国家能源局最新统计数据显示，前三季度新增可再生能源3.10亿千瓦，太阳能独占2.40亿千瓦。但是，掌声未 落，警报已响。随着《关于进一步深化电力体制改革加快构建新型电力系统的指导意见》（以下简称"136号 文"）政策的落地，"消纳难"与"收益低"两大难题摆在了光伏人面前。当发电的速度超过了电网消纳的速度， 当投资的回报被政策与市场双重挤压，我们靠什么继续前行？《中国能源报》记者近日在山东省规模最大的 工商业储能项目——华勤绿能30MW/60MWh储能项目找到了解决答案。 光伏面临消纳难与收益低难题 我国可再生能源的扩张势头正以前所未有的速度刷新纪录。国家能源局最新数据显示，我国可再生能源装机 总量已逼近22亿千瓦大关，其中风电与太阳能发电合计装机更是突破17亿千瓦。仅今年前三季度，全国新增 可再生能源装机就高达3.10亿千瓦，同比激增47.7%，占全部新增装机的84.4%，而太阳能发电以2.40亿千瓦的 新增量成为绝对主力。 然而，在这片繁荣景象之下，行业正面临严峻的现实考验。一方面，装机规模的快速发展给电网的消纳能力 带来巨大压力；另一方面，政策调整与市场变化正不断压缩项目的盈利空间。如何破解"增量"与"增 ...

Core Insights - The core viewpoint of the articles is that China's lithium battery exports are experiencing significant growth due to the increasing demand for electric vehicles and energy storage solutions, despite facing some fluctuations in 2023 and 2024 due to lithium carbonate price volatility [1][8]. Industry Overview - Lithium batteries, which utilize lithium metal or lithium alloys as electrode materials, are categorized into lithium metal batteries and lithium-ion batteries [3][4]. - The lithium battery industry has evolved significantly since the first lithium battery was created in the 1970s, with major advancements in materials and safety features over the decades [4]. Export Growth - China's lithium battery exports have shown a consistent upward trend from 2019 to 2022, with a notable increase in 2024, reaching 3.914 billion units, a year-on-year growth of 8.09% [1][8]. - In the first three quarters of 2025, the export volume reached 3.399 billion units, marking a 19.14% increase year-on-year [1][8]. Market Demand - The global electrification process and expanding energy storage applications are expected to sustain strong demand for China's cost-effective lithium battery products in overseas markets [1][8]. - The export value of China's lithium batteries surged from $6.78 billion in 2016 to $61.12 billion in 2024, with a compound annual growth rate of 31.63% [10]. Key Export Markets - Vietnam emerged as the largest market for China's lithium battery exports in the first three quarters of 2025, with an export volume of 81.661 million units, a year-on-year increase of 35.04% [10]. - The United States and Germany are also significant markets, with Germany surpassing the U.S. as the top export destination in 2025 [12]. Industry Policies - China's lithium battery industry is supported by a robust policy framework aimed at fostering innovation and market application, including the establishment of national standards and financial incentives [6]. Company Landscape - Major companies in the lithium battery sector include CATL, EVE Energy, Guoxuan High-Tech, and others, which are actively expanding their international presence through overseas factories and joint ventures [7][13]. - CATL reported a revenue of 131.6 billion yuan from its power battery systems in the first half of 2025, reflecting a year-on-year growth of 16.87% [13]. Future Trends - The industry is shifting towards localized value chains, with companies establishing production and R&D facilities abroad to better meet local market demands and regulatory standards [16]. - There is a growing focus on technological innovation, particularly in solid-state and sodium-ion batteries, to enhance performance metrics such as energy density and charging speed [17].

