Core Viewpoint - The event "Future Star of Energy Storage" successfully engaged students in Tianjin, promoting awareness and understanding of energy storage technology through immersive experiences and hands-on activities [1][13]. Group 1: Safety Awareness and Emergency Preparedness - Students participated in emergency safety training at the Tianjin Fire Research Institute, learning critical self-rescue skills through simulations of scenarios like "smoke escape" and "earthquake avoidance" [2]. - Real-life case studies were used to analyze battery fire risks and home safety precautions, enhancing students' awareness of daily safety hazards [2]. - CPR and Heimlich maneuver training were conducted, embedding life-saving knowledge in students [2][3]. Group 2: Exploration of Energy Storage Technology - At Tianjin University, students were introduced to energy storage principles through engaging educational videos and exhibits, showcasing applications like streetlight storage and electric vehicle charging [4]. - The evolution of battery technology was highlighted, from lithium batteries to sodium-ion and zinc-based batteries, allowing students to explore the microscopic details of electrode materials [4][6]. - A hydrogen energy section demonstrated the clean conversion process from water to power, featuring models of high-purity green hydrogen production and hydrogen fuel vehicles [4]. Group 3: Hands-On Learning and Innovation - The creative workshop featured activities like building a "fruit battery" that lit an LED lamp, demonstrating the concept of natural batteries using lemons [8]. - Students engaged in a "solar charging treasure" DIY project, prompting discussions on energy storage during cloudy days [8]. - The hand-cranked generator activity illustrated the conversion of kinetic energy to light energy, reinforcing classroom knowledge through practical experience [8][11]. Group 4: Future Directions and Goals - The event aimed to plant the seeds of energy technology in young minds, with students expressing enthusiasm for future innovations in energy storage [13]. - The Zhongguancun Energy Storage Industry Technology Alliance plans to strengthen collaboration with research institutions to foster scientific enthusiasm among youth and support national carbon neutrality goals [15].

Core Insights - In May 2025, China's inverter export amounted to 6 billion yuan, with year-on-year and month-on-month growth of 8% and 3% respectively [1][2] - From January to May 2025, the total inverter export reached 24 billion yuan, representing a year-on-year increase of 9% [1][2] - The primary export markets for China's inverters are Europe, Asia, and Latin America, accounting for 39%, 36%, and 11% of total exports respectively [1][2] Regional Performance Asia - In the Asian market, inverter exports totaled 8.7 billion yuan from January to May 2025, showing a significant year-on-year growth of 24% [3] - In May, exports to Asia reached 2.26 billion yuan, with year-on-year and month-on-month increases of 30% and 19% respectively [3] - Notable demand growth was observed in India and Pakistan, with exports to these countries amounting to 1.6 billion yuan and 1.34 billion yuan respectively, reflecting year-on-year increases of 36% and 7% [3] Europe - In the European market, inverter exports from January to May 2025 reached 9.28 billion yuan, with a year-on-year increase of 4% [4] - In May, the export amount was 2.4 billion yuan, remaining flat year-on-year but decreasing by 9% month-on-month [4] - Germany and the Netherlands are the leading markets, with exports to Germany alone amounting to 2.05 billion yuan, showing a remarkable year-on-year growth of 93% [4] Latin America and Africa - In Latin America, inverter exports totaled 2.53 billion yuan from January to May 2025, reflecting a year-on-year decline of 18% [5] - In May, exports to Latin America were 600 million yuan, with a month-on-month increase of 23% but a year-on-year decrease of 19% [5] - Conversely, Africa saw a strong performance with inverter exports reaching 1.94 billion yuan, marking a year-on-year increase of 52% [5] Investment Recommendations - The emerging markets in Asia and Africa are showing strong demand, while the European market is also recovering, indicating potential growth opportunities [6] - Companies with competitive advantages in non-U.S. markets, particularly in large-scale storage and emerging market household storage, are recommended for investment [6] - Specific companies highlighted include Sunshine Power for its global competitiveness and low valuation, and Deyue Co. for its strong position in emerging markets [6]

