Core Viewpoint - Beijing Haibo Sichuang Technology Co., Ltd. has signed a tripartite framework cooperation agreement with the Jinchang Municipal Government and Huawei Technologies Co., Ltd. to promote the development of an integrated energy storage industrial ecosystem in Jinchang City, aiming to establish it as an important demonstration base for the new energy storage industry in the Northwest region [1] Group 1 - The tripartite agreement involves collaboration between Haibo Sichuang, the Jinchang Municipal Government, and Huawei [1] - The focus of the cooperation is on developing an integrated energy storage industrial ecosystem [1] - The initiative aims to position Jinchang City as a key demonstration base for new energy storage in the Northwest [1]

Core Viewpoint - Haibo Sichuang's stock price increased by 5.79% to 289.50 CNY per share, with a total market capitalization of 52.137 billion CNY, indicating strong investor interest and market performance [1] Company Overview - Beijing Haibo Sichuang Technology Co., Ltd. was established on November 4, 2011, and is located in Haidian District, Beijing [1] - The company specializes in the research, development, production, and sales of electrochemical energy storage systems, providing a full range of energy storage system products and one-stop overall solutions for various industry clients [1] - The revenue composition of the company is as follows: 99.77% from energy storage systems, 0.10% from new energy vehicle leasing, 0.07% from other services, and 0.06% from technical services [1] Fund Holdings - Morgan Fund has a significant holding in Haibo Sichuang, with the Morgan Antong Return Mixed A Fund (004361) holding 1,000 shares, representing 0.82% of the fund's net value, making it the ninth largest holding [2] - The fund has generated a floating profit of approximately 15,900 CNY today [2] Fund Performance - The Morgan Antong Return Mixed A Fund was established on April 26, 2017, with a current scale of 13.8675 million CNY [2] - Year-to-date performance is 11.76%, ranking 5,476 out of 8,150 in its category, while the one-year return is 10.13%, ranking 5,515 out of 8,043 [2] - Since its inception, the fund has achieved a return of 53.95% [2]

Core Points - Jinchang City signed a cooperation framework agreement with Beijing Haibo Sichuang Technology Co., Ltd. and Huawei Technologies Co., Ltd. to develop an integrated industrial ecosystem for energy storage equipment manufacturing, energy storage station construction, and energy smart management [2][4] - The collaboration aims to establish Jinchang as an important demonstration base for the new energy storage industry in Northwest China, aligning with national "dual carbon" strategic goals [4] Group 1 - The signing ceremony was attended by key officials from Jinchang City and representatives from Haibo Sichuang and Huawei, indicating strong governmental and corporate support for the initiative [3][4] - Jinchang City is focusing on high-quality development and modernizing its industrial system, leveraging its resource endowment and industrial foundation [4] - Haibo Sichuang plans to utilize its full industry chain advantages in energy storage to develop independent energy storage station projects in Jinchang, in collaboration with Huawei's technology and solutions [4][5] Group 2 - Huawei will provide advanced technical solutions and coordinate resources to support the collaboration, focusing on clean power generation, green ICT infrastructure, and energy storage [5]

Core Insights - Company has made significant breakthroughs in the EMEA energy storage market, launching projects in Greece, Estonia, Lithuania, Côte d'Ivoire, and Zimbabwe, enhancing its global strategic layout and supporting local energy transitions [1][2][3] Group 1: European Market Developments - In Greece, the company signed a partnership for a 45MWh grid-side independent energy storage project, marking its entry into the Southern European market with its first large-scale storage project [1] - The Greek project will participate in electricity market trading, leveraging peak-valley arbitrage, frequency regulation services, and capacity mechanisms to enhance grid flexibility and reliability [1] - The project will provide comprehensive solutions from DC to AC, including equipment supply, system integration, commissioning, and operational support [1] Group 2: Baltic Region Initiatives - In the Baltic market, the company has established energy storage projects of 7MWh, 20MWh, and 5MWh in Estonia and Lithuania, contributing to the region's energy transition [2] - These projects are designed to meet the flexible storage and regulation needs of the Estonian and Lithuanian grids, improving energy utilization efficiency and supply stability [2] - The initiatives further expand the company's business footprint in Europe, laying a solid foundation for future market development [2] Group 3: African Market Projects - In Côte d'Ivoire, the company deployed three factory energy storage projects using the HyperBlock III 5MWh system, addressing local electricity supply instability and frequent outages [2] - The solution integrates photovoltaic, storage, diesel generation, and grid power into a microgrid system, allowing seamless switching between grid-connected and off-grid operations [2] - In Zimbabwe, the company is advancing user-side storage projects, having deployed 15 HyperCube C&I commercial storage systems, customized for local industrial electricity needs [3] - The Zimbabwe project emphasizes the coordination and rapid switching capabilities between photovoltaic, diesel, grid power, and storage, helping clients reduce electricity costs while ensuring production continuity [3] Group 4: Global Presence and Future Plans - The company has participated in over 300 energy storage projects globally, with a cumulative deployment scale exceeding 40GWh, covering major markets across Europe, the Americas, Asia, and Africa [3] - The company has established localized service teams in key regions to ensure rapid response and efficient support for global clients [3] - Looking ahead, the company aims to leverage its leading storage technology and global project experience to collaborate with international partners in advancing energy structure transitions and building a clean, low-carbon, safe, and efficient energy system [3]

