Group 1 - The National Development and Reform Commission has issued a notice to establish an independent new energy storage capacity pricing mechanism based on coal power capacity pricing standards, which is a significant strategic move [1] - The capacity pricing calculation will be based on local coal power capacity pricing standards (RMB 165-330 per kW per year), adjusted by peak capacity and other factors, with project lists to be determined by provincial energy authorities [1] - The introduction of this mechanism is expected to accelerate the construction progress of some previously paused energy storage projects [1] Group 2 - Multiple provinces are expected to introduce corresponding energy storage capacity pricing policies, leading to a surge in demand [2] - The subsidy standard for energy storage is projected to be RMB 193 per kW for a 4-hour storage duration, with an internal rate of return (IRR) of 8-9%, meeting the return requirements of funding parties [2] - The new energy storage capacity is expected to grow from 183 GWh in 2025 to 275 GWh in 2026, driven by a potential stabilization of lithium carbonate prices [2] Group 3 - As of January 30, 2026, the top ten weighted stocks in the Sci-Tech Innovation Board New Energy Index account for 46.03% of the index, including major companies like Trina Solar and JinkoSolar [3] - The Sci-Tech Innovation New Energy ETF closely tracks the performance of the Sci-Tech Innovation Board New Energy Index, which includes 50 large-cap stocks in solar, wind, and electric vehicle sectors [2][4]

2026 年 2 月 1 日 电力设备新能源、环保 《关于完善发电侧容量电价机制的通知》出台 ——电新环保行业周报 20260201 电力设备新能源 买入（维持） 环保 买入（维持） 作者 分析师：殷中枢 执业证书编号：S0930518040004 010-58452071 yinzs@ebscn.com 分析师：郝骞 执业证书编号：S0930520050001 021-52523827 haoqian@ebscn.com 分析师：陈无忌 执业证书编号：S0930522070001 021-52523693 chenwuji@ebscn.com 分析师：和霖 执业证书编号：S0930523070006 021-52523853 helin@ebscn.com 分析师：邓怡亮 执业证书编号：S0930525070003 021-52523802 dengyiliang@ebscn.com 行业与沪深 300 指数对比图 -20% 0% 20% 40% 60% 80% 2025/1/30 2025/6/1 2025/10/1 2026/1/31 电力设备(申万) 环保(申万) 沪深300 资料来源：iFinD 要 ...

Core Viewpoint - Three leading companies in the energy storage sector, Airo Energy, Trina Storage, and Tianneng Group, have secured significant overseas GWh-level energy storage project orders, collectively exceeding 3GWh, showcasing China's global competitiveness in energy storage [1] Group 1: Tianneng Group - Tianneng Group is collaborating with NASDAQ-listed VCIG to advance a 1GWh AIDC photovoltaic energy storage project in Malacca, Malaysia, which includes 250MW of photovoltaic facilities and a liquid-cooled energy storage system [2] - The project utilizes an "EPC+F" model and aims to provide zero-carbon electricity to an AI data center, addressing local energy consumption challenges [2] - The project has secured local 275KVA substation resources and is accelerating towards substantial construction [2] Group 2: Trina Storage - Trina Storage has successfully entered the European market by signing an agreement with Irish renewable energy developer Aer Soléir for a 250MW/1GWh energy storage project in Turin, Italy [3] - This project is one of the largest battery storage projects in Europe and has won a capacity auction for 2027 [3] - Trina Storage will provide its next-generation Elementa King 2 Pro liquid-cooled energy storage system along with a 20-year comprehensive service package, enhancing its market share in Europe [3] - The company has already shipped over 4GWh of energy storage solutions in Europe [3] Group 3: Airo Energy - Airo Energy has made strides in the Australian market by securing a general agency order for 1GWh of residential and commercial energy storage products annually, with a cumulative procurement of no less than 1GWh by 2026 [4] - Australia is identified as one of the most demanding markets for residential energy storage, with local storage orders reaching 54.31GWh by 2025 [4] - Airo Energy leverages its integrated "energy storage battery + inverter" advantage and local agency model to penetrate the market effectively, aligning with the energy storage needs of Australian households and businesses [4]

