Core Viewpoint - The upcoming 8th Hongqiao International Economic Forum will focus on "Promoting Global Energy Transition through High-Quality Development of New Energy Storage" and will feature a significant keynote speech by Wang Shaomin, Vice General Manager of State Power Investment Corporation [2][6]. Forum Information - The forum is organized by the National Energy Administration and the Ministry of Commerce, and is hosted by the Chinese Academy of Sciences and other institutions [6]. - The event will take place on November 5, 2025, from 14:30 to 17:30 at the National Exhibition and Convention Center in Shanghai [7]. - The forum aims to create a high-end storage "ecosystem" by inviting global leaders from politics, industry, academia, research, and finance to discuss breakthroughs in storage technology, business model exploration, policy incentives, and international cooperation [7]. Guest Profile - Wang Shaomin, born in 1972, holds a master's degree in engineering and has extensive experience in the energy sector, having held various leadership positions within China Huaneng Group before becoming Vice General Manager of State Power Investment Corporation in December 2024 [5].

Group 1: Industry Developments - Multiple energy storage companies have secured significant orders, including a 520 million yuan contract signed by Shanghai Hope Smart New Energy Development Co., a subsidiary of Hope Co., and an agreement between Nari Technology and Pacific Green Group [1] - According to data from the National Energy Administration and third-party organizations, global lithium battery energy storage installations are expected to exceed 170 GWh in the first three quarters of 2025, representing a year-on-year growth of 68% [1] - Huatai Securities notes that a recent policy document from the Central Committee emphasizes carbon reduction goals and the development of new energy systems, which is expected to benefit energy storage, wind power, and grid companies [1] Group 2: Market Trends - CITIC Securities believes the energy storage market is recovering, with a projected increase in domestic new installations to 300 GWh next year, driven by marketization of new energy and capacity pricing [1] - The demand for energy storage is anticipated to grow significantly due to data centers, with leading companies already receiving substantial orders [1] Group 3: Company Performance - In the first three quarters, major companies like CATL, BYD, and Sungrow reported strong financial performance, with CATL achieving a revenue of 283.072 billion yuan and a net profit of 49.034 billion yuan, marking a year-on-year increase of 36.2% [3] - Companies such as Sungen and Gotion High-Tech saw their net profits double year-on-year, with Sungen's revenue reaching 14.809 billion yuan, a year-on-year increase of 11.48%, and a staggering net profit growth of 1121.72% [3] - As of the end of the third quarter, 11 energy storage concept stocks were held by social security funds, with companies like Haopeng Technology and Shenghong Shares having significant holdings [3] Group 4: Stock Performance - The average increase in energy storage concept stocks this year is 62.87%, with companies like Haibo Technology and Sungrow seeing their stock prices double, and Haibo Technology achieving the highest increase of 352.95% [2] - In October, 17 concept stocks underwent institutional research, with Jinpan Technology receiving attention from 254 institutions, indicating strong market interest [2]

Core Viewpoint - Chinese energy storage companies are making significant strides in international markets, showcasing their technological competitiveness across various applications including photovoltaic support, grid-side, user-side, and data centers [1]. Group 1: Major Contracts and Projects - China National Nuclear Corporation signed a contract for a 900MWp photovoltaic and 1.2GWh battery storage project in Indonesia, aimed at supplying green electricity to Singapore [2]. - Haibo Si Chuang achieved breakthroughs in the EMEA region, signing a 45MWh grid-side independent storage project in Greece, marking its entry into the Southern European market [3]. - Tianhe Energy signed a contract for over 1GWh of storage products with a European customer, utilizing its new generation flexible storage battery cabin, Elementa 2 Pro [8]. - Tianhe Energy also secured a large-scale project in Chile, collaborating with Atlas Renewable Energy on a 233MW/1003MWh grid-type storage project [9]. - Nandu Power won a bid for a lithium battery equipment procurement project in the U.S. with a value of 478 million RMB, located in Texas [10]. - BYD announced a partnership with Skysense in Mexico to deploy 300MWh of storage capacity by 2026 [11]. - Ronghe Yuanshu won a bid for a 40MWh storage project in Guinea, utilizing its Enprime-Y liquid-cooled storage container [12]. - Jingkong Energy signed a strategic cooperation agreement for a 2GWh home energy storage system deployment in Australia [13]. - Zhuoyang Energy secured a 400MWh order in Europe and initiated the construction of a 6GWh storage factory in Hungary [14]. - Maitian Energy signed a strategic cooperation agreement totaling 4GWh with top renewable energy distributors in Australia [15][16]. - Qik Energy received orders exceeding 30 million RMB for a North American AIDC storage project, with plans to scale up to 100MWh by 2026 [17]. Group 2: Industry Trends and Developments - The recent developments in the energy storage sector indicate a strong trend towards international expansion and collaboration among Chinese companies, reflecting a growing global demand for energy storage solutions [1][18].

