Group 1 - The core strategy of the company is to issue H-shares and list on the Hong Kong Stock Exchange, marking a significant step in its internationalization and aiming to raise funds for its energy storage business [1][10] - The company has a market capitalization of approximately 200 billion yuan and recently completed a successful A-share listing for its subsidiary, which increased its market value to nearly 70 billion yuan [1][10] - The company is focusing on the digital energy sector, with a clear priority on advancing its overseas energy business as stated in its Q3 2025 financial report [1][10] Group 2 - The company has a long history in the energy sector, having entered the photovoltaic inverter market in 2009 and later shifting its focus to electric vehicles and industrial robots in 2016 [2][11] - A significant investment of around 1 billion yuan in a new energy storage base in Xi'an is expected to produce an annual capacity of 50 GW, positioning the company among the top global manufacturers of energy storage inverters [2][12] Group 3 - The energy storage industry is currently facing intense competition and price wars, with the average price of a 4-hour energy storage system dropping to 421.52 yuan/kWh, and the lowest bid reaching a historical low of 370 yuan/kWh [4][13] - The company itself has been affected by these market conditions, having won a project bid at an extremely low price of 0.192 yuan per watt [5][14] - The overall gross margin of the company has declined from 52.2% in 2012 to approximately 30% by 2024, reflecting the challenging market environment [6][15] Group 4 - In response to the price competition, the company is exploring differentiated competition strategies, including a strategic partnership with Hongzheng Energy to enhance technology collaboration and supply chain stability [7][8][16] - The company has developed an energy management software platform (FEMS) to optimize energy efficiency for high-energy-consuming industries, which are potential clients for commercial energy storage solutions [8][16] - The company aims to achieve a market share of over 5% by 2026, rank among the top three globally by 2028, and lead the next generation of energy storage technology standards by 2030 [9][17]

2026年1月19日，工业自动化龙头汇川技术正式宣布拟发行H股并在香港联交所上市，这家市值约2000 亿元的A股公司正式启动"A+H"双平台战略。 市场对此并不意外。就在三个月前，汇川技术刚刚完成子公司联合动力的"A拆A"上市，市值迅速飙升 至近700亿元。 这次资本动作被视为其国际化战略的关键一步，背后更深的意图是为储能业务募集资金。汇川技术正全 力押注数字能源赛道。 在2025年第三季度财报中，公司明确将"重点推进海外能源业务突破"列为优先事项，与此次赴港上市目 标形成呼应。 01 储能豪赌！ 10亿西安基地与迟来的决断 汇川技术并非储能领域的新面孔。早在2009年，朱兴明就率先进入光伏逆变器领域，一度将汇川做到国 内行业第二。那时的储能更像是新能源的附属品。 2016年的一个决定改变了一切。朱兴明果断砍掉光伏业务，将战略重心转向当时尚处亏损阶段的新能源 汽车与工业机器人。 三年后，他公开承认这是"汇川技术战略史上最大的失误"和"血淋淋的教训"，根本原因在于"对时代的 认知不清"和"决心不够"。 当他2020年决定重返能源领域时，市场已经变了。汇川技术不再局限于单一的变流器硬件，而是瞄准覆 盖"源、网、荷 ...

Group 1 - The core message of the report emphasizes the importance of high-quality development in Suzhou's manufacturing sector, highlighting initiatives like the "Million Suzhou Craftsman Vocational Skills Improvement Project" and the "Top Ten Actions of Suzhou Intelligent Manufacturing" [1][4] - The report aligns with the practices of Suzhou Huichuan Technology Co., Ltd., which hosts annual skill competitions to enhance employee skills and foster collaboration among local enterprises [4] - The company has implemented a standardized mentorship program to improve talent cultivation, reflecting the report's call for accelerating the gathering of innovative talent [4] Group 2 - The report advocates for the deep integration of the real economy and digital economy, which Suzhou Huichuan has addressed by establishing a digital enablement center to enhance operational efficiency through digital applications [4] - The company aims to promote a culture of skill development and intelligent manufacturing, responding to the report's directives and embodying the spirit of craftsmanship [4]

