Group 1 - The successful grid connection of the 120 MW/240 MWh user-side energy storage station in Jiangsu marks the largest user-side energy storage project in the province, contributing to regional power system stability and energy structure transformation [1] - The energy storage project utilizes grid-structured storage technology, capable of autonomously constructing the grid and stabilizing voltage and frequency, functioning like a giant "power bank" [1] - The project can store 240,000 kWh of electricity, sufficient to meet the daily electricity needs of approximately 25,000 households, and enhances the frequency modulation and peak shaving capacity by 120,000 kW in the region [1] Group 2 - The energy storage station can integrate and utilize clean energy sources such as wind and solar power in the Jiangsu region, promoting the transformation of the energy structure and serving as a significant achievement in exploring the "storage + distributed energy" collaborative operation mechanism [1] - The steel industry is a major contributor to carbon emissions in the manufacturing sector, and this energy storage project is among the largest in the national steel industry, demonstrating the potential for green transformation in traditional industries [1] - The energy storage station is expected to enhance green electricity consumption by 16.8 million kWh annually, equivalent to saving approximately 21,000 tons of standard coal and reducing carbon dioxide emissions by about 52,000 tons each year [1][2]

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The newly released "New Energy Storage Scale Construction Special Action Plan (2025-2027)" aims for a national new energy storage installed capacity of over 180GW by 2027, driving direct investment of approximately 250 billion yuan. Lithium battery storage remains the primary technology route [43] - The lithium battery index has shown significant growth, with a year-to-date increase of 46.60%, outperforming the CSI 300 index by 32.29 percentage points [10] - The overall demand for lithium batteries is rapidly increasing, with a notable recovery in net profits across the lithium battery supply chain, which grew by 30% year-on-year in the first half of 2025, marking a turning point after two years of decline [43] Summary by Sections Market Review - As of September 18, 2025, the lithium battery index rose by 17.97% over the past two weeks, outperforming the CSI 300 index by 14.92 percentage points [10] - The lithium battery index has increased by 19.54% this month and 46.60% year-to-date [10] Price Changes in the Lithium Battery Supply Chain - As of September 18, 2025, the average price of battery-grade lithium carbonate is 73,100 yuan/ton, down 2.14% over the past two weeks. The price of lithium hydroxide (LiOH 56.5%) is 71,600 yuan/ton, down 0.42% [23] - The price of lithium iron phosphate remains stable at 34,300 yuan/ton, while NCM523, NCM622, and NCM811 have seen price declines of 0.86%, 1.24%, and 0.34%, respectively [25] - The price of electrolyte lithium hexafluorophosphate increased by 0.88% to 57,000 yuan/ton [29] Industry News - The China Passenger Car Association estimates that the retail sales of new energy passenger vehicles in September will reach approximately 1.25 million units, with a penetration rate expected to rise to 58.1%, setting a new historical high [38] - Global battery production in August 2025 reached 198.42 GWh, a year-on-year increase of 50.31% [38] - The solid-state battery industry is progressing towards commercialization, with companies like Panasonic and SK On making significant advancements in solid-state battery technology [41][39] Company Announcements - CATL reported a revenue of 178.886 billion yuan in the first half of 2025, a year-on-year increase of 7.27%, with a net profit of 30.485 billion yuan, up 33.33% [44] - Enjie Co., Ltd. is focusing on the development of solid-state battery materials and has established a production line for high-purity lithium sulfide [44] - Tianwei Technology has successfully developed a solid-state electrolyte with high ionic conductivity and is now capable of large-scale supply [42]

来源：市场投研资讯 8月份，消费市场运行总体平稳，居民消费价格指数（CPI）环比持平，同比下降0.4%，扣除食品和能 源价格的核心CPI同比上涨0.9%，涨幅连续第4个月扩大。国内市场竞争秩序持续优化，部分行业供需 关系改善，工业生产者出厂价格指数（PPI）环比由上月下降0.2%转为持平；同比下降2.9%，降幅比上 月收窄0.7个百分点。 （来源：上海证券研究） ■ 市场板块评述 上周（2025.9.8-2025.9.12），港股主要指数全面上行。恒生指数上涨3.82%，恒生国企指数上涨3.40%， 恒生科技指数上涨5.31%，恒生港股通指数上涨3.81%。恒生大型股指数上涨4.49%，恒生中型股指数上 涨2.18%，恒生小型股指数上涨2.60%。 9月11日美国劳工部公布的数据显示，截至9月6日的一周，美国首次申请失业救济金人数达到26.3万 人，远超出市场预估的23.5万人。9月11日FedWatch数据显示，市场押注美联储9月份降息25个基点的概 率为89.1%，降息50个基点的概率为10.9%。8月份我国消费市场运行总体平稳，CPI环比持平，同比下 降0.4%，扣除食品和能源价格的核心CPI同比上涨0 ...

