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 ...

Group 1 - The core viewpoint of the articles highlights the significant growth in the lithium battery energy storage sector, with global installations exceeding 170 GWh in the first three quarters of 2025, representing a 68% year-on-year increase [1] - The 创50ETF has seen a net inflow of 91.24 million yuan recently, with a total of 184 million yuan attracted over the past five trading days, indicating strong investor interest [1] - The top ten weighted stocks in the 创业板50指数 account for 70.15% of the index, with major companies including 宁德时代, 中际旭创, and 亿纬锂能 [2] Group 2 - The 创50ETF closely tracks the 创业板50指数, which consists of the 50 stocks with the highest average trading volume in the创业板 market, reflecting the performance of well-known, large-cap, and liquid companies [1] - The development of new energy storage is emphasized as a key focus for the next five years, with a call for improved market and pricing mechanisms to support the profitability of new storage projects [1]

Group 1 - The core viewpoint of the article emphasizes the importance of developing new energy storage and establishing market mechanisms to support this sector, as outlined in the recently released guidelines for the 15th Five-Year Plan [1] - The guidelines indicate a strong commitment to "vigorously develop new energy storage" and "accelerate the establishment of market and pricing mechanisms suitable for the new energy system," which are crucial for ensuring the profitability of new energy storage projects [1] - The ongoing focus from higher authorities on addressing supply-demand imbalances in the new energy sector suggests a potential bottom reversal for the industry [1] Group 2 - The ChiNext New Energy ETF, Guotai (159387), tracks the Innovation Energy Index (399266), which saw a daily fluctuation of 20%, reflecting the performance of listed companies in clean energy, energy conservation, and new energy vehicles [1] - The Innovation Energy Index selects companies with high growth potential and innovation capabilities, aiming to represent the overall development level and technological progress of the new energy industry [1]

Core Viewpoint - The upcoming 8th Hongqiao International Economic Forum will focus on "Promoting Global Energy Transition through High-Quality Development of New Energy Storage" and will feature a significant keynote speech by Wang Shaomin, Vice General Manager of State Power Investment Corporation [2][6]. Forum Information - The forum is organized by the National Energy Administration and the Ministry of Commerce, and is hosted by the Chinese Academy of Sciences and other institutions [6]. - The event will take place on November 5, 2025, from 14:30 to 17:30 at the National Exhibition and Convention Center in Shanghai [7]. - The forum aims to create a high-end storage "ecosystem" by inviting global leaders from politics, industry, academia, research, and finance to discuss breakthroughs in storage technology, business model exploration, policy incentives, and international cooperation [7]. Guest Profile - Wang Shaomin, born in 1972, holds a master's degree in engineering and has extensive experience in the energy sector, having held various leadership positions within China Huaneng Group before becoming Vice General Manager of State Power Investment Corporation in December 2024 [5].

Group 1: Industry Developments - Multiple energy storage companies have secured significant orders, including a 520 million yuan contract signed by Shanghai Hope Smart New Energy Development Co., a subsidiary of Hope Co., and an agreement between Nari Technology and Pacific Green Group [1] - According to data from the National Energy Administration and third-party organizations, global lithium battery energy storage installations are expected to exceed 170 GWh in the first three quarters of 2025, representing a year-on-year growth of 68% [1] - Huatai Securities notes that a recent policy document from the Central Committee emphasizes carbon reduction goals and the development of new energy systems, which is expected to benefit energy storage, wind power, and grid companies [1] Group 2: Market Trends - CITIC Securities believes the energy storage market is recovering, with a projected increase in domestic new installations to 300 GWh next year, driven by marketization of new energy and capacity pricing [1] - The demand for energy storage is anticipated to grow significantly due to data centers, with leading companies already receiving substantial orders [1] Group 3: Company Performance - In the first three quarters, major companies like CATL, BYD, and Sungrow reported strong financial performance, with CATL achieving a revenue of 283.072 billion yuan and a net profit of 49.034 billion yuan, marking a year-on-year increase of 36.2% [3] - Companies such as Sungen and Gotion High-Tech saw their net profits double year-on-year, with Sungen's revenue reaching 14.809 billion yuan, a year-on-year increase of 11.48%, and a staggering net profit growth of 1121.72% [3] - As of the end of the third quarter, 11 energy storage concept stocks were held by social security funds, with companies like Haopeng Technology and Shenghong Shares having significant holdings [3] Group 4: Stock Performance - The average increase in energy storage concept stocks this year is 62.87%, with companies like Haibo Technology and Sungrow seeing their stock prices double, and Haibo Technology achieving the highest increase of 352.95% [2] - In October, 17 concept stocks underwent institutional research, with Jinpan Technology receiving attention from 254 institutions, indicating strong market interest [2]