Group 1 - China's self-developed reusable launch vehicle Zhuque-3 successfully completed its maiden flight, marking a new milestone in the country's commercial space industry, with predictions that the industry could reach a scale of 7-10 trillion yuan by 2030 [2] - The U.S. ADP employment report for November showed a decrease of 32,000 private sector jobs, the largest drop in two and a half years, leading to increased expectations for a Federal Reserve rate cut [2] Group 2 - The Chinese government is promoting new urbanization as a key driver for expanding domestic demand and upgrading industries, emphasizing the need for urban renewal and addressing the urban-rural dual structure [3] - The Chinese Ministry of Commerce reported that the trade-in program for consumer goods has generated over 2.5 trillion yuan in sales, benefiting over 360 million people [3] Group 3 - The A-share market experienced a decline, with the Shanghai Composite Index down 0.51% and the Shenzhen Component down 0.78%, while the coal sector saw gains [5] - The Hong Kong Hang Seng Index fell 1.28%, with significant net buying from southbound funds, particularly in Alibaba [5] Group 4 - New active equity funds have shown signs of building positions, with over 80% of newly established funds experiencing net value fluctuations, while the consensus is to focus on AI applications for future allocations [6] - Morgan Stanley upgraded its rating on the Chinese stock market to "overweight," citing a higher risk of significant gains compared to losses [6] Group 5 - The Chinese government has initiated a parenting subsidy program for families with children under three years old, with over 30 million applications submitted and approved [4] - Cambodia will implement a visa-free policy for Chinese citizens from June to October 2026, allowing for multiple entries [4] Group 6 - The cultural and tourism sector in China is set to integrate with the civil aviation industry through a new action plan aimed at enhancing domestic travel accessibility and developing low-altitude tourism [9] - The Chinese passenger car market saw retail sales of 2.263 million units in November, a year-on-year decline of 7%, while the new energy vehicle market grew by 7% [9] Group 7 - The China Internet Finance Association is enhancing self-regulation for financial applications and mini-programs, aiming to mitigate risks associated with digital financial channels [10] - Binance appointed co-founder He Yi as co-CEO to expand its global business and strengthen compliance efforts [10] Group 8 - The U.S. stock market saw slight gains, with the Dow Jones up 0.86%, while the tech sector faced declines, particularly in Chinese concept stocks [15] - European stock indices showed mixed results, with the French market benefiting from consumer sector resilience [15] Group 9 - The domestic bond market experienced narrow fluctuations, with most interest rates rising, while the central bank conducted a reverse repurchase operation [17] - The U.S. Treasury yields collectively fell, indicating a shift in investor sentiment [17] Group 10 - International precious metals futures generally rose, supported by expectations of a Federal Reserve rate cut and positive economic data from Europe [18] - Crude oil prices increased amid ongoing geopolitical tensions, particularly related to the Russia-Ukraine conflict [18]

新汽车生态合作，报名中国版CES！ 撰文 | 张 霖郁 编辑 | 黄 大路 设计 | 甄 尤美 7位车主，坐在广汽埃安、京东和宁德相关负责人面前，双方隔着3米左右的矩形桌，两侧坐着媒体。 刚开始，气氛并不好。 "其实，我觉得你们三方应该把我们首批车主当成宝。坦白讲，我们是冒着很大风险来京东买车的。当天上市发布会我就下定了。下单后关于贷 款分期，有个利息问题，我不确定买车后自己会不会卖车，然后就去找京东客服问利息怎么算。" 埃安UT super车主高先生首先发问。他说："这么一个小问题折磨了两个小时，京东客服反复用标准话术回答，但就是没有回答我的问题。几天 后，我才得到明确答复。" 高先生接着问："埃安UT super是京东、广汽和宁德一起做的，但对我们来说是一个整体，现在有问题到底应该找谁，京东的客服很明显不够用 了。" 这一天是2025年12月1日，北京北三环的某一家酒店会议室内，京东"国民好车"交付引发了全网争议，话题甚至冲上热搜。 7位经历过类似问题的用户被邀请到现场，与三方直接对话。 坐在高先生以及其他6位车主对面的，是广汽埃安BU副总裁、埃安品牌首席用户官杨龙，京东汽车营销副总裁陆欢，宁德时代电服副 ...

