Investment Rating - The report recommends an "Accumulate" rating for leading energy storage companies, specifically Haibo Sichuang and Sunshine Power, along with related companies such as Canadian Solar and Xidian New Energy [5]. Core Insights - The development of AIDC (Artificial Intelligence Data Center) may exacerbate electricity shortages in the U.S., with data center energy storage serving as a short-term solution for peak shaving and frequency regulation, while potentially becoming a self-sufficient power source in the long term [2][3]. - Fluence is currently negotiating over 30 GWh of AIDC energy storage projects, with 80% of these projects initiated after the end of Q4 2025, indicating a significant emerging market opportunity [3][4]. - The energy consumption of data centers in the U.S. is projected to grow significantly, with estimates suggesting an increase from 176 TWh in 2023 to between 325-580 TWh by 2028, which will raise their share of total U.S. electricity consumption from 4.4% to between 6.7% and 12% [3][4]. Summary by Sections AIDC Development and Energy Demand - AIDC's high energy consumption could lead to increased electricity shortages in the U.S. According to the Department of Energy (DOE), data center electricity demand is expected to grow annually by 13%-27% from 2023 to 2028 [4]. - If 50 GW of new data center capacity is added by 2030, the projected electricity gap could reach 23 GW, potentially larger when considering the retirement of existing power plants [4]. Energy Storage Solutions - Short-term energy storage solutions are beneficial for data centers to manage power fluctuations and facilitate grid connection, with the current grid connection process taking several years [4]. - Long-term, solar and storage solutions may evolve into self-sufficient power sources for data centers, with the economic viability of solar storage already being demonstrated [4]. Company Recommendations - The report highlights the potential of long-duration energy storage (6-8 hours) as an emerging opportunity, particularly in markets with high renewable energy penetration like Europe and California [3][4]. - The report emphasizes the advantages of solar storage over gas turbines, particularly in terms of connection timelines and economic feasibility [4].

Investment Rating - The report maintains a "Strong Buy" rating for the renewable energy sector, particularly highlighting the wind and solar segments as outperforming the market [2]. Core Insights - The report emphasizes the significant contracts emerging in the energy storage supply chain, with Longi signing a major project in the Middle East for BC components, indicating strong international demand [6][7]. - The wind power index has shown a 4.06% increase, outperforming the CSI 300 index by 2.42 percentage points, reflecting a positive market sentiment [5][11]. - The report notes that the domestic wind turbine bidding prices are stabilizing, which is expected to improve the profitability of turbine manufacturers [7]. Summary by Sections Wind Power - The Waning Floating Project has completed its cable procurement, with the project expected to be operational by 2027, marking a significant milestone in China's offshore wind development [10]. - The wind power index has increased by 4.06% this week, with a current PE_TTM valuation of approximately 25.13 times [11]. - Key companies in the wind sector, such as Goldwind Technology and Mingyang Smart Energy, are recommended for investment due to their expanding overseas markets and improving profitability [7][15]. Solar Power - Longi Green Energy has signed a cooperation agreement for a 1.5GW solar project in Abu Dhabi, showcasing its competitive edge in both domestic and international markets [6]. - The solar equipment index has risen by 4.18%, with the current PE_TTM valuation around 44.19 times, indicating strong market performance [5]. Energy Storage & Hydrogen - The energy storage supply chain is witnessing large-scale contracts, with Dragon Power Technology and Chuangneng New Energy agreeing to a significant procurement deal, highlighting the trend of securing supply chains amid rising demand [7]. - The energy storage index has increased by 4.79%, with a current PE_TTM of 30.73 times, reflecting a robust market outlook [5]. - Companies like Sungrow Power and Haibo Technology are recommended for their strong market positions and growth potential in the energy storage sector [7].

