Group 1 - Haibo Sichuang Technology Co., Ltd. has been awarded five honors, including the 2025 Beijing Top 100 Enterprises and the 2025 Beijing Manufacturing Industry Top 100 [2] - The "2025 Beijing Top 100 Enterprises" list evaluates companies based on scale, efficiency, innovation, and social contribution, highlighting Haibo Sichuang's leading position among capital enterprises [2] - The evaluation was organized by the Beijing Enterprise Federation and the Beijing Entrepreneurs Association, ensuring high credibility and social influence [2] Group 2 - In 2025, Haibo Sichuang aims for high-quality development driven by innovation and strategic upgrades, having been recognized as a national enterprise technology center [3] - The company has implemented its "Energy Storage + X" strategy, achieving breakthroughs in various sectors such as independent energy storage stations and data centers, with a global presence in over 20 countries across five continents [3] - Haibo Sichuang is committed to deepening energy storage technology innovation and expanding application scenarios to contribute to the national "dual carbon" goals [3]

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1]. Core Viewpoints - The report highlights that China has submitted applications for over 200,000 new satellites, marking the largest international frequency and orbit resource application in the country's history [3]. - Starting from April 2026, the export tax rebate for photovoltaic products will be canceled, which may impact the industry dynamics [4]. - The photovoltaic power generation utilization rate for January to November 2025 was reported at 94.8%, indicating strong performance in the sector [4]. Summary by Relevant Sections Preferred Stocks - The report lists several preferred stocks with ratings: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Haibo Sichuang (688411.SH) - Buy - A - Sunshine Power (300274.SZ) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2]. Price Tracking - The average price of dense polysilicon is reported at 54.0 CNY/kg, up 3.8% from the previous week, while granular silicon is at 52.0 CNY/kg, up 4.0% [5]. - The average price for 182-183.75mm N-type battery cells is 0.39 CNY/W, reflecting a 2.6% increase [6]. - The price for 182*182-210mm TOPCon double-glass modules is 0.70 CNY/W, showing a 0.3% increase [7]. Investment Suggestions - The report recommends focusing on companies in various sectors: - BC new technology: Aishuo Co., Ltd. - Supply-side: Daqian Energy, Fulete - Light storage: Haibo Sichuang, Sunshine Power - Power marketization: Langxin Group - Domestic substitution: Quartz Co., Ltd. - Additional companies to watch include Longi Green Energy, Hongdian East Magnet, and others [8].

Group 1 - The core point of the article highlights the performance and market position of Haibo Sichuang Technology Co., Ltd., which focuses on the research, production, and sales of electrochemical energy storage systems, reporting a stock price increase of 5.27% to 231.66 CNY per share, with a total market capitalization of 41.72 billion CNY [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] - Haibo Sichuang is located in Beijing and was established on November 4, 2011, with its listing date set for January 27, 2025 [1] Group 2 - From the perspective of major circulating shareholders, Guangfa Fund's Guangfa High-end Manufacturing Stock A (004997) entered the top ten circulating shareholders of Haibo Sichuang in the third quarter, holding 587,900 shares, which is 1.55% of the circulating shares, with an estimated floating profit of approximately 6.82 million CNY [2] - Guangfa High-end Manufacturing Stock A has a total scale of 4.424 billion CNY, with a year-to-date return of 2.37% and a one-year return of 23.53% [2] Group 3 - Guangfa Carbon Neutrality Theme Mixed Fund A (018418) holds 9,062 shares of Haibo Sichuang, representing 4.14% of the fund's net value, ranking as the tenth largest holding, with an estimated floating profit of about 105,100 CNY [4] - This fund has a total scale of 32.89 million CNY, with a year-to-date return of 1.58% and a one-year return of 84.2% [4]

Core Viewpoint - The company is currently not holding shares in Weilan New Energy, but is collaborating with it through a joint venture to develop semi-solid batteries for energy storage applications [1] Group 1: Company Collaboration - The company has established a joint venture named Weilan Haibo (Zibo) New Energy Technology Co., Ltd. with Beijing Weilan New Energy Technology Co., Ltd. and Zibo Jingneng Technology Co., Ltd. [1] - The collaboration focuses on in-depth research and development of semi-solid batteries, aiming for essential safety in energy storage based on high capacity, long lifespan, and low cost [1] Group 2: Product Application - The semi-solid batteries currently under development have already been applied in actual energy storage projects [1]

