| Abstract | 第1-7页 |
| 摘要 | 第7-8页 |
| 1 Introduction | 第8-16页 |
| ·Background and Motivation | 第8页 |
| ·Literature Review | 第8-13页 |
| ·Foreign Literature Review | 第8-11页 |
| ·Domestic Literature Review | 第11-13页 |
| ·Methodology and Purpose | 第13-16页 |
| 2 Fundamental Research of China’s New Energy Industry | 第16-53页 |
| ·Macroeconomic Analysis of China | 第16-22页 |
| ·Mid Level Analysis of New Energy Industry | 第22-25页 |
| ·Photovoltaic Sector Research | 第25-34页 |
| ·Definitions and Current Development of Photovoltaic (PV) industry | 第25-27页 |
| ·Industrial Chains Break Down | 第27-29页 |
| ·Segments of Production Chain Analysis and Comparison | 第29-30页 |
| ·Segment Profitability Analysis—components manufacturing | 第30-33页 |
| ·Segment Profitability Analysis—packing and integration | 第33页 |
| ·Major Listed Companies and Their Investment Attractiveness Category | 第33-34页 |
| ·Wind Energy Sector Research | 第34-43页 |
| ·Definitions and Current Development of Wind Energy | 第34-36页 |
| ·Industrial Chain Break Down | 第36-37页 |
| ·Segment Profitability Analysis —mechanical components providers | 第37-38页 |
| ·Segment Profitability Analysis—wind turbines manufacturing | 第38-41页 |
| ·Segment Profitability Analysis—wind energy operators | 第41-42页 |
| ·Major Listed Companies and Their Investment Attractiveness Brief | 第42-43页 |
| ·New Energy-Vehicle Sector Research | 第43-53页 |
| ·Technological Classification of New Energy Vehicle (NEV) | 第44-47页 |
| ·Industrial Chains Break Down | 第47-48页 |
| ·Segment Profitability Analysis –Battery sector | 第48-49页 |
| ·Segment Profitability Analysis –Engine and electric controller system | 第49-50页 |
| ·Segment Profitability Analysis –Upstream raw materials | 第50-51页 |
| ·Segment Profitability Analysis –Charging station | 第51-52页 |
| ·Major Listed Companies and Their Investment Attractiveness Brief | 第52-53页 |
| 3 Verification of Fundamental Links to Excess Return in China’s Security Market and New Energy Industry | 第53-66页 |
| ·Past accounting performance and future stock absolute return in the whole market | 第54-59页 |
| ·Data and sample | 第54-56页 |
| ·Model specification and regression method | 第56页 |
| ·Regression results | 第56-59页 |
| ·Past accounting performance and future excess return in the whole market | 第59-62页 |
| ·Past accounting performance and future excess return in new energy industry | 第62-66页 |
| ·Data and method | 第62页 |
| ·Regression results | 第62-65页 |
| ·Comparison of regression results in new energy industry and in the whole market | 第65-66页 |
| 4 The Derivation and Application of Company Appraisal Model | 第66-75页 |
| ·The Theory and Application of Principal Components Analysis (PCA) | 第66-70页 |
| ·The Principles and Motivation of PCA | 第66-67页 |
| ·Methodology Overview | 第67页 |
| ·Empirical Test on Principal Components’Link to Return | 第67-69页 |
| ·Application of the Company Appraisal Model | 第69-70页 |
| ·Valuation and its influence on appraisal model | 第70-73页 |
| ·Valuation level, future excess return and accounting ratios | 第71-72页 |
| ·Adjustment for valuation factors | 第72-73页 |
| ·Out of Sample Empirical Test for the Model | 第73-75页 |
| 5 Conclusion | 第75-76页 |
| Bibliography | 第76-78页 |
| Acknowledgments | 第78-80页 |
