Cinda Securities: Nine key industries focus on transforming energy-saving equipment manufacturers to welcome historic opportunities

The Zhitong Finance App learned that Cinda Securities released a research report saying that energy saving and carbon reduction has entered a period of deepening attack, and that digging deeper into the energy saving and carbon reduction potential of key industries is an important gripper for energy saving and carbon reduction transformation. Nine key industries have a lot of room for transformation in energy saving and carbon reduction in the next three years, covering aspects such as technology, equipment, and energy systems. Companies engaged in energy-saving technology, energy-saving equipment, such as high-efficiency fans, compressors, waste heat boilers, etc.; energy-saving services, such as waste heat recovery, energy-saving cooling and heat transfer, integrated design services for industrial energy-saving systems, etc., may usher in new investment opportunities.

Cinda Securities's main views are as follows:

Energy saving and carbon reduction have entered a period of deepening attack. Digging deeper into the energy saving and carbon reduction potential of key industries is an important gripper for energy saving and carbon reduction transformation

On June 15, 2026, five departments including the National Development and Reform Commission and the Ministry of Industry and Information Technology jointly issued the “Notice on Launching Three-Year Action for Energy Conservation and Carbon Reduction in Key Industries” (Development and Reform of Environmental Finance (2026) No. 698, hereinafter referred to as the “Notice”). The official attachment is the “Three-Year Action Plan for Energy Conservation and Carbon Reduction and Transformation in Key Industries” (hereinafter referred to as the “Action Plan”). The “Action Plan” proposes that by the end of 2028, the production capacity ratio of key industrial industries such as steel, electrolytic aluminum, cement, flat glass, refining, ethylene, synthetic ammonia, methanol, etc. that have reached the current energy efficiency benchmark level will increase by an average of 20 percentage points. The coal power industry will strive to increase by 15 percentage points, and production capacity below the energy efficiency benchmark level will basically be eliminated, resulting in a total energy saving of more than 100 million tons of standard coal and a reduction of more than 200 million tons of carbon dioxide emissions. As a result, nine major industries have entered a three-year period of intensive transformation.

Nine key industries are undergoing centralized transformation, and the market space for energy-saving equipment is large

In 2024, the scale of China's energy saving industry reached 4.2 trillion yuan. Compared with the early 14th Five-Year Plan period, the scale of the industry grew by more than 40%, and the scale of the industry rose steadily. Among them, the scale of energy-saving equipment is 3.5 trillion yuan. In recent years, China has made positive progress in the development of energy-saving equipment, and the industrial base continues to be consolidated. However, the stock of industrial equipment is large, the level of energy efficiency is clearly differentiated, and the proportion of equipment with high energy consumption is too high. The foundation for green and low-carbon development throughout the life cycle of energy-saving equipment design, manufacturing, and recycling is relatively weak. Demand for energy saving and carbon reduction in key energy industries and energy demand in emerging industries is growing rapidly, requiring a shift in energy saving transformation from single-point substitution to system optimization and intelligent control.

1) Energy-saving motors: There is a large energy saving replacement space for motors in service, and the new market exceeds 10 billion dollars every year. Currently, there are still a large number of motors in service that do not meet the energy efficiency standard limits. According to the target of “35% of new energy-saving motors” required by the “Implementation Plan for the High-Quality Development of Energy-Saving Equipment (2026-2028)”, the new market alone will release tens of billions of yuan in transformation requirements every year. Stock replacement and incremental two-wheel drive upgrades, and the high-efficiency motor market is expanding at an accelerated pace.

2) Energy-saving fans: The fan market is growing year by year, and the market size of energy-saving fans exceeds 10 billion dollars. China's fan market has exceeded 87 billion yuan in 2025, and is expected to grow to 95 billion yuan in 2026, with an annual growth rate of about 8.4%. Market growth is mainly driven by two major drivers: demand for stock transformation in high-energy industries; rapid development of emerging industries such as data centers, new energy, and semiconductors has become a new engine for market growth.

3) Waste heat boilers: The global market size continues to grow, and heavy industries such as steel, chemicals, and cement are still the main demand. The global waste heat boiler market will reach about 8.24 billion US dollars in 2025, of which China accounts for more than 36% of the share, corresponding to about 2.97 billion US dollars. The stock equipment renewal cycle is about 12-15 years, and 2026-2028 is expected to usher in the first round of large-scale replacement.

Risk warning: Policy progress falls short of expectations; market competition increases risk; R&D progress falls short of expected risk; accounts receivable recovery falls short of expectations.