（来源：行家说储能） ▋"高调联手"，一次战略升维 1月20日，苏州汇川技术有限公司与弘正储能（上海）能源科技有限公司在苏州签署战略合作协议。 行家说储能综合双方消息发现，此次合作是双方携手迈入大型独立储能电站领域的里程碑，未来将围绕储能PCS（变流器）研发、市场协同及解决方案创 新开展深度合作，以构建协同共生的产业生态体系，也为处于规模化关键阶段的储能行业提供了"以确定性应对波动、以价值共创超越低价竞争"的行业路 径。 协议指出，双方将围绕在技术与产品协同方面、在产能与供应链协同方面、在场景价值共创三大维度构建闭环合作体系。 从弘正储能的角度来看，向大储业务的可能性试水和适度延伸，或是其在工商业储能收益青黄不接、市场不确定性的背景下，应对行业波动、增强发展确 定性的战略选择。而对早已涉足大型储能PCS的汇川技术而言，此次合作也意味着其正通过联合，进一步巩固和深化在大型独立储能电站领域的布局与竞 争力。 ▋收益青黄不接，工商储的路径分野 从上述合作的背景来看，工商业储能市场与企业正面临转型的阵痛期。 一方面，全国性分时电价政策的调整使得峰谷价差普遍收窄，加之电力市场化改革的深入推进，未来静态电价模型可能逐步被 ...

《星岛》记者 曹安浔 广州报道 汇川技术（300124.SZ）创始人、董事长兼总裁朱兴明的资本版图正密集"落子"。 2026年初，汇川技术官宣筹划赴港IPO，剑指全球化新阶段；而就在四个月前，他刚刚完成一场涉及 68.43亿元的离婚财产分割与家族财富传承，同时，他与女儿朱瀚玥联手将公司原新能源事业部门，如 今的联合动力（301656.SZ）——成功推上创业板，市值迅速突破670亿元。 一边是低调务实的"理工男"形象和工业制造根基，一边是精准高效的资本运作能力——这位从湖南岳阳 走出的硬科技富豪，正将目光投向港交所，开启下一程资本叙事。 寻找全球化支点 1月19日，汇川技术公告称，正在筹划境外发行股份（H股）并在香港联交所上市，现在正在与相关中 介机构商讨细节。 汇川技术表示，本次赴港上市系为深入推进公司国际化战略落地，提升公司国际品牌形象及在全球市场 的综合竞争实力，借助国际资本市场拓宽多元化融资渠道，助力公司提升整体竞争力并实现高质量发 展。本次发行上市不会导致公司实际控制人发生变化。 汇川技术的崛起，始于朱兴明2003年从华为离职后的创业抉择。 朱兴明早年是华为的技术骨干，2003年离职创办汇川技术，一头 ...

记者丨王达毓 编辑丨蒋韵 视频丨许婷婷 2025年以来，商业航天赛道火力全开。 根据国家航天局数据，2025年我国共完成50次商业航天发射，占全年宇航发射总数的54%。 市场的火爆直观反映在资本市场。 1月23日，商业航天概念反复活跃，28只概念股涨停，瑞华泰、乾照光电、飞沃科技、臻镭科技、东方日升等7股20CM涨 停，中国卫星、航天电子、西部材料、钧达股份等同步涨停。 2025年，商业航天指数（886078.TI）上涨73.13%。其中2025年底启动的行情更使其成为市场"最靓的崽"。 国家队与航天央企的传统主导格局被打破，赛道商业化进程提速，不仅吸引大批VC加码布局，资本市场也迎来不少新的入 局者，产业资本密集入场。 根据投中嘉川CVSource数据，CVC投资商业航天企业事件数由2023年的19起增长至2025年的35起，近乎翻倍。 上述35起事件中，种子轮和天使轮共9起，A轮及A轮系列（包括Pre-A轮、A轮、A+轮）共16起，而2024年投向种子轮、天 使轮、A轮的事件仅为15起。无论从绝对值还是比例来说，2025年CVC投向商业航天都出现了更加投早、投小的趋势。 从被投企业所在地看，北京表现最为突 ...