Core Viewpoint - Haibo Si Chuang (688411.SH) does not currently hold shares in Weilan New Energy, but is collaborating with Weilan New Energy Technology Co., Ltd. and Zibo Jingneng Technology Co., Ltd. to establish a joint venture focused on semi-solid battery development [1] Group 1 - The company has formed a joint venture named Weilan Haibo (Zibo) New Energy Technology Co., Ltd. with Weilan New Energy and Zibo Jingneng [1] - The collaboration aims to research and develop semi-solid batteries that prioritize large capacity, long lifespan, and low cost while ensuring the inherent safety of energy storage batteries [1] - The semi-solid batteries currently under development have already been applied in actual energy storage projects [1]

Group 1 - The stock price of Haibo Sichuang has dropped by 3.82% to 220.06 CNY per share, with a trading volume of 1.109 billion CNY and a turnover rate of 13.05%, resulting in a total market capitalization of 39.631 billion CNY. The stock has experienced a continuous decline for six days, with a cumulative drop of 12.68% during this period [1] - Haibo Sichuang, established on November 4, 2011, is located in Haidian District, Beijing. The company focuses on the research, production, and sales of electrochemical energy storage systems, providing a full range of energy storage system products and one-stop overall solutions for clients across the entire "source-network-load" industry chain, including traditional power generation, renewable energy generation, smart grids, and end power users [1] - The main business revenue composition of Haibo Sichuang includes 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] Group 2 - Dongwu Fund has one fund heavily invested in Haibo Sichuang, specifically Dongwu Anxiang Quantitative Mixed A (580007), which reduced its holdings by 3,722 shares in the third quarter, now holding 8,590 shares, accounting for 7.02% of the fund's net value, ranking as the fourth-largest holding [2] - The estimated floating loss for Dongwu Anxiang Quantitative Mixed A today is approximately 75,200 CNY, with a total floating loss of 274,500 CNY during the six-day decline [2] - Dongwu Anxiang Quantitative Mixed A was established on June 29, 2010, with a latest scale of 21.384 million CNY. Year-to-date return is 0.69%, ranking 7,850 out of 8,836 in its category, while the one-year return is 46.64%, ranking 2,776 out of 8,091 [2]

Investment Rating - The report maintains a "Buy" rating for several companies, including Aishuo Co., Ltd. (600732.SH), Daqian Energy (688303.SH), Haibo Sichuang (688411.SH), Sungrow Power Supply (300274.SZ), Flat Glass Group (601865.SH), Longxin Group (300682.SZ), and Quartz Co., Ltd. (603688.SH) [2] Core Insights - The solar industry has experienced a decline in new installations, with November 2025 seeing a 11.9% year-on-year decrease, totaling 22.0 GW. However, the cumulative new installations from January to November 2025 reached 274.89 GW, reflecting a 33.2% increase year-on-year [3][13] - Solar module exports in November 2025 amounted to 171.4 billion yuan, marking a 33.9% year-on-year increase and a 6.6% month-on-month increase. The cumulative export value from January to November 2025 was 1854.0 billion yuan, down 9.0% year-on-year [4][16] - Inverter exports also showed positive growth, with November 2025 exports reaching 54.5 billion yuan, a 25.6% year-on-year increase and a 13.0% month-on-month increase. The cumulative export value for inverters from January to November 2025 was 587.5 billion yuan, up 8.7% year-on-year [4][28] - Solar power generation in November 2025 increased by 23.4% year-on-year, contributing to 5.29% of the total national power generation, which was 7792 billion kWh, a 2.7% increase year-on-year [5][41] Summary by Sections New Installations - November 2025 saw a domestic solar installation of 22.0 GW, down 11.9% year-on-year but up 74.8% month-on-month. Cumulative installations for the year reached 274.89 GW, up 33.2% year-on-year [3][13] Exports - Solar module exports in November 2025 were 171.4 billion yuan, up 33.9% year-on-year and 6.6% month-on-month. Cumulative exports for the year were 1854.0 billion yuan, down 9.0% year-on-year [4][16] - Inverter exports reached 54.5 billion yuan in November 2025, a 25.6% year-on-year increase and a 13.0% month-on-month increase. Cumulative exports for the year were 587.5 billion yuan, up 8.7% year-on-year [4][28] Power Generation - Solar power generation in November 2025 was 412.2 billion kWh, reflecting a 23.4% year-on-year increase and accounting for 5.29% of total national power generation [5][41] Investment Recommendations - The report recommends focusing on companies such as Aishuo Co., Ltd. for new technology, Daqian Energy and Flat Glass Group for supply-side initiatives, Haibo Sichuang and Sungrow Power Supply for energy storage, Longxin Group for market-oriented strategies, and Quartz Co., Ltd. for domestic substitution [5][46]