Group 1 - The 22nd China-ASEAN Expo and China-ASEAN Business and Investment Summit was held in Nanning, Guangxi, with China Energy Construction participating for the 22nd consecutive year [1] - China Energy Construction's exhibition theme was "Green Energy Chain World, Intelligent Creation of the Future," showcasing advanced technologies in large hydropower, clean coal power, compressed air energy storage, and green hydrogen ammonia [1] - The company is implementing the "Four Revolutions, One Cooperation" energy security strategy, focusing on a "30·60" system solution and promoting green low-carbon energy transformation [1] Group 2 - In the energy storage sector, China Energy Construction is a key player in new energy storage engineering and has been recognized as an original technology source by the State-owned Assets Supervision and Administration Commission [1] - The company has completed the world's first 300 MW compressed air energy storage demonstration project, achieving full capacity grid connection and setting multiple world records in power output and efficiency [1] - In the hydrogen energy sector, China Energy Construction has built an integrated industrial ecosystem covering green hydrogen, ammonia, and alcohol, and is involved in the largest green hydrogen ammonia project globally in Jilin [2] Group 3 - China Energy Construction has participated in major national projects such as the Three Gorges Project and the South-to-North Water Diversion Project, completing over 90% of China's power planning consulting and industry standards [3] - The company has achieved significant contributions in various energy sectors, including hydropower, thermal power, and nuclear power, holding multiple world-leading technologies and receiving six national science and technology progress awards [3] - It has established 77 institutions in ASEAN countries, with ongoing project contracts amounting to approximately 90 billion yuan, demonstrating its commitment to international cooperation and sustainable development [2]

Core Insights - The recent auction results for renewable energy prices in Shandong Province have raised concerns among investors regarding the profitability of solar and wind projects, with solar prices dropping to 0.225 yuan/kWh and wind prices at 0.319 yuan/kWh, both significantly lower than expected [1][3][4] - The new pricing mechanism introduced by the government aims to stabilize revenues for renewable energy projects but has led to a competitive bidding environment where many participants are undercutting prices to secure contracts [1][3][5] Summary by Sections Mechanism Pricing and Market Reactions - The mechanism pricing for solar energy was set at 0.225 yuan/kWh, which is lower than the expected 0.26 yuan/kWh, causing alarm among investors as it may not cover operational costs for many projects [1][3][4] - The auction results indicate a significant drop in expected revenues, with solar and wind prices falling by 43% and 19.2% respectively compared to the benchmark coal price [4][5] Policy Changes and Industry Impact - Recent policy changes from the National Development and Reform Commission and the National Energy Administration aim to accelerate the construction of the electricity spot market and promote new energy consumption [2][5] - The new pricing mechanism is seen as a critical step for renewable energy to secure a foothold in the electricity market, but it also places the onus of demand on electricity users rather than the grid [2][5] Investment Trends and Challenges - The low mechanism prices have led to a reduction in investment enthusiasm, with many investors reporting difficulty in finding funding for projects due to the unfavorable pricing environment [3][6][7] - The competitive landscape has shifted, with fewer investors willing to engage in projects that do not meet profitability thresholds, leading to a consolidation of investment interest in high-quality projects [5][7] Storage and Future Prospects - The introduction of new policies has improved the outlook for independent energy storage projects, with significant growth in installed capacity reported [10][11] - However, challenges remain in ensuring that storage projects can effectively participate in the market, as many still lack the necessary performance metrics to be profitable [12][13] Long-term Outlook - The future of renewable energy deployment is expected to slow down due to various factors, including the need for coal power to support the grid and the ongoing adjustments in market mechanisms [13][14] - The industry is urged to focus on improving project economics and ensuring that policies align with market realities to foster sustainable growth in the renewable energy sector [14][15]

Core Viewpoint - The recent auction results for renewable energy prices in Shandong Province have raised concerns about the profitability of solar projects, with the mechanism price for solar set at 0.225 yuan/kWh, significantly lower than expected, leading to a potential decline in investment interest in the sector [1][4][5]. Group 1: Mechanism Price and Market Reactions - The mechanism price for solar energy in Shandong is set at 0.225 yuan/kWh, with 80% of the selected projects being distributed solar projects, indicating a significant drop in expected returns for investors [4][5]. - The auction results have led to mixed reactions in the market, with some industry participants anticipating low bids due to high competition, while others express disappointment over the inability to maintain profitability at such low prices [5][6]. - The mechanism price reflects a 43% decrease compared to the benchmark coal price of 0.3949 yuan/kWh, indicating a substantial impact on the revenue of new solar projects [5][6]. Group 2: Policy Changes and Investment Landscape - Recent policy changes from the National Development and Reform Commission and the National Energy Administration aim to accelerate the construction of the electricity spot market and promote new energy consumption, indicating a shift in investment models for renewable energy [2][6]. - The current investment environment is characterized by a cautious approach from investors, with many projects being terminated due to insufficient conditions, such as unmet profitability requirements and limited grid capacity [7][9]. - The focus of future market development is expected to shift towards high-quality projects, with a significant reduction in non-technical costs anticipated in regions with less competitive solar markets [7][9]. Group 3: Storage and New Energy Integration - The introduction of new pricing mechanisms for energy storage and nearby consumption is seen as a positive development, although practical implementation remains challenging due to various concerns, including high costs and operational risks [10][11]. - The recent policy changes have improved the investment landscape for independent energy storage projects, with significant growth in installed capacity reported [13][14]. - Despite the potential for growth in the energy storage sector, not all projects will benefit equally, as performance and operational reliability remain critical factors for success [15][16].

