Wang Huishun, the founder of Brilliance Capital: distributed power generation and energy storage systems will become the next air outlet

21st Century Economic Herald reporter Li Dushang Yu intern Liu Yuqing Beijing reported

New energy listed companies in the global capital market have reached a new high in recent years. The "double carbon" economy has also become another new momentum after industrialization of China's economic growth and urbanization.

According to the National Climate Strategy Center forecast, the scale of investment demand in my country's new climate in 2060 will reach 13.9 trillion yuan.

As an investment methodology that promotes responsibility investment and promotes sustainable development, ESG has become a rating evaluation system with a high degree of recognition in Europe and the United States. It is an important criterion for choosing investment targets or managers.

"Each process of the times will be born in great enterprises, and the carbon economy era is not enough. The logic of capital does not change methodology because cleaning technology and new energy are emerging industries. . Capital not only pays attention to innovators who are real technical changes, but also the leaders of the market. They can stand out through fierce competition and can form a new type of enterprise that can form consumer goods characteristics. "Wang Huishun, the founder of Brilliance Capital, told the 21st Century Business Herald reporter.

Focus on layout cleaning technology and new energy

Due to the lack of ESG practice in China, most of the PE and VCs in the first -level market have not yet regarded ESG as the criteria for the development of the enterprise.

Wang Huishun believes that with the arrival of the "double carbon" economy, it will accelerate the development of China's ESG investment. On the one hand, following the principle of carbon neutralization and sustainable development, it will not necessarily reduce the potential returns of investors, and on the other hand, carbon neutrality will have a large medium and long -term impact on the industry, industry and regional economy.

According to its introduction, Brilliance Capital has continued to pay attention to and deploy cleaning technology and new energy fields in the past ten years.

Wang Huishun pointed out that although domestic cleaning technology and new energy sources have only been developing for about 20 years, they have started late, but later they are in the top, especially the equipment manufacturing capabilities. Like photovoltaic single -crystal silicon capacity, solar battery and component production capacity, fan shaft, blades, turbine production capacity, power lithium battery production capacity, and new energy vehicle production capacity are all the world's first. It is currently the largest wind power and photovoltaic power in the world, with the largest installed capacity; it is also the production and consumer country of new energy vehicles in more than half of the world. However, China's new energy development is large but not strong. Technology R & D Europe, Japan, and South Korea are the pioneers, and some core technologies and key patents in China still need to break through.

For example, almost all of the core patents of hydrogen energy vehicles are led by Toyota, and key technologies such as hydrogen fuel batteries such as electrolyte catalyst, cathode anode materials, proton membrane materials, and hydrogen liquefaction are still in the hands of European, American, Japanese and Korean companies. Most technical patents are controlled by industry giants ENPHASE and Solaredge. The carbon fiber composite patent technology of fan blades has been protected by global fan giant Denmark Vestas. Enterprises to follow up the development of new energy fields often face the application authority and cost of technical patent. The constraints of this technology itself have a long -term and far -reaching impact on the expansion and development of domestic enterprises and industries.

At the beginning of this century, the domestic photovoltaic industry Yin Jian was not far away. At that time, R & D investment, technical patents and markets were in Europe and the United States. Domestic photovoltaic companies only rely on low -manpower costs and large -scale processing capacity to enter overseas markets. The photovoltaic industry lacking technological progress and research and development barriers finally fell into a trough.

With the continuous decline of technology iterative cleaning technology, land wind power and photovoltaic have been cheap, and large -scale deployment has become possible. The development of high prosperity of electric vehicles has also driven the demand for large -capacity and high -density battery capacity. The spring of new energy is actually a market -driven spring.

Wang Huishun said that capital not only focuses on innovators who have real technical changes, but also market leaders, and can stand out through fierce competition and can form new types of enterprises that can form consumer goods characteristics.

"Just as the new energy vehicle is not just a hardware manufacturing, but a competition for software and services. It is essentially an upgraded version of the competition of new consumer electronics. In the future, with the launch of carbon taxes and carbon calculations, the maximum buyer and cleaning technology and the cleansing technology Consumers are also likely to shift from the government to enterprises and individuals, and domestic energy conservation and environmental protection causes will develop a new pattern. "Wang Huishun said.

New energy consumer companies usher in development opportunities

Wang Huishun said, "At present, project investment evaluation often inspects the best companies in the benchmark industry, such as PLUG in the field of hydrogen energy and TESLA in the field of electric vehicles."

However, he believes that it is limited to accelerate China's development in the field of ESG alone from the corresponding attention of enterprises, and more importantly, the comprehensive experience of the entire environment is used for reference.

He believes that the current carbon reduction technology and new energy applications are generally facing the challenges of large -scale applications except electric vehicles: first, lack of large -scale demonstration effects; second, lack of financial incentive policies (such as carbon prices); third, public acceptance Insufficient; the fourth is the lack of a comprehensive and effective management control system.

In terms of cultivating new energy investment environment, Wang Huishun pointed out that too many domestic fiscal and tax subsidy policies are currently supported on the upstream R & D and manufacturing end, and it is necessary to increase the financial and tax subsidies of downstream new energy application enterprises and product consumption.

According to Wang Huishun, Japan has formulated a national roadmap for the development of hydrogen energy, stipulating that power companies for compulsory use of new energy, and all -round subsidies for industrial end and demand side of new energy research and development, family purchase of new energy equipment, new energy investment and other industries, and form a one to form a one The green tax system for multiple tax burden reduction.

Europe has introduced energy law and corresponding subsidy policies to vigorously promote energy independence and green energy development. For example, Germany requires renewable energy power generation to grid. At the same time, the lowest power grid electricity price is formulated at the same time, while fixed electricity prices, and 20%-45%of investment subsidies are provided. The United States' tax policy systematically rose to the clear legal guarantee at the legislative level, and strongly avoided the periodic rise and fall of short -term subsidies.

In his opinion, changes in overseas new energy policies or systems will also bring industrial transformation opportunities to China.

For example, in the early years of this century, Europe's high subsidy photovoltaic industry energy law has promoted the surge in the demand for photovoltaic products in the European market, and promoted the formation of Wuxi Shangde, Jiangxi Saiwei, and other former star photovoltaic companies that have landed on the NYSE.

At present, the domestic capital market system has also changed greatly. For example, the science and technology board holds an open support attitude towards a non -profit technology company with scientific and technological attributes. At the moment of autonomy, how energy independence and energy security sink from top -level design to millions of households, and industrial development has truly become driven by consumption. As a result, new energy consumer companies will usher in huge development opportunities.

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