1. Event overview

　　The Ministry of Industry and Information Technology issued the "Twelfth Five-Year Plan for Industrial Technology Innovation", and energy-saving and new energy vehicle technologies have become the key technological direction for breakthroughs in the equipment manufacturing field in the next five years.

　　2. Analysis and judgment

　　The "Twelfth Five-Year" Industrial Technology Innovation Plan will promote technological breakthroughs in energy-saving and new energy vehicles, and further advance the industrialization of new energy vehicles. Currently, the "Plan" clearly puts forward the key development of energy-saving and new energy vehicles in the future: high-efficiency internal combustion engines, advanced transmissions, General hybrid engine and electromechanical coupling device design and manufacturing technology, advanced automotive electronic control technology, low-resistance parts, lightweight materials and laser tailor-welded forming technology, forward-looking research on new materials and new systems for high specific energy advanced power batteries And application technologies such as new structures and new processes, drive motor systems and core material technologies, fuel cell stacks, fuel cell engines and their key core technologies, etc. If there is a breakthrough in energy-saving and new energy vehicle technology in the next five years, it will accelerate the process of industrialization of new energy vehicles.

　　The "Energy-saving and New Energy Automobile Industry Development Plan" will be released soon, which will become a catalyst for the industry.

　　The "Energy-saving and New Energy Automobile Industry Plan (2011-2020)" has been submitted to the Prime Minister's Office and is expected to be released before the end of the year. In the next ten years, the central government will invest hundreds of billions of yuan to support the development and promotion of core technologies for energy-saving and new energy vehicles. A complete set of policy systems to support the accelerated development of new energy vehicles. ? Companies related to the industry chain will benefit from breakthroughs in energy-saving and new energy vehicle technologies, and upstream companies will benefit first.

　　We believe that in the process of promoting energy-saving and new energy vehicles, the high-efficiency internal combustion engine, advanced transmission, power battery, electric motor, electronic control and other automotive industry chains upstream of the industry chain will benefit first, and have obvious advantages in their respective industry chain depth and technical reserves. The leading companies in China will get the head start. Related listed companies are Wanxiang Qianchao, BYD, Shanshan, Dayang Electric, etc.

　　In the whole vehicle field, the passenger car field, which is the first to be commercialized, will first achieve substantial growth.

　　At present, new energy commercial vehicles account for 95% of the entire new energy vehicle market, and more than 70% of new energy commercial vehicles are passenger car products. The determinism of the scope and method of vehicle operation in the public service sector has opportunities for development. New energy vehicles will take large and medium buses as a breakthrough. The demand for large and medium buses comes from the urban public transportation system. Therefore, new energy vehicles will focus on buses. We recommend focusing on large and medium-sized bus companies that have a leading edge in the field of new energy buses. The overall production and sales scale of new energy bus companies is small, and batches of new energy bus orders have a significant effect on the performance of related companies. We believe that we should focus on bus companies that have actual orders. Related listed companies are: Sugon Co., Ltd., Ankai Bus, etc.

　　Passenger cars are in the market introduction stage, with limited performance growth.

　　Affected by consumption habits, technology, basic facilities, etc., although the private car purchase subsidy policy will have a positive impact on the personal market, the promotion speed will not be too fast. For new energy passenger vehicles, BYD is currently the first to commercialize and benefit the most. For major domestic listed car companies, new energy passenger vehicles account for a relatively small proportion of the company's sales volume, and have a limited impact on performance growth. Follow BYD.