中信证券认为，欧洲大储呈现加速增长态势，伴随欧洲负电价提升现货峰谷价差，多数国家储能项目收 益率已提升至10%—15%，且西班牙大停电后欧洲各国政府加大储能支持力度，2025年有望成为欧洲大 储爆发拐点。从欧洲需求体量看，根据测算，2030年欧洲新增装机有望达到165GWh，预计2024年— 2030年复合增速约40%，对应市场空间1700亿元。拆分看，东欧储能项目短期有望快速爆发，西欧&南 欧远期体量更大。国产厂商依托成本优势，有望持续提升欧洲储能份额，看好布局欧洲储能业务的电 芯、系统集成环节厂商。 2022年俄乌冲突爆发后，俄罗斯对欧洲的天然气断供，导致欧洲出现能源危机，发展新能源保障自身能 源安全成为欧洲核心诉求。根据REPowerEU目标，2030年欧洲新能源发电比例目标为42.5%，预计将带 动欧洲储能持续增长。 ...

为应对日益增长的成本与政治压力，全球最大海上风电开发商Ørsted于周一正式宣布，已同意将旗下旗 舰项目——位于英国的Hornsea 3海上风电场50%的股份，以65亿美元的价格出售给私募股权巨头阿波罗 全球管理公司。 根据协议，阿波罗将获得位于英国海岸附近的Hornsea 3项目50%的股份。此举旨在为Ørsted的其他项目 筹集急需的资金，是Ørsted一项关键资产剥离计划的核心部分。 Ørsted首席财务官Trond Westlie表示，此次出售是公司的"一个重要里程碑"，并补充说，阿波罗将带 来"基础设施专业知识和规模化资本"。对于投资者而言，这笔交易清晰地表明了Ørsted为稳固财务状况 而进行的战略收缩，尽管这意味着放弃其最优质资产之一的部分所有权。 事实上，这笔交易是在Ørsted经历数年困境之后达成的。受利率上升和政治不确定性影响，该公司近来 面临巨大压力，尤其是在美国市场，特朗普对海上风电的敌意已对其业务造成直接冲击，迫使公司不得 不寻求新的融资途径。 阿波罗加码欧洲基建 此次资产出售凸显了Ørsted正面临的严峻挑战。作为全球行业领导者，这家由丹麦政府持股50%的公 司，在过去几年中因行业 ...

文 | 少年维特 微软这次是真下重注了。 11月3号凌晨，微软和澳洲的算力运营商 IREN（Iris Energy）签了一份为期五年的合作大单，总金额高 达 97 亿美元。公告一出，IREN 股价盘前直接跳涨 20% 以上——要知道这家公司今年已经涨了 480% 了，妥妥的"AI 能源赛道宠儿"。 根据披露，微软会先掏 20% 预付款，剩下分期结算，用于换取 IREN 位于德州 Childress 的数据中心里 的高端 NVIDIA GB300 GPU 算力。IREN 这边要采购 58 亿美元设备，还得负责建 200 兆瓦液冷机房 ——背后电力来自它自家的 2.9 GW 清洁能源电网。 AI基建的"慢变量"：微软为什么急着买算力 如果说 OpenAI 让微软站上了 AI 时代的浪尖，那么真正决定它能跑多远的，是那些最不起眼的"慢变 量"——电力、机房、冷却系统，以及审批速度。 这笔交易的核心不是 GPU，因为 AI 扩容的最大瓶颈已经不是模型。在 AI 爆发的这两年，微软最大短 板已经不在模型，而在基础设施。Azure 云服务和 OpenAI 模型都在抢算力，电力批文批不下、机房周 期拉太长，成了微软的掣肘。 ...

