Core Insights - China's new energy storage sector is experiencing rapid growth, with installed capacity expected to exceed 100 million kilowatts by September 2025, representing a more than 30-fold increase compared to the end of the 13th Five-Year Plan, and accounting for over 40% of the global total, making it the world's largest [1] - The new energy storage industry is transitioning from the initial commercialization phase to large-scale development, with a significant trend towards larger installations, where over two-thirds of the capacity is from single stations of 100,000 kilowatts or more [1] - The average storage duration is 2.34 hours, with 76.4% of installations providing 2-hour storage and 16.7% offering 4-hour storage [1] Industry Development - The role of new energy storage in facilitating the development and consumption of renewable energy, enhancing the safety and stability of the power system, and improving power supply levels is becoming increasingly significant [2] - In the first three quarters of 2025, the equivalent utilization hours of new energy storage nationwide reached approximately 770 hours, an increase of about 120 hours year-on-year, with several provinces showing good performance in utilization [2] Technological Innovation - The innovation capability of new energy storage equipment is continuously improving, with a diversified development trend in technology routes [3] - Emerging technologies such as solid-state batteries and hydrogen storage are accelerating, providing robust support for future energy storage needs in new power systems that require multi-time scale and high safety [3]

随着新型储能装机规模的增加，新型储能促进新能源开发消纳、提高电力系统安全稳定运行和电力 保供水平的作用逐步增强。2025年，前三季度全国新型储能等效利用小时数约770小时，同比增加约120 小时，云南、浙江、江苏、新疆、四川、青海、湖北等多省区调用情况良好，调节作用进一步发挥。 新华社上海11月5日电（记者 刘羽佳、王悦阳）11月5日举行的第八届虹桥国际经济论坛"新型储能 高质量发展促进全球能源转型"分论坛上，国家能源局能源节约和科技装备司副司长边广琦表示，我国 新型储能保持平稳较快发展，截至2025年9月底，我国新型储能装机规模超过1亿千瓦。 边广琦称，这一数据与"十三五"末相比增长超30倍，装机规模占全球总装机比例超过40%，已跃居 世界第一。近年来，我国新型储能装机规模快速增加，技术创新和产业发展不断取得突破，商业模式逐 步完善，应用场景不断拓展，新型储能行业逐步由商业化初期步入规模化发展阶段。 从单站规模来看，新型储能单站规模10万千瓦以上、储能时长2至4小时占据多数，其中单站10万千 瓦及以上装机占比超过三分之二，大型化发展趋势明显；2小时、4小时储能装机占比分别为76.4%、 16.7%，平均时长 ...

Group 1: Asset Allocation Strategy - The article emphasizes the importance of adapting asset allocation strategies in response to the evolving global order and industrial transformations, projecting significant changes by 2026 [2][17]. - It suggests a bullish outlook on Chinese A/H stocks due to accelerated economic transformation and enhanced market resilience against risks [3][8]. - The report anticipates a moderate recovery in the Eurozone economy and a stable outlook for Japanese markets, while recommending a cautious approach to Indian equities due to uncertainties [3][4]. Group 2: Equity Market Insights - The article highlights the potential for a "transformation bull market" in China, driven by capital market reforms and economic restructuring, with expectations for the Shanghai Composite Index to surpass 4000 points [8][9]. - It identifies three main drivers for this transformation: the decline of risk-free returns, significant capital market reforms, and increased certainty in China's economic transition [9][10]. - The report recommends focusing on sectors such as technology, manufacturing, and cyclical consumption, with specific stock picks in internet, robotics, and electric vehicles [10]. Group 3: Bond Market Outlook - The report predicts a slight upward trend in Chinese government bond yields due to a stable yet slightly easing monetary policy, while U.S. Treasury yields are expected to decline moderately [4]. - It notes that the risk appetite is recovering, which may lead to upward pressure on interest rates in China, while U.S. inflation expectations are gradually decreasing [4]. Group 4: Commodity Market Analysis - The article expresses a bullish long-term view on gold, driven by the diversification of global central bank reserves and the weakening of the U.S. dollar [5]. - It indicates that oil prices are under pressure due to oversupply, while copper prices are supported by structural demand from AI infrastructure and grid upgrades [5]. Group 5: Currency and Exchange Rate Trends - The article anticipates a continued weak dollar scenario, with the Chinese yuan expected to stabilize or appreciate slightly due to steady domestic economic momentum [6]. - It highlights potential short-term fluctuations in the dollar due to geopolitical factors and domestic economic conditions [6]. Group 6: Pharmaceutical Sector Insights - The report indicates a significant increase in the market value of pharmaceutical stocks held by public funds, rising from 300.9 billion to 409 billion yuan, reflecting a 35.9% increase [13]. - It notes that the proportion of pharmaceutical stocks in public fund holdings has increased, with chemical preparations and other biological products being the most significant segments [13][14]. - Key stocks in the pharmaceutical sector include Heng Rui Medicine, Innovent Biologics, and Mindray Medical, with substantial increases in their market values [14].

