Market Overview - The battery sector experienced a decline of 2.31% on the previous trading day, with Naconor leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the battery sector included: - Fangyuan Co., Ltd. (688148) with a closing price of 6.71, up 20.04% [1] - Huazi Technology (300490) at 12.56, up 15.44% [1] - Tianji Co., Ltd. (002759) at 16.30, up 9.99% [1] - Conversely, Naconor (832522) saw a significant decline of 7.66%, closing at 65.71 [2] - Other notable decliners included Honggong Technology (301662) down 7.47% and Kuoguli (301487) down 6.91% [2] Trading Volume and Capital Flow - The battery sector saw a net outflow of 4.296 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.169 billion yuan [2][3] - The trading volume for Fangyuan Co., Ltd. reached 326,400 shares, with a transaction value of 214 million yuan [1] - Huazi Technology had a trading volume of 1,035,900 shares, with a transaction value of 1.273 billion yuan [1] Capital Inflow Analysis - Tianji Co., Ltd. (002759) had a net inflow of 478 million yuan from institutional investors, representing 30.17% of its total trading [3] - Shanshan Co., Ltd. (600884) saw a net inflow of 256 million yuan, accounting for 12.87% [3] - Conversely, Naconor experienced a net outflow of 740 million yuan from institutional investors [3]

Economic Competition Between Hubei and Henan - As of June 2025, the GDP gap between Hubei and Henan is only 200 billion yuan, with Hubei closing the gap by over 700 billion yuan from 2020 to 2024 [1] - The discussion around the potential shift of the title "Central China's Number One Province" is gaining traction, with predictions that this turning point may occur within the next two years [1] - Hubei has never held the title of "Central China's Number One Province," while Henan has maintained this position for decades [1] Hubei's Economic Growth Driven by Foreign Trade - In the first half of 2025, Hubei's total import and export value exceeded 400 billion yuan, reaching 402.31 billion yuan, a year-on-year increase of 28.4%, marking a historical high for the same period [2] - The second quarter saw an impressive growth rate of 39.1%, surpassing the national average by 34.6 percentage points [2] - Hubei's foreign trade has consistently broken records since 2020, with annual totals surpassing 4 billion, 5 billion, 6 billion, and 7 billion yuan in subsequent years [2] Characteristics of Hubei's Foreign Trade - Hubei's foreign trade is characterized by the rise of emerging markets, simultaneous efforts from both private and state-owned enterprises, and an optimized export product structure [3][4] - In the first half of 2025, Hubei's exports to Belt and Road countries reached 220.81 billion yuan, growing by 32.6% and accounting for over 50% of the province's total imports and exports [3] - Private enterprises played a significant role, with their import and export value reaching 286.25 billion yuan, a 32.9% increase, contributing 22.6 percentage points to Hubei's overall growth [3] Hubei's Industrial and High-Tech Manufacturing Growth - Hubei's industrial output value increased by 7.9% year-on-year in the first half of 2025, with high-tech manufacturing growing by 14.4% [5] - Key products such as lithium-ion batteries, electronic components, and complete computers saw production increases of 62.1%, 53.0%, and 31.5% respectively [5] - The province's industrial profit growth of 12.0% contrasts sharply with the national average of negative growth [5] Henan's Foreign Trade Performance - In the first half of 2025, Henan's exports reached 278.98 billion yuan, a year-on-year increase of 38.8%, slightly higher than Hubei's growth [7] - The recovery of mobile phone exports, which had previously declined, saw a significant increase of 58.6% in 2025 due to the return of iPhone orders to Zhengzhou [8] - Henan's high-tech product exports also grew significantly, with a total value of 123.69 billion yuan, marking a 75.8% increase [8] Henan's Industrial Transformation - Henan's high-tech manufacturing sector grew by 14.9% in the first half of 2025, outpacing Hubei [9] - The province is focusing on the development of new energy vehicles, with significant investments from major companies like BYD and CATL [9] - Despite progress, Henan still faces challenges in transitioning from traditional industries, with high-tech manufacturing accounting for only 14.0% of its industrial output [10]

