Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The demand for energy storage is on the rise, with significant investment opportunities in the energy storage sector [2][3] - China's new national commitment aims for non-fossil energy consumption to exceed 30% of total energy consumption by 2035, with wind and solar power capacity expected to reach over six times that of 2020, targeting 3.6 billion kilowatts [2][3] Summary by Relevant Sections Energy Storage Growth - New energy storage installations are expected to see sustained high growth, driven by clear growth in renewable energy generation over the next decade [3] - By the end of 2024, the cumulative installed capacity of new energy storage projects in China is projected to reach 73.76 million kilowatts, with an energy scale of 168 million kilowatt-hours, which is approximately 20 times that of the end of the 13th Five-Year Plan, and over 130% growth compared to the end of 2023 [3] Market Dynamics - The liberalization of the electricity market is anticipated to drive independent energy storage demand growth, with market transactions widening the price gap between peak and valley electricity, thereby enhancing the economic viability of energy storage [3] - Several provinces in China, including Inner Mongolia, Hebei, Gansu, Ningxia, and Shandong, have introduced capacity pricing and compensation policies, providing strong baseline returns for energy storage [3] Investment Recommendations - The report recommends focusing on the energy storage sector, highlighting companies such as Sungrow Power Supply, CATL, EVE Energy, Tongrun Equipment, Haibo Science and Technology, and Deye Co., Ltd. [3] - Material companies to watch include Tinci Materials, Dofluorid, Putailai, Shanta Technology, and Fulin Precision [3]

Core Viewpoint - EVE Energy (亿纬锂能) has signed a cooperation agreement with Shenyang Zhongming Aviation Technology Co., Ltd. (重明航空) to focus on innovation in aviation power supply technology and deepen strategic collaboration [1] Group 1: Strategic Collaboration - The partnership marks a significant step for EVE Energy in enhancing its layout in the aviation power supply sector [1] - Both companies will integrate resources and advantages to address technical bottlenecks in aviation power supply, particularly in reliability, safety, environmental adaptability, and lightweight design [1] Group 2: Technological Focus - The collaboration aims to provide strong support for the upgrade of aviation equipment power systems and facilitate green transformation [1]

Core Viewpoint - Recent developments indicate a significant increase in overseas energy storage orders, with five companies securing a total capacity of 5.45 GWh across various regions including Uzbekistan, UAE, Europe, and North America [1]. Group 1: Uzbekistan Projects - Shandong Electric Power Construction Company has won a contract for a 350 MWh energy storage project in Uzbekistan, which is the largest single-scale electrochemical storage project in Central Asia, located near Tashkent [2]. - Upon completion, the project will provide 2.19 billion kWh of power regulation capacity, benefiting one million residents [2]. Group 2: UAE Projects - Dongfang International has signed an EPC contract for the BESS1 battery storage project in Abu Dhabi, marking its entry into the UAE market with a total capacity of nearly 1 GWh [3][5]. - This project is the largest grid-side storage project in the UAE and will enhance the power system's regulation capabilities and support renewable energy integration [5]. Group 3: European Projects - Huawei has signed a memorandum with GoldenPeaks Capital to deploy a 500 MWh grid-forming energy storage project in Central and Eastern Europe, initially covering Poland and Hungary [6][7]. - EVE Energy has established a strategic partnership with TSL Assembly to deploy a total of 1 GWh of energy storage systems in Central and Eastern Europe from 2026 to 2030 [10]. - EVE Energy also signed a 500 MWh strategic cooperation agreement with CommVOLT at the Solar & Storage Live UK 2025 exhibition, further expanding its European market presence [12]. Group 4: North American Projects - Aters has signed a battery storage system supply agreement with Aypa Power for two projects in Ontario, Canada, totaling 420 MW/2122 MWh, marking a significant breakthrough in North America's energy infrastructure [9]. - The projects are expected to commence equipment delivery in Q1 2026 and enter commercial operation in H1 2027, with Aters providing comprehensive operational maintenance services under a 20-year agreement [9].