融资方面，海博思创当日融资买入7562.84万元。当前融资余额6.51亿元，占流通市值的5.85%。 融券方面，海博思创12月1日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，北京海博思创科技股份有限公司位于北京市海淀区丰豪东路9号院2号楼12层，成立日期2011 年11月4日，上市日期2025年1月27日，公司主营业务涉及专注于电化学储能系统的研发、生产、销售, 为传统发电、新能源发电、智能电网、终端电力用户等"源-网-荷"全链条行业客户提供全系列储能系统 产品,提供储能系统一站式整体解决方案。主营业务收入构成为：储能系统99.77%，新能源车租赁 0.10%，其他(补充)0.07%，技术服务0.06%。 截至9月30日，海博思创股东户数9378.00，较上期减少7.72%；人均流通股4044股，较上期增加 15.31%。2025年1月-9月，海博思创实现营业收入79.13亿元，同比增长52.23%；归母净利润6.23亿元， 同比增长98.65%。 分红方面，海博思创A股上市后累计派现1.98亿元。 12月1日，海博思创跌 ...

Core Insights - The explosive growth of AI computing power is driving the demand for energy storage in AI Data Centers (AIDC), marking a significant shift in the energy landscape [1][3][5] - AIDC energy storage is expected to transition from demand explosion to large-scale deployment by 2025, becoming a key driver for the energy storage market [2][5] Industry Growth - Global data center energy storage capacity is projected to increase from 4 GWh in 2020 to 16.5 GWh in 2024, with a compound annual growth rate (CAGR) of 43.0%, and further to 209.4 GWh by 2030, with a CAGR of 52.7% from 2024 to 2030 [1] - In China, energy storage capacity is expected to grow from 2.9 GWh in 2020 to 8 GWh in 2024, with a CAGR of 29.2%, and to 101.6 GWh by 2030, with a CAGR of 52.8% from 2024 to 2030 [1] Technological Advancements - AIDC requires high reliability and stability in power supply, leading to advancements in energy storage technology towards high power and reliability [2][4] - The role of energy storage is evolving from a backup power source to a core infrastructure component for AIDC [5][6] Market Dynamics - Major tech companies like Google, Meta, Microsoft, and Amazon are increasing capital expenditures focused on AIDC infrastructure, while domestic giants like Alibaba and Tencent are also ramping up investments [3][6] - The demand for energy storage in AIDC is characterized as rigid, driven by the high energy consumption and reliability requirements of AI computing [5][6] Competitive Landscape - Companies such as Ningde Times, Sunshine Power, and Haibo Si Chuang are accelerating their investments in AIDC energy storage, recognizing it as a significant growth driver [6][9] - The market is currently dominated by lead-acid batteries, but lithium batteries are expected to capture a larger market share by 2030, with projections of 73.5% for lithium and 14.5% for lead-acid in China [7] Policy Support - The Chinese government is actively promoting the integration of new energy storage solutions for data centers, emphasizing the need for reliable power supply and energy quality [5][8] - Policies are being established to support the green transformation of AIDC, further enhancing the role of energy storage in stabilizing power supply [4][5] International Expansion - Companies are looking to expand into international markets, with North America, Southeast Asia, Europe, the Middle East, and Australia identified as key target regions for AIDC energy storage solutions [9] - The demand for AIDC energy storage is particularly strong in regions with less stable power supply, highlighting the global opportunity for energy storage solutions [9]

市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,888.60 | 0.34 | | 深证成指 | | 12,984.08 | 0.85 | | 沪深 | 300 | 4,526.66 | 0.25 | | 中小板指 | | 7,897.84 | 0.95 | | 创业板指 | | 3,052.59 | 0.70 | | 科创 | 50 | 1,327.15 | 1.26 | | 资料来源：最闻 | | | | 分析师： 彭皓辰 2025 年 12 月 1 日 星期一 研究早观点 【今日要点】 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【公司评论】海博思创(688411.SH)：海博思创快报-国内储能稳居龙头， 海外市场正在突破 【行业评论】HR+/HER2-乳腺癌后线药物进展：后线治疗迎来广谱新 选择，TROP2 ADC、HER3 ADC、KAT6 抑制剂表现突出 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和 ...