Core Viewpoint - EVE Energy has successfully commissioned its first large-capacity sodium-ion battery energy storage system at its Jingmen base, marking a significant breakthrough in new energy storage technology [1] Group 1: Company Developments - The sodium-ion battery energy storage system was independently developed and designed by EVE Energy, utilizing the NF155L sodium-ion battery cells [1] - The sodium-ion battery features high safety, wide temperature range, high rate, long lifespan, and low carbon emission characteristics [1] Group 2: Technical Specifications - The sodium-ion battery offers over 30,000 cycles of lifespan and operates effectively within a temperature range of -40℃ to +60℃, meeting the full spectrum of energy storage needs [1] - Compared to similar lithium-ion batteries, the sodium-ion battery technology reduces lifecycle carbon emissions by over 42% [1]

Core Insights - The battery theme index has shown a slight decline of 0.06% as of September 26, 2025, with mixed performance among constituent stocks, highlighting the volatility in the sector [1] - The battery ETF managed by Harvest has seen a significant increase in net inflows and trading volume, indicating strong investor interest and confidence in the battery industry [3] - Solid-state batteries are emerging as the next generation of battery technology, driven by advancements in energy density and safety, which are expected to accelerate industrialization and capital expenditure across the supply chain [4] Group 1: Market Performance - The battery ETF Harvest has recorded a 5.70% increase over the past week as of September 25, 2025, reflecting positive market sentiment [1] - The ETF's trading volume reached 37.96 million yuan with a turnover rate of 2.96%, indicating active trading [3] - The ETF's net asset value has increased by 99.90% over the past year, ranking it 417th out of 3031 index equity funds, placing it in the top 13.76% [3] Group 2: Investment Trends - The latest scale of the battery ETF Harvest has reached 1.269 billion yuan, marking a new high since its inception [3] - Over the past 19 trading days, there have been 12 days of net inflows totaling 660 million yuan, showcasing strong investor confidence [3] - Wood Mackenzie forecasts that global energy storage capacity will grow more than sevenfold over the next decade, requiring an investment of 1.2 trillion USD in battery systems by 2034 [3] Group 3: Industry Developments - The top ten weighted stocks in the battery theme index account for 53.03% of the index, with significant players including Sungrow Power, CATL, and EVE Energy [4][6] - Solid-state battery technology is expected to lead to new product releases and capacity expansions, enhancing performance validation in the market [4] - The entire supply chain, including equipment, materials, and batteries, is anticipated to undergo iterative upgrades, increasing capital expenditure [4]

从需求预期看储能赛道的稀缺性 20250924 摘要 全球储能装机快速增长，2025 年预计增速超 50%，总量达 300 吉瓦时， 中国占比一半以上，美国约 50 吉瓦时。2026 年预计仍保持 40%以上 增速，显著高于此前预期。 国内独立储能超预期增长，受益于现货市场成熟和容量电价政策支持， 多省份项目经济性显著改善，推动需求爆发式增长，预计 2026 年总量 或超 200 吉瓦时。 国内储能市场前景乐观，2025 年中标量同比增速达 190%，装机规模 接近 70%增速。政策目标提出到 2027 年累计装机达 180 吉瓦以上， 显示巨大潜力。 美国对等关税对中国储能企业影响减弱，企业可将成本传导给客户。大 美丽法案促使项目提前开工，以应对海外电芯供应限制。 非美国海外市场表现强劲，预计 2025 年增速达 60%-70%以上，部分 国家装机规模翻倍。经济性提升和政策鼓励是主要驱动因素，明年大概 率延续高成长性。 储能行业价格趋于稳定，企业新签订单毛利率维持较高水平。海外竞争 格局未恶化，项目经验和本地化服务能力带来溢价。 储能行业近期行情的核心原因是什么？ 储能行业近期行情的核心原因是国内外需求持续 ...

