Core Insights - The energy storage system bidding scale in October reached 3.2GW/12.6GWh, showing a year-on-year increase of 56.6% in power and 116.8% in energy, but a month-on-month decrease of 39.6% in power and 37.9% in energy [2][4] - The EPC (including PC) bidding scale was 6.0GW/15.1GWh, with a year-on-year increase of 58.4% in power and 43.5% in energy, but a month-on-month decrease of 32.3% in power and 35.5% in energy [2][4] - The decline in bidding scale is attributed to the seasonal adjustment in the bidding market as project construction progresses towards the end of the year [4] Bidding Scale - The energy storage system bidding scale in October continued its downward trend, with a significant year-on-year increase but a month-on-month decline [3] - The total number of bidding segments tracked was 157, which is a decrease of 4.8% year-on-year and 31.4% month-on-month [2] Regional Distribution - Ningxia led the national EPC bidding scale in October with 3.46GWh, primarily due to multiple projects in the Zhongwei area [7] - Xinjiang ranked among the top three in national EPC bidding scale for six consecutive months, with a focus on grid-structured projects [8] - Henan's EPC bidding scale reached 1.8GWh, with over 50% from user-side projects [8] Bidding Prices - The average bidding price for 2-hour energy storage systems was 576.7 yuan/kWh, showing a slight year-on-year decrease of 0.3% and a month-on-month decrease of 2.3% [12] - The average bidding price for 4-hour energy storage systems increased by 45.9% month-on-month, primarily due to several grid-structured projects [12] - The average bidding price for EPC projects was 1061.9 yuan/kWh for 2-hour systems, reflecting a year-on-year increase of 13.3% but a month-on-month decrease of 2.5% [15]

行业日报 | 北交所 震荡收跌，电力板块大涨 北交所市场点评——20251105 核心结论 行情回顾：1）指数层面：11 月 5 日北证 A 股成交金额达 222.1 亿元，较上 一交易日减少 7.3 亿元，北证 50 指数收盘价为 1525.57，下降 0.21%， PE_TTM 为 72.25 倍。北证专精特新指数收盘价为 2567.09，下降 0.15%。 2）个股层面：当日北交所 281 家公司中 182 家上涨，5 家平盘，94 家下跌。 其中涨幅前五的个股分别为：灿能电力（30.0%）、亿能电力（20.8%）、 广信科技（13.3%）、球冠电缆（9.5%）、开特股份（6.6%）；跌幅前五的 个股分别为：富士达（-7.7%）、数字人（-6.4%）、铁拓机械（-5.2%）、 国子软件（-5.1%）、天马新材（-4.7%）。 新闻汇总：1）截至 9 月底我国新型储能装机规模超 1 亿千瓦：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。 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 ...