Core Viewpoint - Chinese energy storage companies are making significant strides in international markets, showcasing their technological competitiveness across various applications including photovoltaic support, grid-side, user-side, and data centers [1]. Group 1: Major Contracts and Projects - China National Nuclear Corporation signed a contract for a 900MWp photovoltaic and 1.2GWh battery storage project in Indonesia, aimed at supplying green electricity to Singapore [2]. - Haibo Si Chuang achieved breakthroughs in the EMEA region, signing a 45MWh grid-side independent storage project in Greece, marking its entry into the Southern European market [3]. - Tianhe Energy signed a contract for over 1GWh of storage products with a European customer, utilizing its new generation flexible storage battery cabin, Elementa 2 Pro [8]. - Tianhe Energy also secured a large-scale project in Chile, collaborating with Atlas Renewable Energy on a 233MW/1003MWh grid-type storage project [9]. - Nandu Power won a bid for a lithium battery equipment procurement project in the U.S. with a value of 478 million RMB, located in Texas [10]. - BYD announced a partnership with Skysense in Mexico to deploy 300MWh of storage capacity by 2026 [11]. - Ronghe Yuanshu won a bid for a 40MWh storage project in Guinea, utilizing its Enprime-Y liquid-cooled storage container [12]. - Jingkong Energy signed a strategic cooperation agreement for a 2GWh home energy storage system deployment in Australia [13]. - Zhuoyang Energy secured a 400MWh order in Europe and initiated the construction of a 6GWh storage factory in Hungary [14]. - Maitian Energy signed a strategic cooperation agreement totaling 4GWh with top renewable energy distributors in Australia [15][16]. - Qik Energy received orders exceeding 30 million RMB for a North American AIDC storage project, with plans to scale up to 100MWh by 2026 [17]. Group 2: Industry Trends and Developments - The recent developments in the energy storage sector indicate a strong trend towards international expansion and collaboration among Chinese companies, reflecting a growing global demand for energy storage solutions [1][18].

2025年三季报披露已落下帷幕，光伏行业各厂商三季度"成绩单"已悉数出炉。在"反内卷"措施持续深化 的背景下，以隆基绿能、天合光能为代表的龙头厂商，均实现不同程度减亏。从产业链各环节表现来 看，硅料环节回暖态势尤为显著，协鑫科技、大全能源成功扭亏，通威股份亏损幅度也大幅收窄。有业 内人士认为，在"反内卷"政策引导下，光伏产业链正推动供给侧改革，多家龙头企业已签署协议筹建硅 料收储联合体，旨在稳定市场价格、提升产品品质，行业有望从低价竞争转向高质量发展，头部企业盈 利修复可期。 据有关数据显示，9月中国逆变器出口金额达50.67亿元，同比增长4.6%，其中对澳大利亚出口同比大幅 增长306%，主要受益于澳大利亚政府推出的"Cheaper Home Batteries"计划，该政策自2025年7月1日实 施以来显著拉动户储需求，预计将继续支撑逆变器出口表现。 中原证券认为，光伏企业三季度业绩呈现触底回稳，边际改善的迹象。主要原因在于行业"反内卷"、多 晶硅价格上涨以及前期的行业减产带来供需格局的改善。光伏行业估值仍处于历史偏低位置。展望后 市，后续围绕产品销售价格措施、企业间并购整合、行业准入门槛的提高以及产品质 ...

