熔盐储能原理示意 今年8月，国家能源集团安徽宿州热电1000兆瓦时全国最大"煤电+熔盐"储热项目通过168小时试运行，正式投入商业运营。10月，全球首个"双塔一机"光热 储能电站——甘肃酒泉瓜州70万千瓦"光热储能+"项目成功进入全系统试运行。两个代表性项目落地，标志熔盐储能在应用上取得进一步突破。 熔盐塔式光热电站 根据光热发电领域头部企业——可胜技术今年10月向港交所递交的上市申请文件，截至2025年6月底，中国光热发电累计装机容量为1.52GW，预测到2030 年，存量装机容量有望达到17.7GW，这意味，在未来五年多时间里，光热发电装机规模有超过十倍的增长空间。 智通财经11月26日讯（记者 王萧）新型储能技术百花齐放，锂离子电池目前一枝独秀，其他技术路线如熔盐储能、液流电池、压缩空气储能等，则仍处于 商业化应用早期或示范阶段，但这些"小众"技术路线，各有其发挥优势的应用场景，未来装机规模也不可小觑，其中，熔盐储能是较快成长的新兴赛道，尤 为受资本关注。 应用突破在持续 熔盐储能技术原理不复杂，其以高温熔盐作为储能介质，熔盐在高温下可以储存大量热能，并在需要时释放出来，转换成电能或其他形式的能量。容量 ...

Core Points - The 8th China International Photovoltaic and Energy Storage Industry Conference was held from November 17 to 20, 2025, in Chengdu, with the theme "Solar Storage Coexistence, Integration Empowerment, Intelligent Innovation for the Future" [1][2] - The conference attracted over 5,000 participating and exhibiting companies, with a total project signing amount exceeding 33 billion yuan, marking a historic high for the event [2][51][58] - The event featured 45 sessions, including main meetings, parallel sessions, and evening events, showcasing the industry's strong growth and global influence [2][64] Event Highlights - The conference maintained high standards and attracted a record number of important leaders, global business leaders, and authoritative experts [2][4] - The event was supported by nearly 100 domestic and international authoritative organizations, enhancing its credibility and reach [23][25] - Over 200 media outlets covered the conference, with online engagement surpassing 200 million views, highlighting the event's significance in the global energy transition [2][128][130] Industry Impact - The conference emphasized the importance of collaboration and innovation in the photovoltaic and energy storage sectors, addressing industry challenges and promoting sustainable development [87][93] - The event facilitated the signing of numerous projects across various segments of the energy industry, including photovoltaic projects, energy storage, and smart energy solutions [58][60] - The establishment of the Global Energy Storage Industry New Media Alliance during the conference aims to enhance communication and collaboration within the industry [130]

Group 1: AIDC and North America Power Shortage Opportunities - The company maintains a positive outlook on AIDC and the opportunities arising from power shortages in North America, emphasizing the need for systematic upgrades across generation, transmission, and consumption sides of electricity [2] - On the generation side, the company sees commercial potential in SOFC as it scales up in the future [2] - The company recommends Magpower for its strong positioning in the market [2] Group 2: New Energy Vehicles - In October, domestic new energy vehicle wholesale sales reached 1.62 million units, with a year-on-year increase of 18% and a month-on-month increase of 8%, while retail sales were 1.28 million units, showing a slight month-on-month decline of 1% [3] - Export sales for new energy vehicles exceeded 250,000 units, marking a year-on-year increase of over 100% and a month-on-month increase of 19% [3] - The company anticipates continued demand for vehicle purchases in November, potentially leading to further sales growth [3] - Recommended companies include Yiwei Lithium Energy and Enjie [3] Group 3: Energy Storage - Global energy storage project capacity increased by approximately 9,201 MW/27,428 MWh, with a rise in awarded capacity [4] - The company is optimistic about the diversified development of new energy storage technologies and sees investment opportunities in the domestic industrial and commercial storage market [4] - The company recommends Haibo Sichuang, Shenghong Co., and Kehua Data [4] Group 4: Power Equipment - Five back-to-back interconnection projects have been approved, with a total investment of 24.4 billion yuan [5] - The company notes that prices for transformers and complete sets of equipment have stabilized and rebounded [5] - The company continues to view power grid investment as maintaining high prosperity, with accelerated construction of ultra-high voltage projects expected [5] - Recommended companies include Siyuan Electric, Pinggao Electric, and Guodian Nari [5]

