After the "double carbon" target was determined, the new energy sector has been hot in the market this year. Up to the close of July 5, the new energy index rose 30.2 percent this year, significantly outperforming the Shanghai Composite Index, which rose 1.76 percent.

Since last year, the wealth effect of the new energy sector has attracted wide attention from investors.

However, as the share prices of leading companies have soared, the institutional divide on the sector has become wider. As the second largest institutional investor in the A-share market, the balance of capital utilization by the end of May this year has exceeded 22.8 trillion yuan. In recent years, Insurance Capital has actively participated in the investment of the new energy sector, which is of great reference value for the research and judgment of the sector.

To this end, the reporter of Securities Daily interviewed a number of insurance institutions on the investment opportunities and risks of the new energy sector.

Overall, insurance institutions are generally optimistic about the investment value of the new energy sector in the second half of the year and the future longer term dimension, and believe that there are a lot of investment opportunities in the sector.

However, insurance institutions also remind investors that there are rapid technology iteration risks, short-term overheating risks and high valuation risks caused by excessive expectations at this stage of the sector, and investors still need to be vigilant.

institutions in the eyes of the "long slope and thick snow" track

Since last year soared 102%, the new energy index this year (as of July 5 close) again rose 30%. Among the 28 industries classified by Shenwan first-level industries, the electrical equipment sector with new energy stocks is ranked second in A-share industries during the year; According to the 310 industries classified by the Oriental wealth concept plate, lithium batteries, hydrogen energy and other new energy sub-sectors ranked in the top 20 within the year.

Due to the large fluctuations in previous performance, the new energy sector was once listed in the market as a cyclical sector. However, since last year, stimulated by strong market demand, the performance volatility of the new energy sector has decreased, and the countercyclical increase has gradually become a track with "long slope and thick snow" in the eyes of institutions.

In the view of Duan Guosheng, president of China Insurance Asset Management Association and CEO of Taikang Asset, low-carbon transformation will bring subversive changes to the energy structure and promote the development of new energy industry, which is one of the main new opportunities for equity investment in the future of insurance capital. According to various estimates, the total investment needed to achieve China's carbon neutrality goal is about 90 trillion yuan to 140 trillion yuan. "The energy sector mainly invests in energy storage, power grids, clean power generation, clean hydrogen production, etc."

A number of insurance institutions have taken a similar view. The relevant person in charge of Kunlun Health asset management Department told the Securities Daily reporter that "carbon neutrality" is a global common topic, and new energy is a long-term growth track. Carbon neutrality includes two core levels: first, the production level of energy, the goal is renewable green energy, mainly corresponding to photovoltaic and wind power; The second is the level of energy use, including the traditional industries of energy conservation and emission reduction, fuel vehicles to switch to new energy vehicles and other fields.

The development of the new energy industry is the general trend of The Times, so it is worth investing in the long-term dimension." The relevant person in charge of the capital management department of Love Life told reporters.

Ping An asset management multi-asset investment team head Xing Zhen previously told reporters that the investment income of the new energy sector this year or will be less than last year, but there will still be good structural opportunities.

The national life assets of the national life security fund also said that this year's structural opportunities in the equity market are still positive, can pay attention to new energy and other sectors. "Securities Daily" reporter learned that Guoshou assets had frequently laid out the new energy sector, including taking shares in CLP Nuclear, Tongwei shares and so on.

Eastern wealth Choice data show that as of the end of the first quarter of this year, the insurance capital has held A total of 18 new energy industry A shares, holding market value of 23.8 billion yuan, but compared with the insurance capital at the end of the first quarter of the total market value of A shares holdings (1.4 trillion yuan), its share of investment in the new energy sector still has a lot of room to rise.

bullish on the global competitiveness of the company

on the premise of promising new energy circuit, investors are more concerned with "how to vote" to what "problem". Insurance institutions generally believe that competitive new energy enterprises are the focus of attention.

Person in charge of Kunlun Health asset management Department said that photovoltaic and new energy vehicles are the most competitive areas of Chinese enterprises in the world, and the competitiveness of leading companies is also global. More than 80 percent of the capacity of the photovoltaic industry is provided by Chinese companies; The world's largest lithium battery company is Ningde Times, and the best quality company and the largest volume company producing the four major materials of lithium batteries (positive electrode, negative electrode, diaphragm and electrolyte) are also in China. New energy is a high-growth track, and those companies with global competitiveness are worthy of key investment targets.

Duan Guosheng also said that from the impact of "carbon neutrality" on the development of various industries, the long-term pattern of the industrial sector will be differentiated by the impact of technological change, and the investment opportunities of leading companies are more promising. Other segments that benefit from "carbon neutrality", including new energy power operation, power grid construction, etc., need to pay close attention to the landing point of relevant policies and properly grasp investment opportunities.

The relevant person in charge of the capital management department of Love Life said that in the future market environment, new energy companies will inevitably be differentiated in the competition process, so it is more important to choose high-quality companies in the development of the industry.

Of course, investors should also be wary of investment risks while choosing the right investment targets.

"We should pay attention to the risk of new energy technology iteration, taking the photovoltaic industry as an example, the former leading enterprises such as Suntech and Sevi have been subverted, and the new leading enterprises such as Longi Shares and Tongwei Shares are waiting for an opportunity to rise. Technological iteration brings both risks and opportunities." The Kunlun health official said.

The relevant person in charge of the capital management department of Love Life also reminded that we should be alert to the risk of excessive short-term expectations in the new energy sector." ‘ Double carbon ’ The target is a long-term goal, not an overnight success, so future growth should be reasonably expected and short-term overvaluation should be avoided."

In addition to the above risks, as various institutions continue to increase the weight of new energy assets, the exposed "old energy" stock assets derogation, shelving and other risks also need to be prevented. Cao Deyun, executive vice president and secretary general of China Insurance Asset Management Association, said that as far as asset management is concerned, incremental assets can be allocated according to national strategic planning and policy standards, but there are risks of asset shelving and asset derogation in stock assets. For example, oil and gas energy projects, which are high-quality assets at the current stage, may experience asset depreciation and other situations in the future, which will have a great impact on stock asset management.