Since 2009, new energy automotive industry related support policies are summarized

Time matters specific content publishing support measures

Unit

2009.2.23, "On energy conservation and new energy vehicle demonstration and extension work to inform the pilot," Ministry of Finance, Ministry of Science and Energy in 13 cities to promote the new energy vehicle demonstration experiment, to fiscal policy to encourage public transportation, rental, service, sanitation and postal and other public services first to promote the use of energy-saving and new energy vehicles, to promote the use of unit to buy energy-saving and new energy vehicles for subsidies. Among Dell INSPIRON 8000 Battery, the central government focuses on the purchase of energy-saving and new energy vehicles, providing subsidies to local governments focused on building and supporting facilities maintenance grant basis. Subsidies range: in Beijing, Shanghai, Chongqing, Changchun, Dalian, Hangzhou, Jinan, Wuhan, Shenzhen, Hefei, Changsha, Kunming, Nanchang City 13

Subsidy standards: Car: Hybrid (0.4-5 million / car); pure electric 60,000 yuan / vehicle; fuel cell 250 thousand yuan / vehicle; Bus: Hybrid (20-42 million / car); pure Electric 500 thousand yuan / vehicle; fuel cell 600 thousand yuan / vehicle

2009.3.20 "Automobile Industry Promotion Plan" released full scale production and marketing electric vehicles, the State Council. Transform the existing production capacity, the formation of 500 000 electric, plug-in hybrid and common type of hybrid automobile production capacity and other new energy, new energy, passenger car sales accounted for about 5% of total sales. Major passenger car manufacturers should have certified the new energy automotive products. Subsidies Source: Start saving and new energy vehicles national demonstration project, funding from the central budget subsidies, support large and medium cities to promote hybrid model cars, electric cars, fuel cell vehicles and other energy-saving and new energy vehicles.

To promote electric vehicles, plug-in hybrid vehicles and key parts of industrialization. To acquire new energy vehicles dedicated engines and power modules (motor, batteries and management systems, etc.) optimized design, scale of production processes and cost control techniques. To build momentum in the module production system, the formation of 1 billion ampere hours (Ah) high-performance single car battery capacity. Development of the common hybrid vehicle and a new fuel for automobile parts. Explicit subsidies range: above the county level city government to formulate a plan, give priority to urban public transport, rent, service, sanitation, postal services, airports and other areas to promote the use of new energy vehicles; established network of fast charging electric vehicles, speeding up public car parks and other public places charging facilities.

2009.8.26 "new energy automobile manufacturing companies and product access rules," the Ministry of Industry and specifically the concept of new energy vehicles: the new energy vehicles, including hybrid electric vehicles, pure electric vehicles (BEV, including solar car), fuel cell electric vehicles (FCEV), hydrogen engine vehicles, other new energy sources (such as high energy storage devices, dimethyl ether) and other categories of automotive products.

2009.12.9 policy of the State Council, the State Department approved of the automobile consumption of the Ministry of Finance, Ministry of Science had issued "on energy conservation and new energy vehicle demonstration pilot projects to promote the work of the notice" approval, and expand the scope of subsidies. The scope of the pilot cities: to expand by 13 to 20

Personal car test water subsidies: 5 cities to subsidize private purchase of new energy vehicles

Source: CITIC Securities Research order

□ CITIC Securities Research Strategy Unit

In the current stage of development, we believe that policy support for new energy vehicles will be to the battery industry, upstream of the lithium battery and the motor industry and rare earth resources industry, charging stations, passenger car business opportunities, especially in the core of zero battery components, resource-based industries and charging station industry.

The short term, new energy automotive industry is expected to be over-stimulated by the policy's benefits; with the market continuing to upgrade, new energy automotive industry will be the main long-term investment orientation. We Recommend CITIC Guoan, Jiangsu Cathay Pacific, Xiamen Tungsten; also recommended attention to the development and production of lithium-based Sailing shares, universal money tide, Desai, lithium batteries and 100 million latitude can; to produce lithium-based components The Fosugufen, Topband shares Shanshangufen, Huafang Textile, China Security, Foshan lighting, new chou state, when l technology, more and more and Road Cheung F shares; above the main tourism resources in Tibet Mining, Salt Lake Group , Rare-Earth; and battery charging station and related production facilities in the State Power Nari and XJ Electric.

