quality lecture hall brand created by China Construction Investment Group mobilizing high-quality intellectual resources, taking the cultural space of Jiantou Bookstore as the frontier position, and integrating the wisdom and strength of multiple parties. "JIC Lecture Hall" has held more than 70 in-depth dialogues and exchanges of ideas since 2016, sharing forward-looking vision and professional insights with the society, providing rational analysis and value reference. It has a think tank of more than 100 experts and scholars, covering top domestic universities and Scientific research institutions have attracted the attention of many people from academia, industry, and the public.
