Investment Rating - The investment rating for the industry is "Strong Buy" for several key companies, including Ningde Times, Yiwei Lithium Energy, and Sungrow Power Supply [4]. Core Insights - The overseas energy storage market is showing significant growth, particularly in non-US markets such as Europe and Australia, driven by large auctions and supportive policies [2][9]. - Tesla's energy storage revenue reached $2.789 billion in Q2 2025, with a gross profit of $846 million, while Fluence's revenue was $603 million, with over 50% coming from international markets [2][9]. - The European commercial storage market is expanding rapidly, with Solaredge achieving record sales in Q2 2025, and the Australian household storage market benefiting from subsidy policies [3][34]. Summary by Sections Section 1: Overseas Large-Scale Storage Market - Tesla's energy storage revenue in Q2 2025 was $2.789 billion, a year-over-year decrease of 7% but a quarter-over-quarter increase of 2% [2]. - Fluence's revenue reached $603 million, with a year-over-year increase of 25% and a quarter-over-quarter increase of 40%, with over half of its international business revenue coming from non-US markets [2][9]. - The demand in non-US markets, particularly in Australia and Italy, is significantly increasing due to large auctions and supportive policies [2][10]. Section 2: European and Australian Storage Performance - Solaredge's revenue for household storage was $289 million, with year-over-year and quarter-over-quarter increases of 9% and 32%, respectively [3]. - Enphase reported revenue of $363 million in Q2 2025, with guidance for Q3 between $330 million and $370 million [3]. - The European commercial storage market is growing rapidly, supported by price reductions in the supply chain and the promotion of dynamic pricing [34]. Section 3: Key Companies and Financial Metrics - Ningde Times has a market capitalization of 176.05 billion yuan, with a strong buy rating and expected EPS growth [4]. - Yiwei Lithium Energy and Sungrow Power Supply also received strong buy ratings, indicating robust growth potential in the energy storage sector [4]. - The overall market capitalization of the industry is 732.16 billion yuan, with 303 listed companies [5].

智通财经APP获悉，中信建投发布研报称，AI数据中心对美国用电容量带动显著。在煤电、油电逐步退 坡背景下，虽然近年来天然气发电装机有所增长，但美国的稳定可控电源装机仍在下降。该行测算考虑 常规负荷和数据中心负荷，2025-2028年美国稳定电源装机需求分别达到49、64、84、109GW。由于燃 机产能限制和核电建设周期太长等原因，该行认为目前可行的解决方案为光储或SOFC。推荐宁德时代 (300750.SZ)、阳光电源(300274.SZ)、海博思创(688411.SH)、亿纬锂能(300014.SZ)等。 该行基于主要厂商芯片出货及对应电力侧公告测算2025、2028年美国AI需求带来的电力侧新增容量分 别为19、31、47、67GW，三年CAGR约为42.4%。 美国电力装机容量告急，光储、SOFC是目前可行的解决方案 美国多年峰值电力负荷保持在770GW左右，24年增长到接近800GW预计与数据中心、新型制造业等有 关。在煤电、油电退出背景下，即使气电仍在发展，美国的稳定电源装机却出现了下滑。若以稳定可控 电源/峰值电力负荷之比约为1.25作为美国电力系统稳定的阈值，则考虑每年新增常规负荷和数据中心 ...

合人民币142.9亿元），用于建设海上与漂浮式风电机组制造工厂。大金重工：公司制 造的40000吨甲板运输船KING ONE号顺利吉水。 投资策略：储能：国内容量补偿电价逐步出台，大储需求超预期，供应紧张，今明年预 计30-40%增长，美国大美丽法案后今年抢装超预期，预计明后年稳增长，欧洲、中东等新 兴市场大储需求大爆发，持续高增长；欧洲户储去库完成，出货恢复，工商储需求开始爆 发，新兴市场光储平价需求持续，我们预计全球储能装机25-28年的CAGR为30-50%，继续 强推大储，看好大储集成和储能电池龙头。锂电&固态：9月排产略高于此前预期，10月排 产进一步提升10%，旺季再上台阶，且各家指引高景气度延续；其中，储能需求超预期，电 池供不应求，预计供给紧张延续至26年年中，价格已上涨1-3分/wh，预计Q4价格仍有提升 空间，材料方面散单价格已陆续调整，预计小，回调即买点，继续全面看好锂电池板块，首 推宁德、亿纬锂能、欣旺达等。同时材料环节一二线厂商26年长协价格有望跟涨，短期受出 口管制错杀，实质影响极产能已打满，涨价诉求强烈，6F和高压密铁锂涨价可能性高，预 计26年有望开始盈利有望修复，看好科达利、 ...

Flash | 09 Oct 2025 11:56:41 ET │ 13 pages China Battery Materials Proposed Export Restrictions on Battery Chain; A Potential Opportunity CITI'S TAKE On 9th October, The Ministry of Commerce and the Customs announced a proposal of export restrictions on battery, cathode, anode, and corresponding technology & equipment (link). Our read – (1) proposal mainly targets equipment across the board & high-end battery and battery materials, extending from previous export control on cathode and lithium refining techn ...