Core Viewpoint - The U.S. clean energy industry is experiencing significant changes due to a combination of policy shifts and declining investments, reflecting structural challenges in the energy transition process [1][3]. Investment Decline - As of September this year, investments in the U.S. clean energy sector have decreased by over $24 billion, resulting in approximately 21,000 job losses, with $1.6 billion in projects canceled and nearly 3,000 jobs lost in September alone [3][5]. - The U.S. Department of Energy has terminated financial support for 223 energy projects, affecting 321 funding programs, with an estimated budget cut of $7.56 billion [3][5]. Project Delays and Cancellations - The clean energy sector is facing significant challenges, particularly in Republican-led districts, which have seen investment losses of $12.4 billion and a reduction of about 15,000 jobs [5]. - Major projects in states like Kansas, Michigan, North Carolina, and Tennessee have been canceled or delayed, exacerbating the funding challenges for small to medium-sized developers reliant on public funding [5]. Market Stagnation - Despite the investment decline, some companies are still seeking new growth opportunities, with $542 million announced for electric vehicle components and solar manufacturing, expected to create around 985 long-term jobs [6]. - However, this new investment is insufficient to counteract the overall downward trend, as the U.S. clean energy market shows stagnation in new capacity installations [6][7]. Policy Changes Impact - A series of administrative orders and new regulations have been implemented, notably the "Big and Beautiful" Act, which accelerates the reduction of tax credits for clean energy projects, moving the application deadline from 2032 to the end of 2027 [7]. - The second quarter saw only 11.6 GW of new wind, solar, and storage capacity added, a mere 1% increase year-on-year, with overall capacity down compared to the previous year [7]. Industry Consolidation - The clean energy sector is undergoing rapid consolidation, with merger and acquisition activity in the first half of the year reaching $34 billion across 63 deals, driven by subsidy reductions and tightening credit [10]. - Companies like Sunnova are facing financial difficulties, prompting strategic restructuring and asset sales, while private capital and large utility companies are increasingly involved in acquisitions [10]. International Investment Concerns - Policy uncertainty is affecting foreign investor confidence, with companies like Bil a Solar and Heliene pausing or reevaluating their projects in the U.S. [11]. - The growth rate of clean energy installations in leading states like California and Texas has slowed to 8%, with other states also falling below the national average [11].

他还表示将持续优化投资环境，为项目推进提供政策支持和服务保障。 津投资发展署署长奇纳莫表示，津政府正积极推进投资项目落地，多个相关领域 的投资项目已进入实施阶段，涵盖太阳能、风能开发及数字基础设施建设等，助力将 津巴布韦打造成有吸引力的投资地。这些投资不仅契合该国能源转型和数字经济发展 战略，还将创造大量就业岗位，提升产业竞争力。 （原标题：津巴布韦2025年第三季度新增46个投资项目） ZimNow网10月30日报道：津巴布韦投资发展署（ZIDA）最新季度报告显示， 2025年第三季度该国新增46个投资项目，可再生能源和信息通信技术（ICT）成为新 投资的核心引领方向。其中，14个项目属可再生能源，包括扩建Solgas10兆瓦太阳能 项目等；13个为ICT项目，涵盖宽带网络建设、数据中心等。农业和制造业投资同步 加强，涉及坚果种植园、乳制品复兴及疫苗生产等。与金达尔能源津巴布韦公司就万 基核电站1-6号机组的修复工程达成的公私合作协议，是恢复可靠基荷电力、推动多 产业潜力释放的转折点。 ...

阿通社10月30日消息，阿布扎比国家石油公司(ADNOC)和微软联合发布的报告显示，88%的受访领导 者认为扩大AI应用对实现能源转型至关重要。近九成公司自2024年以来增加了对AI的投资，73%已在多 个业务部门部署AI。AI正被用于预测性维护、智能电网管理等能源领域。 （原标题：ADNOC与微软报告：AI对能源转型至关重要） ...

[Table_Title] 研究报告 Research Report 3 Nov 2025 新能源及工业 New Energy & Industrials 新能源及工业周报(10/27-11/02)：美国政府与西屋电气股东 Cameco、Brookfield 达成 合作，计划在美建设 800 亿美元核电项目 U.S. Government, Westinghouse Electric, and Shareholders Cameco and Brookfield Reach Cooperation Agreement to Develop $80 Billion Nuclear Power Project in the United States 毛琼佩 Olivia Mao 杨钰其 Yuqi Yang olivia.qp.mao@htisec.com yq.yang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 核心观点： 1）全球基建和建筑装 ...

