Core Viewpoint - The article discusses the performance and trends of new energy storage projects in China during the first quarter of 2025, highlighting a slight decline in installed capacity compared to the previous year, while emphasizing the growth in independent storage projects and advancements in storage technology [1][3][4]. Summary by Sections New Installed Capacity - In Q1 2025, China added 5.03 GW/11.79 GWh of new energy storage capacity, representing a year-on-year decrease of 1.5% and 5.5% respectively [1]. - The grid-side contributed 4.46 GW/10.57 GWh, with a minor decline of 0.2% and 4.4% year-on-year, while the user-side added 575 MW/1124 MWh, showing a more significant drop of 10.9% and 11.6% [1]. Regional Distribution - New energy storage projects were launched across 24 provinces, with Hebei leading in scale. Notably, several independent storage projects exceeding 100 MW were commissioned in Hebei, contributing to a total installed capacity of over 1 million kW [3][4]. Application Distribution - Independent storage projects accounted for over 50% of the new installed capacity, with grid-side power capacity making up 52%, an increase of 17 percentage points year-on-year. The grid-side added 2.63 GW/6.48 GWh, reflecting a year-on-year growth of 46% and 68% respectively [4]. - The power generation side saw a decrease in installed capacity of 31% year-on-year, while the user-side also experienced an 11% decline, primarily in commercial and industrial storage applications [4]. Technology Trends - The majority of new projects utilized electrochemical storage technology, with lithium battery projects comprising 98% of the total. Phosphate lithium battery technology remains dominant [7]. - Several mixed storage projects were launched, combining various technologies such as lithium-ion and sodium-ion batteries, as well as supercapacitors [7][12]. Notable Projects - Key projects include the largest grid-side independent storage project in China located in Hebei, with a capacity of 300 MW/1200 MWh, and the first mixed network-type storage project, which integrates multiple storage technologies [11][12].

正文 在碳达峰、碳中和目标的引领下，我国能源体系正加速向清洁低碳、安全高效转型。近 年来，我国电力行业绿色低碳发展不断取得新成就。"十四五"以来新能源发电装机规模累计 增长157.4%，年均增长26.7%；截至2024年末，以风电、太阳能发电为主的新能源发电装机 规模达到14.5亿千瓦，首次超过火电装机规模。然而，受自然因素和技术限制影响，新能源 发电表现出间歇性和波动性的特点，给电网的安全性和稳定性带来挑战。因此，能够为电网 运行提供调峰、调频、备用、需求响应支撑等多种服务的储能技术，成为解决这一难题的关 键，对于提升电力系统灵活性和安全性具有重要意义。相比传统的抽水蓄能，新型储能技术 具有建设周期短、布局灵活、响应速度快等优势，可以实现电力系统的弹性调节。当前主流 的新型储能技术包括锂离子电池、液流电池等电化学储能技术，压缩空气、飞轮储能等物理 储能技术，储热、储冷等热力学储能技术，以及氢储能等化学储能技术。 摘要 近年来，我国电力行业绿色低碳发展不断取得新成就，截至2024年末，我国新能源装机 规模首次超越火电，然而新能源发电的波动性对电网稳定性构成挑战。在此背景下，具备布 局灵活、响应迅速等优势的新型 ...