商报记者 郭雨昕 针对信息不透明等各类问题，京东表示已迅速采取行动，更新了产品页面，明确标明了各项限制内容， 并改进服务质量。为挽回局面，京东宣布，11月9日至23日期间下订大定但未完成选配的用户可全额退 款。同时，自11月24日起，所有新下订用户将享有48小时"犹豫期"，其间可随时申请退款。尽管平台已 采取补救措施，但初期的信任裂痕已然形成。 跨界合作的短板：谁该为"翻车"负责？ 作为电商、车企、电池企业的"跨界组合"，京东、广汽、宁德时代的合作本被寄予厚望——广汽负责整 车研发生产，宁德时代提供换电技术，京东主导线上销售与流量运营。 但从争议暴露的问题来看，三方在协同机制与专业分工上存在明显漏洞。作为电商、车企、电池企业的 "组合体"，三方本应各司其职，但实际合作中，擅长家电销售的京东主导了前端宣传，忽略了汽车销售 必需的信息透明与风险提示。 日前，京东联合广汽集团（601238）、宁德时代（300750）高调宣布推出"国民好车"埃安UT Super。 4.99万元起的租电购车方案、"买车像买电器一样方便"的宣传口号，让这款A0级纯电动车型迅速引爆市 场，预购首日预约人数突破1.8万，交付前订单量超3万台 ...

Core Insights - The major stock indices experienced a decline in October, with the CSI 300 index falling by 2.46% and closing at 4526.66 points, marking a drop of 114.01 points [11][12]. - The performance of various indices over different time frames shows that the CSI 300 index has gained 15.04% year-to-date, while the CSI 500 index has seen a decline of 4.08% in the past month [11][14]. Monthly Performance of Major Indices - The CSI 300 index opened at 4636.73, reached a high of 4707.13, and closed at 4526.66, reflecting a monthly decline of 2.46% [11]. - The CSI 100 index decreased by 2.05%, closing at 4397.36, while the CSI 800 index fell by 2.90% to 4945.49 [11]. - The Shanghai Composite Index dropped by 1.67%, closing at 3888.60 [11]. Sector Performance - The energy sector showed a slight increase of 0.48% in the CSI 300, while the materials sector declined by 2.15% [17][22]. - The industrial sector experienced a significant drop of 3.44%, and the healthcare sector fell by 5.02% [17][22]. - The financial sector had a minor increase of 0.13%, contrasting with the information technology sector, which saw a decline of 7.73% [17][22]. Top and Bottom Performing Stocks - The top-performing stocks in the CSI 300 included GAC Group, which rose by 18.29%, and Weichai Power, which increased by 15.71% [13]. - Conversely, the worst performers included SAILIS, which fell by 18.69%, and Industrial Fulian, which dropped by 15.67% [15][20]. Valuation Metrics - The CSI 300 index has a P/E ratio of 14.42 and a P/B ratio of 1.45, indicating a moderate valuation compared to historical averages [14]. - The healthcare sector has the highest P/E ratio at 25.97, while the financial sector has the lowest at 8.61 [14]. Trading Volume and Turnover - The top ten stocks by trading volume in the CSI 300 included China Aluminum and China Bank, with significant trading volumes of 871 million and 453 million respectively [17]. - The turnover rate for the top stocks was notably high for companies like Aters, which had a turnover rate of 250.27% [17].

Core Insights - CATL's subsidiary, Fei Aviation Technology, launched the world's first "sea and air integrated low-altitude economic solution," combining a zero-carbon water airport with eVTOL aircraft, marking a significant breakthrough in low-altitude infrastructure [1] - The penetration rate of new energy vehicles in China surpassed 60%, indicating a shift from policy-driven to consumer-driven automotive market [1] - The battery industry is expanding from land to water and low-altitude domains, representing a qualitative change in the industry [1] Group 1: Technological Development - The land scenario has established a mature battery technology path, while the water and aviation environments present new challenges due to high humidity, salinity, and safety requirements [2] - Companies like Jiangsu Zhengli New Energy Battery Technology have achieved mass delivery in aviation, and CATL has made safety breakthroughs in water scenarios, showcasing China's R&D capabilities in high-end batteries [2] - Custom R&D targeting core pain points of different scenarios is essential for the successful implementation of electrification technologies [2] Group 2: Market Potential and Innovation - The core value of "land, sea, and air electrification" lies in releasing incremental space through innovative applications, transforming technological advantages into market scale [2] - The land scenario is evolving towards heavy-duty and intelligent upgrades, while water and low-altitude scenarios are in the exploratory phase [3] - As of June 2025, 34.5% of electric vessels in China will be built or under construction in Fujian, with over 40% market share for core electric propulsion systems [3] Group 3: Ecosystem Collaboration - "Land, sea, and air electrification" is a cross-industry and cross-field system project, requiring collaboration among battery R&D, equipment manufacturing, infrastructure, and standard formulation [3] - The core of ecosystem construction is industrial chain collaboration among enterprises, supported by government guidance [4] - A robust standard system is necessary for the normative development of the industry, ensuring a solid foundation for growth [4]