11月6日，创业板新能源ETF华夏（159368）上涨0.06%，持仓股新宙邦、道氏技术、金力永磁翻 红。 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。（联接A：024419联接C：024420） 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 据国家能源局最新数据，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% ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - The lithium carbonate market shows a complex situation with both supply and demand sides having growth potential. The price of lithium carbonate futures is volatile, and the option market sentiment is bullish. It is recommended to conduct light - position short - term long trades at low prices while controlling risks [2]. 3. Summary According to Related Catalogs Futures Market - The closing price of the main contract is 80,500 yuan/ton, up 1,360 yuan; the net position of the top 20 is - 164,646 hands, up 6,420 hands; the position volume of the main contract is 471,983 hands, up 18,723 hands; the spread between near - and far - month contracts is - 2,480 yuan/ton, down 1,280 yuan; the Guangzhou Futures Exchange warehouse receipt is 26,420 hands/ton, down 410 hands [2]. Spot Market - The average price of battery - grade lithium carbonate is 80,400 yuan/ton, down 100 yuan; the average price of industrial - grade lithium carbonate is 78,200 yuan/ton, down 100 yuan; the basis of the Li₂CO₃ main contract is - 100 yuan/ton, down 1,460 yuan [2]. Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 970 US dollars/ton, unchanged; the average price of amblygonite is 8,405 yuan/ton, up 65 yuan; the price of lepidolite (2 - 2.5%) is 3,060 yuan/ton, unchanged [2]. Industry Situation - The monthly output of lithium carbonate is 47,140 tons, up 1,260 tons; the monthly import volume is 19,596.90 tons, down 2,250.01 tons; the monthly export volume is 150.82 tons, down 218.09 tons; the enterprise operating rate is 47%, up 1%; the monthly output of power batteries is 151,200 MWh, up 11,600 MWh; the price of lithium manganate is 33,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 11.90 million yuan/ton, up 0.25 million yuan; the price of lithium cobalt oxide is 343,500 yuan/ton, unchanged; the price of ternary material (811 type) in China is 164,500 yuan/ton, unchanged; the price of ternary material (622 power type) in China is 144,500 yuan/ton, unchanged [2]. Downstream and Application - The price of ternary material (523 single - crystal type) in China is 156,000 yuan/ton, unchanged; the operating rate of ternary cathode materials is 53%, down 2%; the price of lithium iron phosphate is 3.48 million yuan/ton, unchanged; the operating rate of lithium iron phosphate cathode is 59%, up 2%; the monthly output of new energy vehicles is 1,617,000, up 226,000; the monthly sales volume is 1,604,000, up 209,000; the cumulative sales penetration rate is 46.09%, up 0.55%; the cumulative sales volume is 11,228,000, up 2,908,000; the monthly export volume is 222,000, down 2,000; the cumulative export volume is 1,758,000, up 830,000; the 20 - day average volatility of the target is 31.02%, up 0.32%; the 40 - day average volatility is 27.41%, up 0.06% [2]. Option Situation - The total subscription position is 239,975, down 1,773; the total put position is 130,787, up 17,281; the put - call ratio of the total position is 54.50%, up 7.5481%; the implied volatility of at - the - money IV is 0.28%, down 0.0027% [2]. Industry News - In October 2025, Chile exported 25,000 tons of lithium carbonate, a 56% month - on - month increase. From January to October 2025, Chile exported 189,400 tons of lithium carbonate, a 5.3% year - on - year decrease. In October 2025, Chile exported 1,708 tons of lithium sulfate, all to China, an 80% month - on - month decrease. From January to October 2025, Chile exported 72,000 tons of lithium sulfate, an 81% year - on - year increase [2]. - As of the end of September, China's new energy storage installed capacity exceeded 100 million kilowatts, more than 30 times that at the end of the 13th Five - Year Plan, ranking first in the world [2]. - TrendForce predicts that the global demand for solid - state batteries (including semi - solid) will exceed 206 GWh in 2030 and expand to over 740 GWh in 2035 [2]. - In October 2025, the retail sales of new energy passenger vehicles in China were 1.4 million, a 17% year - on - year increase and an 8% month - on - month increase, with a penetration rate of 58.7% [2]. 4. Technical Analysis - On the technical side, the 60 - minute MACD has both lines below the 0 - axis and the green bar is converging [2]. 5. Operation Suggestion - Conduct light - position short - term long trades at low prices and pay attention to controlling trading rhythm and risks [2].

Core Viewpoint - The article emphasizes the rapid growth and significance of new energy storage in China, highlighting its role in the global energy transition and the potential for a trillion-dollar market [3][4][5]. Summary by Sections New Energy Storage Development - As of September 2023, China's new energy storage installed capacity reached 103 million kilowatts, growing over 30 times since the end of the 13th Five-Year Plan, accounting for over 40% of the global total [3][5]. - The National Energy Administration reported that the installed capacity of new energy storage has become a crucial part of the new power system [5]. Market Dynamics and Investment - New energy storage has directly driven project investments exceeding 200 billion yuan and has stimulated over 1 trillion yuan in the upstream and downstream industries [7]. - The average bidding price for EPC contracts has decreased by approximately 40%, and battery cell prices have dropped by about 60% compared to 2022, indicating a trend of cost reduction and accelerated international expansion [6]. Technological Innovations - Lithium-ion battery storage dominates the market with over 98.1 million kilowatts, representing 96.1% of the total installed capacity [6]. - New energy storage technologies, including compressed air and liquid flow batteries, are being implemented, with liquid flow battery capacity increasing to 1.15 million kilowatts, a 30-fold increase since the end of the 13th Five-Year Plan [10]. Policy and Market Mechanisms - The introduction of the "136 Document" aims to clarify the market value of energy storage, promoting its integration into market trading systems [10]. - There is a need for a capacity compensation mechanism for new energy storage to ensure stable market returns, as current policies do not adequately reflect the value of storage's flexible regulation capabilities [11]. Future Outlook - By 2030, China's new energy storage capacity is projected to reach between 236.1 GW and 291.2 GW, with a compound annual growth rate of 20.2% to 24.5% from 2025 to 2030 [14]. - The shift in business models towards high-quality, cost-effective storage products is expected to enhance market competitiveness and drive the industry towards high-quality development [15].

