证券代码：000338.SZ/2338.HK 证券简称：潍柴动力 潍柴动力股份有限公司投资者关系活动记录表 编号：20251124 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | ■现场参观 | | | □其他（请文字说明其他活动内容） | | 2025 | 年 11 月 21 日 15:30-17:00 | | | 博时基金 陈曦、王远征 | | 参与单位名称及 | 万泰华瑞投资 张乐 | | 人员姓名 | 明诚基金 兰乔 | | 2025 | 年 月 日 11 24 13:30-15:00 | | | Wellington Management Naveen Venkataramani | | 时间 2025 | 年 11 月 21 日、24 日 | | 地点 | 公司科技大楼会议室 | | 上市公司接待人 | 李婷婷、刘涵 | | 员姓名 | | | | 来访者参观了公司科技展馆和一号工厂，随后在公司会议 | | | 室就关注问题与公司进行了交流，交流主要内容包括： | | | ...

与会人士表示，中国为全球能源转型与绿色发展持续贡献力量。 与会人士表示中国为全球绿色发展贡献力量 央视网消息（新闻联播）：《联合国气候变化框架公约》第三十次缔约方大会于22日在巴西贝伦闭幕， 大会达成了名为《全球动员 团结协作应对气候变化挑战》的政治文件，涵盖减缓和适应气候变化、气 候融资、国际合作等方面内容，将推动《巴黎协定》的继续实施。 ...

Core Viewpoint - The article emphasizes the urgent need for investment in energy storage systems and grid upgrades, as highlighted by the COP30 conference, where multiple countries committed to investing hundreds of billions of dollars to facilitate the transition to clean energy [2][4]. Investment and Market Dynamics - The United Nations Net Zero Emissions Utilities Alliance (UNEZA) raised its annual investment target from $117 billion to $148 billion, with $30 billion allocated for energy storage, aiming to build a $1 trillion renewable energy transmission and storage investment project reserve by 2030 [2]. - The global energy transition is accelerating, with a call from 80 countries at COP30 for a phased-out plan for fossil fuels, emphasizing the critical role of grid and storage capacity [4]. Company Performance and Innovations - Haicheng Energy, a key player in the energy storage sector, reported a revenue of 6.971 billion yuan for the first half of 2025, a year-on-year increase of 224.61%, and a net profit of 212 million yuan, marking a return to profitability [2]. - The company achieved a battery shipment volume of 30 GWh, a 252.9% increase from the previous year, significantly outpacing industry growth [2]. Technological Advancements - Haicheng Energy has filed over 4,300 patents, with more than 2,100 granted, establishing a strong technological barrier [7]. - The company launched the industry’s first 1175Ah energy storage battery, with a cycle life exceeding 11,000 times and energy density surpassing 180 Wh/kg, suitable for long-duration storage applications [7][9]. Global Expansion Strategy - Haicheng Energy is focusing on localized operations as part of its global strategy, establishing production bases in North America and expanding into emerging markets in the Middle East, Africa, and South America [12]. - The company’s overseas revenue surged from 33,000 yuan in 2022 to 1.01 billion yuan in 2023, with projections of 3.7 billion yuan in 2024, indicating a significant growth engine for the company [13]. Financial Performance and Profitability - The overall gross margin for Haicheng Energy reached 13.1% in the first half of 2025, up from 3.6% year-on-year, with the energy storage battery gross margin at 9.7% and the storage system business gross margin increasing to 29.7% [13].

Core Viewpoint - The COP30 conference emphasizes the strategic importance of energy storage technology in global energy transition, providing institutional and financial action recommendations for large-scale deployment and international cooperation in energy storage [4][26]. Group 1: Climate Change and Energy Storage - The COP30 conference, held in the Amazon region of Brazil, marks the first multilateral climate governance meeting since the signing of the Paris Agreement ten years ago [2]. - UN Secretary-General António Guterres highlighted the necessity of expanding grid, storage, and efficiency investments to match the rapid development of renewable energy [5]. - The consensus formed at COP30 identifies energy storage as a critical solution to the bottleneck of integrating renewable energy into the grid [5][9]. Group 2: Mechanisms for Global Deployment of Energy Storage - The "Grids and Storage Implementation Coordination Council" was established to accelerate global actions on power networks and storage solutions [8]. - The "Investable Project Framework" was introduced to address financing challenges for developing countries, aiming to convert climate goals into investable projects [10]. - These mechanisms are expected to enhance the financing of energy storage projects, facilitating significant investments in emerging markets [10][27]. Group 3: Financial Commitments and Investments - COP30 announced substantial financial commitments, including a plan by the "Net Zero Emissions Utilities Alliance" to spend $148 billion annually, opening up $1 trillion for grid and storage expansion [11]. - Multilateral development banks and governments pledged over $12 billion for grid financing initiatives [12]. - These commitments indicate a shift in global financial focus towards energy storage and grid modernization to overcome clean energy transition barriers [15]. Group 4: Industry Contributions and International Cooperation - Chinese companies showcased their technological contributions at COP30, with CATL highlighting the economic viability of lithium battery storage and the "solar + storage" combination [18]. - The event featured discussions on the integration of pumped storage and battery storage into Brazil's power system, with interest in China's leading practices [24]. - Various Chinese enterprises, including State Grid and Trina Solar, demonstrated renewable energy and storage technologies during the conference [25]. Group 5: Future Outlook for Energy Storage - COP30 signals a shift from abstract commitments to concrete actions, positioning energy storage as a key element in accelerating renewable energy deployment and achieving climate goals [26][27]. - The establishment of the coordination council and the investment framework provides a dual mechanism for the global deployment of energy storage [27].

