Core Insights - Masdar and Iberdrola have announced a €5.2 billion co-investment in the UK's East Anglia THREE offshore wind farm, marking one of the largest offshore wind transactions of the decade [2][10] - The full energization of the 476MW Baltic Eagle project in Germany has been achieved, representing a significant milestone in the companies' strategic partnership [11][12] Investment Details - The East Anglia THREE project will have a total capacity of 1.4GW, with both companies holding a 50% stake and co-governance [5][10] - Project financing for East Anglia THREE was signed for approximately £3.5 billion (around €4.1 billion), oversubscribed by 40%, covering a substantial part of the total project costs estimated at €5.2 billion [6][10] Project Impact - East Anglia THREE is expected to power 1.3 million British homes and create over 2,300 jobs during construction, with 100 long-term roles supported throughout its lifetime [7][8] - The Baltic Eagle project will supply renewable energy to around 475,000 households and reduce carbon dioxide emissions by about 800,000 tons per year [12] Strategic Partnership - The partnership between Masdar and Iberdrola, signed in December 2023, aims to accelerate clean energy deployment across key markets including the UK, Germany, and the US, with a total investment target of €15 billion [3][4][10] - Both companies are committed to tripling global renewable capacity by 2030, reinforcing their leadership in the renewable energy sector [4][14] Future Outlook - Masdar aims for a global clean energy capacity of 100GW by 2030, with significant contributions expected from its European projects [17][26] - Iberdrola invested €17 billion in electricity grids and renewable generation in 2024, further promoting electrification and energy autonomy [18][24]

Report Investment Rating - The investment approach for industrial silicon is mainly short - position allocation, and the spot price of polysilicon is weak with a downward driving force in the futures market [1] Core View - The report analyzes the fundamentals of industrial silicon and polysilicon, including futures market data, basis, price, profit, inventory, and raw material costs. It also mentions an Iraqi solar power project and the trend strength of both products [1][3] Summary by Relevant Catalogs Fundamental Tracking - **Futures Market Data**: For industrial silicon, Si2507's closing price is 7,455 yuan/ton, with a decrease of 105 yuan compared to T - 1. Its trading volume is 309,628 lots, a decrease of 190,329 lots compared to T - 1. The open interest is 121,504 lots, a decrease of 25,532 lots compared to T - 1. For polysilicon, PS2507's closing price is 33,585 yuan/ton, a decrease of 670 yuan compared to T - 1. Its trading volume is 65,591 lots, a decrease of 14,270 lots compared to T - 1, and the open interest is 61,698 lots, an increase of 1,499 lots compared to T - 1 [1] - **Basis**: The spot premium of industrial silicon (against East China Si5530) is +670 yuan/ton, compared to 65 yuan/ton in T - 1. The spot premium of polysilicon (against N - type re - feeding) is - 690 yuan/ton, compared to - 390 yuan/ton in T - 1 [1] - **Price**: The price of East China oxygen - passing Si5530 is 8,150 yuan/ton, unchanged from T - 1. The price of Yunnan Si4210 is 9,900 yuan/ton, unchanged from T - 1. The price of polysilicon - N - type re - feeding material is 36,000 yuan/ton, a decrease of 500 yuan compared to T - 1 [1] - **Profit**: The profit of silicon plants (Xinjiang new standard 553) is - 3,771 yuan/ton, a decrease of 105 yuan compared to T - 1. The profit of polysilicon enterprises is - 5.0 yuan/kg, an increase of 0.1 yuan compared to T - 1 [1] - **Inventory**: The social inventory of industrial silicon (including warehouse receipt inventory) is 57.2 million tons, a decrease of 1.5 million tons compared to T - 5. The factory inventory of polysilicon is 27.5 million tons, an increase of 0.6 million tons compared to T - 5 [1] - **Raw Material Cost**: The price of Xinjiang silicon ore is 390 yuan/ton, a decrease of 10 yuan compared to T - 5. The price of Xinjiang washed coking coal is 1,350 yuan/ton, unchanged from T - 5 [1] Macro and Industry News - Iraq's Ministry of Electricity is negotiating with Saudi ACWA Power and UAE Masdar to build solar power plants in Iraq, with a total planned project capacity of 2GW. This cooperation will help Iraq achieve its renewable energy target in the "2030 Energy Strategy" and reduce its dependence on imported fossil fuels [1][3] Trend Strength - The trend strength of industrial silicon is - 1, and that of polysilicon is also - 1, indicating a bearish outlook [3]

