Under the background of energy shortage, green power has a broad prospect and the transformation of energy structure is good for lithium electricity and photovoltaic equipment.

Semiconductor equipment: the trend of lack of core continues the deterministic high boom, mainland China has become the main epitaxial equipment market. According to the Q3 performance forecast issued by North Huachuang in 2021, the revenue of Q3 is expected to be 2.156 billion-2.985 billion yuan, an increase of 30% over the same period last year, while in the first three quarters, revenue was 5.765 billion-6.594 billion yuan, an increase of 50.29%-71.91% over the same period last year. The net profit of returning mother was 595 million-709 million yuan, an increase of 82.3%-117.21% over the same period last year, exceeding 537 million yuan for the whole year of 2020, and the overall high growth trend. According to Huahai Qingke released the first 12-inch ultra-precision wafer thinning machine (Versatile-GP300) has been officially sent to a leading domestic IC enterprise, the equipment can meet the 3D IC manufacturing, advanced packaging production line and other ultra-precision wafer thinning process requirements, the main technical indicators reached the international advanced level, filling the technology gap in this field. In addition, according to Yole's forecast, the total market size of global epitaxial equipment increased from US $692 million to US $1.1 billion in 2020-2026, with a compound annual growth rate of 8%. In mid-2020, micro companies ranked third in the world with a market share of 11%, and Aixtron, which had a market share of 39% and ranked No. 1, accounted for about 57% of its revenue from the Chinese mainland market. Recommend China Micro Corporation, Northern Huachuang, Huafeng Measurement and Control, Precision testing Electronics, Core Source Micro, Changchuan Science and Technology, Wanye Enterprises, and suggest to pay attention to Jingsheng Mechatronics, ACMResearch, Sheng shares, Maizheng shares and so on.

Construction machinery: the new special debt issued in September reached a single-month record high, focusing on the pick-up in demand for construction machinery in the fourth quarter.

According to statistics from the China Construction Machinery Industry Association, the 25 mainframe manufacturing enterprises included in the statistics in August sold a total of 18075 excavators, down 13.7 percent from the same period last year, of which 12349 were domestic, down 31.7 percent from the same period last year, and exports were 5726, up 100.0 percent from the same period last year. According to the CME forecast, excavator sales in September are expected to be about 19500 units, a year-on-year growth rate of about 25 per cent, including 14500 units in the domestic market, a growth rate of-36 per cent, and 5000 units in the export market, a growth rate of about 46 per cent. On September 22, the National standing Committee will again mention "cross-cycle adjustment". In the short term, domestic economic pressure is greater, exports and consumption are under pressure, and infrastructure investment may be favored by policies. In September, 500 billion yuan of new special bonds were issued, a new high for the year, and the issuance showed a trend of acceleration. Since the second half of the year, major projects in many places have entered an intensive construction period. we believe that with the acceleration of the issuance of special bonds, infrastructure investment will continue to support the demand for construction machinery, and the sales volume of digging machines, especially the demand for digging machines, is expected to improve in the fourth quarter. Recommend Zoomlion heavy Science, Sany heavy Industry, Xugong Machinery, Hengli hydraulic, Zhejiang Dingli, suggest to pay attention to construction machinery, Liugong and so on.

Lithium equipment: Q3 domestic power battery total new capacity planning 385GWH, pay attention to the release of lithium equipment demand. Under the background of the sustained prosperity of the new energy vehicle market, lithium battery manufacturers have accelerated capacity expansion to cope with the rapid development of the market. Ningde era's planned production capacity will reach more than 500GW in 2025, and Honeycomb Energy has a planned capacity of 200GW in 2025, which is expected to enter the TWh era before 2025. Under the accelerated production expansion layout of battery manufacturers, the lithium equipment industry will fully benefit. Recommend pilot intelligence, Hangke science and technology, suggest to pay attention to Shanhui technology.

Photovoltaic equipment: wind power giants enter the heterojunction, HJT industrialization continues to advance. Recently, the signing ceremony of the Mingyang 5GW heterojunction photovoltaic cell project with a total investment of 5 billion yuan was held, with a planned capacity of 2.5GW in the first phase, and the average conversion efficiency is expected to reach more than 24.5% after it is put into production. Recently, a number of HJT projects have been announced, including China Resources Power's 12GW high-efficiency heterojunction solar cell and module manufacturing project located in Zhoushan High-tech Industrial Park, and Aikang's 6GW high-efficiency heterojunction battery and module project in Taizhou. Heterojunction is highly concerned by various battery chip manufacturers because of its advantages in yield, cost and efficiency. It is recommended to pay attention to the core equipment manufacturers with leading layout and dominant technology on HJT. Recommend Mai to share, Jiejia Weichuang.

Pan-automation: the industry continues to have a high demeanor, and the policy to support the industrial mother machine has a broad prospect. At present, the prosperity of fine molecular industries such as robots, machine tools and lasers is still high. According to the National Bureau of Statistics, China produced 31342 industrial robots in August 2021, an increase of 42.3 percent over the same period last year. Recently, SASAC held an expanded meeting, emphasizing that industrial mother machine is the priority direction of the key core technology in the future, and is expected to introduce supporting policies for the CNC machine tool industry in the future, which is beneficial to the development of the industry. At present, the localization rate of high-grade CNC machine tools in China is low, and it is highly dependent on imports. As the key to getting stuck in the neck, localization is imperative in the future. It is suggested that we should pay attention to the sub-leader of pan-automation, such as Easton, Green Harmonic, Tosda, Huichuan Technology, Xinjie Electric and so on.