本报讯(记者袁传玺)天眼查App显示，近日，山西海博思创科技有限公司成立，注册资本5000万元，经 营范围包括电池制造、电力电子元器件制造、电池零配件生产、机械电气设备制造、智能基础制造装备 制造等。股东信息显示，该公司由海博思创全资持股。 ...

展望未来，海博思创将持续发挥技术研发与全球化运营优势，深化国际合作，加速综合能源服务业务布局，致力于推动全球能源结构向绿色低碳转型，构 建安全高效的新型能源生态，为实现 "双碳" 目标注入强劲动能。 作为全球储能行业的领军者，海博思创凭借深厚的技术积淀与卓越的服务能力，深度参与全球超 400 个储能项目，累计实现 45GWh 以上规模储能项目的 成功落地。 其业务足迹遍布欧、美、亚、非各大洲，通过构建本地化服务网络，在核心市场设立专业服务团队，为客户提供 7×24 小时不间断响应与全生 命周期技术保障，确保储能项目稳定高效运行。 近日，北京海博思创科技股份有限公司（股票简称：海博思创，股票代码：688411）正式宣布， 旗下海博思创美国公司已于今年9月与美国知名独立 发电商（IPP）在内的多家企业达成储能项目合作，为位于美国加利福尼亚州、佐治亚州的储能电站项目提供储能系统解决方案，同时配套长期质保服 务与全周期售后服务。 截至日前，项目全部供货产品已按期完成交付，总计超过420MWh。 本次合作项目顺利完成履约，标志着海博思创实现美国市 场的关键突破，成为公司在美洲区域执行国际化战略的重要里程碑。 本次合作项 ...

企查查APP显示，近日，山西海博思创科技有限公司成立，法定代表人为张猛，注册资本5000万人民 币，经营范围包括电池制造、电力电子元器件制造、电池零配件生产、机械电气设备制造、智能基础制 造装备制造等。企查查股权穿透显示，该公司由海博思创（688411）全资持股。 （原标题：海博思创新设科技公司，含智能基础制造装备业务） ...

海博思创表示，未来公司将立足自身产业优势，助力青海西宁打造全国重要新型储能产业基地，推动储 能产业规模化、集群化发展，为青海省产业"四地"建设、国家清洁能源产业高地打造提供坚实支撑。 未来，公司规划将在西宁南川工业园区落子新的智能制造基地，秉持绿色与智能发展理念，将把基地全 力打造成绿色工厂、零碳工厂与数智化工厂，力求实现全流程零碳运营。 同时，海博思创将以西宁开发区为核心辐射青海全省，推进规模化储能电站建设，并计划在"十五五"期 间，在青海省推动一批独立储能项目落地，助力青海省清洁能源示范省建设，参与"源网荷储"一体化新 型电力系统构建，推动清洁能源消纳与电网调峰，及绿电资源高效利用，全力支持青海省能源结构转型 战略部署。 中证报中证网讯(王珞)近日，海博思创与青海省西宁经济技术开发区(以下简称"西宁开发区")签约大型 储能产业项目，推动规模化储能产业长期合作落地西宁。 据悉，此次签约项目涵盖储能系统集成生产与储能电站建设两大核心板块，作为公司西北区域市场战略 的重要举措，将为公司未来的产能提升、业务布局及绿色产业链进一步完善奠定坚实基础。 ...

2025 年 11 月 28 日 公司研究/公司快报 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 杜羽枢 执业登记编码：S0760523110002 邮箱：duyushu@sxzq.com 储能 海博思创（688411.SH） 买入-A(首次) 国内储能稳居龙头，海外市场正在突破 事件描述 公司上市以来股价表现 | 年 月 市场数据：2025 | 11 | 日 25 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 299.46 | | 年内最高/最低（元）： | | | 426.01/57.00 | | 流通A股/总股本（亿）： | | | 0.38/1.80 | | 流通 A 股市值（亿）： | | | 113.60 | | 总市值（亿）： | | | 539.30 | | 年 基础数据：2025 | 月 9 | 日 30 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 3.58 | | 摊薄每股收益(元)： | | | 3.58 | | 每股净资产(元)： ...