投资要点 事件：公司发布2025 年半年报，25H1 实现营业收入45.22 亿元，同比+22.66%；实现归母净利润3.16 亿 元，同比+12.05%；实现扣非归母净利润2.60 亿元，同比-8.38%。25Q2 实现营业收入29.74 亿元，同比 +27.15%，环比+92.12%；实现归母净利润2.22 亿元，同比+79.30%，环比+136.51%。 营收稳健增长，业务聚焦储能。公司专注于电化学储能系统的研发、生产、销售，为传统发电、新能源 发电、智能电网、终端电力用户及智能微网等"源-网-荷"全链条行业客户提供全系列储能系统产品，提 供储能系统一站式整体解决方案，公司是国内较早进入储能领域并持续在此行业深耕的企业，已经成长 为行业领先的储能系统解决方案与技术服务供应商；截至2024 年年底，国内已投运电站装机量排名 中，公司位居第一。25H1 公司实现毛利率17.54%，同比-1.94pct；总资产120.59亿元，较年初增长 9.91%。 主营业务营收增长，新型储能市场呈快速发展势态。25H1 公司储能系统实现营业收入45.12 亿元，同比 +23.62%，毛利率为17.58%，同比-1.42p ...

Core Insights - As of the end of August, China's new energy storage capacity has exceeded 104 GW, with a trend towards centralized and large-scale energy storage stations [1] - The National Development and Reform Commission and the Energy Administration have issued a plan indicating that by 2027, the national new energy storage capacity is expected to reach over 180 GW, driving direct project investments of approximately 250 billion yuan [1] - In 2024, the advanced energy industry in Chengdu is projected to exceed 100 billion yuan, while the new materials industry is expected to approach 200 billion yuan [1] Industry Developments - Chengdu has introduced a total of 291 advanced manufacturing projects this year, with a total investment of 458.118 billion yuan [1] - Among these projects, 75 have investments exceeding 3 billion yuan, totaling 385.912 billion yuan, and 8 projects have investments of 10 billion yuan or more, totaling 133.712 billion yuan [1] - Future efforts will focus on new trends in industrial development, enhancing project attraction and collaboration with key regions such as the Greater Bay Area, Yangtze River Delta, and Beijing-Tianjin-Hebei [1]

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The energy storage system bidding scale in August 2025 increased by over 10 times month-on-month, reaching a historical high of 17.7GW/45.7GWh, with year-on-year growth of 237.1% and 691.4% respectively [4][38] - The electric equipment sector has shown strong performance, with the sector rising 8.19% in the last two weeks, outperforming the CSI 300 index by 7.19 percentage points, and ranking second among 31 sectors [11][12] - The report highlights the significant growth in the grid-side energy storage system, which reached a bidding scale of 18.2GWh in August, reflecting a year-on-year increase of 437.2% and a month-on-month increase of 521.9% [39] Summary by Sections Market Review - As of September 25, 2025, the electric equipment sector has risen 17.13% this month, outperforming the CSI 300 index by 14.98 percentage points, ranking first among 31 sectors [11] - The wind power equipment sector increased by 8.31%, while the battery sector saw a rise of 12.48% in the last two weeks [12][16] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 34.90 times, with sub-sectors like motors at 67.83 times and batteries at 37.26 times [24] - The report provides a detailed valuation comparison, indicating that the current valuation is significantly above the one-year average for most sub-sectors [24] Industry News - The report notes that the Chinese government has set ambitious targets for renewable energy, aiming for non-fossil energy consumption to account for over 30% of total energy consumption by 2035 [38] - The report emphasizes the importance of energy storage technology development, highlighting government initiatives to promote large-scale applications of energy storage equipment [38]

Core Viewpoint - Guangzhou Zhiguang Electric Co., Ltd. has signed a procurement contract worth 163.56 million yuan with Guangdong Electric Power Design Institute, which is expected to positively impact the company's operating performance in the current and future years [2][3]. Group 1: Company Performance - In the first half of 2025, Zhiguang Electric reported revenue of approximately 1.643 billion yuan, representing a year-on-year increase of 31.71% [3]. - The net profit attributable to shareholders was approximately -55.15 million yuan, a reduction in loss of about 35.08 million yuan compared to the same period last year [3]. - The growth in performance is primarily driven by the energy storage business [3]. Group 2: Business Operations - Zhiguang Electric is engaged in the research, development, production, and sales of digital energy technologies and products, serving grid companies, energy companies, and commercial enterprises [3]. - The company has been focusing on energy storage system integration and independent energy storage stations, leveraging its core technologies such as storage PCS, BMS, EMS, and battery PACK [3]. - Zhiguang Storage, a subsidiary, has ranked among the top in the country for shipment volume and has received numerous awards for technological innovation in the industry [3]. Group 3: Market Outlook - The market share of high-pressure cascade energy storage systems is expected to increase further, driven by the recent action plan issued by the Ministry of Industry and Information Technology and other departments [3].