Investment Rating - The report indicates a positive investment outlook for the new energy storage industry, driven by favorable policies and increasing demand for renewable energy integration [6][20]. Core Insights - The new energy storage sector in China is experiencing rapid growth, with installed capacity surpassing pumped storage for the first time by the end of 2024, reaching 73.76 million kilowatts [9][12]. - The industry is supported by a series of favorable policies since 2021, which have clarified development goals and established the independent market status of new energy storage [5][6]. - The report highlights the need for the industry to transition from policy-driven growth to market-oriented development, addressing challenges such as resource dependency and safety risks [20][22]. Summary by Sections Industry Policy - Since 2021, numerous policies have been introduced to support the new energy storage sector, including the establishment of clear development goals and market mechanisms [5][6]. - Key policies include the target of achieving over 30 million kilowatts of installed capacity by 2025 and the promotion of independent energy storage participation in the electricity market [5][6][7]. Development Status - The cumulative installed capacity of new energy storage in China has seen exponential growth, with a 130% increase from the end of 2023 to the end of 2024 [9][12]. - The majority of new energy storage installations are concentrated in provinces with abundant renewable resources, such as Inner Mongolia and Xinjiang, as well as in major electricity consumption provinces like Shandong and Jiangsu [12][13]. - Large-scale energy storage projects are accelerating, with a significant increase in long-duration storage projects [19]. Opportunities and Challenges - The new energy storage industry is at a critical juncture, with opportunities arising from policy incentives, increasing demand for renewable energy consumption, and technological advancements [20][21]. - However, challenges include reliance on lithium resources, safety risks associated with lithium batteries, and the slow commercialization of non-lithium technologies [22][23].

Core Viewpoint - Wanliyang (002434.SZ) reported a slight increase in revenue for 2024, but a significant decrease in net profit due to high investment costs in digital upgrades and new projects [1][2] Financial Performance - In 2024, Wanliyang achieved operating revenue of 6.013 billion yuan, a year-on-year increase of 1.69% [1] - The company's net profit attributable to shareholders was 240 million yuan, a decrease of 20.30% [1] - The non-recurring net profit was 220 million yuan, showing a slight increase of 0.34% [1] - Operating cash flow was 464 million yuan, up 4.62% year-on-year, indicating stable operational quality [1] New Business Growth - The new energy storage business showed strong growth, contributing significantly to profits with revenue of 191 million yuan, a year-on-year increase of 410.98% [1] - The energy company signed contracts for over 6.5 billion kWh of retail market electricity and traded 1.6 million green certificates domestically [2] - The company has operational independent energy storage stations in Guangdong and Zhejiang, yielding good returns [1][2] Product Development and Innovation - Wanliyang invested 336 million yuan in R&D in 2024, accounting for 5.59% of operating revenue [3] - The company is developing new products such as robotic harmonic reducers and planetary reducers, with successful prototype testing [3] - The Smart Star series of heavy-duty truck gearboxes has gained recognition from major domestic commercial vehicle clients, with 12 models in mass production and 15 models in calibration [2] Shareholder Returns - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 131 million yuan, with a payout ratio of 54.69% [3] Strategic Vision - Wanliyang aims to become a world-class automotive parts supplier, focusing on the trends of electrification, intelligence, connectivity, and automation in the automotive industry [3] - The company is committed to expanding its core automotive parts business and developing new revenue streams in non-road vehicle transmission/driving systems and humanoid robot components [3]

2025年初，国家发改委、国家能源局《关于深化新能源上网电价市场化改革 促进新能 源高质量发展的通知》（"136号文"）的发布吹响了新能源全面参与电力市场的号角。中国 人工智能企业深度求索（Deep Seek）的横空出世，让人工智能(AI)正以前所未有的速度渗 透至各行各业。在这两大因素的交织影响下，作为支撑新能源规模化发展的关键技术——新 型储能如何赋能新能源全面入市？AI技术又如何切实提升储能项目盈利能力？尤其是，在 储能企业踊跃"出海"过程中怎样理性看待海外市场的"风雨和彩虹"？ 近日，《中国能源报》记者采访远景高级副总裁、远景储能总裁田庆军，分享他对当前 新型储能产业热点话题的企业思考、技术驱动发展逻辑，以及对产品未来竞争维度的价值判 断。 围绕"136号文"后储能参与市场交易的趋势，远景储能正在推动储能与AI深度融合，打 造全自动、全智能的智慧交易型储能，为客户提供在电力市场交易中"稳盈"的解决方 案。"软硬件融合的高度智能将主导储能参与交易。"在田庆军看来，储能正在成为新型电力 系统中的智能体，通过大数据、大模型来连接软件和硬件，实时感知和预测气象、新能源功 率、负荷等，通过精准电价预测，结合设备 ...