Investment Rating - The report maintains a positive outlook on the independent energy storage sector, highlighting the economic viability and significant demand growth in the market [2][3]. Core Insights - The transition from mandatory energy storage to independent energy storage is underway, with local governments implementing capacity price compensation policies to establish a market-oriented revenue mechanism [2][3]. - The domestic energy storage demand forecast has been revised upward, with expectations of continued strong growth, particularly in regions like Xinjiang and Inner Mongolia [2][3]. - The supply of energy storage cells is expected to remain tight until the second half of 2026, benefiting leading companies in the industry [2][3]. - The report emphasizes the importance of innovative business models and integrated system solutions, which are expected to enhance profitability for companies with technological and resource advantages [2][3]. Summary by Sections PART 1: Capacity Price Policies and Independent Storage Models - The shift from mandatory energy storage to independent storage is supported by new policies that provide stable cash flow through capacity price compensation [2][3]. - The report outlines the differences in revenue structures and economic viability between mandatory and independent storage models, with independent storage showing superior profitability potential [11][36]. PART 2: Revised Domestic Energy Storage Demand Forecast - The report projects that domestic energy storage installations will reach 149 GWh in 2025 and 194 GWh in 2026, with a long-term forecast of 340 GWh by 2030 [2][3]. - The demand for energy storage is significantly driven by the development of data centers, which are expected to account for one-third of total energy storage demand by 2030 [2][3]. PART 3: Supply Constraints and High-Quality Development - The report anticipates a continued shortage of energy storage cells until the second half of 2026, with global demand expected to reach 521 GWh in 2025 and 710 GWh in 2026 [2][3]. - The focus on high-quality development in the energy storage industry is expected to benefit leading companies, as well as improve the performance of second-tier players [2][3]. PART 4: Valuation Comparison and Investment Recommendations - The report recommends investing in leading companies such as CATL, Sungrow, and others, while also highlighting the potential of emerging players in the market [2][3]. - The overall sentiment is bullish on the large-scale energy storage sector, driven by strong demand in Europe and emerging markets, as well as favorable policies in the U.S. [2][3].

Group 1 - The Chuangye 50 ETF (159682) opened down 1.01% at 1.472 yuan on September 26 [1] - Major holdings in the Chuangye 50 ETF include Ningde Times, which opened down 0.21%, and Yiyuan Lithium Energy, which fell by 1.83% [1] - The fund's performance benchmark is the return of the ChiNext 50 Index, with a return of 48.92% since its establishment on December 23, 2022, and a return of 21.01% over the past month [1]

公司第八期、第九期及第十期员工持股计划分别所持有的公司股票558,000股、776,900股及1,173,000股 已通过二级市场集中竞价方式全部出售完毕。根据公司《第八期员工持股计划（草案）》《第九期员工 持股计划（草案修订稿）》及《第十期员工持股计划（草案）》的相关规定，第八期、第九期及第十期 员工持股计划均实施完毕。 格隆汇9月25日丨亿纬锂能（维权）(300014.SZ)公布，公司第八期、第九期及第十期员工持股计划所持 有的公司股票均已全部出售完毕。历经数载，该几期员工持股计划中的全体参与员工的长期支持，是公 司发展历程中的珍贵财富，不仅体现了公司与员工风险共担、利益共享的原则，更有力地凝聚了团队共 识，促进了公司的持续健康发展。 ...

关于员工持股计划股票出售完毕的公告 本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。 证券代码：300014 证券简称：亿纬锂能 公告编号：2025-122 惠州亿纬锂能股份有限公司 1 / 4 第八期员工持股计划的股份来源为公司回购专用账户回购的公司股票，共计 558,000股。2021年7月12日，公司收到中国证券登记结算有限责任公司深圳分公司出 具的《证券过户登记确认书》，"惠州亿纬锂能股份有限公司回购专用证券账户"所 持有的558,000股公司回购股票已于2021年7月9日以非交易过户的方式过户至"惠州亿 纬锂能股份有限公司－第八期员工持股计划"，过户价格为72.97元/股。第八期员工持 股计划所获公司股票将按照规定予以锁定，锁定期为12个月，自2021年7月12日至2022 年7月11日。 2022年7月5日，公司在创业板信息披露网站巨潮资讯网披露《关于第八期员工持 股计划锁定期届满的提示性公告》（公告编号：2022-112）。 2023年3月28日，公司召开第六届董事会第十一次会议，审议通过了《关于第八 期员工持股计划存续期展期的议案》，同意公司第八 ...

Group 1 - China has achieved its 2020 wind and solar installation target six years ahead of schedule, with a new goal set to reach 3.6 billion kilowatts by 2035, which is six times the 2020 target [1][2] - The renewable energy sector has seen significant market performance, with solar equipment and energy storage indices showing positive growth, indicating investor confidence in the sector [1] - The total installed capacity of renewable energy in China reached 2.68 million kilowatts in the first half of this year, accounting for 91.5% of new installations, and the total capacity reached 2.159 billion kilowatts, representing a year-on-year growth of 30.6% [3] Group 2 - The new installation targets for wind and solar energy are seen as a strategic arrangement for optimizing China's energy structure and contributing positively to global climate governance [2] - The demand for energy in various sectors such as industry, construction, and transportation is expected to continue growing, driven by the electrification trend and the rapid adoption of digital technologies [2] - Renewable energy is projected to maintain its dominant position in new installations, constituting nearly 60% of the total installed capacity in the country [3]