According to this report, the National Development and Reform Commission recently issued the "Special Management Measures for Central Budget Investment in the Construction of Urban and Rural Cold Chains and National Logistics Hubs". Intelligent transformation and related supporting facilities projects. In principle, the support standard of a single project shall not exceed 30% of the approved investment of the project in line with the direction of special support, and the maximum shall not exceed 50 million yuan.

Zheshang Securities pointed out that my country's total cold chain logistics increased from 2.10 trillion yuan to 6.11 trillion yuan from 2013 to 2019, with a CAGR of 19.5%; total cold chain logistics demand increased from 77 million tons to 233 million tons, with a CAGR of 20.3% . According to the scenario, my country's food cold chain currently accounts for 90% of the total, while the rest are mainly medical cold chains. The consumption upgrade continues + the medical cold chain can be expected in the future, and the industry has a high degree of prosperity in the short and long term.

The high industrial chain coverage and high technology investment of cold chain enterprises in developed countries in Europe, America and Japan ensure the high quality and efficiency of cold chain. The gap between China and developed countries in terms of infrastructure, product circulation and wastage rates shows that China’s cold chain industry still exists Considerable development space: (1) In 2018, the per capita cold storage capacity of Chinese urban residents was only 0.13 cubic meters, which was lower than the global average of 0.15 cubic meters, and far lower than the US’s 0.49 cubic meters; (2) 2015-2018, China The cold chain circulation rates of fruits, vegetables, meat, and aquatic products have increased from 22%, 34%, and 41% to 25%, 39%, and 63%, respectively. The spoilage rate is controlled below 15%, 8%, and 10%, respectively. There is still a gap between the average cold chain circulation rate of 80%-100% and the corrosion rate of less than 5% in developed countries.

The upper, middle and lower reaches of the cold chain correspond to the three links of materials and equipment, transportation and storage, and industry applications. Among them, the upstream material supply market has a stable pattern. The CR4 of mainstream refrigerants R22, R32, R125 and R134a has reached more than 40%. Equipment manufacturing is also shifting from decentralization to concentration, resulting in a number of market leaders in subdivisions. The optimization of the structure of the midstream transportation link and the expansion of the scale of the warehousing link have led to the rapid development of the entire cold chain industry. In 2019, the main cargo transportation volume of the road cold chain, which accounted for 89.7%, reached 208.8 million tons, and the storage market size reached 52.75 million in 2018. Ton. Cold chain terminal equipment has also benefited from consumption upgrades and has achieved rapid development. From 2012 to 2018, the sales of commercial display cabinets in my country increased from 1.7 million units to 3.86 million units, with a CAGR of 14.6%. It is expected to reach 5.1 million units in 2020, and the market size will reach 11.26 billion. Yuan. Among the relevant targets, Zheshang Securities is optimistic about the growth potential of core component suppliers Highly and Sanhua Intelligent Control in the upstream; good products + good services in the downstream side open up the positive cycle, and it is recommended to pay attention to the leading commercial refrigerator Hairong cold chain.