| 《2025电力市场与数智化储能调研报告》 | 电力交易、技术融合、虚拟电厂与商业创新 | | --- | --- | | 出品方: 2 行家说储能 | 鸣谢:以下参编单位的特别贡献(排名不分先后) | | UHES | O. HTHIUM | | PIOT 派送科技 | | | 调研止式启动,欢迎参编 | 扫得了解 | 当前，储能产业迎来密集签约潮。 近日，又有多家企业密集签约储能项目，涉及楚能新能源、东方电气、 海四达钠星、中元（广东）能源4家企业。其中，2个项目为产能类项目，2个为应用 类项目。 ▋ 楚能新能源： 襄阳70GWh锂电池项目签约 继日前，行家说储能报道了楚能新能源 宜昌80GWh全新一代锂电池项目开工后（ 点这里 ），楚能新能源再宣布扩产动作，宣布与 襄阳市人民政府签订楚 能襄阳锂电池产业园项目投资协议。 此次签约的"年产6GWh钠离子电池生产基地项目"规划建设大圆柱钠电池、超大方形钠电池电芯智能化产线，与其他产业配套项目形成上下左右协同的紧密 生态。项目产品聚焦燃油和新能源汽车启停、大工业储能两大高潜力领域，全部达产后年产值预计超过30亿元。 ▋ 东方电气 ：阿联 酋 BESS1电池储 ...

Group 1 - The battery sector has seen significant gains, with Yiwei Lithium Energy rising over 4% and CATL increasing more than 2%, driven by policy support, stabilized supply chain prices, and recovering demand [1] - The Energy Storage Battery ETF (159566) has increased by over 93% since April 9, indicating strong market interest in the energy storage sector [1] - The ETF has attracted a net inflow of 1.242 billion yuan over the past 20 days, bringing its total size to 1.644 billion yuan, making it the largest ETF product focused on the energy storage industry [1] Group 2 - The China lithium battery industry chain investment is expected to grow rapidly from January to August 2025, with solid-state batteries becoming the hottest investment track in the lithium battery sector [1] - Since September, the core logic of the energy storage industry has begun to unfold, primarily due to unexpected growth in industry bidding data in August, alleviating concerns about the sustainability of the market's current boom [2] - There remains a fundamental underestimation of the energy storage sector's profitability improvement and the increasing importance of energy storage in renewable energy generation, indicating a significant expectation gap for demand growth in the coming year [2]

文 | 中关村储能产业技术联盟 9月2 9日，龙源电力龙源电力集团共享储能技术（北京）有限公司第五批储能电站储能液 冷电池系统框架采购公开招标中标候选人公示。 据招标公告，预估招标规模1360MWh，分为4个标段。 1 . 3 6GWh！龙源电力储能液冷电 池系统招标 | 标段 | 招标内容 | 招标规模 | 技术类型 | | --- | --- | --- | --- | | 标段1 | 储能电池系统 | 600 | 采用314Ah及以上磷酸铁锂电芯, | | | | | 液冷冷却技术，单舱额定容量不得低于5MWh | | 标段2 | 储能电池系统 | 700 | 采用314Ah及以上磷酸铁锂电芯，液冷冷却技 | | | | | 术，单舱额定容量不得低于5MWh | | 标段3 | 储能电池系统 | 10 | 采用314Ah及以上半固态电芯,液冷冷却技术, | | | | | 单舱额定容量不得低于5MWh | | 标段4 | 储能钠离子电芯 | 50 | 单体电芯尺寸需与行业内常规磷酸铁锂单体电芯 | | | | | 尺寸保持一致，聚阴技术路线 | 第一中标候选人： 厦门海辰储能科技股份有限公司 投标报价： ...

