Summary of Key Points from the Conference Call Industry Overview - **Industry**: Global Energy Storage System (ESS) Market - **Forecast**: Global ESS demand is expected to more than double from 177.8 GWh in 2024 to 360.2 GWh in 2027, translating to a 26.5% 3-year CAGR [2][9][42] Core Insights - **Regional Demand Drivers**: - **China**: Market-driven demand and extensive local government policies favoring renewable projects with ESS, despite the cancellation of compulsory requirements effective February 9, 2025 [2][21] - **United States**: Accelerated electricity demand growth, particularly from data centers, with a revised forecast of 3.2% CAGR in power demand leading up to 2030 [2][43] - **Europe**: Targeting a fivefold increase in the battery ESS market by 2029 compared to 2024 levels [2][50] - **Emerging Markets**: Providing cost-competitive solutions to address power shortages [2][9] Company-Specific Insights - **Sungrow Power Supply**: - **Earnings Upgrade**: Net profit estimates raised by 3.7% for 2025E, 6.5% for 2026E, and 9.5% for 2027E due to higher ESS shipment volumes [3][11] - **Target Price**: Increased by 33% to Rmb160/share, maintaining a Buy rating with a projected 36.3% ROE for 2025E [3][11] - **Ningbo Deye Technology**: - **Earnings Upgrade**: Net profit estimates raised by 1-3% for 2026-27E, with a target price increase of 10% to Rmb78.2/share [3][12] - **Market Position**: Strong growth in C&I ESS products and high profitability with a 34.1% ROE for 2025E [3][12] Additional Important Insights - **China's ESS Installations**: - New installations reached 23.03 GW/56.12 GWh in 1H25, up 68% YoY, with cumulative installed capacity at 101.3 GW by end-1H25, reflecting a 110% YoY increase [16][18] - The new bidding volume for ESS products soared 264% YoY to 11.2 GW/86.2 GWh in 1H25, driven by centralized procurement from state-owned energy groups [20] - **Policy Changes**: - The abolishment of compulsory ESS installation for new energy projects is expected to shift the market towards voluntary installations driven by return considerations [21][37] - **User-side ESS Growth**: - User-side ESS installations are projected to grow at a 57.9% CAGR from 2023-25E, driven by time-of-use tariff arbitrage opportunities [32][34] - **US Market Dynamics**: - The US electricity generation mix is expected to evolve with increased solar contributions, from 12% in 2025E to 33% by 2040E, while gas contributions decrease from 41% to 30% [44] - **European Market Outlook**: - European battery storage capacity is forecasted to grow significantly, with annual additions expected to reach 118 GWh by 2029E [52] This summary encapsulates the key points from the conference call, highlighting the growth potential and evolving dynamics within the global ESS market, as well as specific company performance and strategic insights.

【#中国风电太阳能发电总装机容量提升#】#中国新一轮国家自主贡献##气候变化峰会# 到2035年，非 化石能源消费占能源消费总量的比重达到30%以上，风电和太阳能发电总装机容量达到2020年的6倍以 上、力争达到36亿千瓦。 （央视新闻） ...

Core Viewpoint - A research team from DGIST in South Korea has developed a solar-powered artificial plant device that can purify soil contaminated with radioactive cesium, achieving over 95% purification within 20 days, providing a groundbreaking solution for nuclear accident remediation and contaminated farmland restoration [1][3]. Group 1: Technology and Innovation - The artificial plant device mimics the transpiration process of natural plants, operating solely on solar energy without the need for external power or additional water supply, significantly reducing operational complexity and costs [1][4]. - The device can be directly inserted into contaminated soil, where its "stem" structure extracts moisture containing dissolved cesium ions, which are then transported to the "leaf" section for purification [3][4]. Group 2: Environmental Impact and Efficiency - Traditional methods for soil cesium contamination remediation are costly and environmentally damaging, often involving the excavation of contaminated soil, which can lead to new ecological issues [3]. - The artificial plant technology drastically reduces the remediation time from months to just 20 days, with a purification efficiency exceeding 95%, making it particularly suitable for remote areas with weak power infrastructure [4]. Group 3: Sustainability and Reusability - The device features excellent reusability; once the adsorbent material in the "leaf" reaches saturation, it can be easily replaced, and the spent material can be cleaned and reused, minimizing long-term costs and reducing secondary waste generation [4].

习近平强调，这是中国对照《巴黎协定》要求、体现最大努力制定的目标。完成这一目标，需要中国自 身付出艰苦努力，也需要有利和开放的国际环境。中国有决心、有信心兑现承诺。各方应积极行动起 来，推动实现人与自然和谐共生的美好愿景，守护好我们共同的地球家园。 9月24日，国家主席习近平在联合国气候变化峰会发表视频致辞，宣布中国新一轮国家自主贡献：到 2035年，中国全经济范围温室气体净排放量比峰值下降7%-10%，力争做得更好。非化石能源消费占能 源消费总量的比重达到30%以上，风电和太阳能发电总装机容量达到2020年的6倍以上、力争达到36亿 千瓦，森林蓄积量达到240亿立方米以上，新能源汽车成为新销售车辆的主流，全国碳排放权交易市场 覆盖主要高排放行业，气候适应型社会基本建成。 ...