Q&A 为什么从 9 月份以来，市场如此关注储能板块？如何看待储能的后续成长性及 当前估值性价比？ 从 9 月份以来，市场对储能板块的关注度显著提高，主要原因在于需求超预期 增长。中国和美国两大核心市场的变化使得 2026 年的增速预期从 30%上升到 45%，而 2026-2028 年的年均增速预期也从 20%上升到 30%。国内方面， 容量电价带来的电站盈利模型理顺后，投资冲动显著增加。各省份将在未来两 个月内陆续出台总量电价补贴政策，这将进一步推动国内储能的发展。美国方 面，由于 AI 电源建设带来的电力缺口，美国储能需求也有望进一步上修。 供 给方面，目前 300 安时的电芯供应紧张至少维持到年底，而 500 安时产品的 产出节奏仍需观察。价格层面来看，314 安时储能电芯预计在未来 1-2 个月内 涨价，但涨幅可能不大，大约为一分钱每瓦时。此外，从长期来看，储能行业 天花板非常高，到 2030 年新增装机容量预计可达 2 TWh，而今年（2025 年）的装机容量为 250 GWh，有八倍空间。因此，从估值角度看，中长期维 阿特斯太阳能被低估，其光伏组件业务价值未被充分评估。若储能业务 2026 年利 ...

Group 1 - EVE Energy Co., Ltd. showcased high-reliability power solutions for the low-altitude economy at the Liaoning Province Aviation Industry Development Conference, attracting significant industry attention [1] - Multiple lithium battery manufacturers, including Zhongxin Innovation and Funeng Technology, are advancing their battery products for the low-altitude economy, indicating a competitive market landscape [1] - The collaboration between lithium battery companies and eVTOL manufacturers is entering a new phase, potentially alleviating power bottlenecks and accelerating growth in the lithium battery industry [1] Group 2 - Zhongxin Innovation signed a strategic cooperation agreement with Hefei Lanyi Aviation Technology, marking a significant step in the eVTOL power sector [2] - The partnership with Guangdong Gaoyu Technology aims to promote standardized eVTOL power products, with Zhongxin Innovation previously supplying high-energy density batteries for the Aircab [2] - The GOVY AirCab, equipped with Zhongxin Innovation's specialized battery, has received nearly 1,000 pre-orders and is currently undergoing airworthiness certification, with plans for mass production in the second half of 2026 [2] Group 3 - Funeng Technology announced that its eVTOL semi-solid-state battery has entered the industrialization phase, with plans to integrate into Guangzhou's low-altitude economic development [2] - The company is collaborating with local firms like XPeng Motors and EHang to seize industry development opportunities [2] - Contemporary Amperex Technology Co., Ltd. (CATL) has launched a solid-state battery and signed a strategic investment agreement with Shanghai Fengfei Aviation Technology to develop eVTOL batteries [3] Group 4 - Solid-state batteries are recognized for their high energy density and thermal stability, which are crucial for enhancing the safety and endurance of flying vehicles [3] - The ongoing collaboration between aircraft manufacturers and battery suppliers is expected to accelerate the industrialization of solid-state batteries in the aviation sector [3] - Analysts predict that increased R&D investment in solid-state and other power battery technologies will foster synergistic effects across industries, expediting the adoption of these technologies in flying vehicles [3]

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]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ · 东方国际签1GWh阿联酋储能项目 近日， 东方国际 党委书记、董事长陈强与阿联酋公用设施开发公司首席执行官默罕默德·谢赫在 阿联酋能源部正式签署阿联酋BESS1电池储能项目EPC总承包合同，标志着东方国际 正式进入 阿联酋市场 。 该项目位于阿联酋首都阿布扎比，是阿联酋公开竞标的最大电网侧储能项目，是阿联酋公用设施 开发公司成立后落地的首个项目，也是东方电气集团在海外的最大储能项目。项目EPC范围涵盖 Al Bihouth与Madinat Zayed两个储能场区以及配套升压站的建设， 总容量近1个吉瓦时。 作为阿联酋首个电网侧储能项目，建成后将成为阿布扎比提升电力系统调节能力、支撑电力供应 保障和促进新能源大规模消纳的重要手段，并为当地新型电力系统稳定运行保驾护航。 · 华为获500MWh中东欧构网型储能订单 近期，又有 5家企业斩获海外储能订单，合计规模5.45GWh ，遍布乌兹别克斯坦、阿联酋、欧 洲、北美等地。 · 350MWh，山东电建中标乌兹别克斯坦储能项目 近日， 山东电建 公司在海外项目竞逐中成绩亮眼 ...

总结一下，其他没什么事情，就上面这两点引发了盘面的突发跳水，从我自身的角度而言，无论是科技还是固态电池，今天跳水最大的原因还是前期涨幅太 大，资金过度集中造成的，此时稍微有点利空就会引发连锁反应，体现在盘面上力度就显得大了些。 但是有一个可喜的现象，就是科技中的CPO表现相对强势，因为"易中天"全天盘面表现的还算强势，说明了今天的这种科技股跳水是结构性的，而不是系统 性的向下，如此要想形成持续性的中期趋势逆转向下，大概率是不现实的。 今天市场让大家感到很突然，因为昨天迎来节后开门红，上证指数还大涨了51点，结果今天却出现了集体跳水的现象，到下午14点18分，沪指下跌了42点， 已经到了3900点下方，创业板指数的跌幅则更大，一度跳水了4.34%，迎来了近期以来的单日最大跌幅； 当然，此前比较热门的科创50指数盘中最大跌幅达到了5.4%，科创100指数也下挫了4%，不得不说的是，科创板指数大跌的背后，是因为芯片指数所拖累， 盘中的跳水幅度直接逼近6%。 不得不说的是，今天无论是芯片、还是人工智能，或者说近期比较热门的固态电池，几乎都处于全线重挫，恰恰是因为这些大科技是前期市场向上的核心力 量，而今天这些做多产业 ...