Core Viewpoint - The forum emphasized the critical role of new energy storage in supporting global energy transition and sustainable development, highlighting its rapid development and the need for improved policy mechanisms to maximize its value [3][4]. Group 1: Forum Overview - The 8th Hongqiao International Economic Forum focused on "Promoting Global Energy Transition through High-Quality Development of New Energy Storage" [1]. - Key officials from the National Energy Administration and other countries attended, discussing the integration of new energy storage with renewable energy and the design of incentive mechanisms [4]. Group 2: New Energy Storage Development - The National Energy Administration reported that by September 2025, the installed capacity of new energy storage in China is expected to exceed 100 million kilowatts, significantly contributing to renewable energy consumption and reliable power supply [3]. - Since the 14th Five-Year Plan, investments in new energy storage projects have surpassed 200 billion yuan, driving over 1 trillion yuan in upstream and downstream investments [3]. Group 3: Future Directions - The National Energy Administration aims to support technological innovation in new energy storage and improve market mechanisms to foster high-quality development [3]. - There is a consensus among participants that new energy storage has entered a phase of rapid scale development and is essential for enhancing system regulation capabilities and ensuring energy security [4].

Group 1: Asset Allocation Strategy - The report emphasizes a shift from a barbell strategy to a quality strategy in asset allocation, highlighting opportunities in both technology and non-technology sectors as part of a broad revaluation of the Chinese market [2][9][18] - The report suggests a bullish outlook on Chinese A/H shares, driven by accelerated economic transformation and increased asset management demand due to declining risk-free interest rates [24][25] - It anticipates a moderate recovery in the Eurozone economy in 2026, recommending a benchmark allocation, while suggesting an underweight position for Indian stocks due to uncertainties [24][25] Group 2: Bond Market Insights - The report predicts a slight upward trend in domestic bond yields, influenced by a stable yet slightly easing monetary policy and positive fiscal policy orientation [3][25] - It notes that U.S. Treasury yields may decline moderately due to easing inflation expectations and a resilient economy [3][25] Group 3: Commodity Market Outlook - The report maintains a bullish stance on gold and copper, citing a long-term view on gold's monetary attributes and a structural demand for copper driven by AI infrastructure and grid upgrades [4][26] - It highlights that oil prices are under pressure due to oversupply, while copper prices are supported by supply constraints [4][26] Group 4: Pharmaceutical Industry Analysis - The report indicates a significant increase in the total market value of pharmaceutical stocks held by public funds, rising from 300.9 billion to 409 billion yuan, a 35.9% increase [10][27] - It notes that the proportion of pharmaceutical stocks in public fund holdings has increased to 10.53% as of Q3 2025, reflecting growing confidence in the sector [12][27] - The report identifies chemical preparations, other biological products, and medical devices as the leading segments within the pharmaceutical sector [12][27] Group 5: Gaming Industry Performance - The gaming industry has shown strong growth, with Q3 2025 revenues reaching 30.362 billion yuan, a year-on-year increase of 28.6% [29][30] - The report highlights the positive impact of new product launches and a stable regulatory environment on the gaming sector's performance [29][30] - It emphasizes the importance of high-quality product reserves and overseas expansion for companies in the gaming industry [29][30]