Group 1: Perovskite Technology in Photovoltaics - Perovskite technology is considered one of the most promising next-generation photovoltaic technologies due to its high theoretical efficiency, low cost, and wide application scenarios [1] - By 2025, China has achieved a series of world-leading results in perovskite technology, continuously breaking world records in conversion efficiency [1] - Despite significant laboratory achievements, challenges remain for large-scale commercial application, particularly in uniformity and long-term stability of large-area production [1] - The mainstream companies in the industry are actively investing in perovskite technology and have made good progress, with expectations for commercial application by around 2030, initially in high-end markets [1] Group 2: Solid-State Batteries - Solid-state batteries are gaining traction due to their safety and high energy density, making them a key development direction for next-generation high-performance batteries [2] - The development of solid-state batteries has accelerated significantly under the dual drivers of policy support and market demand, with leading companies establishing pilot production lines [2] - The industry is expected to see solid-state batteries achieve small-scale production by around 2027, with broader applications in low-altitude economy and robotics by 2028-2029, and gradual entry into mid-to-high-end power sectors by 2030 [2] Group 3: Valuation of the New Energy Sector - The new energy sector has experienced a significant valuation compression from 2021 to 2024, with the photovoltaic index dropping approximately 40% in 2024 [3] - As of October 2025, the valuation of major photovoltaic companies is around 15 times the expected earnings for 2026, indicating that current stock prices do not fully reflect the industry's future growth potential [3] - The new energy sector is currently positioned at a relatively low valuation compared to other growth sectors, providing a compelling value proposition for investors seeking growth and valuation safety [3] Group 4: Future Outlook for the New Energy Sector - The new energy sector's valuation is expected to rise due to performance recovery, policy expectations, and technological innovation [4] - The "anti-involution" policy and improved supply-demand dynamics are anticipated to lead to rational price returns and enhanced corporate profitability, supporting valuation increases [4] - The introduction of the "14th Five-Year Plan" has provided a long-term vision for the industry, boosting confidence and attracting more long-term capital into the new energy sector [4] - The acceleration of industrialization for next-generation technologies like perovskite and solid-state batteries is expected to inject new growth momentum into the sector [4]

Group 1 - The core issue of "anti-involution" in the industry is to curb price wars and homogeneous competition, which harms corporate interests and hinders technological progress and high-quality development [1] - The "anti-involution" policy aims to shift the focus from scale expansion to quality improvement through policy guidance and market-oriented measures, including tightening energy consumption standards and encouraging industry self-discipline [1] - In the photovoltaic sector, significant improvements have been observed, with polysilicon prices rising from less than 40,000 yuan/ton in June 2025 to 53,000 yuan/ton in November this year, and the average bidding price for components exceeding 0.72 yuan/watt, a 15% increase from previous lows [1] Group 2 - The rumors regarding the consolidation of photovoltaic silicon material production involve integrating quality capacity and eliminating outdated capacity, with plans to acquire around 1 million tons of capacity [2] - Leading companies are expressing intentions to establish a polysilicon integration consortium by the end of the year, indicating potential progress in capacity consolidation [2] Group 3 - The "14th Five-Year Plan" has shifted the focus of the renewable energy industry from rapid growth to high-quality development, with specific tasks outlined to enhance the energy system and promote clean energy [3] - The plan emphasizes the importance of new energy storage and the need for a market and pricing mechanism that supports the new energy system [3] Group 4 - The renewable energy industry in China is expected to experience significant growth over the next five years, with annual new installations likely to exceed levels seen during the "14th Five-Year Plan" [4] - The plan encourages deeper technological innovation and exploration of application models in the renewable energy sector, including offshore wind and nuclear energy [4] Group 5 - The easing of trade relations between China and the U.S. is anticipated to positively impact the storage industry, particularly in the context of North American AI data centers facing power supply challenges [5] - However, uncertainties in overseas trade policies, such as the U.S. "Inflation Reduction Act" and the EU's "Net Zero Industry Act," may pose new challenges for Chinese companies in their global expansion efforts [5]