Core Viewpoint - The strategic partnership between Hongzheng Energy and Huichuan Technology marks a significant shift in the energy storage industry, aiming to address challenges in commercial energy storage and explore opportunities in large-scale independent energy storage [4][7]. Group 1: Strategic Collaboration - On January 20, Huichuan Technology and Hongzheng Energy signed a strategic cooperation agreement to enter the large independent energy storage sector, focusing on collaborative development in energy storage PCS (power conversion systems), market synergy, and innovative solutions [4]. - The partnership aims to create a symbiotic industrial ecosystem, providing a pathway for the energy storage industry to respond to volatility and move beyond price competition [4][7]. Group 2: Industry Challenges - The commercial energy storage market is experiencing a transformation period, with narrowing peak-valley price differences due to national pricing policy adjustments and deeper market reforms, leading to the obsolescence of traditional profit models [8]. - Intense homogenization competition has resulted in significant price declines, squeezing profit margins and forcing some companies to exit the market, while others seek new survival and growth paths [8]. Group 3: Market Outlook - Industry experts predict that 2026 will be a pivotal year for independent energy storage, prompting some commercial energy storage companies to pivot towards this sector for sustainable profit models and new growth opportunities [8]. - Transitioning to large-scale energy storage is complex, requiring comprehensive capabilities due to high investment costs, long construction periods, and stringent technical standards [8]. Group 4: Differentiation Strategies - Companies are increasingly adopting distinct strategies to navigate challenges, focusing on niche markets and aligning with local energy policies to develop tailored products and services [9]. - Another approach involves deep innovation in specific technical needs within the commercial energy storage market, such as AI scheduling and customized solutions, to establish competitive advantages [9]. Group 5: Business Model Innovation - A shift from equipment manufacturing to asset-light value operation is emerging, leveraging AI algorithms and digital platforms to create "virtual power plants" that facilitate intelligent scheduling and electricity trading [10]. - This model reduces capital investment barriers and relies on algorithmic capabilities and customer resource integration to carve out a niche in a competitive ecosystem [10].

海特生物、仙乐健康总市值则不足百亿元，截至1月22日收盘，两公司总市值分别约为40.5亿元、76.72亿元。 超八成实现盈利 多重政策利好推动下，进入2026年，A股公司赴港上市热潮持续。经北京商报记者梳理，开年三周时间，A股已有包括汇川技术、兴业银锡在内的11家公司 接连宣布了筹划赴港上市的消息。从11股的市值规模来看，截至1月22日收盘，9股市值均超百亿，占比超八成；基本面方面，11股中，2025年前三季度实现 盈利的企业数量占比亦超八成。将视线南移至港股市场，"含A量"正持续提升。今年年内，已有豪威集团、兆易创新、龙旗科技等3家A股公司顺利登陆港股 市场；而在目前排队的近350家港股IPO企业中，逾百家均系A股上市公司。 | 序号 证券代码 | | 证券名称 | | 总市值 交易日期 | 20260122 | | --- | --- | --- | --- | --- | --- | | | | | િ | [单位] 亿元 | | | 7 | 300124.SZ | | 汇川技术 ピ | | 2,14 | | 2 | 000426.SZ | | 兴业银锡 同 | | ਰੇਤੀ | | 3 | 00292 ...