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 1,045 billion yuan at an interest rate of 1.5%, resulting in a net withdrawal of 144 billion yuan due to 1,189 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments continued to rise slightly, with overnight Shibor increasing by 0.70 basis points to 1.7080%, and 7-day Shibor rising by 0.10 basis points to 1.6960% [1][2] - The overnight funding volume and price in the interbank pledged repo market fell, with the weighted average rates for DR001 and R001 decreasing by 0.6 basis points and 0.5 basis points, respectively, while DR007 and R007 saw increases of 0.3 basis points and 1.1 basis points [6] Group 2 - The overall funding environment on April 16 was balanced and slightly loose, with overnight deposit rates for certificates of deposit trading at 1.60%-1.65% and 7-day rates at 1.70% [12] - A total of 98 interbank certificates of deposit were issued on April 16, with an actual issuance amount of 1,077.5 billion yuan [12] - The first quarter saw cross-border RMB transactions between China and Malaysia amounting to 1,020 billion yuan, reflecting a year-on-year growth of 27% [15]

文 | 央视新闻 今年政府工作报告明确将"新型储能"列为快速发展的新兴产业之一，并强调其作为国家能源战略转型的重 要支撑作用。开年以来，各地加速推进新型储能项目建设，装机规模快速增长。 参展商 纪律： 这套技术特点就是一个是规模大，单机可以做到300兆瓦以上，容量是需要4~10个小时储存 容量，同时它寿命很长，30年到50年的使用寿命。 在我国首个吉瓦时级新型储能安全监测平台演示区，技术人员告诉记者平台通过470多万个测点数据信息进 行精准采集，运用近1800万个算法进行秒级的大数据分析，能够帮助运维人员随时掌握储能设备的健康状 态。 参展商 陈满： 这个算法的准确率达到了97.6%，一旦设备有异常，它能够提前15分钟通知报警给运维人 员，避免事故的发生，减少损失。 人工智能与储能产业的融合催生出全新应用场景。这套专门为储能系统搭建的交易智能体，内置人工智能 交易大模型，可以实现气象预测、电价预测、自动生成交易策略和控制执行。 参展商 田庆军： 目前在山东滨州、江苏射阳、内蒙古都搭载了这一套智能交易体，它比传统的人工或者软 件平均预测准确率可以高出5%。 在各地新型储能项目加速建设的同时，技术创新也在同步推进 ...

今年政府工作报告明确将"新型储能"列为快速发展的新兴产业之一，并强调其作为国家能源战略转型的重要支撑作用。开年以来，各地加速推 进新型储能项目建设，装机规模快速增长。 在新疆吉木萨尔，100万千瓦光伏+100万千瓦时全钒液流储能一体化项目正在积极推进，作为吉瓦时级的钒电池储能项目，具有安全性高、充放电循环 寿命长等优点，可满足大规模长时储能需求。目前光伏区已具备并网条件，储能工程进度完成30%。 在青海格尔木，世界最大规模液态空气储能项目安装调试进度已过半，计划年内并网发电。项目采用新一代的深低温蓄冷关键技术，通过-196℃低温环 境将空气转化为液态存储，能量密度较传统技术提升3倍以上。 中国绿发青海分公司液化空气储能项目负责人 郑刚基：它就相当于一个巨型充电宝，将气态空气转化为液态空气实现储能，将液态空气汽化转化为气 态空气释放能量，带动汽轮机发电。 此外，氢能也是储能技术的重要方向之一。在吉林，全球最大绿色氢氨醇一体化项目正在建设中，项目配备45万立方米的氢气储罐，能够将多余的电量 通过电解水制取氢气，再进一步合成绿氨与绿色甲醇。 中国能建氢能公司负责人 李京光：项目计划2025年下半年投产，投产后，将实 ...