Investment Rating - The industry investment rating is "Outperform the Market" [9] Core Insights - The UK has launched the "Warm Homes Plan" (WHP), which aims to upgrade housing facilities and reduce energy costs, with a public investment of £15 billion (over 140 billion RMB) to retrofit 5 million homes by 2030. This is the largest home energy retrofit project in the UK to date, targeting significant improvements in residential energy efficiency and promoting the widespread adoption of rooftop photovoltaics, energy storage, and heat pumps [4][5] - The Boiler Upgrade Scheme (BUS) will provide £7,500 subsidies for eligible applicants to install liquid circulation heat pumps, with an additional £2,500 for those choosing air-source heat pumps or other new products. The plan also includes £5 billion for low-income household support and £2 billion for consumer loans, which will cover heat pump installations [5] - The plan anticipates the installation of 3 million new home solar systems by 2030, tripling the number of households with solar power. It allocates at least £7 billion to support investments in solar + storage + heat pumps, with £5 billion designated for low-income households and £2 billion for consumer loans [7] - The UK aims to achieve an annual installation of over 450,000 heat pumps by 2030, supported by a £2.7 billion fund (approximately 26 billion RMB). The market for heat pumps is expected to grow rapidly, with sales projected to reach 84,000 units in 2024 [7][8] Summary by Sections Warm Homes Plan - The WHP is a significant initiative with a £15 billion investment to retrofit 5 million homes by 2030, enhancing energy efficiency and promoting renewable energy technologies [4][5] Boiler Upgrade Scheme - The BUS provides substantial subsidies for heat pump installations, encouraging the adoption of energy-efficient heating solutions [5] Solar and Energy Storage - The plan aims for 3 million new home solar installations by 2030, with significant funding allocated to support this growth, particularly for low-income households [7] Heat Pump Market - The UK government is committed to increasing heat pump installations, with a target of over 450,000 units annually by 2030, backed by a dedicated funding scheme [7][8]

Summary of Key Points from Conference Call Records Industry Overview - The UK government has launched a £15 billion "Warm Homes Programme" aimed at helping users install photovoltaic systems, energy storage, heat pumps, and insulation materials to alleviate energy shortages, which is expected to leverage a total investment of £38 billion [1][1] Funding Allocation - The funding distribution includes: - £4.4 billion for direct subsidies to low-income households for home upgrades, including photovoltaic systems, energy storage, insulation materials, and clean heating [1][1] - £2.7 billion for heat pump subsidies, with a target of installing 61,000 new heat pumps in 2025, 450,000 by 2030, and 1.5 million by 2035 [1][1] - £1.1 billion for heating network construction [1][1] - £5.3 billion for loan funds [1][1] Market Impact - The subsidies are estimated to stimulate over £100 billion in demand for household storage and heat pump equipment, benefiting early movers in the Chinese market significantly [1][1] Company Insights - **Airo Energy**: A leading player in household storage with a strong market share in Europe. Expected to generate over £400 million in revenue from household storage in the UK by 2025, and has begun small-scale supply of home heat pumps [1][1] - **GoodWe**: A leading company in household storage with deep market penetration and early layout in Europe [2][2] - **Deye Co., Ltd.**: A leading enterprise in household storage with strong manufacturing competitive advantages and differentiated competitive advantages in emerging markets [3][3] - **Rujing Technology**: A core supplier of heat pump controllers, with key products widely used in well-known brands such as Gree, McQuay, Ariston, Haier, Mitsubishi Heavy Industries, Carrier, and Bosch [4][4] Additional Companies to Watch - Companies to monitor include Jinlang Technology, Penghui Energy, Shouhang New Energy, Keda, Tongrun Equipment, and Pylon Technologies [4][4]