Masdar是中东乃至全球最具影响力的清洁能源开发商之一，选择上海电气作为沙特赛达维项目的合作伙 伴，充分体现了对上海电气在全球光伏、风电等新能源领域的装备可靠性、履约能力与创新优势的认 可，以及双方在推进绿色能源转型上的共同意愿。 当地时间4月13日上午，上海电气与阿曼Mawarid集团签署风电项目供货框架协议、技术授权、本地化 工厂设计等一揽子合作协议。阿曼能矿部部长萨利姆·本·纳斯尔·阿乌菲表示，阿曼政府高度重视与上海 电气的合作伙伴关系，以此次风电项目签约为契机，阿曼政府十分期待未来在储能、氢能、光伏等多个 领域与上海电气扩展和深化合作，共同推动阿曼能源结构转型。 在推出"2040愿景"和绿氢战略计划后，阿曼始终鼓励绿色能源的跨国合作与项目开发，而绿色发展也正 是共建"一带一路"倡议的关键底色。 近年来，上海电气积极践行共建"一带一路"倡议，秉持"开放协同、合作共赢"的发展理念，致力于通过 技术创新和国际合作推动全球能源转型，携手迈向美好绿色未来。（赵华） 在全球对清洁能源需求日益增加的背景下，近日，上海电气集团（下称"上海电气"）先后与阿布扎比未 来能源有限公司（下称"Masdar"）、阿曼Mawa ...

Core Viewpoint - CATL has secured significant battery storage orders, highlighting its leadership in the energy storage market and its strategic focus on emerging markets and technology standards [1][4]. Group 1: Major Orders and Collaborations - Quinbrook Infrastructure Partners announced a collaboration with CATL to deploy a 3GW/24GWh energy storage system in Australia, marking a substantial order for CATL [1]. - CATL has already secured 43GWh of overseas energy storage orders as of early 2025, showcasing its dominance in the sector [1]. - At the Abu Dhabi Sustainable Development Week, Masdar selected CATL as the preferred supplier for a 19GWh battery energy storage system, utilizing advanced TENER technology [2]. - In April 2024, CATL signed a long-term procurement agreement for 350MWh of liquid-cooled storage batteries for the Japanese market [2]. - A contract was signed with Grenergy in October 2024 for a 1.25GWh EnerX battery storage system for a project in Chile [2]. Group 2: Strategic Focus Areas - CATL is focusing on two main directions in its energy storage efforts: capturing emerging markets, particularly in the Middle East and Australia, and defining technology standards [4]. - The introduction of the world's first true 8-hour lithium-ion battery storage system is a significant step towards upgrading the industry from "short-term regulation" to "long-term regulation" [4].

3月6日，专注能源转型基础设施投资的Quinbrook Infrastructure Partners宣布：与全球电池储 能系统(BESS)领军企业宁德时代达成技术合作，将在澳大利亚率先部署规模为3GW/24GWh的 全球首个商业化8小时长时储能系统EnerQB。 如专为日间太阳能存储和夜间连续两班次工业用电设计，每天仅需1次满充满放，降低循环损 耗；虽未采用宁德时代最新发布的"天恒储能系统"的零衰减技术，但通过仿生SEI膜和电化学 设计优化，显著提升系统寿命与效率；结合Quinbrook的Quintrace平台，实时计算电网碳强 度，优化储能充放电的经济性与环保性。 这一设计使EnerQB在澳大利亚等高太阳能辐射地区（年均辐射量全球最高）具备极强的成本 竞争力，可延缓电网升级投资，并减少基荷电厂的设备磨损。结合当地重工业需求，提供稳定 电力以替代化石能源基荷；并通过"风光储"多能互补，推动零碳制造转型。 2024年宁德时代也在不断爆单。4月淘科新能源与宁德时代现场签署了面向日本市场总容量为 350MWh的液冷储能电池长期采购协议。 10月，西班牙可再生能源开发商Grenergy与宁德时代成功签署了一份大规模 ...