文 | 中关村储能产业技术联盟 "志合者，不以山海为远。" 2 0 2 5年11月5日，第八届进博会如约而至。作为其重要配套活动， 虹桥国际经济论坛旨在研讨世界经济发展 的热点问题 ，本次设立新型储能主题平行论坛， 体现了世界各国对能源转型和发展的普遍关注 。 11月5日下午，由 国家能源局、商务部 主办的第八届虹桥国际经济论坛"新型储能高质量发展促进全球能源转型"平行论坛在上海国家会 展中心成功举办。 中国科学院科技战略咨询研究院、中国科学院工程热物理研究所、澎湃新闻、中关村储能产业技术联盟 共同承办。 论坛现场高朋满座，国内外嘉宾共襄盛举。国家能源局党组成员、副局长 宋宏坤先生 ，商务部对外贸易司副司长 肖露女士 ，山东省发 展改革委党组副书记副主任，省能源局党组书记、局长 郑德雁先生 ，新疆维吾尔自治区能源局局长 杨旸先生 ，国家电网公司总工程师 孟庆强先生 ，南方电网公司副总经理 王绍武先生 ，国家电投副总经理 王绍民先生 ，清华大学 夏清教授 ，中国科学院科技战略咨询研 究院院长 潘教峰先生 ，中关村储能产业技术联盟常务副理事长 俞振华先 生 ，亿纬锂能高级副总裁、亿纬储能 陈翔先生 等国内主管部 ...

从单站规模来看，新型储能单站规模10万千瓦以上、储能时长2至4小时占据多数，其中单站10万千 瓦及以上装机占比超过三分之二，大型化发展趋势明显；2小时、4小时储能装机占比分别为76.4%、 16.7%，平均时长为2.34小时。 随着新型储能装机规模的增加，新型储能促进新能源开发消纳、提高电力系统安全稳定运行和电力 保供水平的作用逐步增强。2025年，前三季度全国新型储能等效利用小时数约770小时，同比增加约120 小时，云南、浙江、江苏、新疆、四川、青海、湖北等多省区调用情况良好，调节作用进一步发挥。 此外，新型储能装备创新能力不断提升，技术路线总体呈现多元化发展态势。 "固态电池、氢储能等一批颠覆性前沿新型储能技术加速发展，为应对未来新型电力系统对于多时 间尺度、高安全性的能量存储需求提供坚实支撑。"边广琦说。 新华社上海11月5日电（记者刘羽佳、王悦阳）11月5日举行的第八届虹桥国际经济论坛"新型储能 高质量发展促进全球能源转型"分论坛上，国家能源局能源节约和科技装备司副司长边广琦表示，我国 新型储能保持平稳较快发展，截至2025年9月底，我国新型储能装机规模超过1亿千瓦。 边广琦称，这一数据与"十三五" ...

Group 1: Gold Investment Market - The new tax policy effective from November 1, 2025, exempts VAT on standard gold traded through specific exchanges until December 31, 2027, but imposes VAT on physical withdrawals or non-exchange sales, increasing the cost of investing in physical gold [1] - The wholesale price of gold bars has increased by 70 yuan per gram, rising from 900 yuan to 970 yuan, leading to a pause in procurement plans by some retailers [1] - Retail prices for investment gold bars remain below 1200 yuan per gram, with major brands like Chow Tai Fook and Lao Feng Xiang pricing their gold bars around 1170 yuan per gram [1] Group 2: Memory Storage Market - Prices for memory storage products have been rising since September, with DDR4 16G memory prices increasing from below 90 yuan to between 100 and 130 yuan within a month [2] - As of late October, DDR4 16G memory prices range from 350 to 520 yuan, while DDR5 16G prices reach around 600 yuan, indicating a significant price increase [2] - Industry experts predict a supply shortage in the memory market will persist into next year [2] Group 3: New Energy Storage - As of September 30, China's new energy storage capacity exceeded 100 million kilowatts, marking a growth of over 30 times compared to the end of the 13th Five-Year Plan [2] - The new energy storage capacity accounts for over 40% of the global total, with significant contributions from regions like North China and Northwest China [2] - The utilization hours for new energy storage in the first three quarters reached approximately 770 hours, an increase of about 120 hours year-on-year [2] Group 4: Luxury Goods Market - The luxury goods market in China has experienced a decline for six consecutive quarters, with major luxury brands reporting decreased revenues and profits [3] - Brands are seeking rent reductions and operational support from shopping malls due to the declining sales [3] - Consumer preferences are shifting towards experiences and emotional connections, indicating a transformation in luxury consumption patterns [3] Group 5: Hong Kong Stock Exchange - The Hong Kong Stock Exchange reported a net profit of 4.9 billion HKD for the third quarter, a year-on-year increase of 56% [4][5] - Total revenue and other income for the third quarter reached 77.8 billion HKD, up 45% year-on-year, exceeding market expectations [5] Group 6: Automotive Industry - Toyota's operating profit for the second fiscal quarter was 839.55 billion JPY, a decrease of 27% year-on-year, while net profit increased by 62% to 932.08 billion JPY [5] - The company expects global vehicle sales for the year to reach 11.3 million units, an increase from previous estimates [5] Group 7: Corporate Actions - Huazhong Technology announced a plan to change its stock name to "Huazhong Technology" without requiring shareholder approval [8] - Financial services firm Caida Securities received approval to issue bonds totaling up to 6 billion CNY to professional investors [11] - Jiyuan Technology signed a framework agreement with CATL for copper foil supply, establishing a long-term partnership [12]