Company and Industry Summary Company: Airo Energy Key Points - **Sales Agreement**: Airo Energy signed a 1GWh home storage sales agreement with Australian distributor Raystech Group Pty Ltd, effective for one year [1] - **Government Funding**: The Australian government will allocate an additional AUD 5 billion to the "Cheaper Home Batteries" program by December 2025, increasing the total budget to AUD 7.2 billion (approximately CNY 34.5 billion) by 2030, which will continue to stimulate growth in the home storage market [1] - **Market Share and Revenue**: In 2025, Airo Energy's sales revenue in Australia is projected to be AUD 410 million, capturing about 10% market share. The company is one of the few domestic enterprises to receive subsidies from this program, with the new order expected to contribute approximately CNY 1 billion in sales revenue [1] - **Product Launches**: The company has launched low-voltage home storage products targeting the Asia, Africa, and Latin America markets. Additionally, Airo Energy has secured large storage agreements in Europe, focusing on community-level post-meter markets with a 5MWh product using 314Ah cells [2] Growth Outlook - **Emerging Markets**: Airo Energy's primary growth drivers are expected to be in commercial storage and emerging markets such as Australia, the UK, Ukraine, and regions in Asia, Africa, and Latin America [2] - **Valuation Forecast**: Analysts predict the company's valuation to be between 18 to 24 times earnings, indicating a strong potential for revenue growth and market expansion [2]

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark [4]. Core Insights - The UK has launched the "Warm Homes Plan," committing £15 billion in public funds to retrofit 5 million homes and assist 1 million families in energy poverty by 2030. This plan is expected to significantly boost demand for residential solar storage and heat pumps [1]. - The plan allocates £2.7 billion for subsidies and £2 billion for low-interest loans to support the purchase of residential solar storage and heat pump systems, alongside £5 billion for assistance to low-income households and £1 billion for heating network investments [1]. - The anticipated growth in the residential solar storage and heat pump sectors is substantial, with projections of 3 million new solar installations and over 450,000 heat pumps installed annually from 2026 to 2030 [1][2]. Summary by Relevant Sections Residential Solar PV - By the end of 2025, the UK is expected to have a cumulative installation of 1.6 million residential solar PV systems, with less than 200,000 new installations in 2025. The "Warm Homes Plan" aims for an additional 3 million installations from 2026 to 2030, translating to an annual increase of 600,000 installations [2]. Residential Energy Storage - In 2025, the UK is projected to add 0.7 GWh of residential energy storage, equivalent to 70,000 units based on a 10 kWh per unit calculation. If 600,000 new solar PV systems are installed annually, with a storage integration rate of 50%, this would result in 300,000 new storage units each year, potentially increasing to 600,000 units if the integration rate reaches 100% [2]. Heat Pumps - The report indicates that approximately 60,000 heat pumps will be installed in 2024. The "Warm Homes Plan" targets an average annual installation of over 450,000 heat pumps from 2026 to 2030, representing a significant increase compared to 2024 [2]. Investment Recommendations - The report suggests focusing on companies benefiting from the European and Australian residential storage markets, such as Airo Energy, GoodWe, Jinlang Technology, and Pylontech. It also highlights the potential for valuation increases in the residential storage sector and recommends low-valuation leading companies like Deye Technology [3]. Additionally, it advises attention to companies in the heat pump sector, such as Rujing Technology, and battery cell manufacturers like Penghui Energy, which may see improved profitability with unexpected demand increases [3].