Group 1 - The core viewpoint of the news highlights a decline in battery-related indices, with the China Securities Battery Theme Index down by 0.2% and both the National Securities New Energy Vehicle Battery Index and the National Securities New Energy Battery Index down by 1.0% [1] - The Storage Battery ETF (159566) has seen a net subscription of 63 million shares today, continuing a trend of significant inflow since September, totaling over 1 billion yuan [1] - The National Development and Reform Commission and the National Energy Administration have released a plan aiming for a new energy storage capacity of 180 million kilowatts by 2027, which is expected to drive direct investments of 250 billion yuan [1] Group 2 - According to Zheshang Securities, the recent implementation of the new energy storage action plan in China, along with global storage demand surges, is likely to enhance the market mechanism for new energy storage and improve business models [1] - The comparison of battery-related indices shows that the National Securities New Energy Battery Index focuses on energy storage and battery systems, with a composition of 65% in storage systems and 35% in battery manufacturing, while the National Securities New Energy Battery Index has no allocation in storage systems [2] - Over the past year, the National Securities New Energy Battery Index has increased by 86%, while the National Securities New Energy Battery Index has risen by 93%, indicating strong performance in the sector [2]

Core Viewpoint - Aihua Group (603989) has established stable and good cooperation with several key clients in the energy storage sector and has developed clear strategic measures to respond to the rapid growth of the energy storage market [1] Summary by Relevant Categories Strategic Measures - The company plans to increase R&D investment to enhance the performance, safety, and system integration capabilities of energy storage products [1] - Aihua Group aims to actively expand production capacity to ensure product supply and delivery [1] - The company intends to optimize its customer structure and deepen cooperation with leading enterprises in the industry [1] - Aihua Group will continuously improve its product matrix to provide more comprehensive energy storage solutions [1] Market Opportunities - The company will keep track of policy and market trends to actively seize market opportunities brought by the development of new energy storage technologies [1]

竞速新型储能"新赛道" ——东方汽轮机构建长时储能全链条解决方案 9月18日，在2025世界清洁能源装备大会期间，东方电气集团东方汽轮机有限公司（以下简称"东方汽轮 机"）召开"新型电力系统长时储能技术应用及发展会议"，会议以"绿色能源·因储而行"为主题，汇聚了 行业顶尖智慧，聚焦长时储能技术高质量发展，探讨多路径长时储能技术前沿，助力储能与能源转型的 深度融合，推动清洁能源的高效利用与可持续发展。 在"双碳"目标纵深推进的背景下，新能源快速发展，系统调峰、电力保供压力不断增大，作为重要的灵 活性调节资源，新型储能成为构建新型电力系统的客观需要。东方汽轮机牢牢把握能源产业变革趋势， 将储能产业确立为推动科技创新与产业转型的战略新兴方向，以压缩气体储能、钒液流电池为核心，同 步配套电化学储能、飞轮储能技术，构建起"技术研发—设备制造—系统集成—综合解决方案"的全链条 服务能力，在新型储能赛道上树立起行业标杆。 压缩气体储能：提供"一站式解决方案" 钒液流电池储能：分布式储能场景范本 全钒液流电池储能因其安全性好、无燃爆风险、功率容量解耦、充放电容量损耗小、全生命周期性价比 高的特点，成为大规模储能的重要选择。 ...

Core Viewpoint - The article emphasizes the rapid development of new energy storage technologies in China, highlighting the significant growth in installed capacity and the importance of energy storage in supporting the new power system [2][4]. Group 1: Installed Capacity Growth - As of mid-2023, China's new energy storage installed capacity reached approximately 95 million kilowatts, marking a nearly 30-fold increase over five years, positioning China as the world leader in this sector [4]. Group 2: Technological Development - The article notes a diverse range of new energy storage technologies, including large-capacity lithium-ion batteries, compressed air storage, lead-carbon batteries, and flow batteries, with lithium battery technology achieving international leadership [5]. Group 3: Industry Structure - China has established a comprehensive new energy storage industry system with a wide variety of products and complete supporting facilities, covering independent storage, shared storage, and renewable energy storage, indicating vast development potential [5]. Group 4: Company Initiatives - China Huaneng Group is committed to green and low-carbon transformation, focusing on technological innovation and optimizing energy structure. The company has made significant advancements in energy storage technology and its integration with the new power system [7]. Group 5: Demonstration Projects - China Huaneng has implemented several demonstration projects, including a 55 MW compressed air storage project in Jiangsu and a 30,000 kW molten salt storage project in Shandong, showcasing the commercial application of innovative storage solutions [7][8]. Group 6: Technological Breakthroughs - The company has overcome key technical challenges in compressed air storage and developed critical technologies for energy management systems, significantly improving system response times [8]. Group 7: Integrated Services - China Huaneng is exploring integrated development models that combine renewable energy and storage, enhancing the stability and consumption capacity of renewable energy generation [8].