Core Insights - The 2025 8th China International Photovoltaic and Energy Storage Industry Conference was held in Chengdu, focusing on the theme "Photovoltaic and Energy Storage Empowering Intelligent Future" [1] - The conference attracted over 5,000 participating and exhibiting companies, with total project signing amounts exceeding 33 billion RMB [1][14] - The event featured a record number of high-profile guests, including government leaders, industry experts, and representatives from nearly 20 government delegations [3][4] Event Overview - The conference took place from November 17 to 20, 2025, and is recognized as one of the top three international events in the photovoltaic and energy storage industry globally [2] - A total of 45 events were held during the four days, including main meetings, parallel sessions, and award ceremonies [1][15] - The event was supported by over 100 authoritative organizations, enhancing its credibility and reach [10] Participation and Engagement - More than 2,500 key guests, including industry leaders and experts, attended the conference, marking a historical high in guest specifications and scale [6][14] - Over 100 international buyers participated, representing various regions including Europe, Asia, Africa, and Latin America, focusing on the entire renewable energy supply chain [12] Industry Impact - The conference facilitated the signing of projects worth over 33 billion RMB, covering various aspects of the renewable energy industry, including photovoltaic and energy storage projects [14] - The event emphasized the importance of collaboration and innovation in the renewable energy sector, aiming to drive high-quality development and support China's dual carbon goals [14][17] Knowledge Sharing - The conference included discussions on key topics such as technological innovation, market applications, and investment cooperation, providing a comprehensive platform for industry dialogue [15] - Notable publications during the event included the "Chengdu Declaration" and the "2025 China and Global New Energy Development White Paper," which aim to guide industry participants [17]

Core Insights - The 2025 8th China International Photovoltaic and Energy Storage Industry Conference concluded in Chengdu, focusing on the theme "Photovoltaic and Energy Storage Integration Empowering Intelligent Future" [1] - The conference achieved record participation, with over 5,000 companies attending and a total project signing amount exceeding 33 billion RMB [1][8] - The event emphasized the importance of international collaboration, attracting over 100 overseas buyers from various regions [2] Group 1: Conference Highlights - The conference maintained high standards, featuring a record number of foreign guests and authoritative organizations [1] - A total of 45 events were held, including main meetings and parallel sessions, showcasing the industry's growth and innovation [1] - The conference launched the "2025 China Energy Storage Festival" and established a global energy storage media alliance [1] Group 2: Industry Development - The conference highlighted the rapid development of the silicon photovoltaic industry in Sichuan, with significant projects signed in various cities [8] - The total project investment covered various aspects of the energy sector, including centralized and distributed photovoltaic projects, independent energy storage, and smart energy solutions [8][9] - The event served as a core platform for industry collaboration, promoting the integration of the entire energy industry chain [9] Group 3: Innovation and Collaboration - The conference provided a multi-level communication platform, addressing key topics such as technology innovation, market application, and investment cooperation [11] - Various forums and summits were held, focusing on the integration of energy storage and power supply chains, as well as sustainable development practices [11] - The release of the "2025 China Energy Storage Brand Top 100 List" showcased leading brands in the industry, promoting innovation and core capabilities [13]

本届大会继续保持"高规格、高水平、高标准"历届特点，以全球化视野、专业化水准、产业化担当，交出了一份亮眼的"成绩单"，多项数据创历史之最：国 家、省、市各级重要领导、全球领袖企业家、权威专家学者等嘉宾规格再创新高；外籍嘉宾的参会人数、联袂组织的权威机构数量，均创历史之最；4天时 间举办主会议、各类平行会议、晚会等共计45场，参会、参展企业5000余家，各类项目签约总额超330亿元；隆重发布《"破除'内卷式'竞争 筑牢全球能源安 全基石"成都宣言》、"太阳神"全球光储·中国名片系列大奖隆重颁发、"2025中国光储节"盛大启幕、全球光储行业新媒体联盟隆重成立；全球200余家媒体聚 焦大会，全网传播量突破2亿人次。 自2018年起，中国国际光伏与储能产业大会已连续成功举办八届，行业引领力、全球影响力、项目带动力、综合辐射力持续增强，已成为继上海SNEC光伏 大会和德国慕尼黑国际太阳能光伏展之后，全国乃至全球排名前三的光储行业国际盛会之一。 大会启动仪式现场 11月17日至20日，2025第八届中国国际光伏与储能产业大会在成都世纪城新国际会展中心隆重举行。作为全球前三的光储行业国际盛会，本届大会以"光储 同辉 融合赋 ...