Core Viewpoint - The energy storage market is experiencing a pivotal moment, with significant institutional interest and positive trends in the sector, particularly in nuclear energy and battery technologies [1][5]. Group 1: Energy Storage Market Trends - Institutions remain optimistic about the global energy storage trend, with a notable recovery in the market and expectations for continued growth driven by new energy market dynamics and capacity pricing [5]. - The average increase in energy storage concept stocks is 62.46% year-to-date, with several stocks, including Haibo Sichuang, achieving over 300% growth [6][8]. - LG Energy Solution reported a third-quarter revenue of 5.7 trillion KRW (approximately 28.33 billion RMB), with a 2.4% quarter-on-quarter increase and a 22.2% increase in operating profit [4]. Group 2: Nuclear Energy Developments - The China Academy of Sciences confirmed the successful conversion of thorium-uranium nuclear fuel in a 2 MW liquid fuel thorium molten salt experimental reactor, marking a significant milestone in nuclear energy research [2][3]. - The thorium molten salt reactor is the only liquid fuel reactor among the six candidate types for the international fourth-generation reactor nuclear energy system, offering advantages such as high safety, abundant resources, and environmental friendliness [3]. Group 3: Institutional Holdings and Stock Performance - As of the end of the third quarter, 11 energy storage concept stocks were held by social security funds, with companies like Haopeng Technology and Shenghong Shares having significant holdings [8][9]. - Notable companies such as Ningde Times and BYD reported substantial net profit growth, with Ningde Times achieving a revenue of 283.07 billion RMB and a net profit increase of 36.2% year-on-year [7].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [8]. Core Insights - The company has shown continuous growth in revenue and net profit, with a revenue of 2.112 billion yuan for the first three quarters of 2025, representing an 8.8% year-on-year increase, and a net profit of 474 million yuan, up 12.24% year-on-year [1]. - The company has a strong order backlog, with new contracts signed amounting to 2.494 billion yuan in the first three quarters, leading to a total backlog of 3.824 billion yuan, which is a 1.55% increase year-on-year [3]. - The company is committed to returning value to investors, promising a baseline dividend rate of 40% for the next five years starting in 2025, and has distributed a total of 1.08 billion yuan in cash dividends since its listing [4]. - The integration of AI technology is driving rapid growth in new business areas, particularly in smart power systems and smart cities, enhancing operational efficiency and reliability [5]. Financial Performance - For the first three quarters of 2025, the company achieved a net asset return rate of 14.26%, an increase of 0.24 percentage points year-on-year, and a net cash flow from operating activities of 401 million yuan, which is a 1.95% improvement [3]. - The company’s revenue is projected to grow from 2.225 billion yuan in 2023 to 4.533 billion yuan in 2027, with corresponding net profits expected to rise from 525 million yuan to 1.081 billion yuan over the same period [6]. - The company’s earnings per share (EPS) is forecasted to increase from 1.05 yuan in 2023 to 2.20 yuan in 2027, with a price-to-earnings (P/E) ratio decreasing from 35.12 to 16.78 during this time [6]. Market Position and Strategy - The company has made significant progress in its global expansion, with domestic revenue of 1.705 billion yuan (up 6.21% year-on-year) and international revenue of 398 million yuan (up 20.98% year-on-year) for the first nine months of 2025 [2]. - The company is focusing on deepening its industrial development in digital grids, communications, and smart city solutions, aiming to capitalize on emerging trends such as virtual power plants and new energy storage [6].

嘉宾简介： 文 | 中关村储能产业技术联盟 第八届虹桥国际经济论坛 即将于2025年11月5日在上海拉开帷幕。 作为本届论坛的重要组成部分，" 新型储能高质量发展促进全球能源转型 "分论坛迎来一位重量级 嘉宾—— 中国能源研究会储能专委会副主任委员、 清华大学教授夏清 已确认出席，并发表题为 《 中国激励新型储能发展机制设计的基本逻辑与成效 》 的主题报告，回顾中国新型储能 的发展 历程，展示中国产业政策的成效 。 夏清， 清华大学教授、 全国优秀科技工作者、国家能源互联网产业及技术创新联盟电力碳中和专业 委员主任 。 主要研究领域：电力碳中和、新型电力系统、电力市场、能源互联网、综合能源系统、数字经济、 电力规划、电力调度、电力营销。 主要社会兼职：中国电力交易联盟首席专家、 中国能源研究会储能委员会副主任委员、中国电机工 程学会电力市场专委会副主任委员、 中国南方电网专家、广州电力交易中心专家、南方区域电力市 场管理委员会委员 。 论坛信息： 论坛名称 ： 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 主办单位 ： 国家能源局、商务部 承办单位 ： 中国科学院科技战略咨询研究院 中国 ...