Market Overview - The A-share market opened strongly on November 6, with the Shanghai Composite Index surpassing 4000 points, the Sci-Tech 50 recovering 1400 points, and the ChiNext Index breaking through 3200 points, indicating a positive market sentiment [1] - The overall trading volume showed a moderate increase, reflecting heightened investor activity [1] Sector Performance - The power equipment, semiconductor, defense, and agricultural chemical sectors led the gains, while forestry, broadcasting, Hainan Free Trade Zone, and short drama gaming sectors experienced declines [2] - The power equipment sector continued to strengthen, with the energy storage industry showing significant activity and the sector index reaching a historical high [4] Individual Stock Highlights - Several stocks in the energy storage sector, such as Baobian Electric and Hezhan Energy, opened with a limit-up, while over 20 stocks, including Chongde Technology and Tongye Technology, saw limit-up or gains exceeding 10% [4] - Notable individual stock performances included Tongye Technology with a 14.04% increase, Zhongneng Electric at 13.26%, and Dadi Electric at 10.76% [5] Defense Industry Insights - The defense and military sector opened strongly, with the aviation equipment segment leading the gains, and the sector index rising over 2% [7] - The defense industry reported significant growth in Q3 2025, with total revenue reaching 196.53 billion yuan, a year-on-year increase of 60.3%, and net profit of 10.69 billion yuan, up 88.8% [9] - The military electronics segment experienced the fastest revenue growth, achieving 52.74 billion yuan in Q3, a 142.5% increase year-on-year [9] Future Outlook - The energy storage industry is expected to maintain a strong growth trajectory, with projections indicating that by September 2025, China's new energy storage installed capacity will exceed 100 million kilowatts, representing a more than 30-fold increase compared to the end of the 13th Five-Year Plan [6] - The defense sector is anticipated to enter a new cycle of fundamental recovery, with core military stocks showing significant performance improvements in Q3, indicating a potential for sustained growth [10]

近年来，鼎和保险围绕新型能源体系建设和新型电力系统建设，着力建强风险减量管理 能力，在服务能源新质生产力发展中超前布局，逐步建立起差异化竞争优势。鼎和保险充分 考量自身战略定位和经营特色，超前布局新型电力系统领域保险，立足"能源行业保险专 家"战略定位，于2021年成立国内首个新型电力系统保险研究中心，建立新型电力与能源保 险事业群，围绕"源网荷储碳数"核心领域，聚焦清洁能源、数字电网、负荷资源、储能产 业、电碳市场五大重点，研发电化学储能系列及知识产权等19款创新产品，其中9款属行业 首创。鼎和保险依托自身资源禀赋，打造创新研究平台，深入探索保险与能源的深度融合和 发展路径，打造能源保险领域具有行业影响力的创新研究平台。近年来，陆续发布行业首份 《新型电力系统保险产品创新及顶层设计规划研究》《电化学储能保险发展研究报告》等具 有行业影响力的领先研究成果，牵头编制《电化学储能电站保险风险评估指引》。课题成果 《"双碳"目标下碳保险发展研究及政策建议》作为唯一金融保险领域案例入选国务院国资委 发布的国资国企优秀研究成果集。 结合储能技术多维度应用场景，鼎和保险创新推出"储能保"等6款储能专属保险产品， 覆盖储能 ...

Core Insights - The power grid equipment sector is experiencing a strong market trend, supported by multiple favorable factors, including steady growth in national grid market transactions and significant increases in green electricity trading [1] - Analysts believe that the short-term performance of the power grid equipment sector is driven by policy and data catalysts, while long-term benefits will arise from deepening market reforms and cost improvements, leading to expected profit enhancements and value reassessments throughout the year [1] Market Dynamics - The demand for power distribution and transmission is becoming a market focus due to the global AI industry's explosive growth, which is driving a surge in electricity demand [2] - The construction of AI computing centers (AIDC) is entering a rapid development phase, with companies like Jinpan Technology achieving significant sales growth of 337.47% year-on-year in the first nine months of 2025 [2] - Traditional power grid equipment companies are making forward-looking investments in areas such as HVDC, SST, and supercapacitors, indicating a sustained industry boom [2] International Expansion - Power grid equipment companies are making positive strides in overseas market expansion, with Guodian NARI achieving over 200% year-on-year growth in international contracts in the first half of 2025 [3] - Siyuan Electric has maintained a strong growth trend in overseas revenue since 2020, with a compound annual growth rate (CAGR) of 26.98% [3] ETF Performance - The power grid ETF (159320) has seen a 3.00% increase, marking three consecutive days of gains, with the top ten weighted stocks accounting for 52.7% of the ETF [3] - As of November 5, the power grid ETF's net asset value has increased by 79.40% over the past six months, ranking it 46th out of 3845 index equity funds [3] Fund Size and Inflows - The latest size of the power grid ETF reached 93.89 million yuan, a six-month high, with the number of shares also hitting a six-month high at 57.75 million [4] - The ETF has experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 11.36 million yuan, totaling 27.19 million yuan [4]