9月26日消息，在近日举行的2025"钠离子电池产业链与标准发展论坛"上，中国科学院院士、新基石研 究员、清华大学化学系教授李景虹指出，钠离子电池是绿色能源的重要发展方向，应扬长避短，充分发 挥其功率高、低温性能好、安全性高和成本低等优势，瞄准混合动力汽车、UPS、调频储能、铅酸替代 等应用场景。 北京中科海钠科技有限责任公司总经理李树军发表《钠离子电池创新与产业化实践》报告，他表示钠离 子电池产业已进入从样品验证到商业化落地的关键阶段。当前产业逻辑正从"价格颠覆"回归"价值创 造"，钠电池应聚焦其快充、低温与长寿命特性，在特定性能市场率先突破。他认为，2026年钠电池将 进入规模应用阶段，商业价值开始凸显，可显著降低用户全生命周期成本。随着规模扩大与能量密度提 升，钠电池成本有望在未来两三年内降低一半，实现可持续的商业化路径。 中国电子技术标准化研究院何鹏林副主任分享了《国际、国内钠电池标准化研究进展》。他表示，我国 钠离子电池标准化工作稳步推进，目前已发布2项国家标准，另有11项国标及行标正在制定中。此外， 我国牵头的4项钠电池国际标准也正在起草过程中。标准制定过程中对44家企业生产的钠电池试验验证 数据 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - The energy storage system bidding scale in August 2025 saw a month-on-month increase of over 10 times, reaching 17.7GW/45.7GWh, marking a year-on-year growth of 237.1% and 691.4% respectively [5][39] - The power equipment sector has outperformed the CSI 300 index, with a year-to-date increase of 38.91%, surpassing the index by 22.18 percentage points [12][18] - The report highlights significant growth in the grid-side energy storage system, which reached a bidding scale of 18.2GWh in August, reflecting a year-on-year increase of 437.2% and a month-on-month increase of 521.9% [40] Summary by Sections Market Review - As of September 25, 2025, the power equipment industry rose by 8.19% over the past two weeks, outperforming the CSI 300 index by 7.19 percentage points, ranking second among 31 industries [12] - The wind power equipment sector increased by 8.31%, while the battery sector saw a rise of 12.48% [18] Valuation and Industry Data - The power equipment sector's PE (TTM) is 34.90 times, with sub-sectors like the motor sector at 67.83 times and the battery sector at 37.26 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating a significant premium over historical averages [25] Industry News - The report notes China's commitment to reducing greenhouse gas emissions and increasing the share of non-fossil energy consumption to over 30% by 2035 [39] - It emphasizes the government's push for large-scale applications of energy storage equipment, focusing on safety and efficiency [39] Company Announcements - The report includes announcements from companies like Datang Group regarding a major offshore wind power project and various corporate actions from firms like Goldwind Technology and Longi Green Energy [42][43] Weekly Perspective - The report suggests focusing on leading inverter companies benefiting from the development of new energy storage technologies, highlighting specific companies such as Guodian NARI and Sunshine Power [44]

Demand Side - The domestic energy storage bidding scale in August 2025 reached 25.8GW/82.7GWh, with a year-on-year increase of 636% and a month-on-month increase of 201%[17] - In India, the mandatory energy storage policy was released, with over 43GWh of energy storage already bid in 2025[7] - The average bidding price for 2-hour and 4-hour energy storage systems in August 2025 was 0.491 and 0.431 CNY/Wh, respectively, with month-on-month changes of -6.7% and +3.4%[3] Supply Side - In August 2025, the newly installed energy storage capacity in China was 2.84GW/8.19GWh, showing a year-on-year decrease of 1% and a month-on-month decrease of 28%[11] - The cumulative installed energy storage capacity in China reached 73.76GW by the end of 2024, with a target of ≥180GW by 2027, indicating a gap of approximately 110GW[23] - In Germany, the energy storage installation in August 2025 was 346MWh, with a year-on-year decrease of 19.5%[51] Risk Factors - Risks include a decline in renewable energy and energy storage demand in the U.S., intensified industry competition affecting profit margins, and uncertainties in U.S. tariff policies[4] - The average wholesale electricity price in the core nine European countries in August was 78.3 EUR/MWh, down 12.4% month-on-month, which may impact energy storage demand[40]

