The logic of energy substitution continues to strengthen. Green energy is once again active, with Xinzhonggang hitting the limit-up 4 times in 5 days.

On April 7, the green power sector once again became active. As of the time of publication, constituent stock Xinzhonggang (605162.SH) has hit 4 consecutive daily limit-ups over the past 5 days. Previously, Huatong Shares (002840.SZ), Shengquan Group (605589.SH), Teda股份 (000652.SZ), Dongfang Xinneng (002310.SZ) and others also hit daily limit-ups; Xinjiang Tiansye (600075.SH), Norde股份 (600110.SH), Kailer股份 (301070.SZ) and others moved up in tandem.

On the news front, the Middle East geopolitical conflict has pushed up oil prices and accelerated the global energy transition process. Some economies hit more severely have reduced their reliance on traditional energy sources, and import demand for new energy products has increased significantly. Against the backdrop of energy supply shocks, China’s exports of products related to new energy had previously achieved rapid growth. Currently, major Asian economies have a high dependence on Middle Eastern energy, and China’s export share in the new energy sector is expected to rise further, with substitution logic continuing to strengthen.

On the policy front, the “15th Five-Year Plan” outline clearly states that the cumulative grid-connected offshore wind power installed capacity should reach more than 100 million kilowatts. In addition, in multiple provinces and cities nationwide, new-type energy storage has been included in key work priorities. At the same time, under policy support, mechanisms such as performance assessments for green electricity consumption are gradually being improved.

China Minsheng Securities pointed out that with the oil price center of gravity rising and high-level consolidation persisting, investment opportunities in new energy have become increasingly prominent. Since mid-March, Brent crude oil prices have continued to trade in a high range of above 100 U.S. dollars. Against the background that there remains relatively high uncertainty about whether the U.S. and Iran conflict will continue to develop, the importance of transitioning the energy structure is even more pronounced. On the one hand, generation disruptions such as those from photovoltaic and wind power are less affected by geopolitical conflicts and fossil fuel price fluctuations; on the other hand, improvements in the penetration rate of new energy vehicles can help break away from oil dependence. Energy storage systems can smooth out the volatility of new energy and enhance utilization capacity. In recent years, global political and energy-structure systems are undergoing changes, and the frequency and intensity of geopolitical frictions have increased. Against this backdrop, global energy security demand is likely to continue to be strengthened, and all tracks within the new energy sector are expected to continue to benefit. In 2026, various segments within the new energy sector—including photovoltaics, wind power, batteries, and energy storage—are expected to have favorable earnings. The industry still offers a relatively high configuration cost-effectiveness today.