Core Viewpoint - CATL is continuously strengthening its competitive advantage in the energy storage sector through technological innovation, expansion into overseas markets, and partnerships with leading global companies [1] Group 1: International Energy Storage Business Progress - Since the beginning of 2025, CATL has made significant progress in its international energy storage business, securing multiple contracts including a 3GW/24GWh battery storage project in Australia with Quinbrook Infrastructure Partners [2] - CATL has established a strategic partnership with DHL to provide advanced liquid cooling energy storage systems and energy management platforms for DHL's global logistics parks [2] - The company has been selected as the preferred supplier for a 19GWh energy storage system by Masdar during the Abu Dhabi Sustainability Week [2] - A battery procurement agreement for 300MWh has been signed with TaoKe New Energy for a grid-scale energy storage project in Japan [2] - CATL's overseas energy storage clients also include renowned companies such as NextEra, Synergy, and Excelsior [2] Group 2: Market Share and Collaborations - According to its recent Hong Kong IPO prospectus, CATL has maintained the top position in the global energy storage battery market for four consecutive years, achieving a record market share of 41% in 2024 with a shipment volume of 110GWh [3] - In the electric vehicle sector, CATL is collaborating with major automotive companies, including a planned partnership with Volkswagen China in the battery swapping field [3] - CATL and Ford have announced a deepened strategic cooperation to jointly develop next-generation power battery technology for the North American market, with CATL supplying lithium iron phosphate batteries starting in 2026 [3] - A strategic cooperation agreement has been signed with FAW Jiefang to explore comprehensive collaboration in the new energy commercial vehicle sector [3] - CATL has also entered into various agreements with internet giants like Didi and Baidu to support the electric vehicle sector [3] Group 3: Production Capacity and Supply Chain - CATL's production capacity utilization rate has risen to 90% since Q4 2024, indicating full production status [3] - The company is planning to increase its production capacity, with a new battery production capacity of 40GWh planned in collaboration with the Fuzhou government [4] - The completion of the fifth super factory project at the Fuding Times lithium-ion battery production base has been announced, featuring four advanced production lines with an annual capacity of 25GWh [5] - CATL has signed procurement agreements with upstream suppliers to ensure a stable supply chain, including a strategic cooperation framework agreement with Shenghua Lianjiang for the procurement of 100,000 tons of electrolyte [5] - A sales and procurement framework agreement has been signed with Longpan Technology, with a procurement cap set at 7 billion yuan for lithium iron phosphate cathode materials [5]

Group 1 - Quinbrook Infrastructure Partners announced a collaboration with CATL to develop an 8-hour battery storage project in Australia, with a deployment capacity of 3GW/24GWh [1] - The EnerQB system is claimed to be the world's first true 8-hour lithium-ion battery storage system, co-designed by Quinbrook and CATL over two years [1] - CATL has secured over 43GWh of overseas energy storage orders, including a significant contract for over 10GWh in 2023 [1] Group 2 - In January 2025, CATL was selected as the preferred supplier for a large-scale "all-weather" photovoltaic storage project in Abu Dhabi, providing a 19GWh storage system using advanced TENER technology [1] - In April 2024, CATL signed a long-term procurement agreement for 350MWh of liquid-cooled storage batteries for the Japanese market with Taoke New Energy [2] - In October 2024, CATL entered into a large supply contract with Spanish renewable energy developer Grenergy to provide 1.25GWh of EnerX battery storage systems for a project in Chile [2]