Core Insights - The photovoltaic industry has shown signs of recovery in Q3 2025, with leading companies like Longi Green Energy and Trina Solar reducing losses due to ongoing "anti-involution" measures [1] - The silicon material segment has notably rebounded, with companies such as GCL-Poly Energy and Daqo New Energy turning losses into profits, while Tongwei's losses have significantly narrowed [1] - The industry is shifting from low-price competition to high-quality development, supported by supply-side reforms and agreements among leading firms to stabilize market prices and improve product quality [1] Industry Performance - In September, China's inverter exports reached 5.067 billion yuan, a year-on-year increase of 4.6%, with exports to Australia surging by 306% due to the government's "Cheaper Home Batteries" initiative [1] - The Central Committee of the Communist Party of China has emphasized the development of new energy storage, aiming for a new storage capacity of over 180 million kilowatts by 2027, which is expected to sustain high industry growth [1] Investment Outlook - Everbright Securities predicts that "anti-involution" will be the core investment theme for the photovoltaic industry in 2026, with the silicon material segment likely to see early capacity clearing and profit recovery [2] - Zhongyuan Securities notes that Q3 performance indicates a bottoming out and marginal improvement in the photovoltaic sector, driven by rising polysilicon prices and improved supply-demand dynamics [2] - The photovoltaic industry remains undervalued historically, with potential for valuation recovery as product pricing measures, mergers, and quality standards are implemented [2] Market Activity - As of November 3, 2025, the CSI Photovoltaic Leaders 30 Index rose by 3.46%, with the leading photovoltaic ETF (560980) increasing by 3.55% [2] - The top ten weighted stocks account for 74.41% of the index, with notable gains from companies like Canadian Solar (up 10.65%) and TBEA (hitting the daily limit) [2] - The photovoltaic ETF closely tracks the CSI Photovoltaic Leaders 30 Index, reflecting the performance of major companies in the photovoltaic sector [2]