Group 1 - Nvidia commits to invest up to $100 billion in OpenAI, primarily to help build a 10-gigawatt data center, indicating a significant increase in AIDC (Artificial Intelligence Data Center) construction expectations [1] - The energy storage industry is experiencing a major development turning point since the release of Document No. 136 at the beginning of the year, with the full market entry of renewable energy leading to a decrease in electricity prices and a significant increase in the necessity for energy storage [1] - The construction of AIDC is expected to greatly increase electricity consumption, thereby enhancing the demand and value of related power supply equipment [1] Group 2 - Both the energy storage industry and AIDC represent rare long-term high-growth sectors, highlighting their investment value [1] - The Guozhen New Energy Battery Index focuses on the energy storage industry chain, with solid-state battery-related companies accounting for over 35% of the index weight, while AIDC power and liquid cooling-related companies account for nearly 30% [1] - The energy storage battery ETF (159566) currently ranks first in scale among similar indices, facilitating convenient investment in industry-leading companies [1]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company reported a revenue of 4.52 billion yuan for H1 2025, representing a year-on-year growth of 22.7%. The net profit attributable to shareholders was 320 million yuan, up 12.1% year-on-year. However, the net profit excluding non-recurring items decreased by 8.4% to 260 million yuan [2][4]. - In Q2 2025, the company achieved a revenue of 2.97 billion yuan, which is a 27.2% increase year-on-year and a significant 92.1% increase quarter-on-quarter. The net profit for Q2 was 220 million yuan, showing a year-on-year growth of 79.3% and a quarter-on-quarter growth of 136.5% [2][4]. Financial Performance - For H1 2025, the company's energy storage system revenue was 4.512 billion yuan, with a gross margin of 17.58%, a decrease of 1.44 percentage points year-on-year. The overseas revenue reached 298 million yuan, with a gross margin of 36.24%, indicating initial profitability elasticity from international markets [11]. - The Q2 gross margin was 16.95%, down 1.72 percentage points from the previous quarter, while the expense ratio was 7.26%, showing a decrease of 1.24 percentage points year-on-year and 4.43 percentage points quarter-on-quarter [11]. Future Outlook - The company is expected to achieve net profits of 900 million yuan in 2025 and 1.3 billion yuan in 2026, driven by increased domestic independent energy storage and higher overseas shipment ratios [6][11]. - The domestic energy storage market is anticipated to grow significantly due to improved business models, while international markets, particularly in Europe and Southeast Asia, are expected to see substantial demand growth [11].

Core Insights - The competitive landscape of the battery industry is characterized by strong positions of CATL and BYD, with CATL's share of lithium iron phosphate batteries surpassing BYD's since 2024 [1] - The industry is experiencing rapid changes in competition, with companies like EVE Energy and Zhongxin Innovation showing strong performance, while others like Xinwangda and Ruipu Lanjun are also improving significantly [1] - The transition of BYD to fully focus on lithium iron phosphate batteries has enhanced the competitive advantage of CATL, LG, and other leading companies in ternary batteries [1] Battery Production and Demand - In August 2025, the total production of power and other batteries reached 139.6 GWh, marking a month-on-month increase of 4.4% and a year-on-year increase of 45% [4] - Cumulative production from January to August 2025 was 970.7 GWh, with a year-on-year growth of 43% [4] - The proportion of batteries installed in vehicles is decreasing, with the installation rate for power batteries dropping from 70% in 2021 to 50% in 2024, and further down to 43% in 2025 [2][3] Market Trends - The demand for batteries in the energy storage sector is growing rapidly due to the global energy crisis exacerbated by the Russia-Ukraine conflict, leading to a notable decline in the proportion of batteries installed in vehicles [3] - The growth rate of power battery installations has been lower than that of vehicle sales in 2021 and 2022, but is expected to stabilize in 2025 with a production surplus [3] - The demand for pure electric passenger vehicles is projected to grow by 36.4% in 2025, while plug-in hybrid passenger vehicles are expected to see a growth of 16.9% [6] Competitive Landscape - The battery market remains stable with no significant changes in the competitive landscape, as larger companies continue to expand their market share while smaller firms seek growth through technological advancements [13] - The number of battery companies supplying the market reached a low of 33 in August 2025, indicating a concentration of production capabilities among fewer players [12] - The market share of CATL decreased to 42% in Q3 2025, while BYD's share fluctuated from 15% in 2020 to 26.9% in 2023, and then down to 21.4% in Q3 2025 [18]

Core Insights - The 2025 World Energy Storage Conference opened in Ningde, Fujian Province, with 18 projects signed, focusing on new batteries, energy storage systems, new materials, and zero-carbon parks [1] - The theme of the conference is "New Era of Energy Storage, Zero Carbon to Inspire the Future," bringing together experts, international organizations, industry associations, and representatives from the industrial chain to discuss cutting-edge technologies and the healthy, high-quality development of the energy storage industry [1] Industry Development - China's energy storage industry has gradually established a comprehensive and complete new energy storage system driven by policy mechanisms and technological advancements [1] - The energy storage sector is currently experiencing robust growth, with steady development, improved technological levels, and an accelerating industrial ecosystem [1] Global Context - There is an urgent demand for the rapid development of the energy storage industry due to the accelerated adjustment of the global energy structure [1] - Challenges such as technological homogenization and intense competition in the energy storage field need collaborative efforts to address [1] Conference Objectives - The conference is co-hosted by the Equipment Industry Development Center of the Ministry of Industry and Information Technology, the Fujian Provincial Department of Industry and Information Technology, and the Ningde Municipal People's Government [1] - The aim is to create a globally influential platform for communication and cooperation in the energy storage field, promoting the sustainable and high-quality development of the energy storage industry [1]