Battery industry and investment targets

Lithium and core components

We believe that the future of lithium battery industry will be rapid development. Although the short term, NiMH batteries are still the mainstream hybrid vehicle batteries varieties, lithium iron phosphate will be widely used in electric vehicles and plug-in hybrid vehicles in the field. But the long view, lithium iron phosphate as the technological breakthroughs, as well as cost reduction, lithium batteries used in hybrid cars is expected to further.

Li-ion battery energy density, power density are higher for pure electric vehicles as storage batteries, to meet the long-continued course of time, high-speed requirements. But battery technology has yet to be further developed to meet the electric car when the mileage on the renewal request. In addition, the domestic lack of family, community, road charging facilities, to promote electric cars still need 3-5 years. However, we believe that, with the actual needs of the lithium battery size of the outbreak, widely used in lithium batteries is the trend.

While the industrialization of the domestic ACER ASPIRE ONE Battery will have some time, but the core components of the development of lithium batteries is very rapid, a greater degree of benefit policies. Lithium batteries, the cathode material mainly lithium cobalt oxide, lithium manganese oxide, lithium iron phosphate-based. Lithium iron phosphate is the most likely seems to lithium batteries used in motor vehicles; iron phosphate lithium battery and lithium manganese oxide were also wants to be the future of the car battery. As the low price of iron materials, such as access to mass production stage, lithium iron phosphate will be significantly lower than the cost of lithium manganese oxide. But the limited size as demand, costs are still higher than the lithium iron phosphate lithium manganese oxide, more significant than nickel-metal hydride batteries.

From a single battery costs, the Ni-MH battery costs 3 yuan / Wh around. Lithium batteries cost more than the nickel-hydrogen batteries, lithium cobalt oxide highest cost, about 4.5-5.5 yuan / Wh; lower cost lithium manganese oxide, about 2.5-3.5 yuan / Wh. Lithium iron phosphate present as small batch production, high cost, about 4-5 dollars / Wh. With the expansion of the next batch, process improvement of the cost of lithium iron phosphate is likely to drop to 2-2.5 per / Wh.

At present lithium iron phosphate as compared with Ni-MH battery does not have the price advantage, it is still a large number of hybrid vehicles use nickel-metal hydride batteries. The future if the lithium iron phosphate decreased to 2.5 yuan / Wh below, it will gradually replace the nickel-metal hydride batteries. We judge that after 2020, lithium iron phosphate is expected to become the new energy vehicles (including hybrid vehicles, electric vehicles) in the main power battery variety.

Mainly graphite anode materials, graphite fiber-based materials, technical barriers to lower their production, stable supply of upstream and downstream relations are the main competition in the industry rely on the competitive landscape is relatively stable. Lithium-ion battery electrolytes mainly refers to lithium hexafluorophosphate, as the current purity lithium hexafluorophosphate higher, so the products are mainly imported from overseas; divide mainly refers to the polyethylene or polypropylene membrane, plays the role of isolation is negative , the safety of the battery has a great influence. Companies will divide our country there is no manufacturing in industrial production, mainly by foreign monopolies.

Upstream resources and investment targets

Lithium and rare earth

Battery, motor industry, and indirectly benefit from policies to stimulate the upstream, with the bulk of new energy vehicles overseas production and China's policies to promote production of new energy vehicles under the rapid development of upstream raw materials are the main beneficiaries. Battery industry is the main upstream resources of lithium, while the motor industry is the main upstream resources of rare earth, which lithium and rare earth in the new energy automotive industry chain in a dominant position, the degree of the maximum benefit.

