Core Insights - The new energy storage capacity on the user side in China showed year-on-year growth in October 2025, but there was a month-on-month decline [2] - The commercial and industrial storage sector dominates the market, accounting for over 90% of the total capacity [5] - The Central China region leads the market with over 50% of the installed capacity, particularly driven by Henan province [3][8] User-side Storage Capacity - In October, the user-side storage market was primarily driven by commercial applications, with new installations of 178.00 MW/445.19 MWh, showing a year-on-year decline of 39%/51% [5] - The newly operational projects predominantly utilized electrochemical storage technology, with lithium iron phosphate battery technology accounting for 99% of the installed capacity [6] Regional Distribution of User-side Storage - The Central China region accounted for 50% of the new installed capacity, leading the market in October [8] - Henan province had the largest new installed capacity, exceeding 40%, while Shandong followed [8] - The demand for user-side storage in Henan is rapidly increasing due to the province's push for integrated energy solutions and the release of new market demands in rural areas [8] User-side Storage Project Registrations - The number of new user-side storage project registrations in October was significantly higher than the same period last year, with a year-on-year increase of 91% in scale and 4% in number [12] - The traditional strong provinces (Zhejiang, Guangdong, Jiangsu) saw a decline in the number of new registrations, with a total of 430 new projects, down 41% year-on-year [13] Peak and Valley Electricity Prices - In October, 15 provinces had peak-valley price differences exceeding 0.7 yuan/kWh, with Guangdong having the highest price difference, maintaining above 1.0 yuan/kWh in certain areas [15] - The potential for arbitrage in user-side storage remains significant in Guangdong, indicating it could become an important market for user-side storage [16] Overall Analysis of New Storage Projects - In October 2025, the total newly installed capacity of new energy storage projects in China was 1.70 GW/3.52 GWh, reflecting a year-on-year decline of 35%/49% and a month-on-month decline of 51%/66% [18] - Despite the decline in October, the cumulative installed capacity for the first ten months reached 35.8 GW, showing a year-on-year growth of 36% [18]

Core Viewpoint - The focus of the industry is shifting back to "traditional" liquid batteries, particularly lithium iron phosphate (LFP) batteries, despite the anticipated breakthroughs in solid-state battery technology. This shift is driven by the need for immediate profitability and the growing demand for energy storage solutions, which LFP batteries can effectively meet [1][9]. Group 1: Solid-State Battery Developments - The solid-state battery sector has seen significant stock price increases for companies like Sandi Intelligent and Yiwei Lithium Energy, indicating a market reevaluation [1]. - At the 2025 World Power Battery Conference, industry leaders discussed the challenges and timelines for solid-state battery commercialization, with estimates ranging from 2027 for small-scale demonstrations to 2035 for widespread adoption [6][11]. - Industry experts caution against overhyping minor advancements in solid-state technology, emphasizing the need for a realistic timeline and a conducive environment for research and development [4][5]. Group 2: Liquid Battery Resurgence - The LFP battery technology, which has been around for about 20 years, is experiencing renewed interest due to its cost-effectiveness and maturity in the market [3][9]. - LFP batteries are noted for their high safety, low cost, and long cycle life, making them suitable for current energy storage demands [9][12]. - The market for LFP batteries is projected to grow significantly, with estimates indicating that by 2024, LFP will account for over 80% of the combined power and storage applications [12]. Group 3: Industry Dynamics and Future Outlook - The recent actions of leading companies like CATL signal a strategic focus on both solid-state and LFP technologies, indicating a balanced approach to innovation and market needs [10][11]. - The energy storage market is expected to reach a trillion-yuan scale, driven by the increasing demand for new energy storage solutions [12]. - The industry is witnessing a shift in focus from solid-state to liquid batteries, as the latter continues to meet immediate market needs effectively [1][12].