Core Insights - The A-share market has seen a decline in the power equipment sector, with significant drops in stock prices for several companies [1] Summary by Category Stock Performance - Tonghe Technology (300491) experienced a decline of 14.43%, with a total market capitalization of 5.167 billion [2] - Hongyuan Green Energy (603185) fell by 6.70%, with a market cap of 20.3 billion [2] - Sunshine Power (300274) decreased by 5.47%, with a market value of 26.068 billion [2] - Haibo Sichuang (688411) saw a drop of 4.81%, with a market capitalization of 48.8 billion [2] - Shuangyi Technology (300690) declined by 4.70%, with a market cap of 5.225 billion [2] - Yiyuan Lithium Energy (300014) fell by 4.69%, with a market value of 162.7 billion [2] - Changhong Energy (920239) decreased by 4.48%, with a market capitalization of 6.635 billion [2] - Daqian Energy (688303) saw a decline of 4.35%, with a market cap of 63.3 billion [2] - Zhongheng Electric (002364) dropped by 4.33%, with a market value of 1.39 billion [2] - Liwang Co. (920627) fell by 4.11%, with a market cap of 2.513 billion [2] - Boliview (688345) decreased by 4.05%, with a market capitalization of 3.596 billion [2] - Koweil (688551) saw a drop of 4.04%, with a market value of 3.394 billion [2] - Haitai New Energy (920985) declined by 3.83%, with a market cap of 2.801 billion [2] - Guosheng Technology (603778) fell by 3.61%, with a market value of 3.152 billion [2] - Jiejia Weichuang (300724) decreased by 3.81%, with a market capitalization of 31.7 billion [2] Year-to-Date Performance - Despite the recent declines, some companies have shown significant year-to-date gains, such as: - Tonghe Technology with an 85.85% increase [2] - Hongyuan Green Energy with an 84.31% increase [2] - Sunshine Power with a 161.42% increase [2] - Haibo Sichuang with a remarkable 1319.42% increase [2] - Zhongheng Electric with a 130.72% increase [2]

Group 1 - The core point of the news is that Haibo Sichuang's stock price has dropped by 5.08%, currently trading at 270.41 CNY per share, with a total market capitalization of 48.699 billion CNY [1] - Haibo Sichuang focuses on the research, production, and sales of electrochemical energy storage systems, providing a full range of energy storage system products and solutions for various sectors including traditional power generation, renewable energy, smart grids, and end power users [1] - The company's main business revenue composition is as follows: energy storage systems account for 99.77%, new energy vehicle leasing for 0.10%, other services for 0.07%, and technical services for 0.06% [1] Group 2 - From the perspective of fund holdings, one fund under Dongfang Fund has heavily invested in Haibo Sichuang, specifically the Dongfang Low Carbon Economy Mixed A fund, which holds 4,466 shares, representing 2.82% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 64,700 CNY [2] - The Dongfang Low Carbon Economy Mixed A fund was established on March 4, 2025, with a current scale of 24.1872 million CNY and a cumulative return of 20.17% since inception [3]