中国加大石油储备力度是因为国际局势紧张，俄罗斯和伊朗这两个主要供油国受到美国严密监控，俄罗 斯黑海输油管道在2024年受损导致每日减产八十万桶，伊朗所在的霍尔木兹海峡也频繁发生动荡，同时 南海与台海区域在2025年形势趋紧，美国第七舰队加强了马六甲海峡的巡逻，为了防范海上运输线可能 中断的风险，中国已将石油储备天数从一百一十天提升至一百八十天，这比国际通行标准高出五成，核 心考虑是一旦海上通道受阻，工厂运行和车辆燃料供应将面临停滞。 在2025年的前九个月里，中国每天进口的原油数量超过1100万桶，创下了新纪录，其中有一天向国家储 备中增加的石油就达到140万桶，占到全球新增库存的90%，而当时国际油价正处于大幅下跌阶段，其 他国家都在等待价格进一步降低再行动，中国却持续大量购买，将布伦特原油的价格稳定在每桶65美元 左右，这一做法被国外媒体称为"沉默的锚"，指的是在其他方波动时，中国悄然支撑住了市场。 这个决定不是凭空想出来的，2025年1月《能源法》就要实施，法律里写得清清楚楚，国家和企业都必 须储备石油，不能再以"市场说了算"作为推脱的借口，央企和地方炼厂只能加快建设储油罐、增加石油 储备，全国储油能力 ...

储能业务已成为公司"利润增长的核心引擎"。2025年前三季度，公司大型储能产品出货量达5.8GWh， 同比增长32%。其中，第三季度单季出货2.7GWh，同比增幅高达50%，放量强劲，对公司三季度整体 业绩贡献尤为突出。 面对行业供需关系与地缘政治的不确定性，阿特斯始终将技术创新与全球化布局作为核心策略。2025年 上半年，公司研发投入35448.70万元，累计申请专利5077项，维持有效的主要专利2248项。 增长的可预见性，源于坚实的订单基础。截至2025年6月30日，该公司在手储能系统订单总额约30亿美 元，这一订单池，为公司未来持续高增长奠定坚实基础。 随着全球能源转型速度加快，阿特斯将坚持"稳健经营、价值优先"的发展理念，继续保持"反内卷"的经 营定力，持续深化"光伏+储能"四轮驱动的全球化业务布局，借助技术创新、全球运作与卓越的ESG治 理。公司高达30亿美元的储能订单储备和持续优化的现金流状况，为其应对市场波动提供了充足缓冲。 本报讯(记者陈红)近日，阿特斯阳光电力集团股份有限公司(以下简称"阿特斯")发布三季度报告，公告 显示，2025年前三季度，阿特斯实现营业收入312.70亿元，其中第三季 ...

Core Viewpoint - The wind power sector, particularly offshore wind, is poised for explosive growth by 2025, driven by large-scale turbine deployment and the goals set in the 14th Five-Year Plan [1][5]. Group 1: Wind Power Advantages - Wind power, especially offshore, is gaining attention from investors due to its efficiency and compatibility with electricity demand curves, outperforming solar power in terms of generation efficiency [2][3]. - In 2024, wind power generation in China is projected to reach 991.6 billion kWh, surpassing solar power's 834.1 billion kWh, despite lower installed capacity [2]. Group 2: Offshore Wind Power Potential - Offshore wind power has significant advantages, including higher average wind speeds and more stable wind directions, leading to greater generation efficiency compared to onshore wind and solar [3][5]. - The offshore wind sector is not land-intensive and is strategically located near major electricity consumption centers, reducing transmission losses [5]. Group 3: Installation Growth and Market Dynamics - The domestic offshore wind installation is expected to reach 51.4 GW in the first half of 2025, a year-on-year increase of 98.9%, with offshore and onshore wind contributing 2.5 GW and 48.9 GW respectively [5]. - The industry is entering a recovery phase, as evidenced by increasing installation data and rising bid prices from 2024 to 2025 [11]. Group 4: International Market Opportunities - European markets represent a significant opportunity for Chinese wind power companies, with 34% of global offshore wind installations expected in Europe in 2024 [15]. - Companies with core technologies and cost advantages are likely to benefit from higher profit margins in overseas markets [17]. Group 5: Company Performance and Investment Trends - For instance, a company named Dajin Heavy Industry is leading in the European market with a 29.1% market share, reporting a revenue of 4.6 billion yuan in the first three quarters of 2025, a 99.2% year-on-year increase [19]. - The company's gross margin improved by 3.9 percentage points to 31.1%, with a net profit margin of 19.3%, reflecting strong financial performance [20]. Group 6: Investment Funds and Strategies - Currently, there are no dedicated wind power ETFs in the A-share market, leading investors to rely on actively managed funds for exposure to the wind sector [23]. - One actively managed fund, Qianhai United Yonglong Mixed Fund, has achieved a 56.1% return this year by focusing on wind power stocks [24].