Group 1: Market Performance - The ChiNext Index surged past 3200 points, reaching a new three-year high with an annual increase of over 50% [1] - The ChiNext ETF (Guangfa) rose by 2.13%, marking its fourth consecutive increase, with significant gains in constituent stocks such as Kunlun Wanwei (up 10.99%) and Aosheng Technology (up 9.49%) [3] Group 2: Energy Storage Sector - The U.S. is expected to see a new installed capacity of 5.5 GW/18.8 GWh in new energy storage for the first half of 2025, reflecting a year-on-year growth of 35%-40% [1] - European and emerging markets are projected to experience growth rates of 1-2 times in the energy storage sector [1] - Citic Securities highlights that the acceleration of electricity reform will transform energy storage from a cost item to a profit item, with improved capacity compensation mechanisms providing a profit "safety net" [1] Group 3: Photovoltaic Industry - The photovoltaic industry is currently at the bottom of the cycle, with recent government actions aimed at capacity integration and price regulation in the silicon material segment [1] - The industry is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [1] Group 4: Gaming Industry - In September, 156 games were approved, including 145 domestic and 11 imported titles, marking the third month this year with over 150 game approvals [2] - The gaming sector is experiencing a dual increase in supply and demand, leading to an overall rise in gaming hours and market expansion [2] - The trend indicates a more favorable competitive landscape, with major companies focusing on long-lasting games and mid-sized companies targeting niche markets [2] Group 5: ETF Overview - The ChiNext ETF (Guangfa) closely tracks the ChiNext Index, consisting of 100 stocks with high market capitalization and liquidity, focusing on strategic emerging industries [4]

为满足2 0 30年全国13万亿千瓦时以上用电需求，促进2 8亿—30亿千瓦时左右新能源消纳，预计"十五五"时期，全国新型储能装机规 模有望达3亿千瓦。 "储能作为新型电力系统'源网荷储'四要素中的重要构成，其规模化的发展是新型电力系统建设最为重要的标志。与'源网荷'三方规模 体量相比，'储'的规模决定'十五五'新能源发展质量，影响电网安全运行水平，同时关系着消费侧用能质量和经济性。"在近日召开的 世界储能大会上，电力规划设计总院党委书记胡明指出，"十五五"期间，新型储能将与"源网荷"各环节进一步融合，从而在促进大规 模新能源开发消纳、提高电力系统安全稳定运行和支撑用户灵活低碳用能等方面发挥着比"十四五"时期更为重要的作用。 胡明预判，为满足2030年全国13万亿千瓦时以上用电需求，促进2 8亿—30亿千瓦时左右新能源消纳，预计"十五五"时期，全国新型储 能装机规模有望达3亿千瓦。 5年增长近30倍 储能作为构建新型电力系统的关键支撑，是实现电力系统安全稳定运行的重要保障，"十四五"以来我国新型储能技术创新和产业发展 不断突破，已步入规模化发展阶段。 工 信 部 原 副 部 长 苏 波 分 享 一 组 数 据 ...

Group 1 - The A-share market showed a strong performance in the energy storage sector, with the ChiNext New Energy ETF (Hua Xia, 159368) aiming for a four-day winning streak, increasing by 0.74% [1] - In the first half of 2025, the U.S. added 5.5 GW/18.8 GWh of new energy storage capacity, representing a year-on-year growth of 35%-40%, with an expected annual growth rate of 30%-40% [1] - European and emerging markets are anticipated to experience explosive growth, potentially reaching 1-2 times the current levels [1] Group 2 - The ChiNext New Energy ETF (Hua Xia, 159368) is the largest ETF tracking the ChiNext New Energy Index, covering various sectors including batteries and photovoltaics [2] - As of September 24, 2025, the fund's scale reached 879 million yuan, with a daily average trading volume of 61.17 million yuan over the past month [2] - The ETF has a storage component of 51% and a solid-state battery component of 23.6%, aligning with current market trends [2]