Group 1 - The core viewpoint of the article highlights the growth of China's solar power generation, with a production volume of 471 billion kilowatt-hours in May 2025, representing a year-on-year increase of 7.3% [1] - From January to May 2025, the cumulative solar power generation in China reached 2,105.1 billion kilowatt-hours, showing a cumulative growth of 18.3% [1] - The article references a report by Zhiyan Consulting, which provides insights into the market trends and investment prospects for the solar power station industry in China from 2025 to 2031 [1] Group 2 - The listed companies in the solar energy sector include Longi Green Energy, Tongwei Co., Sunshine Power, JA Solar, Trina Solar, TBEA, Chint Electric, TCL Zhonghuan, Linyang Energy, and Sungrow Power [1] - The data presented is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting, indicating the reliability of the information [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive solutions for investment decisions [1]

9月24日，国家主席习近平在联合国气候变化峰会发表视频致辞。 资讯编辑：陈群 021-26096771 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 习近平宣布中国新一轮国家自主贡献：到2035年，中国全经济范围温室气体净排放量比峰值下降 7%~10%，力争做得更好。非化石能源消费占能源消费总量的比重达到30%以上，风电和太阳能发电总 装机容量达到2020年的6倍以上、力争达到36亿千瓦，森林蓄积量达到240亿立方米以上，新能源汽车成 为新销售车辆的主流，全国碳排放权交易市场覆盖主要高排放行业，气候适应型社会基本建成。习近平 强调，这是中国对照《巴黎协定》要求、体现最大努力制定的目标。完成这一目标，需要中国自身付出 艰苦努力，也需要有利和开放的国际环境。 ...

Core Points - China announced its new round of Nationally Determined Contributions (NDCs) at the UN Climate Change Summit, aiming for a 7%-10% reduction in greenhouse gas emissions from peak levels by 2035 [4] - The share of non-fossil energy consumption in total energy consumption is targeted to exceed 30% [4] - Wind and solar power generation capacity is expected to reach over six times the 2020 levels, striving for a total of 360 million kilowatts [4] - Forest stock volume is projected to exceed 24 billion cubic meters [4] - New energy vehicles are set to become the mainstream of new vehicle sales [4] - The national carbon trading market will cover major high-emission industries, and a climate-resilient society is to be fundamentally established [4] Summary by Sections Confidence in Green Transition - The global green low-carbon transition is seen as an inevitable trend, despite some countries moving in the opposite direction [3] - The international community is encouraged to maintain confidence and continue actions towards implementing NDCs [3] Responsibility and Fairness - The global green transition should respect the development rights of developing countries and aim to reduce rather than increase the North-South gap [3] - Developed countries are urged to fulfill their obligations for early emission reductions and provide more financial and technical support to developing nations [3] Cooperation for Green Development - There is a significant demand for global green development, necessitating enhanced international collaboration on green technology and industry [3] - Efforts should be made to ensure the free flow of high-quality green products globally, benefiting all regions [3]

Core Viewpoint - The U.S. Department of Energy emphasizes the commitment to promote the solar industry without providing subsidies [1] Group 1 - The U.S. government will actively support the development of the solar energy sector [1] - There will be no financial subsidies offered to the solar industry [1]

中节能太阳能股份有限公司 信息披露管理办法 第一章 总则 第一条 为了提高中节能太阳能股份有限公司(以下简称"公司") 及相关信息披露义务人的信息披露管理水平和信息披露质量，促进公 司依法规范运作，确保公司信息披露的及时性、公平性、真实性、准 确性及完整性，保护投资者合法权益，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司信息披露管理办法》《深圳证 券交易所股票上市规则》（以下简称"《上市规则》"）《深圳证券 交易所上市公司自律监管指引第 5 号——信息披露事务管理》等法律、 行政法规、业务规则，以及《中节能太阳能股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，特制定本办法。 第二条 本办法所指"信息"指所有可能对公司股票及其衍生品 种价格产生重大影响的信息以及证券监管部门要求披露或公司主动 披露的信息。 "披露"是指公司及相关信息披露义务人在规定的时间内、在规 定的媒体上、以规定的方式向社会公众公布前述信息，并按规定报送 证券监管部门备案的行为。 第四条 公司应按公开、公正、公平的原则对待所有股东，严格 按法律法规和相关规则及时披露公司信息，保证信息披露内容的真实、 准确、完整 ...

中节能太阳能股份有限公司募集资金管理办法 （2025 年修订） 第一章 总则 第一条 为加强、规范中节能太阳能股份有限公司（以下简 称"公司"）募集资金的管理，提高资金使用效率，促进公司健 康发展，维护全体股东的合法利益，根据《中华人民共和国证 券法》（以下简称《证券法》）《首次公开发行股票注册管理 办法》、《上市公司证券发行注册管理办法》《上市公司信息 披露管理办法》《上市公司募集资金监管规则》《深圳证券交 易所股票上市规则》《公司章程》等规定，结合公司的实际情况， 制定本规则。 第二条 本办法所称募集资金是指公司通过发行股票或者其 他具有股权性质的证券（包括首次公开发行股票、增发、配股、 发行可转换公司债券、发行分离交易的可转换公司债券、权证等） 向投资者募集并用于特定用途的资金，但不包括公司实施股权激 励计划募集的资金。 第三条 募集资金的使用应本着规范、透明、注重效益的原 则，处理好投资金额、投入产出、投资效益之间的关系，控制投 资风险。 第四条 公司应确保募集资金应当专款专用。公司使用募集 资金应当符合国家产业政策和相关法律法规，践行可持续发展理 念，履行社会责任，原则上应当用于主营业务，有利于增强 ...