Market Performance - On January 22, the A-share market experienced a morning surge followed by a pullback, with the three major indices closing in the green, and the ChiNext Index rising nearly 1% [1][6] - The ChiNext 50 ETF (159949) increased by 1.04%, closing at 1.558 yuan, with a turnover rate of 5.20% and a transaction volume of 1.299 billion yuan, ranking first among similar ETFs [1][6] Liquidity and Trading Data - As of January 22, the ChiNext 50 ETF (159949) recorded a cumulative transaction amount of 38.006 billion yuan over the last 20 trading days, with an average daily transaction amount of 1.900 billion yuan; since the beginning of the year, the cumulative transaction amount over 14 trading days was 27.332 billion yuan, with an average daily transaction amount of 1.952 billion yuan [2][7] - The circulating scale of the ChiNext 50 ETF was 24.900 billion yuan as of January 21, 2026 [2][7] Fund Holdings and Performance - The latest quarterly report indicates that the top ten holdings of the ChiNext 50 ETF (159949) showed mixed performance, including stocks like CATL, Zhongji Xuchuang, and Mindray Medical [3][8] - The fund manager noted that the fourth quarter saw a return to structural market trends, with significant divergence in the ChiNext, particularly in sectors like AI and new energy [10] Investment Outlook - The ChiNext 50 ETF is viewed as a convenient tool for long-term investors interested in China's technology growth sector, with a three-year return of 35.16%, outperforming its benchmark and ranking 526th among 1,633 similar products [5][11] - Recommendations for investors include adopting a dollar-cost averaging strategy or phased investment to smooth out short-term volatility while closely monitoring the performance of constituent stocks and relevant policy developments [5][11]

Core Viewpoint - The announcement by Huichuan Technology to initiate the overseas issuance of H-shares and list on the Hong Kong Stock Exchange marks a significant step in its globalization strategy, particularly in the context of the booming energy storage industry [2][3]. Company Strategy - Huichuan Technology, known as the "Huawei of industrial control," is embarking on its third entrepreneurial phase in the energy storage sector, which is expected to reshape the competitive landscape of the global energy storage industry [3][6]. - The company has a history of strategic pivots, having transitioned from industrial automation to electric vehicle control systems, and now to energy storage solutions, showcasing its resilience and adaptability [4][6]. Financial Performance - The total market capitalization of Huichuan Technology and its spin-off, Suzhou Huichuan United Power Systems Co., reached 280 billion yuan as of January 21, 2026 [5]. - From 2020 to 2024, the company's revenue surged from 11.5 billion yuan to 37 billion yuan, with net profit doubling to 4.285 billion yuan. In the first three quarters of 2025, revenue was 31.663 billion yuan, a 24.7% year-on-year increase, with a gross margin of 29.3% [7][8]. Market Context - The energy storage industry is undergoing a transformation, with a shift from price-driven competition to value-driven models, coinciding with Huichuan Technology's strategic return to the market [8][12]. - The Hong Kong market is experiencing a surge in energy storage IPOs, with over 30 companies expected to list in 2025, reflecting a collective recognition of the need for global capital platforms [10][12]. Competitive Landscape - The energy storage sector is characterized by intense competition among major players, including CATL and Sungrow, as well as emerging companies like EVE Energy and Aiko, all of which are accelerating their IPO processes in Hong Kong [12]. - Price pressures are evident, with a reported 25% decline in overseas energy storage system prices and a nearly 35% drop in commercial energy storage system prices in 2025 [12]. Technological Focus - Huichuan Technology is focusing on technology-driven development, positioning itself as a provider of zero-carbon system solutions and avoiding the saturated market of grid-side storage [14]. - The company has developed a comprehensive PCS matrix covering multiple scenarios and has introduced innovative business models, such as "zero down payment + profit sharing," alongside an AI energy storage scheduling platform [14]. Conclusion - The move to list on the Hong Kong Stock Exchange represents not only Huichuan Technology's strategic evolution but also reflects a broader trend of Chinese energy storage companies seeking international opportunities [15]. - The company's ability to maintain its competitive edge will depend on its technological innovation, strategic execution, and understanding of the industry's fundamentals [15].