临沂市琅琊超充兴程智慧物流园站里,一辆载重28吨的新能源重卡安静地停靠在充电桩前,电流无声注入 这庞然大物。提示音响起,司机王愉乐拔下充电枪,看了看表,不到半小时,满载情况下续航300多公里的电 池已满格,速度较以往快了一倍多。 背后的经济账 11月4日,踩着午间谷电时段,王愉乐驾驶着一辆载重28吨的新能源重卡,驶入位于兴程智慧物流园区内的 琅琊超充站点。停稳、下车,先稳稳地接入一根液冷枪,随即利落地插上两根充电枪,王愉乐的动作一气呵 成。三枪齐下,电流无声地注入这庞然大物。 以往,开着这样的大家伙上路前,王愉乐总头疼充电慢的问题。"以前开的那辆车,400度左右的电池,充满电 至少需要一个小时。"而王愉乐当天驾驶的新能源重卡,电池电量500多度,配合兆瓦超充,不到半个小时就 能充满电,足够他开到黄岛港卸货。 这也是王愉乐头一次感受如此高效的充电体验。当天上午,王愉乐所在的重卡超充站点迎来正式发布 日。这处由临沂市兰山国有资产投资控股集团有限公司(以下简称"兰山国投")基于华为兆瓦超充解决方 案打造的站点,采用华为液冷超充和兆瓦超充,共配置14个重卡充电车位和86个乘用车充电车位。 "重卡车位专为新能源重卡、大 ...

Core Insights - The 32nd China Automotive Engineering Society Annual Conference and Exhibition was held in Chongqing, focusing on the theme of "Low Carbon Drives Change, Vehicle Energy Integration Innovation - Building a New Energy Vehicle Technology Ecological Chain" [2] - The forum gathered experts from academia and industry to discuss new technologies, models, and ecosystems for new energy vehicles, aiming to guide industry development in the context of global green transformation [2] Industry Trends - The development of new energy vehicles in China has shifted from policy-driven to market-driven, achieving over 50% market share in the domestic passenger car market [2] - The carbon neutrality strategy is expected to drive a transformation in the energy structure, with renewable energy potentially exceeding 60% by 2035 [2] - The integration of energy and technology is crucial, with a focus on five key new energy technology collaborations and breakthroughs in hydrogen, intelligence, and energy storage [2] Technological Advancements - Dongfeng Yipai Automotive Technology Company emphasized the need for plug-in hybrid vehicles to achieve a pure electric range of over 300 kilometers to meet urban and long-distance demands [3] - The Deep Blue Automotive's "Original Power" electric technology platform has achieved significant milestones, with over 1 million units sold from its first generation [3] - The focus on battery technology highlighted the importance of lithium iron phosphate batteries for their longevity, safety, and cost-effectiveness, with expectations for solid-state batteries to become mainstream by 2035 [4] Collaborative Efforts - A consensus was reached among 46 industry experts at the forum, opposing "involution" and advocating for technological innovation to ensure sustainable industry development [5][6] - Key collaborative efforts include enhancing automotive technology innovation capabilities, promoting demand-driven technology supply, and establishing a responsible technology communication environment [6]

Group 1 - The electric grid equipment sector experienced a slight pullback, with the only electric grid equipment ETF (159326) down by 1.28% as of 1:32 PM on November 11, despite active trading with a transaction volume of 266 million yuan [1] - The electric grid equipment ETF (562600) has seen continuous net inflows for 11 days, accumulating over 1.3 billion yuan, reaching a new high of 1.772 billion yuan [1] - The integration of source-grid-load-storage projects is accelerating, with the release of the white paper on "China's Action for Carbon Peak and Carbon Neutrality" on November 8, indicating a shift from concept validation to large-scale promotion [1] Group 2 - The electric grid equipment ETF (159326) tracks the CSI Electric Grid Equipment Theme Index, with a strong representation in the sectors of transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment [2] - The high voltage transmission sector holds a significant weight of 64% in the ETF, the highest in the market, with leading companies like Guodian NARI, TBEA, and Sifang Electric among the top ten holdings [2]