来源：环球网 这种战略转型在"十四五"期间呈现出鲜明的双轮驱动特征：国内市场聚焦张掖高台储能项目、洮南风电 制氢工程等示范项目，海外则通过乌兹别克斯坦扎法拉巴德220千伏变电站、沙捞越500kV高压输电线 路等标杆工程，将"中国方案"的绿色基因植入其他国家和地区的能源结构中去。 以马来西亚奥特斯132千伏变电站项目为例，公司引入当时最新的三绕组合成酯油电力变压器，从源头 上提升了设备的安全性、可靠性与环保性。其运行损耗远低于国内相关能效标准限值，为英特尔、 AMD等芯片企业的生产线提供了稳定可靠的电力供应保障，充分体现了公司在追求经济效益的同时， 对生态保护和社会责任的高度重视。 （图片说明：奥特斯132千伏变电站项目） 海外生态挑战：从矛盾化解到合作共建 在全球能源转型的浪潮中，中国装备制造企业正凭借创新实践，积极重塑全球能源合作格局。其中，上 海电气输配电工程成套有限公司（以下简称"上海电气输配电工程"）表现尤为突出。近年来，公司 以"系统解决方案提供者与全生命周期服务伙伴"的全新定位，在三十余个国家留下了中国电力技术国际 化的绿色足迹。 在"一带一路"倡议的带动下，上海电气集团当前正扎实稳妥"走出去"发 ...

李高向活动的举办表示祝贺并指出，中国始终是全球气候治理的积极参与者和重要贡献者。中国提供的 高质量、低成本的清洁能源技术和产品显著降低了全球绿色低碳转型成本。生态环境部愿与各方务实合 作，共建清洁美丽世界，为推动构建人类命运共同体作出贡献。刘振民在致辞中表示，中国以年均 3.4%的能源消费增速，支撑了超过6%的经济增长，成为全球能耗强度降低最快的国家之一。面向未 来，中国将继续坚定不移实施积极应对气候变化国家战略，共同推动全球能源转型和绿色发展。卡梅拉 认为，全球能源转型已从共识走向行动，中国建成全球最大的可再生能源体系，持续加大能源基础建设 投资，提升能源系统数字化、智能化水平，为全球提供了可借鉴的转型样本。季明彬表示，国家电网公 司始终以"赋能美好生活、推动能源革命"为己任，愿与各国同行携手，推动构建清洁低碳、安全高效的 能源体系，为《巴黎协定》目标实现和人类可持续发展贡献更大力量。 原标题："构建新型电力系统 推进绿色低碳转型"主题边会在COP30"中国角"成功举办 11月13日，中国国家电网公司主办的"构建新型电力系统 推进绿色低碳转型"主题边会在COP30"中国 角"成功举办。这是国家电网公司首次在 ...

中长线趋势看多 在全球能源转型背景下，供应刚性、需求强劲，加之宏观乐观预期强化，铝价易涨难跌。不过，短线来 看，沪铝上冲22000元/吨后，消费淡季的季节性压力可能导致价格出现下行风险。 2025年以来，沪铝价格呈现稳健上涨态势，尤其在11月13日，盘中价格突破22000元/吨，创下年内新 高。这一趋势主要受宏观环境与基本面共振的推动。 宏观乐观预期强化 美联储在9月和10月连续降息，提振大宗商品有色市场情绪。同时，中美经贸关系缓和，双方在关税问 题上达成共识，有助于缓解铝产品贸易壁垒，缓解市场对出口的担忧。此外，美国政治不确定性有所下 降，政府"停摆"出现转机，加之公布的经济数据并未如市场预期般悲观，共同强化了宏观层面的乐观预 期。 成本支撑减弱 近期，几内亚雨季和澳大利亚发运量减少导致港口铝土矿库存明显下降。待几内亚雨季结束，铝土矿发 运将回到前期水平。另外，我国自非主流产地的铝土矿进口补充量持续增长，国内样本企业原料库存充 足，保证了下游冶炼生产开工稳定，以至于几内亚矿和澳矿进口报价稳步下调，矿端成本支撑减弱。 氧化铝生产在原料备库充足的情况下保持高开工率。截至10月，全国氧化铝建成产能为11470万吨 ...

Core Insights - As of September 2025, China's new energy storage installed capacity is expected to exceed 100 million kilowatts, representing a growth of over 30 times compared to the end of the 13th Five-Year Plan, and accounting for over 40% of the global total installed capacity, making it the world's largest [1] - In the first half of 2025, Chinese energy storage companies added 163 GWh of overseas orders, a year-on-year increase of 246%, indicating a significant surge in demand in international markets [1] - The acceleration of energy storage "going abroad" is primarily driven by the rapid global energy transition, with emerging markets accelerating their energy storage deployment due to policy support, and geopolitical factors leading to increased demand for stable energy supply [1] Industry Trends - Some power generation companies have their energy storage system orders booked until next year, reflecting strong demand in the sector [1] - In Europe and North America, demand for energy storage has increased by 3 to 5 times this year, highlighting the growing market opportunities in these regions [1]