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The space photovoltaic sector is gaining attention as leading companies increase investment in perovskite solar cell research and industrialization, which is expected to open new application scenarios for photovoltaics [6][7] - The deep-sea wind power project in Shandong has received approval, marking significant progress in the development of offshore wind energy, with expectations for substantial growth in this sector [6][11] - The energy storage and hydrogen sectors are seeing regulatory efforts to standardize competition, aiming to improve market order and sustainability [7] Summary by Sections Wind Power - The Shandong deep-sea wind power project has been approved, with a total capacity of 3000MW, utilizing 214 wind turbines of 14MW each [11] - The wind power index increased by 10.39%, outperforming the CSI 300 index by 7.60 percentage points, with a current PE_TTM of approximately 27.30 times [12] - The approval of the project indicates a significant advancement in offshore wind energy, supported by technological maturity and favorable policies [11] Photovoltaics - The space photovoltaic concept is gaining traction, with companies focusing on perovskite solar cells due to their lightweight and high-efficiency characteristics, which are suitable for space applications [6] - The photovoltaic equipment index rose by 3.86%, with the solar cell component index increasing by 5.82% [5] - The current PE_TTM for the photovoltaic sector is around 47.28 times, indicating strong market interest [5] Energy Storage & Hydrogen - A meeting held by various government bodies highlighted the rapid development of the energy storage and hydrogen battery industries, emphasizing the need for regulatory measures to curb irrational competition [7] - The energy storage index increased by 5.74%, with a current PE_TTM of 31.06 times, reflecting a healthy market outlook [5] - Recommendations for investment include companies with strong competitive positions in energy storage and distributed energy sectors [7]

Core Insights - The energy storage Battery Management System (BMS) is a critical component for safety in energy storage systems, transitioning the industry from "passive protection" to "active safety" [1][3] - The market for new energy storage systems in China is expected to grow significantly, with the BMS market projected to reach 3.448 billion yuan in 2024 and 2.475 billion yuan in 2025, despite a decline in overall value due to price reductions [1][3] Industry Definition and Classification - Energy storage BMS is the core control component of energy storage systems, responsible for real-time data collection, state diagnosis, and safety protection [2] - BMS can be classified based on enterprise type, application field, and technology architecture [2] Current Industry Status - The global energy storage BMS market is expected to reach 6.252 billion yuan in 2024, with the Asia-Pacific region accounting for 62.01% of the market share [3] - In China, the BMS market is projected to grow from 275 million yuan in 2020 to 3.448 billion yuan in 2024, with a potential decline to 2.475 billion yuan in 2025 due to pricing pressures [3] Industry Value Chain - The energy storage BMS industry value chain includes upstream suppliers of key materials and components, midstream hardware production and software development, and downstream system integrators [4] SWOT Analysis - The energy storage BMS industry is supported by national policies aimed at promoting new energy storage, positioning it as a core component of the new power system [5] Competitive Landscape - The domestic energy storage BMS market features three main types of participants: self-developed BMS by battery companies, system integrators with self-development capabilities, and third-party specialized manufacturers [6][7] - Leading self-developed BMS companies include CATL, BYD, and Guoxuan High-Tech, which leverage their technology to enhance product competitiveness [6] - Comprehensive manufacturers like Sungrow and Haibo Innovation develop BMS products tailored to their systems [7] - Specialized third-party BMS manufacturers focus on technological differentiation and cost optimization [7] Development Trends - The energy storage market in China is expected to maintain rapid growth, driven by the dual carbon goals and the construction of new power systems [8] - The maturity and standardization of BMS technology are anticipated to improve, leading to further industry expansion [9] - Future trends indicate a shift towards integration, intelligence, openness, and scalability in the BMS industry [9]

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