近年来，随着能源转型深入推进，新能源装机占比持续提升。然而，风光等新能源"靠天吃饭"，具 有间歇性、波动性、随机性等特点，有的地区电网建设和消纳机制相对滞后，前些年出现一定程度 的"弃风""弃光"问题。 坚持协同推进新能源规模化开发和产业集群式发展。对新能源发展进行科学规划的同时，也要对绿 电消纳进行积极引导和部署。从源头上完善规划，优化布局，提升管理效能，实现能源的集约利用，防 范绿电发出来却用不了、送不出去等问题。运用数字化、智能化手段，让"捉摸不定"的新能源变得更加 可预测、可调节。进一步拓展新型储能应用场景，提升调度运用水平，推动新能源行业健康可持续发 展。 牢固树立全产业链思维，推动未来新能源产业发展。不久前，我国在联合国气候变化峰会上明确， 到2035年，国内非化石能源消费占能源消费总量的比重达到30%以上，风电和太阳能发电总装机容量达 到2020年的6倍以上。这意味着，我国新能源行业将迎来更大规模、更高速度的发展期，也对继续做好 新能源发展工作提出了新要求。要看到，我国已建成全球最大的清洁能源供应体系，具备实现新目标的 产业基础、技术优势与市场规模。牢固树立全产业链思维，坚持源网荷储一体化协调发 ...

Core Insights - The white paper titled "China's Actions on Carbon Peak and Carbon Neutrality" emphasizes the integration of source, grid, load, and storage (源网荷储) as a core trend for future power systems, enhancing the capacity to utilize renewable energy effectively [1][2][3] Industry Developments - The integration of source, grid, load, and storage is recognized for its ability to address the volatility and uncertainty of renewable energy through collaborative interaction among power sources, transmission capabilities, demand response, and flexible storage [2] - A series of national and local policies have been introduced to promote the development of integrated source, grid, load, and storage systems, including the "Action Plan for Accelerating the Construction of a New Power System (2024-2027)" [2] - Several projects, such as the new generation friendly green power station in Ulanqab and the smart energy innovation demonstration project in Haikou, have been launched, showcasing the practical implementation of these policies [2] Company Strategies - A-share listed companies are actively investing in integrated source, grid, load, and storage projects, leveraging their financial, technological, and resource advantages to support the construction of new power systems [4] - Weisheng Information Technology Co., Ltd. is focusing on AI and IoT technologies to enhance predictive capabilities and operational efficiency in the power grid [4] - Ningbo Energy is exploring integrated solutions for distributed solar power, storage, and smart microgrids, aiming to transition regional energy supply towards a carbon-integrated model [4] - Beijing Shuangjie Electric Co., Ltd. has initiated a project to build 400,000 kW of wind power and associated storage, ensuring stable and clean power supply through collaborative operation of source, grid, load, and storage [5] Recommendations for Companies - Companies should focus on technological innovation to overcome barriers in the integration of source, grid, load, and storage, particularly in energy storage batteries and smart scheduling systems [6] - Developing market opportunities through coupling new energy with core business and creating demonstration projects at the park level can enhance revenue [6] - Integrating industry chain resources and forming specialized teams will facilitate green transformation and growth in efficiency while ensuring compliance [6]

Core Insights - The white paper "China's Actions on Carbon Peak and Carbon Neutrality" emphasizes the integration of source, grid, load, and storage (源网荷储) as a key trend for future power systems, enhancing the capacity to utilize renewable energy effectively [1][2] - The integration model is expected to provide stable support for large power grids and improve the consumption capacity of renewable energy, guiding the efficient development of renewable resources [1][2] Industry Developments - The integration of source, grid, load, and storage is recognized as a core support for China's new power system, transitioning from concept validation to large-scale promotion due to policy support and technological advancements [3] - National and local policies are being implemented to promote the development of integrated projects, including the "Action Plan for Accelerating the Construction of a New Power System (2024-2027)" [2] Project Implementation - Several projects have been launched, such as the Three Gorges Ulanqab New Generation Power Grid-Friendly Green Power Station and the Haikou Datang Coastal Integrated Smart Energy Innovation Demonstration Project [2] - Beijing Shuangjie Electric has initiated a project to build 400,000 kW of wind power and supporting storage, ensuring stable and clean power supply [5] Company Strategies - Companies are actively positioning themselves in the integrated projects, leveraging their strengths in technology and resources [4] - Weisheng Information Technology is focusing on AI and IoT technologies to enhance the integration of source, grid, load, and storage [4] - Ningbo Energy is exploring integrated solutions for distributed photovoltaic, storage, and smart microgrid systems, aiming for a low-carbon energy transition [4] Market Opportunities - Companies are encouraged to innovate in core technologies such as energy storage batteries and smart scheduling systems to overcome integration barriers [6] - The adoption of "self-consumption + surplus electricity grid connection" models is suggested to ensure profitability while promoting green transformation [6]