Core Viewpoint - The energy storage market is experiencing a pivotal moment, with significant institutional interest and positive trends in the sector, particularly in nuclear energy and battery technologies [1][5]. Group 1: Energy Storage Market Trends - Institutions remain optimistic about the global energy storage trend, with a notable recovery in the market and expectations for continued growth driven by new energy market dynamics and capacity pricing [5]. - The average increase in energy storage concept stocks is 62.46% year-to-date, with several stocks, including Haibo Sichuang, achieving over 300% growth [6][8]. - LG Energy Solution reported a third-quarter revenue of 5.7 trillion KRW (approximately 28.33 billion RMB), with a 2.4% quarter-on-quarter increase and a 22.2% increase in operating profit [4]. Group 2: Nuclear Energy Developments - The China Academy of Sciences confirmed the successful conversion of thorium-uranium nuclear fuel in a 2 MW liquid fuel thorium molten salt experimental reactor, marking a significant milestone in nuclear energy research [2][3]. - The thorium molten salt reactor is the only liquid fuel reactor among the six candidate types for the international fourth-generation reactor nuclear energy system, offering advantages such as high safety, abundant resources, and environmental friendliness [3]. Group 3: Institutional Holdings and Stock Performance - As of the end of the third quarter, 11 energy storage concept stocks were held by social security funds, with companies like Haopeng Technology and Shenghong Shares having significant holdings [8][9]. - Notable companies such as Ningde Times and BYD reported substantial net profit growth, with Ningde Times achieving a revenue of 283.07 billion RMB and a net profit increase of 36.2% year-on-year [7].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [8]. Core Insights - The company has shown continuous growth in revenue and net profit, with a revenue of 2.112 billion yuan for the first three quarters of 2025, representing an 8.8% year-on-year increase, and a net profit of 474 million yuan, up 12.24% year-on-year [1]. - The company has a strong order backlog, with new contracts signed amounting to 2.494 billion yuan in the first three quarters, leading to a total backlog of 3.824 billion yuan, which is a 1.55% increase year-on-year [3]. - The company is committed to returning value to investors, promising a baseline dividend rate of 40% for the next five years starting in 2025, and has distributed a total of 1.08 billion yuan in cash dividends since its listing [4]. - The integration of AI technology is driving rapid growth in new business areas, particularly in smart power systems and smart cities, enhancing operational efficiency and reliability [5]. Financial Performance - For the first three quarters of 2025, the company achieved a net asset return rate of 14.26%, an increase of 0.24 percentage points year-on-year, and a net cash flow from operating activities of 401 million yuan, which is a 1.95% improvement [3]. - The company’s revenue is projected to grow from 2.225 billion yuan in 2023 to 4.533 billion yuan in 2027, with corresponding net profits expected to rise from 525 million yuan to 1.081 billion yuan over the same period [6]. - The company’s earnings per share (EPS) is forecasted to increase from 1.05 yuan in 2023 to 2.20 yuan in 2027, with a price-to-earnings (P/E) ratio decreasing from 35.12 to 16.78 during this time [6]. Market Position and Strategy - The company has made significant progress in its global expansion, with domestic revenue of 1.705 billion yuan (up 6.21% year-on-year) and international revenue of 398 million yuan (up 20.98% year-on-year) for the first nine months of 2025 [2]. - The company is focusing on deepening its industrial development in digital grids, communications, and smart city solutions, aiming to capitalize on emerging trends such as virtual power plants and new energy storage [6].

嘉宾简介： 文 | 中关村储能产业技术联盟 第八届虹桥国际经济论坛 即将于2025年11月5日在上海拉开帷幕。 作为本届论坛的重要组成部分，" 新型储能高质量发展促进全球能源转型 "分论坛迎来一位重量级 嘉宾—— 中国能源研究会储能专委会副主任委员、 清华大学教授夏清 已确认出席，并发表题为 《 中国激励新型储能发展机制设计的基本逻辑与成效 》 的主题报告，回顾中国新型储能 的发展 历程，展示中国产业政策的成效 。 夏清， 清华大学教授、 全国优秀科技工作者、国家能源互联网产业及技术创新联盟电力碳中和专业 委员主任 。 主要研究领域：电力碳中和、新型电力系统、电力市场、能源互联网、综合能源系统、数字经济、 电力规划、电力调度、电力营销。 主要社会兼职：中国电力交易联盟首席专家、 中国能源研究会储能委员会副主任委员、中国电机工 程学会电力市场专委会副主任委员、 中国南方电网专家、广州电力交易中心专家、南方区域电力市 场管理委员会委员 。 论坛信息： 论坛名称 ： 第八届虹桥国际经济论坛"新型储能高质量发展促进全球能源转型"分论坛 主办单位 ： 国家能源局、商务部 承办单位 ： 中国科学院科技战略咨询研究院 中国 ...