Key Points - Premier Li Qiang attended the opening ceremony of the 8th China International Import Expo and emphasized the importance of mutual benefit and cooperation in international trade, especially in the face of rising unilateralism and protectionism [1] - The State Council Tariff Commission announced the suspension of additional tariffs on certain imported goods from the United States, maintaining a 10% tariff while suspending a 24% tariff starting from November 10, 2025 [2] - The National Energy Administration reported that by the end of September, China's new energy storage capacity exceeded 100 million kilowatts, representing a growth of over 30 times compared to the end of the 13th Five-Year Plan, accounting for over 40% of the global total [4] Domestic News - The service sector PMI for China in October was reported at 52.6, slightly down from 52.9 in the previous month, while the manufacturing PMI was at 50.6, down from 51.2 [5] - In October, retail sales of new energy vehicles reached 1.4 million units, a year-on-year increase of 17%, with cumulative retail sales for the year reaching 10.27 million units, up 23% [6] International News - The U.S. federal government has entered its longest shutdown in history, now in its 36th day [7] - The Eurozone's service sector PMI for October was finalized at 53, exceeding expectations, while Germany's service sector PMI was at 54.6, also above expectations [7]

Core Insights - China's new energy storage capacity has exceeded 100 million kilowatts as of the end of September, making it the largest in the world [1] - The installed capacity has increased more than 30 times compared to the end of the 13th Five-Year Plan, accounting for over 40% of the global total [1] Regional Breakdown - North China has operational new energy storage capacity of 31.18 million kilowatts, representing 30.4% of the national total [1] - Northwest China has 26.72 million kilowatts installed, accounting for 26.1% [1] - East China has 16.55 million kilowatts, making up 16.1% of the total [1] Development Trends - There is a clear trend towards larger-scale new energy storage, with installations of 100,000 kilowatts and above making up over two-thirds of the total [1] - In the first three quarters, the equivalent utilization hours for new energy storage reached approximately 770 hours, an increase of about 120 hours year-on-year [1] - The role of new energy storage in promoting renewable energy development and enhancing the safety and stability of the power system is gradually increasing [1]

记者今天从国家能源局了解到，截至9月底，我国新型储能装机超过1亿千瓦，装机规模已跃居世界第 一。 目前，我国新型储能的大型化发展趋势明显，单站10万千瓦及以上装机占比超过三分之二。前三季度， 全国新型储能等效利用小时数约为770小时，同比增加约120小时。在促进新能源开发消纳、提高电力系 统安全稳定运行等方面，新型储能作用逐步增强。 （文章来源：央视新闻客户端） 最新数据显示，截至9月底，我国新型储能装机规模超过1亿千瓦，与"十三五"末相比增长超30倍，装机 规模占全球总装机比例超过40%，已跃居世界第一。 分区域来看，华北地区已投运新型储能装机3118万千瓦，占全国30.4%；西北地区装机2672万千瓦，占 全国26.1%；华东地区装机1655万千瓦，占全国16.1%。 ...

据国家能源局及第三方机构数据，2025年前三季度全球锂电储能装机超170GWh，同比增长68%，市场 保持了快速发展势头。 创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新能源 指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）弹性最大，涨幅可达20cm；费率最低，管理费和托管费合计仅为0.2%；规模最大，截至 2025年10月31日，规模达8.29亿元；成交额最大，近一月日均成交9005万元。其储能含量达51%，固态 电池含量达30%，契合当下市场热点。 2025年11月5日，午后储能、光伏板块大爆发，创业板新能源ETF华夏（159368）上涨3.32%，持仓股德 方纳米涨超12%，鹏辉能源涨超8%，亿纬锂能涨超7%。 （文章来源：每日经济新闻） 华泰证券指出，"十五五" 规划明确提出 "大力发展新型储能"，叠加国内新能源市场化改革与容量电价 机制落地，储能已全面迈入经济性拐点，投资热度持续攀升。同时，海外欧美户用储能需求攀升、数据 中心储能需求放量，形成 "国内 + 海外" 双轮驱动格局，全球市场共振特 ...