2 0 25 年 4 月 10 日 ， 全 球 储 能 行 业 顶 级 盛 会 —— 第 十 三 届 储 能 国 际 峰 会 暨 展 览 会 （ESIE2025）在北京·首都国际会展中心盛大开幕 。ESIE 2 0 2 5由中关村储能产业技术 联盟、中国能源研究会和中国科学院工程热物理研究所主办。本届峰会以"数智赋能产业 变革，储能重塑能源格局"为主题，开幕式现场汇聚了国内外政府主管部门、科研院所、 电网公司、发电集团、储能产业链龙头企业等1000余人参与，线上通过新华社、中关村 储能产业技术联盟视频号直播，总观看突破230万人次。 今年，峰会规模再创新高，各项数据刷新历史记录。 16万 平展览面积、 近8 0 0家 展商、 5 0 余 场会议活动、 1 0 0 余 场新品发布会，第一天线下到场参观人数达 5万余人 。 政产学研，领袖云集 致辞嘉宾 中国能源研究会理事长史玉波、国家能源局能源节约和科技装备司副司长边广琦、工业和 信息化部电子信息司二级巡视员周海燕、国家电网总工程师孟庆强。 特邀院士 中 国 工 程 院 院 士 杨 裕 生 、 中 国 科 学 院 院 士 周 孝 信 、 中 国 科 学 院 院 ...

Core Viewpoint - The 2025 Energy Storage Industry Research White Paper highlights the rapid growth and transformation of the global energy storage market, particularly emphasizing China's leadership in new energy storage technologies and the increasing diversification of storage solutions [1][11][34]. Global Energy Storage Market Scale - As of the end of 2024, the global installed capacity of energy storage projects reached 372.0 GW, marking a year-on-year growth of 28.6%. Pumped hydro storage's share fell below 60% for the first time, while new energy storage capacity reached 165.4 GW, a significant increase of 81.1% [2][40]. - The global market saw over 80 GW of new energy storage projects added in 2024, totaling 82.7 GW, which represents a 59.0% increase year-on-year. New energy storage accounted for nearly 90% of this growth [7][49]. China's Energy Storage Market Scale - By the end of 2024, China's installed energy storage capacity reached 137.9 GW, accounting for 37.1% of the global total, with a year-on-year growth of 59.9%. New energy storage capacity surpassed pumped hydro for the first time, reaching 78.3 GW, which constitutes 47% of the global market [5][45]. - In 2024, China added 43.7 GW/109.8 GWh of new energy storage capacity, achieving a year-on-year growth of 103%/136%, and capturing 60% of the global market share [9][51]. Major Global Energy Storage Markets - The United States and Europe continue to lead the global energy storage market, with the U.S. adding 11.8 GW/31.2 GWh of new capacity in 2024, a 35.1%/20% increase, reclaiming the second position globally [10][54]. - In Europe, new energy storage installations reached 11.1 GW/21.1 GWh, reflecting a 10.7% increase, although the market dynamics are shifting with a notable decline in household storage installations [10][57]. Future Predictions for China's Energy Storage Market - The white paper predicts that under conservative scenarios, China's new energy storage capacity could reach 236.1 GW by 2030, with a compound annual growth rate (CAGR) of 20.2% from 2025 to 2030. In an ideal scenario, this could rise to 291.2 GW with a CAGR of 24.5% [12][13]. - The new energy storage market in China is expected to transition from being policy-driven to market-driven as it matures [11]. Technological Developments and Market Trends - The report notes significant advancements in energy storage technologies, including the commercialization of sodium-ion batteries and the emergence of solid-state batteries, which are expected to enter the market by 2025 [30][31]. - The energy storage industry is experiencing intense competition, with price wars leading to a decline in product prices, while the market continues to expand [29][34]. Investment and Market Dynamics - The energy storage sector is witnessing a surge in investment, with a record number of tenders and contracts in 2024, indicating robust market activity and interest from various sectors [86][89]. - The CNESA Energy Storage Index showed a 37.8% increase in 2024, outperforming the ChiNext Index, reflecting the sector's resilience despite challenges [97][100].