"Attacking" Photovoltaic Industry: Dancing Of "Two Giant Elephants" Industrial Chain Price Rises In The Short Term

On the same day, the leading company of Aikang Technology Co., Ltd. was listed on the stock market with a net capital of RMB 7.7 billion.

The recent heat of photovoltaic is a microcosm. The domestic photovoltaic industry is rapidly recovering: on the one hand, the leading companies are busy expanding production, and the scale of the industry continues to grow in the first half of the year; on the other hand, the secondary market capital is busy increasing positions, and some photovoltaic companies have become heavy positions in public funds and set a new market value record.

In the 21st century, the reporter's report on the increase of public funds in the photovoltaic industry showed that it was basically recognized by the securities companies in the first quarter. And in the context of the industry boom continues to improve, the recent rise in the price of the industrial chain has further increased the heat.

Second quarter allocation of photovoltaic sector funds

There are two "giant elephants" in the A-share PV sector. By the end of July 24, Longji shares and Tongwei shares had closed at 51.20 yuan and 23.61 yuan respectively, with a total market value of 193.1 billion yuan and 101.2 billion yuan respectively.

Longji shares and Tongwei shares are public funds in the second quarter of the new energy sector on behalf of heavy positions. According to the latest research report released by Changjiang Securities, the market value of the heavy positions of public funds in the photovoltaic sector in the second quarter of this year accounted for 2.2% of the market value of all a shares, an increase of 1% month on month.

According to the statistics of the 21st century economic reporter, in the second quarter of this year, 13 A-share photovoltaic companies have become the fund's heavy positions, all of which are leading enterprises in the manufacturing of silicon wafers, batteries, modules, auxiliary materials and photovoltaic equipment. Among them, there are 5 companies with a market value of more than 1 billion yuan, namely Longji, Tongwei, Zhonghuan, Jiejia Weichuang and foster, with the market value of 19.799 billion yuan, 6.741 billion yuan, 3.044 billion yuan, 1.745 billion yuan and 1.571 billion yuan respectively.

In the second quarter, 311 funds held 486 million shares of the PV Company with a market value of more than 200 billion yuan, accounting for about 12.90% of the circulating equity. According to the details of the heavy positions held by wind, the nine funds held more than 10 million shares in Longji shares. Among them, GF fund and Xingxing securities have a number of heavy positions, and the top six fund products occupy five positions.

However, from the current position trend, 28 funds such as "Shanghai Investment Morgan core growth" increased their holdings of Longji shares by 3.482 million shares in the second quarter, with a relatively small increase. The funds with heavy positions chose to reduce their holdings in the second quarter, represented by a number of funds under Xingzheng global. The fund product with the largest reduction strength is "Xingquan Heyi a". During the reporting period, the fund reduced its position of nearly 40% in Longji shares, with the number of shares reduced to 39.3312 million shares, with a market value of 1.602 billion yuan. In addition, "Xingquan Herun classification" reduced its holding of 7.6143 million shares in the second quarter, ranking second, and the market value of the position fell to 900 million yuan.

Tongwei, a new 100 billion photovoltaic company, has become a "sweet cake" for many funds in the second quarter. 173 funds hold 388 million shares of Tongwei shares, accounting for about 9.05% of the circulating share capital.

In recent years, Tongwei Co., Ltd., which focuses on the field of new energy, has been strengthening its position in the domestic photovoltaic industry chain. Tongwei shares, which has two core products of silicon material and battery, has benefited from the improvement of the industry prosperity and its performance has also grown steadily. In 2019, the company's operating revenue and net profit attributable to shareholders of the listed company were 37.555 billion yuan and 2.635 billion yuan, with a year-on-year increase of 36.39% and 30.51% respectively.

In the first quarter of this year, affected by the price decline of the industrial chain driven by the epidemic, Tongwei's performance was affected to a certain extent. However, in the view of analysts, Tongwei, as the leading silicon material and battery chip, will be the first to benefit from the recovery of industrial chain price and the improvement of industry demand.

According to the details of heavy positions, the market value of 12 funds in Tongwei shares exceeded 100 million yuan. Among them, Guangfa fund, following its heavy position in Longji shares, has shown a strong interest in Tongwei shares: the first four funds with heavy positions are all products of Guangfa fund. "Guangfa technology pioneer", "GF small cap growth a", "Guangfa innovation and upgrading" and "Guangfa diversified emerging" held 190 million shares of Tongwei shares in the second quarter, with a market value of more than 3.3 billion yuan.

21st century economic reporter noted that in the second quarter, a number of funds increased their holdings of Tongwei shares. Among them, "Nord value advantage", "HSBC Jinxin low carbon pioneer" and "HSBC Jinxin intelligent manufacturing pioneer a" all increased by more than 1 million shares.

Price of industrial chain returns to rising trend

On July 24, Longji announced that it would raise the price of silicon wafers in August.

The price shows that the company's price of p-type monocrystalline silicon wafer with thickness of m6175 μ m (166 / 223mm) is 2.73 yuan, which is 0.11 yuan higher than the last published price; the price of 175 μ m thickness (158.75 / 223mm) of single crystal silicon wafer is 2.63 yuan, 0.10 yuan higher than the last price.

"In recent years, the supply and demand situation of photovoltaic industry chain has changed significantly, and the growth of downstream market is more clear. The price of polycrystalline silicon has increased by about 10 yuan per kilogram. In order to adapt to the rising prices of raw and auxiliary materials such as polysilicon, Longji silicon wafer appropriately adjusts its price." Wang Yingge, general manager of Longji stock brand, said in an interview with the reporter of 21st century economic report.

The aforementioned analysts told the 21st century economic report that due to the recent accident of leading polysilicon manufacturers, the supply of polysilicon is tight in the short term, and the price continues to rise. It is reasonable for the head silicon chip enterprises to adjust the prices synchronously. However, under the conduction of upstream link price rise, the price of components, auxiliary materials and auxiliary materials may be loose.

Analysts of Kaiyuan Securities pointed out that the direct reason for the rise in the price of this round of industrial chain is the tightening of supply side caused by industrial overhaul or accident, but the core reason is that the demand for foreign and overseas terminals has continued to exceed expectations since the second quarter of this year. While the terminal demand continues to be good or will support the industry's high landscape for a long time, leading companies are expected to usher in the phase of both volume and price rise in the second half of the year, and the overall profit may exceed expectations.

In fact, despite the impact of the epidemic on the production and manufacturing of the industry, the domestic photovoltaic industry still recovered rapidly in the first half of this year. According to the statistics of China Photovoltaic Industry Association, in the first half of this year, the domestic photovoltaic industry chain has maintained a double-digit growth in all aspects of the manufacturing end - domestic polysilicon output of 205000 tons, a year-on-year increase of 32.3%; the output of silicon wafers is 75gw, with a year-on-year increase of 19%; the output of solar cells is 59gw, with a year-on-year increase of 15.7%; the output of modules reaches 53.3gw, with a year-on-year increase of 13.4%.

According to the analysis of China Photovoltaic Industry Association, the market will achieve recovery growth in the second half of this year.

Wang Bohua, vice president and Secretary General of China Photovoltaic Industry Association, pointed out that Evergrande is becoming more and more prominent in manufacturing.

In the first half of this year, the expansion projects of photovoltaic leading enterprises have been continuously promoted, and the expansion plans have been launched continuously. For example, by the end of 2020, the capacity of Tongwei, aixu and Longji will be increased to 30-40gw, 22gw and 15gw respectively.

With the price reduction of photovoltaic industry chain in the second quarter, the continuous release of domestic and foreign demand will make the industry heat continue to rise.

?