Market Overview - The market experienced a sudden drop after a strong opening, with the Shanghai Composite Index falling below 3900 points and the ChiNext Index dropping by 4.34%, marking its largest single-day decline recently [1] - The STAR Market indices also saw significant declines, with the STAR 50 Index down by 5.4% and the STAR 100 Index down by 4%, primarily driven by a sharp drop in the chip index, which approached a 6% decline [1] Key Factors for Market Decline - The market faced dual negative factors: first, export controls on lithium batteries raised concerns about sales impacts on related energy companies, leading to a broad sell-off in the battery sector, with leading companies like CATL down over 6% and EVE Energy down 10% [3] - Second, the adjustment of margin financing rates for SMIC by some brokerages to 0 raised concerns about the overall high valuations of technology stocks, triggering a shift in investor sentiment from bullish to bearish [3] Sector Performance - Despite the overall market decline, the CPO sector showed relative strength, indicating that the sell-off in technology stocks was structural rather than systemic [4] - The performance of the brokerage and banking sectors remained strong, suggesting limited downside potential for the market despite the current adjustments [6] Future Market Outlook - The current shape of the Shanghai Composite and ChiNext indices appears concerning, particularly with the ChiNext's recent bearish candlestick pattern potentially engulfing the gains of the past ten trading days [5] - However, if the ChiNext index can stabilize around the 20-day moving average and potentially form a bullish reversal, the positive trend may continue [5] - The market's future direction will depend on the digestion of profit-taking in technology stocks and the extent of this process [6]

| 证券代码：300014 | 证券简称：亿纬锂能 | 公告编号：2025-124 | | --- | --- | --- | | 债券代码：123254 | 转债简称：亿纬转债 | | （一）可转换公司债券发行上市情况 惠州亿纬锂能股份有限公司 关于 2025 年第三季度可转换公司债券转股情况的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、亿纬转债（债券代码：123254）转股期为2025年9月29日至2031年3月24日； 最新有效的转股价格为50.65元/股。 2、2025年第三季度，共有5,761张亿纬转债完成转股（票面金额共计576,100元）， 合计转成11,161股亿纬锂能股票（股票代码：300014）。 3、截至2025年第三季度末，亿纬转债剩余票面总金额为4,999,376,400元。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司自律 监管指引第15号——可转换公司债券》的有关规定，惠州亿纬锂能股份有限公司（以 下简称"公司"）现将2025年第三季度可转换公司债券（以下简称"亿纬转债"）转股 及公司 ...

中信证券股份有限公司 关于惠州亿纬锂能股份有限公司 关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"）作为惠州亿纬锂能股份有 限公司（以下简称"亿纬锂能""公司"）向不特定对象发行可转换公司债券的 保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股 票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公 司规范运作》等相关法律、法规和规范性文件的规定，对亿纬锂能关联交易进行 了核查，发表如下核查意见： 一、关联交易基本情况 公司及子公司拟向西藏亿纬控股有限公司（以下简称"亿纬控股"）子公司 广东金珑新能源汽车销售有限公司（以下简称"金珑新能源"）租赁2台移动电 源车，租赁期限15个月，租金按月支付，总交易金额不超过人民币12.00万元（含 增值税）。 （2）日常关联交易 ①2025年3月19日，公司召开第六届董事会第四十八次会议审议通过了《关 于关联交易的议案》，公司子公司惠州金源智能机器人有限公司（以下简称"金 源智能机器人"）拟受托亿纬控股及子公司定制产业化设备等，2025年3月20日 至2025年12月31日交易金额不超过6,000万元人民币（不含增 ...