Lithium battery materials, the huge demand for lithium. Of these, lithium iron phosphate as cathode material for lithium batteries has a good electrochemical performance, very stable discharge platform, charging and discharging process of structural stability. Is mainly characterized by high security, and better cycle performance, more stable, high temperature and good performance.

Specifically, lithium mainly from two aspects. The first method is by precipitation, solvent extraction and other methods to extract brine from the salt lake, which is applied mainly in Qinghai and Tibet, both relatively low cost; second way is through the conversion method to extract ore from the lithium, the relative high cost.

Because lithium metal is energy, in which the industry is new energy, new materials, all of the current global context of new materials and new energy to maintain strong demand, thus driving the rapid growth of the IBM THINKPAD T42 Battery. According to forecasts, the demand for lithium in 2018 will reach 6 times in 2007.

Meanwhile, as the matrix element [review image], rare earth is in the high-tech field to create a special "light, electricity and magnetism," Performance of multi-functional materials, such as rare earth permanent magnet materials, luminescent materials, storage materials, hydrogen storage , catalyst materials, laser materials, superconducting materials and semiconductor materials and so on.

In national policy support and technological progress driven by double-coming new energy will certainly be the highlight of the global economy, these industries, including wind power, new energy green cars, power batteries and so on. In the global advocacy of new energy, energy conservation, low-carbon economy environment, the rare earth functional materials, will be the rapid development of downstream applications. From 2000 to 2009 ten-year period, from China's domestic consumption of view, the emerging field of application of rare earth compound annual growth rate of 24.2% in 2009 up to the emerging field of rare earth demand in the domestic share of total demand has reached 55.2%.

From the domestic point of view, introduced in 2009, "Automobile Industry Promotion Plan" and other energy-saving emission reduction policies, for NdFeB, hydrogen storage alloy powder, fluorescent-level chain of europium oxide, and other industries for further development and expansion of space.

Although the global share of China's rare earth production accounts for more than 90%, accounting for an absolute monopoly, but because of domestic resources scattered, many small producers, since 90 of the last century, the Chinese Rare Earth exports increased 10 times, the average price been lowered to 60% of the original price.

New energy-related industrial chain of automobile starting, we believe that the use of rare earth in two main areas. First, the NdFeB permanent magnet applications in the field of electric vehicles, magnetic NdFeB is now the world's best permanent magnet, is the largest consumer of rare earth rare earth new materials. Global production in 2008 nearly 70,000 tons of NdFeB (rare earth consumption by about 2.3 million tons), China NdFeB production more than 76% of the world, Japan, Europe and the United States accounted for 21% and 2%. China NdFeB, the average unit price 43 U.S. dollars / kg, Japan 96 U.S. dollars / kg, Europe and the United States 112 U.S. dollars / kg. Second, the NdFeB permanent magnet or a magnet superior performance, advanced electric motor to produce the original. Future applications in the automotive market, there are two drivers: on the one hand, with hybrid vehicles, electric vehicle production increased, the electric motor to increase the number necessary to use more permanent materials; on the other hand, as a permanent magnet NdFeB materials in the leader, is expected to replace other traditional magnet materials more widely used. To Toyota Prius [Review Photo Forum], for example, the model equipped with a 60KW electric motor, the main electric motor more than 2 kg of NdFeB permanent magnets. NdFeB permanent magnets in the industry chain, China mainly in the upper reaches of rare earth ore and raw materials. Start the next downstream consumption will greatly increase the consumption of rare earth raw materials.

Charging Station and the automotive industry

Indispensable to the development of new energy vehicles charging stations and other facilities, and charging station equipment investment mainly includes three parts: power distribution equipment (transformers, switches, etc.), direct charging device (charging, etc.) and the management of auxiliary equipment (monitoring system etc.). Among them, the direct charging device is a high technological barriers, difficult one, mainly applies to vehicles with private car park.

In addition, the policies that this subsidy to the private car more subsidies, but do not take on the bus by way of subsidies, so we think that the automotive industry itself is relatively small benefit, while the range of SONY VGP-BPS9 Battery may also be limited to passenger cars.