台前与台后
Solar panels and EVs see wild price swings and rapid capacity expansion, with margins eventually squeezed by competition—that's the front-stage business.
Backstage, transmission grids, energy storage stations, power dispatch software, and battery recycling are infrastructure-type businesses: high barriers, predictable demand, and steadier profits.
三个值得长期关注的细分
First, grid upgrades. Aging grids can't handle distributed renewables; upgrades are a necessity, immune to economic cycles.
Second, large-scale storage. The more intermittent wind and solar become, the higher the storage ratio required. This is a must-have industry for the next decade.
Third, charging station operations. Early cash burn, but once scale kicks in, it becomes a cash flow harvest. Early movers have a first-mover advantage.