Core Viewpoint - The article highlights the successful integration of artificial intelligence (AI) and energy storage solutions by Haibo Technology, showcasing its innovative approach and contributions to the green energy sector, particularly in the context of the 2025 National Energy Internet Conference held in Hangzhou [1][4]. Group 1: Technological Innovations - Haibo Technology has developed a comprehensive "AI + Energy Storage" technology system based on its self-developed Haibo Cloud big data platform, integrating various data sources for optimized energy storage management [2][3]. - The platform employs a "cloud-edge-end" collaborative design to ensure real-time data processing and global optimization in decision-making, utilizing advanced algorithms such as LSTM and multi-agent deep reinforcement learning [2][3]. - The company has addressed three core issues in the energy storage industry: enhancing energy efficiency through AI-driven charge and discharge strategies, reducing operational costs with predictive maintenance models, and improving battery management with a digital twin model that significantly outperforms industry standards [2][3]. Group 2: Industry Impact and Future Outlook - The successful practices of Haibo Technology serve as a model for the energy storage industry's digital transformation, demonstrating the feasibility of AI in enhancing project economics and contributing to the establishment of national standards [4]. - The company has collected over 200TB of data related to energy storage products and stations, providing essential support for collaborative development across the industry chain [4]. - Looking ahead, Haibo Technology aims to continue its innovation in integrating AI with energy storage systems, contributing to the green and low-carbon transformation of the energy sector through ongoing technological research and commercial practices [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Viewpoints - The company is positioned as a leader in energy planning and integrated services for both traditional and renewable energy, demonstrating resilient performance with steady growth in 2024 and Q1 2025 [1][13]. - The operational business segment is expected to continue growing, with significant contributions from renewable energy generation, energy storage, and hydrogen energy [2][10]. - The company has a strong market position in the construction of energy infrastructure, with a focus on optimizing its business structure and increasing the proportion of power engineering orders [19][23]. Summary by Sections Performance and Business Structure - The company achieved a total revenue of 436.7 billion yuan in 2024, a year-on-year increase of 7.6%, with traditional energy and renewable energy engineering growing by 12% and 13% respectively [13]. - The net profit attributable to shareholders for 2024 was 8.4 billion yuan, reflecting a 5% increase, outperforming the overall construction sector [13][19]. Operational Business Growth - In 2024, the investment and operational business generated revenue of 36.13 billion yuan, a 22.8% increase year-on-year, with a gross profit margin of 34.1% [2][10]. - The company has significantly increased its installed renewable energy capacity to 15.2 GW, a 60% year-on-year growth, contributing to 5.4 billion yuan in revenue from renewable energy operations [2][10]. Infrastructure and Market Position - The company is deeply involved in the construction of computing power infrastructure, leveraging its leadership in the energy sector to enhance its capabilities in this area [2][10]. - The company has been actively participating in the construction of national computing power hub centers, with plans for strategic acquisitions to strengthen its integrated investment and operation model [2][10]. Market Value Management - The company has implemented a detailed market value management plan, including a mid-term dividend policy with a payout ratio of 19.2% for 2024, indicating a commitment to enhancing shareholder value [3][10]. - The company has seen significant share buybacks and increased holdings by major shareholders, reflecting confidence in its future growth [3][10].

Group 1: Phosphate Iron Lithium Market Overview - In the first half of 2025, phosphate iron lithium production reached 1.632 million tons, a year-on-year increase of 66.6% [3] - Hunan Youneng holds approximately 30% market share, leading the first tier of companies, while other companies like Wanrun New Energy and Defang Nano have market shares between 5%-10% [3] - Top 10 companies such as Anda Technology and Dangsheng Technology saw production growth exceeding 200%, while others like Youshan Technology and Fulin Shenghua surpassed 100% [3] Group 2: Battery Factory Developments - CATL and an Indonesian battery company have officially commenced construction of a joint battery factory in West Java, Indonesia, with an initial capacity of 6.9 GWh expected to be operational by the end of 2026 [4] - The project, known as the "Dragon Project," aims to support the production of batteries for 300,000 electric vehicles, with potential expansion to 40 GWh if additional production lines are approved [4] Group 3: Lithium Market Pricing Trends - Domestic lithium carbonate prices have shown fluctuations, with current prices ranging from 61,400 to 64,000 yuan per ton, influenced by market sentiment and supply conditions [8][9] - The price of phosphate iron lithium has slightly rebounded, currently priced between 29,900 and 31,000 yuan per ton, amid concerns of potential price reductions due to increased competition [10][11] Group 4: Strategic Agreements and Collaborations - Hainan Mining signed a lithium spodumene off-take agreement with LMLB, ensuring the sale of lithium spodumene from the Bukuni lithium mine project starting January 1, 2026 [5] - Fulin Precision and Sichuan Development Longmang have entered a cooperation framework agreement to establish a joint venture for high-pressure dense phosphate iron lithium projects [6] Group 5: Battery and Electric Vehicle Market Insights - In the latest week, domestic electric vehicle sales reached 296,000 units, with a penetration rate of 51.9% for new energy vehicles [17] - The domestic battery market remains stable, with expectations for demand to pick up in August, particularly in the energy storage sector [18]

Group 1 - New Zhonggang's stock price reached a closing price of 8.54 yuan with a trading volume of 73.31 million yuan and a total market capitalization of 3.42 billion yuan on July 4 [1] - The stock appeared on the "Dragon and Tiger List" due to a price deviation of over 7%, with total buy and sell amounts of 36.62 million yuan and 7.46 million yuan respectively, resulting in a net buy of 29.16 million yuan [1] - The top five buying institutions included Kaiyuan Securities and Guotai Junan Securities, while Goldman Sachs and Haitong Securities were among the top sellers [1] Group 2 - Zhejiang New Zhonggang Thermal Power Co., Ltd. was established on October 17, 1997, and went public on July 7, 2021, focusing on the production and supply of thermal and electric power through cogeneration [2] - The company's revenue composition includes steam (71.77%), electricity (16.60%), compressed air (6.89%), coal (2.48%), energy storage electricity (2.03%), and others (0.16%) [2] - As of March 31, the number of shareholders increased by 3.87% to 21,300, while the average circulating shares per person decreased by 3.72% to 18,801 shares [2] Group 3 - New Zhonggang has distributed a total of 344 million yuan in dividends since its A-share listing, with 204 million yuan distributed over the past three years [3]