惠州亿纬锂能股份有限公司 √ 是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易 所业务规则规定的独立董事任职资格和条件。 √ 是 □ 否 独立董事候选人声明与承诺 声明人李春歌作为惠州亿纬锂能股份有限公司第七届董事会独立董事候选 人，已充分了解并同意由提名人惠州亿纬锂能股份有限公司董事会提名为惠州 亿纬锂能股份有限公司（以下简称该公司）第七届董事会独立董事候选人。现 公开声明和保证，本人与该公司之间不存在任何影响本人独立性的关系，且符 合相关法律、行政法规、部门规章、规范性文件、深圳证券交易所业务规则及 公司股票上市地证券交易所的相关规则对独立董事候选人任职资格及独立性的 要求，具体声明并承诺如下事项： 一、本人已经通过惠州亿纬锂能股份有限公司第六届董事会提名委员会或 者独立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可能影 响独立履职情形的密切关系。 √ 是 □ 否 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百 ...

证券代码：300014 证券简称：亿纬锂能 公告编号：2025-126 惠州亿纬锂能股份有限公司 关联交易公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 2025年10月10日，惠州亿纬锂能股份有限公司（以下简称"公司"）第六届董事 会第五十七次会议审议通过了《关于关联交易的议案》，具体情况如下： 一、关联交易基本情况 1、关联交易事项 （1）车辆租赁 公司及子公司拟向西藏亿纬控股有限公司（以下简称"亿纬控股"）子公司广东 金珑新能源汽车销售有限公司（以下简称"金珑新能源"）租赁2台移动电源车，租赁 期限15个月，租金按月支付，总交易金额不超过人民币12.00万元（含增值税）。 （2）日常关联交易 ①2025年3月19日，公司召开第六届董事会第四十八次会议审议通过了《关于关联 交易的议案》，公司子公司惠州金源智能机器人有限公司（以下简称"金源智能机器 人"）拟受托亿纬控股及子公司定制产业化设备等，2025年3月20日至2025年12月31 日交易金额不超过6,000万元人民币（不含增值税）。具体内容详见公司于2025年3月 20日在巨潮资讯网披露的《关联交 ...

声明人杜小鹏作为惠州亿纬锂能股份有限公司第七届董事会独立董事候选 人，已充分了解并同意由提名人惠州亿纬锂能股份有限公司董事会提名为惠州 亿纬锂能股份有限公司（以下简称该公司）第七届董事会独立董事候选人。现 公开声明和保证，本人与该公司之间不存在任何影响本人独立性的关系，且符 合相关法律、行政法规、部门规章、规范性文件、深圳证券交易所业务规则及 公司股票上市地证券交易所的相关规则对独立董事候选人任职资格及独立性的 要求，具体声明并承诺如下事项： 独立董事候选人声明与承诺 一、本人已经通过惠州亿纬锂能股份有限公司第六届董事会提名委员会或 者独立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可能影 响独立履职情形的密切关系。 √ 是 □ 否 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百七十八条等规定不得担 任公司董事的情形。 惠州亿纬锂能股份有限公司 √ 是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易 所业务规则规定的 ...

惠州亿纬锂能股份有限公司 独立董事提名人声明与承诺 一、被提名人已经通过惠州亿纬锂能股份有限公司第六届董事会提名委员 会或者独立董事专门会议资格审查，提名人与被提名人不存在利害关系或者其 他可能影响独立履职情形的密切关系。 √ 是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等规定不 得担任公司董事的情形。 √ 是 □ 否 提名人惠州亿纬锂能股份有限公司董事会现就提名李春歌为惠州亿纬锂能 股份有限公司第七届董事会独立董事候选人发表公开声明。被提名人已书面同 意作为惠州亿纬锂能股份有限公司第七届董事会独立董事候选人（参见该独立 董事候选人声明）。本次提名是在充分了解被提名人职业、学历、职称、详细 的工作经历、全部兼职、有无重大失信等不良记录等情况后作出的，本提名人 认为被提名人符合相关法律、行政法规、部门规章、规范性文件、深圳证券交 易所业务规则及公司股票上市地证券交易所的相关规则对独立董事候选人任职 资格及独立性的要求，具体声明并承诺如下事项： √ 是 □ 否 如否，请详细说明：________________ ...