Core Viewpoint - The upcoming 8th Hongqiao International Economic Forum will focus on "Promoting High-Quality Development of New Energy Storage to Facilitate Global Energy Transition" and will feature a significant guest, Chen Xiang, Senior Vice President of EVE Energy Co., Ltd., who will present a report on the synergy between lithium battery technology and global carbon neutrality [2][6]. Forum Information - The forum is organized by the National Energy Administration and the Ministry of Commerce, and it will take place on November 5, 2025, at the National Exhibition and Convention Center in Shanghai [6][7]. - The forum aims to create a high-end storage "ecosystem" by inviting global experts from government, industry, academia, and finance to discuss breakthroughs in storage technology, business model exploration, policy incentives, and international cooperation [7]. Guest Profile - Chen Xiang holds a master's degree from Huazhong University of Science and Technology and has over 20 years of experience in the network energy and storage sectors. He specializes in the design of storage systems based on lithium battery technology and has a deep understanding of the storage industry [5]. Agenda Highlights - The forum will feature a keynote speech by Song Hongkun, Deputy Director of the National Energy Administration, focusing on the development of new energy storage and its role in building a new power system [9].

Core Insights - The investment conference themed "'Jing' Color Appointment, Win Together in Meishan" was held in Beijing, showcasing the strength of Meishan as a manufacturing city and its commitment to attracting investment [1] - A total of 43 projects were signed during the event, with a contract amount of 506.04 billion yuan, including 15 on-site projects worth 341.81 billion yuan [1][6] - The "Investment Opportunities List of Meishan City" was released, covering 238 key projects in various industries, representing a market opportunity exceeding 330 billion yuan [1][6] Investment Goals and Achievements - Meishan has set ambitious targets for 2025, aiming for a total economic output of 200 billion yuan, with annual contract amounts of 100 billion yuan and 180 projects to be attracted [3] - From January to September, Meishan signed 187 new projects with a total contract amount of 989.08 billion yuan, including 26 major projects from top enterprises [3] - The GDP growth rates for Meishan in the first three quarters of the year were 7.6%, 7.5%, and 7.1%, leading the province [3] Industry Development - Meishan has developed a strong industrial chain in the "1+3" leading industries, including new energy materials, electronic information, and equipment manufacturing [4][5] - The city hosts the world's largest battery cell production base and the largest melamine production base, with battery cell capacity ranked first globally [4] - The electronic information sector has established the largest production base for small and medium-sized displays in the country [5] Future Opportunities - Meishan is strategically positioning itself in emerging sectors such as new energy storage, low-altitude economy, and biomanufacturing [6] - The investment opportunities list includes industries like new energy materials, electronic information, equipment manufacturing, and health products, indicating a robust market potential [6]

Core Insights - Sodium salt batteries are emerging as a significant technology in the energy storage sector, driven by their safety, resource availability, long cycle life, and environmental adaptability [1][4][6] - China's new energy storage capacity is projected to reach 73.76 million kilowatts by the end of 2024, accounting for over 40% of the global total, with an annual growth rate exceeding 130% since the "14th Five-Year Plan" [1][6] - The competitive landscape is characterized by leading companies like CATL, BYD, and Zhongke Haina dominating the market, while emerging firms focus on niche segments [1][8] Industry Overview - Sodium salt batteries operate on the principle of sodium ion intercalation and deintercalation, offering advantages such as high safety, abundant resources, lower costs compared to lithium batteries, and long cycle life [2][4] - The technology is supported by a series of government policies aimed at promoting research, development, and commercialization, particularly in the energy storage sector [4][6] Market Dynamics - The storage market is a key application area for sodium salt batteries, with increasing demand driven by the integration of renewable energy sources [6][7] - As of 2023, the shipment volume of sodium ion batteries in China was 0.7 GWh, which surged to approximately 3.7 GWh in 2024, marking a significant year-on-year increase of 428% [7] Competitive Landscape - The industry is witnessing a "head-led, emerging breakout, and regional clustering" competitive pattern, with major players leveraging their production capacity and technological advantages [8][10] - CATL, BYD, and Zhongke Haina are leading the market, with CATL planning to reach a production capacity of 60 GWh by 2025 [8][10] Future Trends - The sodium salt battery industry is expected to evolve along paths of technological deepening, application value enhancement, and collaborative upgrades across the supply chain [10][11] - The focus will shift from merely supplementing lithium batteries to establishing a dominant value proposition in various applications, including energy storage and electric vehicles [11][12]