Group 1 - The core product T800, a full-size humanoid robot, was officially launched by the company on December 1, featuring a high-performance solid-state battery that provides stable operation for 4-5 hours [2] - T800 is designed with a full-joint active cooling system and high-precision temperature control technology to ensure reliable energy support for continuous operation [2] - The humanoid robot has a height of 1.73 meters and weighs 75 kilograms, utilizing aerospace-grade magnesium-aluminum alloy for lightweight and structural stability [2] Group 2 - T800 is equipped with a 360° omnidirectional LiDAR and multi-dimensional sensing dexterous hands, enabling millisecond-level environmental modeling and AI path planning [3] - The product is available in four versions: Basic, Ecological (open-source), Sharpened (Pro), and Flagship (Max), with a starting price of 180,000 yuan [3] - The company has completed technical validation for various core scenarios and is set to achieve mass production at its digital manufacturing base in Shenzhen [3] Group 3 - The company was founded in October 2023 by Zhao Tongyang, who previously led the development of the Xiaopeng PX5 humanoid robot [3] - The company has secured investments from notable firms including Xiaopeng Motors, JD.com, and CATL's investment institutions, with several listed companies as indirect shareholders [3] Group 4 - The Carbontech New Energy Carbon Materials and Battery Conference will be held on December 8-9, focusing on advancements in silicon-carbon anodes, solid-state batteries, and sodium batteries [4] - The conference aims to explore the research progress and industrialization paths of carbon materials in various applications, including porous carbon, silicon-carbon anodes, and conductive additives [22]

富时中国指数被国内外投资者广泛视为衡量中国股票市场的主要指标。在全球发行的中国交易所交易基金 （ETF）中，近60%的管理资产（AUM）追踪富时中国指数。 其中，富时中国A50指数纳入洛阳钼业、阳光电源。富时中国50指数纳入中国宏桥集团（P股）、宁德时代 （H）和江苏恒瑞医药（H）。该变更将于2025年12月19日星期五收盘后（即2025年12月22日星期一）生效。 纳入个股年内涨幅巨大 今日（12月3日），富时罗素宣布对富时中国指数系列的季度审核变更，富时中国A50指数纳入洛阳钼业、阳 光电源，剔除了江苏银行和顺丰控股。富时中国50指数纳入中国宏桥集团（P股）、宁德时代（H）和江苏恒 瑞医药（H），剔除了中国证券（H）、长城汽车公司（H）和理想汽车。 A50指数涵盖在沪深交易所上市的50只市值最大的股票，于每年3月、6月、9月和12月进行季度审核。富时中 国50指数是一个可交易指数，涵盖了在香港联合交易所上市的规模最大、流动性最高的中国股票（H股、P股 和红筹股）。 此次被纳入的个股在年内表现都非常亮眼。A股上市的洛阳钼业年内上涨了173.35%，阳光电源则上涨了 145.57%。 12月3日，富时罗素宣布 ...

【导读】富时罗素宣布对富时中国A50等指数进行调整 中国基金报记者 莫琳 作为国际资金跟踪 的主要 标的之一，富时中国A50指数迎来年内最后一次调整。 12月3日， 富时罗素宣布对 富时中国50指数、富时中国A50指数、富时中国A150指数 等的季度审核变更。该变更将于2025年12月19日 星期五收盘后（即2025年12月22日星期一）生效。 有色、储能大牛股被纳入 据了解，富时中国A50指数由上海和深圳证券交易所市场中总市值最大的50只股票组成，反映A股市场中最具影响力的前50大上市公司股 票的表现。从历次指数成份股变动情况来看，调整逻辑主要是市值的变化。 此次 调整中， 富时中国A50指数 将 洛阳钼业和阳光电源 纳入 ，同时剔除江苏银行和顺丰控股。 | 177 | | | | --- | --- | --- | | 股票简称 | 本地代码 | 国际代码 | | 洛阳钼业 | 603993 | BP3R574 | | 阳光电源 | 300274 | BD5CGB4 | | 1125 | | | | --- | --- | --- | | 票简称 | 本地代码 | 国际代码 | | [苏银行 | 6009 ...