Core Viewpoint - The article emphasizes the importance of energy storage in the development of a new energy system in China, highlighting its transition from a mere tool for renewable energy consumption to a core component of energy flexibility and system support [3][4]. Group 1: Policy Guidance - The National Development and Reform Commission and the National Energy Administration released guidelines aimed at establishing a multi-level renewable energy consumption and regulation system by 2030, ensuring that new electricity demand is primarily met by renewable energy generation [2][10]. - By 2035, a new power system capable of accommodating a high proportion of renewable energy is expected to be established, further enhancing the renewable energy consumption regulation system [2][10]. Group 2: Energy Storage Development - The guidelines create a clear value positioning and profit model for the new energy storage industry, promoting its strategic elevation as a key element in the energy system [3]. - The document encourages the integration of source, grid, load, and storage, as well as the development of new business models for nearby renewable energy consumption [3][4]. Group 3: Technological Innovation - The white paper on carbon peak and carbon neutrality emphasizes the importance of energy storage as a foundational element for the new power system, advocating for the diversified application of various storage technologies such as lithium-ion batteries and compressed air storage [4][19]. - The article discusses the need for advanced, safe, and efficient new energy storage technologies to enhance the utilization of renewable energy [5][19]. Group 4: Market Mechanisms - The guidelines propose the establishment of a unified national electricity market to facilitate the consumption of renewable energy, including the development of market rules that support the participation of distributed energy resources and storage [17][18]. - It is suggested to innovate pricing mechanisms to encourage the consumption of renewable energy and improve the flexibility of cross-regional electricity transmission pricing [18][20]. Group 5: Implementation and Monitoring - The article outlines the responsibilities of various stakeholders, including the National Development and Reform Commission and provincial energy departments, in ensuring the effective implementation of renewable energy consumption strategies [20][21]. - A monitoring and regulatory framework is proposed to track the progress of renewable energy utilization and ensure compliance with established targets [21].

Core Insights - The integration model of "source-network-load-storage" is accelerating implementation across the country, driven by national energy structure transformation and carbon neutrality goals [1] - The Hunan Zhongran Energy Co., Ltd. project in Hengshan Science City serves as a typical example of regional comprehensive energy service models due to its systematic layout and actual effectiveness in various aspects of the "source-network-load-storage" integration [1] Group 1: Project Overview - Hunan Zhongran is the sole distribution and sales electricity operator in the 26.5 square kilometer pilot area of Hengshan Science City, holding exclusive rights for electricity and centralized heating [3] - The company is responsible for investment, construction, and operation of the incremental distribution network, extending to comprehensive energy services including solar, storage, charging facilities, and distributed gas energy systems [3] - The existing infrastructure includes one 110kV substation with a capacity of 63MVA, 5.74 kilometers of 110kV overhead lines, and a total distribution transformer capacity of 99,450 kVA, supporting diverse load demands in the region [3] Group 2: Energy Storage and Economic Impact - The energy storage project associated with the 110kV substation was officially put into operation last year, achieving a significant breakthrough in the storage aspect [4] - The system operates on a "two charge, two discharge" strategy with an overall efficiency of approximately 90%, saving an estimated 3.3 million yuan in annual electricity costs [4] - The project enhances the grid's ability to manage peak and off-peak loads, improving local grid stability and reliability while facilitating the integration of renewable energy [4][5] Group 3: System Benefits and Future Prospects - The "source-network-load-storage" integration model significantly improves the grid's capacity to accept intermittent power sources like distributed solar, reducing voltage fluctuations and overload risks [5] - The economic benefits include optimized energy dispatch strategies that balance load management and control overall electricity costs [5] - The model enhances energy security by increasing system resilience and reducing reliance on single energy sources, while also promoting smart grid development through digital technologies [7] - The project contributes to environmental benefits by reducing fossil fuel consumption and greenhouse gas emissions, supporting green and low-carbon development [7] - The successful implementation of this model in Hengshan Science City provides a reference for similar energy system constructions in other industrial parks and new urban development areas, with potential for broader application as costs for solar and storage decrease [7]