| 且属单位 | 分 | 起公同记益温某出 口贈贈如 | | --- | --- | --- | | 因此力於未表常有限公司 | 麻痹圆言想公司并未来被 | 取實使死定 | | 洋花家工程的 用车限公用 | 原思同有限公司学中分部 | | | 国电力科学科学版中限公司 | 原甲同有限公司在北分證 | 陳茂文曾理少公室。 | | 因是不理不得交流在原公司 4b>夏季家彩金排球20 【 【 】 【 图 沙登 宜昌彩 | 國家甲同有限公司西北分部 因家即回有限公司西南分能 | 育老家儿 品 党进组织 | | 同品有限文院有限公司 因母力十六精神父近有限公民 | 育电力公司 | 留非마四 ( 말씀日报 ( 말씀) 《말寺日报 | | [ [ [ ] ] [ ] [ ] [ ] ] ] [ ] [ ] ] ] [ ] ] ] [ ] [ ] ] ] [ ] ] ] [ ] ] ] ) 通 可 ( ) 2017) [ [ ] [ ] [ ] [ ] ] ) 通 可 ( ) 2017 ] [ ] [ ] [ ] | | 完起監視力。 巡视 | | 同物流有限公司 大學與治災事例若眼公司 | 因同北京市电力公司 同天津市电力 ...

格隆汇9月15日｜电池板块放量大涨，宁德时代大涨10%，股价越过2021年12月高点，创下历史新高， 带动储能电池ETF（159566）涨2.3%。 储能电池ETF跟踪国证新能源电池指数，聚焦储能产业链，截至9月12日，其规模达到11.43亿元，连续 13日资金净流入，是全市场聚焦储能产业的最大规模的ETF产品。 8月储能招标数据出炉再超市场预期，创历史新高，排除抢装影响后，市场开始逐步接受储能长期逻辑 明显改善的实施，配合大量龙头电池厂商订单和排产超预期，形成了强现实与强预期的共振。 1.摩根士丹利9月11日发布报告指，电池巨头宁德时代的行业领导地位非但没有被削弱，反而在竞争中 得到进一步强化。该行认为，随着宁德时代今年上半年在欧洲电动汽车电池市场取得突破，而规模较小 的竞争对手在关键的储能领域陷入盈利困局，加之当前大热的固态电池技术被视为短期炒作，宁德时代 的领先优势将得以延续，其估值在同行中已具备显著吸引力，已经成为了"行业中最便宜的"。 2.从行业看，发改委重磅政策将预期变为政策底。136号文颁布之后，新能源发电开启全面入市交易， 新能源电价显著回落。对于新能源发电企业而言，单纯依靠新能源发电随发随卖 ...

Group 1 - Rui Pu Lan Jun (00666) saw a nearly 7% increase, with a current rise of 4.69%, trading at HKD 13.62 and a transaction volume of HKD 1.59 billion [1] - Recent research by Shanghai Securities Journal indicates a surge in order demand for energy storage cells from companies including Yiwei Lithium Energy (300014), Xinwangda (300207), Rui Pu Lan Jun, and Nandu Power (300068), with production lines operating at full capacity [1] - In the first half of the year, Rui Pu Lan Jun's sales of energy storage batteries and power batteries exceeded the same period last year, with power battery shipments at 13.53 GWh, a year-on-year increase of 78.5%, and energy storage battery shipments at 18.87 GWh, a year-on-year increase of 119.3% [1] Group 2 - The revenue from energy storage batteries now accounts for 58.4% of Rui Pu Lan Jun's total revenue, making it the company's largest source of income [1] - CITIC Securities reports that the recent market focus on the energy storage industry is driven by strong overseas demand, price recovery, and the new energy storage "doubling plan" providing continuous support for installations [1] - In the medium term, as the electricity reform process accelerates, energy storage is transitioning from a cost item to a profit item, with the ongoing improvement of capacity compensation mechanisms providing a "safety net" for profitability [1] Group 3 - In the long term, the construction of capacity market mechanisms will effectively plan installations for various market participants, including energy storage, and clarify revenue expectations, potentially becoming the next focus of electricity reform [1] - The capacity market is seen as an effective supplement to the electricity trading system, and proactive measures should be taken in anticipation of future developments [1]