Core Viewpoint - The A-share market experienced a downward trend on November 11, with the ChiNext New Energy ETF (Hua Xia, 159368) showing weak fluctuations but a slight increase of 0.19%. The market is reacting to new guidelines from the National Development and Reform Commission and the National Energy Administration aimed at promoting renewable energy consumption and regulation [1][2]. Group 1: Market Performance - The ChiNext New Energy ETF (Hua Xia, 159368) is the largest ETF tracking the ChiNext New Energy Index, which includes sectors like batteries and photovoltaics [2]. - The ETF has the highest trading volume, with a recent average daily transaction of 90.05 million yuan, and a total scale of 829 million yuan as of October 31, 2025 [2]. - Notable stocks in the sector include Zhonglai Co., which hit the daily limit, and Penghui Energy, which rose by 8.23%, with several others increasing by over 5% [1]. Group 2: Policy and Future Outlook - The new guidelines emphasize enhancing the adaptability of new power systems to renewable energy, promoting advanced and efficient new storage technologies, and improving the utilization of renewable energy [1]. - By 2035, the goal is to establish a new power system capable of accommodating a high proportion of renewable energy, with a more refined renewable energy consumption and regulation system [1]. - CICC forecasts that by 2026, policies will focus on both supply and demand to achieve around 5% economic growth, suggesting an increase in quality consumption supply and a reduction in inefficient capacity [1].

Core Insights - EVE Energy has successfully commissioned its first large-capacity sodium-ion battery energy storage system, marking a significant breakthrough in new energy storage technology [1][2] - The sodium-ion battery features high safety, wide temperature range, high rate, long lifespan, and low carbon characteristics, with over 30,000 cycles and operational capability between -40℃ and +60℃ [1] - The system's lifecycle carbon emissions are reduced by over 42% compared to similar lithium-ion batteries, highlighting its environmental advantages [1] Technology and Development - The sodium-ion battery energy storage system is independently developed by EVE Energy, with all core components produced in-house, ensuring rapid mass production capabilities [1] - The system is designed to significantly reduce flammable gas generation during extreme thermal runaway conditions, thereby lowering explosion risks [1] Market Potential - The successful integration of the sodium-ion battery system represents a crucial step from laboratory research to practical application, with potential for widespread use in large-scale and distributed energy storage [2]

Investment Rating - The report indicates a positive outlook for the energy storage industry, particularly focusing on lithium-ion battery technologies and their advancements [1][2]. Core Insights - The research highlights significant progress in solid-state lithium batteries, particularly in solid-solid interface contact, which is crucial for their engineering applications [6][7]. - The electrochemical energy storage sector is experiencing rapid growth, with a notable increase in installed capacity and technological diversification [10][11]. - As of June 2025, the total operational energy storage capacity reached 75.79 GW/175.12 GWh, with lithium-ion batteries dominating the market [25][36]. Summary by Sections 1. Rapid Development of Electrochemical Energy Storage Technologies - The report emphasizes the advancements in solid-state lithium batteries, which are seen as the next generation of energy storage devices due to their high safety and energy density [6][7]. - The energy storage technology landscape is diversifying, with lithium-ion batteries maintaining a dominant position, accounting for 97.34% of the total operational energy storage capacity as of June 2025 [36][19]. 2. Market Performance of North Exchange Technology Growth Stocks - The median price change for North Exchange technology growth stocks was +0.11% from October 9 to October 10, 2025, with 80 companies (52%) experiencing an increase [42][44]. - Notable performers included Changfu Co., Ltd. (+29.89%) and Lingge Technology (+29.82%) [45]. 3. Industry Valuation Metrics - The median TTM price-to-earnings ratio for the new energy industry increased by 1.70% to 38.7X, indicating a positive valuation trend [46]. - The electronic equipment sector's median TTM P/E ratio rose from 57.8X to 58.6X, reflecting a stable market environment [46]. 4. Company Announcements - Tianhong Lithium Battery and Shaanxi Hongda Electric Power Engineering Co., Ltd. plan to jointly establish a holding subsidiary with a registered capital of RMB 50 million [4]. 5. Energy Storage Industry Overview - The report identifies 24 companies within the energy storage industry chain on the North Exchange, categorized into upstream (materials & production equipment), midstream (manufacturing & integration), and downstream (systems & operations) sectors [37][39]. - The report notes that large-scale energy storage projects (over 100 MW) are becoming increasingly prevalent, with a significant portion of new installations focusing on independent energy storage systems [33][30].

Core Viewpoint - EVE Energy has successfully commissioned its first large-capacity sodium-ion battery energy storage system at its Jingmen base, marking a significant breakthrough in new energy storage technology [1] Group 1: Company Developments - The sodium-ion battery energy storage system was independently developed and designed by EVE Energy, utilizing the NF155L sodium-ion battery cells [1] - The sodium-ion battery features high safety, wide temperature range, high rate, long lifespan, and low carbon emission characteristics [1] Group 2: Technical Specifications - The sodium-ion battery offers over 30,000 cycles of lifespan and operates effectively within a temperature range of -40℃ to +60℃, meeting the full spectrum of energy storage needs [1] - Compared to similar lithium-ion batteries, the sodium-ion battery technology reduces lifecycle carbon emissions by over 42% [1]