【出版时间及名称】：2010年1月全球新能源行业研究报告
【作者】：汇丰银行
【文件格式】：PDF
【页数】：44
【目录或简介】：
In 2010, we expect investor attention to shift from global plans to national
delivery, especially in China and the US
􀀗 Regulatory uncertainty in key countries
should not, however, deflect global
clean energy markets significantly, with
Wind growing 15% and Solar 25% on
our estimates
􀀗 Our conviction ideas are Vestas,
Gamesa, Wacker Chemie, Trina Solar,
Acciona, Iberdrola Renovables, EDP
Renovaveis, Philips (all OW(V)) and
Suzlon, Motech (both UW(V))
From global to local
Following the Copenhagen summit, we have reached a new
high water mark in climate commitment. In the last year,
unprecedented proposals for action have come from Brazil,
China, India, Mexico, South Africa, South Korea and the
US. But Copenhagen failed to package these into a single
global agreement, leaving considerable unfinished business.
In this note, we profile our top macro issues and conviction
ideas for 2010. In the Chinese Year of the Tiger, we believe
the country will start to deliver on its new carbon intensity
targets in the next Five Year Plan which is being designed
this year. Over the Pacific in the land of the Bald Eagle, we
do not, however, believe that cap and trade legislation will
be passed in the USA we do nevertheless expect further
incentives for renewables and energy efficiency.
Overall, we continue to see a resurgence in clean energy
volume growth. We believe Wind will grow by around 15%
and Solar will grow by 25%. However, there remains pricing
and margin weakness in Solar and to a lesser extent Wind, as
the legacy of over-investment prior and during the financial
crisis has resulted in excess capacity.
Our conviction ideas for 2010 are Vestas, Gamesa,
Wacker Chemie, Trina Solar, Acciona, EDP Renovaveis,
Iberdrola Renovables, Philips (all OW(V)) and Suzlon,
Motech (both UW(V)).