Fangzheng Securities: Implementation Plan for High-Quality Development of Energy-Saving Equipment Released, Significantly Showing Long-term Value Allocation.

Fangzheng Securities research report stated that recently, the "Implementation Plan for High-Quality Development of Energy-saving Equipment" was released, with policies oriented towards the "dual carbon" goal, focusing on six major areas including motors, transformers, industrial heat pumps, refrigeration and heating equipment, water electrolysis hydrogen production, and information and communication equipment. It proposes to promote the high-end, intelligent, and systematic development of energy-saving equipment through technological breakthroughs, product upgrades, system optimization, and digital empowerment. In terms of demand, the three drivers of equipment upgrading, electrification trends, and emerging scenarios such as computing power and hydrogen energy are accelerating the industry space; in terms of supply, domestic substitution of high-end materials and core components, improved system integration capabilities, and AI applications have become key competitive factors. From an investment perspective, motors and transformers have definitive opportunities, industrial heat pumps and system energy-saving services have growth potential, and hydrogen energy and computing energy-saving directions have long-term high potential. Overall, the energy-saving equipment industry is transitioning from traditional equipment manufacturing to energy efficiency solutions, showing significant long-term investment value.