Core Viewpoint - The news highlights the recent stock reduction activities of Chen Kerang, a director of Fangzhi Technology, indicating potential shifts in shareholder confidence and market dynamics [1][3]. Group 1: Stock Trading Activities - On July 1, Chen Kerang reduced his holdings by 146,500 shares at an average price of 11.03 yuan, resulting in a transaction amount of 1.6159 million yuan, leaving him with 25.7538 million shares [1][3]. - The trading activities also show a pattern of share reductions by Chen Kerang and another shareholder, Zhang Wenkai, over a series of days leading up to July 1, with multiple transactions recorded [3]. Group 2: Company Overview - Fangzhi Technology specializes in the development, sales, and consulting of computer software and hardware, educational software, and various technology services, including AI applications and digital cultural content [2]. - As of December 31, 2024, the company's revenue composition includes 69.3474 million yuan from its main educational software, accounting for 75.26% of total revenue, while AI digital products contributed 10.3851 million yuan, or 11.27% [2]. Group 3: Market Capitalization - The total market capitalization of Fangzhi Technology is reported to be 2.736 billion yuan [4].

Business Overview - Yingjie Electric focuses on the research and manufacturing of industrial power supplies, covering sectors such as photovoltaic, semiconductor, charging piles, energy storage, and research institutions [1] - The photovoltaic sector has historically held a significant share, but the company is shifting its strategy towards semiconductor and charging pile markets, with semiconductor business showing continuous growth [1] - The company has established partnerships with leading domestic enterprises in the charging pile sector, aiming for substantial business scale breakthroughs [1] Nuclear Fusion Sector - Yingjie Electric has a strong technical foundation in controllable nuclear fusion power supply, providing products like cyclotron power supplies and neutral beam power supplies [2] - The company has expanded its product line to include new IGBT-based magnetic field power supplies and has established long-term cooperation with top research institutions [2] - In 2024, orders related to nuclear fusion power supplies exceeded 10 million yuan, with historical cumulative orders reaching several tens of millions [2] Market Potential and Competitive Advantage - The domestic nuclear fusion projects have significant investment scales, ranging from hundreds of millions to billions of yuan, with power supplies constituting a considerable portion of project investments [3] - The company is actively tracking multiple projects entering the bidding phase in the second half of 2025, leveraging its experience in high-power supply development to maintain a competitive edge [3] - Yingjie Electric's production capacity and technical expertise in high voltage and high current control provide a strong advantage in the market [3] Charging Pile Business - The company is developing new charging pile products for leading domestic enterprises, with products currently in the technical validation stage [4] - Successful validation is expected to lead to high-value orders, establishing a solid revenue support system for the charging pile segment [4] - The company is also expanding its overseas market presence through its subsidiary Yingjie New Energy, aiming for significant breakthroughs in international sales networks [5] Financial Risk Management - The company emphasizes the importance of receivables collection in the photovoltaic sector, addressing potential risks from project delays and bad debts [5] - Despite challenges, the photovoltaic industry is expected to recover post-downturn, with the company maintaining a proactive approach to managing financial risks [5] - Most of the unrecognized sales in the photovoltaic sector have been prepaid, effectively reducing financial risks [5]

2025 年 7 月 2 日 电力设备与新能源行业研究 买入（维持评级） 行业月报 证券研究报告 新能源与电力设备组 分析师：姚遥（执业 S1130512080001） yaoy＠gjzq.com.cn 锂电 6 月洞察：国内储能呈现抢装潮，固态设备迎中试交付 本月行业重要变化： 1）锂电：6 月 23 日，碳酸锂报价 5.96 万元/吨，较上月下降 7%；氢氧化锂报价 6.24 万元/吨，较上月下降 5%。 2）整车：5 月国内新能源乘用车批发销量达 122 万辆，同/环比+33%/+17%；1～5 月累计批发 498 万辆，同比+41%。 行情回顾： 2025 年 6 月以来，锂电板块表现较为活跃，超半数环节跑赢沪深 300 和上证 50 指数。三元正极板块实现领涨，涨幅 为 15%；部分板块呈现下跌态势，锂电隔膜、汽车零部件、新能源车板块下跌幅度分别为-3%、-3%、-6%。本月锂电相 关板块多数环节月度成交额继上月大幅下降后开始快速回升，主要系固态电池等板块资金交易活跃。本月多数锂电相 关板块处在 3 年历史估值分位底部，市场对锂电板块关注度回暖，未来存在进一步估值修复空间。 本月研究专题：政策加码制 ...

Core Viewpoint - Delta Electronics announced an investment of NT$6.95 billion to acquire land and facilities from Taifeng Tire located in Guanyin District, Taoyuan City, aimed at expanding into new business areas such as hydrogen energy, energy storage, or data centers [1] Group 1 - Delta Electronics plans to invest NT$6.95 billion for the acquisition [1] - The acquired land and facilities will be utilized for new business ventures [1] - Potential new business areas include hydrogen energy, energy storage, and data centers [1]