Core Viewpoint - Haibo Science and Technology Co., Ltd. has shown significant stock performance with a year-to-date increase of 345.06%, despite recent fluctuations in trading volume and price [1][2]. Company Overview - Haibo Science and Technology, established on November 4, 2011, focuses on the research, production, and sales of electrochemical energy storage systems, providing comprehensive solutions for various sectors including traditional and renewable energy generation, smart grids, and end-users [2]. - The company's revenue composition is primarily from energy storage systems (99.77%), with minimal contributions from new energy vehicle leasing (0.10%) and other services [2]. - As of September 30, 2025, the company reported a revenue of 7.913 billion yuan, reflecting a year-on-year growth of 52.23%, and a net profit of 623 million yuan, up 98.65% year-on-year [2]. Stock Performance and Trading Activity - On November 4, the stock price of Haibo Science and Technology fell by 2.05%, trading at 279.05 yuan per share with a total market capitalization of 50.255 billion yuan [1]. - The stock has experienced a trading volume of 252 million yuan, with a turnover rate of 2.32% [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) four times this year, with the most recent appearance on September 29, where it recorded a net buy of -28.3352 million yuan [1]. Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders decreased by 7.72% to 9,378, while the average number of circulating shares per person increased by 15.31% to 4,044 shares [2][3]. - Notable new institutional shareholders include Dongfanghong Huagang Shen Mixed Fund, holding 861,000 shares, and Rongtong Industry Trend Selected Stock A, holding 853,600 shares [3].

Core Insights - Haibo Technology experienced a stock price increase of 3.65% on November 3, with a trading volume of 1.24 billion yuan and a net financing purchase of 22.93 million yuan [1] Financing and Trading Data - On November 3, Haibo Technology had a financing purchase of 103 million yuan, with a total financing balance of 476 million yuan, representing 4.41% of its market capitalization [1] - The company had no short selling activity on the same day, with zero shares sold or repaid [1] Company Overview - Haibo Technology, established on November 4, 2011, focuses on the research, production, and sales of electrochemical energy storage systems, providing comprehensive solutions for various sectors including traditional and renewable energy generation [1] - The company's revenue composition is primarily from energy storage systems (99.77%), with minimal contributions from other services [1] Financial Performance - For the period from January to September 2025, Haibo Technology reported a revenue of 7.913 billion yuan, marking a year-on-year growth of 52.23%, and a net profit of 623 million yuan, reflecting a 98.65% increase [2] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 7.72% to 9,378, while the average number of circulating shares per shareholder increased by 15.31% to 4,044 shares [2] - New institutional shareholders include several funds, with notable positions held by Dongfanghong and Rongtong [3]

Market Performance - The other power equipment sector increased by 2.48% compared to the previous trading day, with Hailu Heavy Industry leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Notable stock performances include: - Dingxiang Carbon (002255) with a closing price of 9.82, up 9.97% on a trading volume of 241,900 shares and a turnover of 238 million yuan - Xizi Clean Energy (002534) closed at 17.39, up 8.55% with a trading volume of 391,500 shares and a turnover of 674 million yuan - Luhong Co., Ltd. (300693) closed at 44.50, up 6.38% with a trading volume of 236,500 shares and a turnover of 1.035 billion yuan [1] Capital Flow - The other power equipment sector saw a net inflow of 489 million yuan from main funds, while retail investors experienced a net outflow of 421 million yuan [2] - Key stocks in terms of capital flow include: - Magpow (002851) with a net inflow of 148 million yuan from main funds, but a net outflow of 159 million yuan from retail investors - Hailu Heavy Industry (002255) had a net inflow of 128 million yuan from main funds, but significant outflows from both retail and speculative funds [2]

Core Viewpoint - The rapid development of the AI industry is driving significant investment in data centers in the United States, which is expected to increase electricity consumption and create challenges related to grid connection capacity [1][2]. Group 1: Data Center Electricity Consumption - Data centers are becoming major electricity consumers, with an estimated electricity consumption of 142 TWh in 2024, accounting for 3.6% of total U.S. electricity consumption [2]. - By 2030, data center electricity consumption is projected to reach 323 TWh, exceeding 8% of total consumption [2]. Group 2: Grid Connection Challenges - The high load density and volatility of electricity demand from data centers are creating significant grid connection challenges, with some areas experiencing long wait times for grid connection, such as Texas with up to 11 years [1][2]. - As of the end of 2024, there are 34.7 GW of operational data centers in the U.S., with an additional 100 GW of projects waiting for grid connection [2]. Group 3: Energy Storage Systems - The implementation of energy storage systems can reduce grid connection capacity and smooth out power fluctuations, facilitating faster grid connection for data centers [1][3]. - By 2030, data centers are expected to drive U.S. energy storage demand between 122-245 GWh [2][3]. - Energy storage systems can also help data center operators achieve climate goals and reduce electricity costs, as electricity expenses account for over half of their operating costs [3]. Group 4: Investment Opportunities - Companies to watch in the energy storage and data center space include Sungrow Power Supply (300274.SZ), Canadian Solar (688472.SH), Trina Solar (688599.SH), Kehua Data (002335.SZ), Hiberion (688411.SH), Xidian New Energy (603312.SH), and Shenghong Technology (300693.SZ) [3].