Core Viewpoint - Airo Energy has secured a significant annual procurement agreement in Australia, committing to supply no less than 1GWh of energy storage products, reflecting the broader trend of Chinese energy storage companies expanding in the Australian market [2][3]. Group 1: Airo Energy's Agreement and Market Strategy - Airo Energy has signed a sales cooperation agreement with Raystech Group Pty Ltd, which will act as the exclusive distributor for Airo's household energy storage products in Australia, with a commitment to purchase at least 1GWh of products by the end of 2026 [3]. - The agreement is effective from January 1, 2026, to December 31, 2026, covering the entire Australian market and includes household storage batteries, commercial storage batteries, and related accessories [3]. - This partnership is expected to leverage local resources to enhance market penetration and product recognition, aligning with the company's long-term development strategy and benefiting all shareholders [5]. Group 2: Financial Performance and Market Insights - In the first three quarters of 2025, Airo Energy reported a revenue of 3.028 billion yuan, a year-on-year increase of 20.8%, while the net profit attributable to shareholders was 150 million yuan, a decrease of 6.3% [5]. - The commercial storage segment generated 370 million yuan in revenue, with an expected annual total of 550-600 million yuan, reflecting over a fivefold increase year-on-year [5]. - Sales revenue from the Australian market reached 260 million yuan, with an annual projection of 410 million yuan, indicating its growing importance to Airo Energy [5]. Group 3: Capacity Expansion and Market Trends - Airo Energy is set to achieve multiple breakthroughs in capacity expansion in 2025, including the successful production of a 2GWh energy storage battery and 1 million photovoltaic inverters, as well as the commencement of a large-scale energy storage system project [6]. - The Australian market is becoming increasingly attractive due to its favorable market conditions, including rising electricity prices and government subsidies for household storage systems, which are expected to drive demand growth [7]. - Airo Energy has established a wholly-owned subsidiary in Australia and is actively expanding its market presence through localized marketing and high-performance products, capitalizing on local policy opportunities [7]. Group 4: Industry Trends and Future Outlook - The recent procurement agreement by Airo Energy is indicative of a broader trend among Chinese energy storage companies focusing on the Australian market, which has become a key base for overseas expansion [8]. - In 2025, Australia accounted for the highest number of energy storage orders and capacity among overseas markets, with 26 contracts signed totaling 54.311GWh [8]. - With clear policy support and strong market demand, it is anticipated that more Chinese energy storage companies will achieve significant breakthroughs in Australia by 2026, further enhancing the global competitiveness of the Chinese energy storage industry [10].

Investment Rating - The investment rating for the industry is "Recommended" based on the positive outlook for the sector and expected performance exceeding the benchmark index [3]. Core Insights - The UK government has launched a £15 billion "Warm Home Plan" aimed at helping millions of households install solar panels, energy storage, heat pumps, and insulation materials, significantly stimulating the home storage and heat pump sectors [1][6]. - The plan is expected to upgrade up to 5 million homes and help 1 million households escape energy poverty by 2030, leveraging £15 billion in subsidies to attract a total investment of £38 billion [6]. - The distribution of the subsidy includes £4.4 billion for low-income home upgrades, £2.7 billion for heat pump subsidies, £1.1 billion for heating network construction, and £5.3 billion for a loan fund [7]. - The home storage market is projected to exceed £100 billion by 2030 due to the estimated scale of home upgrades [6]. - The heat pump sector has a specific subsidy of £2.7 billion, with targets to install 450,000 and 1.5 million units annually by 2030 and 2035, respectively, indicating significant growth potential [6]. Company Summaries - **Airo Energy**: A leading distributed solar storage company with a strong focus on overseas markets, expected to perform well this year due to increased R&D and product diversification [8]. - **GoodWe**: A traditional home storage company with strong channel capabilities and advanced technology, well-established in the European market [8]. - **Sungrow Power Supply**: A top global solar storage company with a robust overseas presence, generating significant revenue from storage products [8]. - **Deye Technology**: Strong competitive edge in home storage, with a well-established global sales network and advanced manufacturing capabilities [8]. - **Rujing Technology**: A core supplier of heat pump controllers, with products widely used in major brands [10]. Financial Metrics of Key Companies - Airo Energy: Market Cap £14.6 billion, 2024 EPS £1.3, 2025 EPS £0.7, PE 140, PB 3, Investment Rating: Strongly Recommended [2]. - Sungrow Power Supply: Market Cap £338 billion, 2024 EPS £5.3, 2025 EPS £6.6, PE 25, PB 8, Investment Rating: Strongly Recommended [2]. - Deye Technology: Market Cap £80.5 billion, 2024 EPS £4.6, 2025 EPS £4.0, PE 22, PB 10, Investment Rating: Increase Holding [2].

Group 1 - The core point of the article highlights that Airo Energy's trading volume reached a record high of 1.221 billion yuan, marking the highest since its listing [2] - The latest stock price of Airo Energy increased by 10.32%, with a turnover rate of 12.09% [2] - The previous trading day's total transaction volume for the stock was 945 million yuan [2] Group 2 - Airo Energy, officially known as Zhejiang Airo Network Energy Technology Co., Ltd., was established on March 2, 2012, with a registered capital of 1.6 billion yuan [2]