Core Viewpoint - The company did not participate in the World Energy Storage Conference on September 17 and will continue to focus on its core business of high-end carbon materials and new energy storage, aiming to enhance its industry chain layout for sustainable growth [1] Company Developments - The company confirmed its absence from the World Energy Storage Conference [1] - Future development plans will closely align with the main business areas of high-end carbon materials and new energy storage [1] - The company aims to continuously improve its industry chain layout to promote sustainable development and growth [1]

这一消息让原本躁动的储能市场再增添一把火，在该方案发布后储能板块指数一度创下近三年来的新高。 今年以来，储能市场分外火热。 从国内"136号文"带来的"531"抢装潮，到美国关税90天窗口期带来的抢出口潮，再到澳大利亚23亿澳元户储补贴、欧洲去库存叠加西班牙大规模 停电刺激户储订单增加……共同促成了储能需求维持高景气度，储能电芯出现"一'芯'难求""加价也排不到货"的情况。 而近日发布的《新型储能规模化建设专项行动方案（2025—2027年）》则预计三年内全国新增装机容量超过1亿千瓦，2027年底达到1.8亿千瓦以 上，带动项目直接投资约2500亿元；并指出新型储能技术路线仍以锂离子电池储能为主，各类技术路线及应用场景进一步丰富，培育一批试点应 用项目，打造一批典型应用场景。 有储能电芯企业相关人士对时代财经表示，公司在一两个月前也满产了，目前在手订单已排到12月份。 不过，多位业内人士均向时代财经提到，本轮"储能电芯热"主要是由于供需之间的阶段性错配，随着此前扩产的新产能释放，或有望在未来改善 供需错配的情况。 除此之外，电芯厂家已经"卷"到了海外。SMM储能分析师李亦沙在接受时代财经采访时提到，今年上半年 ...

Domestic News - The Ministry of Industry and Information Technology is soliciting public opinions on the mandatory national standard for "Safety Requirements for Intelligent Connected Vehicle Combination Driving Assistance Systems," which aims to strengthen safety in the intelligent connected vehicle industry [2] - The Ministry of Industry and Information Technology released a development roadmap for new energy storage technologies, targeting over 180 million kilowatts of installed capacity by 2027, over 240 million kilowatts by 2030, and exceeding 300 million kilowatts by 2035 [3] - The Ministry of Commerce announced the establishment of five industry standardization technical committees, including those for the automotive circulation, resource recovery, service outsourcing, pharmaceutical circulation, and petroleum circulation industries [4] - The Chief Executive of Hong Kong, John Lee, announced support for the development of battery-swapping electric vehicles and automated battery-swapping station technologies, along with a plan to provide 3 billion HKD for high-speed charging stations by the end of 2028 [5] International News - The U.S. Department of Commerce is considering requests to impose tariffs on more imported automotive parts based on national security reasons, allowing domestic manufacturers and industry associations to request additional tariffs [6] - Japan's exports to the U.S. fell by 13.8% year-on-year in August, marking five consecutive months of decline, primarily due to decreased exports of automobiles and machinery [7] Company News - Chery Automobile plans to issue 297.4 million H-shares, with a pricing range of 27.75 to 30.75 HKD per share, and aims to complete pricing by September 23 [11] - GAC Group and Huawei have announced a new brand named "Qijing," which will focus on high-end intelligent new energy vehicles and will be officially launched soon [12] - Lantu Automotive has completed a name change to "Lantu Automotive Technology Co., Ltd." as a key step towards listing on the Hong Kong Stock Exchange [13] - Hello's Robotaxi business received strategic investment from Alibaba Group, indicating a deepening collaboration in autonomous driving and related technologies [14] - MOGOX and Tencent Cloud have formed a strategic partnership to enhance the capabilities of the MogoMind model and develop a city-level AI network [15] - EVE Energy has made technological advancements in solid-state batteries and plans to achieve breakthroughs in production processes by 2026, focusing on high-power and safe solid-state batteries for hybrid applications [16]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In September, the market entered a high-level consolidation phase after continuous upward movement. Due to increased hedging demand of some funds at high levels, there was a certain divergence between long and short forces, leading to significant fluctuations in stock index. However, from a long - term perspective, China's capital market is just at the beginning of the strategic allocation period. The CSI 500 and CSI 1000 indices, which are mostly composed of technology - growth stocks, are more offensive with larger fluctuations but may bring higher returns. The SSE 50 and CSI 300 indices, which are mostly composed of dividend blue - chip stocks, are more defensive with smaller fluctuations but relatively weaker price elasticity [2] Summary by Directory 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts for the current month, next month, next quarter, and the quarter after next were 4553.20, 4541.80, 4518.20, and 4492.80 respectively, with increases of 36.20, 34.80, 31.60, and 30.20. The trading volumes were 72782.00, 20655.00, 57612.00, and 11450.00 respectively, and the positions were 61553.00, 33842.00, 133521.00, and 44996.00 respectively. The position changes were - 17674.00, 7608.00, 6720.00, and 666.00 respectively [1] - **IH Contracts**: The previous day's closing prices of IH contracts for the current month, next month, next quarter, and the quarter after next were 2956.20, 2955.60, 2955.80, and 2958.40 respectively, with increases of 5.80, 6.20, 5.00, and 3.80. The trading volumes were 29648.00, 8442.00, 23042.00, and 3627.00 respectively, and the positions were 28332.00, 12791.00, 52206.00, and 11442.00 respectively. The position changes were - 4903.00, 3127.00, 5476.00, and 321.00 respectively [1] - **IC Contracts**: The previous day's closing prices of IC contracts for the current month, next month, next quarter, and the quarter after next were 7252.40, 7197.00, 7081.00, and 6916.00 respectively, with increases of 90.40, 93.40, 86.80, and 79.80. The trading volumes were 67086.00, 24005.00, 56441.00, and 16292.00 respectively, and the positions were 56442.00, 40143.00, 111083.00, and 44403.00 respectively. The position changes were - 20158.00, 6496.00, 1443.00, and 1399.00 respectively [1] - **IM Contracts**: The previous day's closing prices of IM contracts for the current month, next month, next quarter, and the quarter after next were 7547.00, 7480.20, 7331.60, and 7126.20 respectively, with increases of 93.00, 96.00, 99.40, and 99.40. The trading volumes were 122397.00, 36291.00, 101376.00, and 25839.00 respectively, and the positions were 89169.00, 57923.00, 158963.00, and 73293.00 respectively. The position changes were - 23457.00, 11171.00, 9900.00, and 1807.00 respectively [1] - **Inter - month Spreads**: The current values of IF next month - IF current month, IH next month - IH current month, IC next month - IC current month, and IM next month - IM current month were - 11.40, - 0.60, - 55.40, and - 66.80 respectively, compared with previous values of - 9.40, 0.80, - 57.80, and - 70.00 [1] 2. Stock Index Spot Market - **Major Indexes**: The previous day's closing prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 were 4551.02, 2952.78, 7260.04, and 7554.81 respectively, with increases of 0.61, 0.17, 0.96, and 0.95. The trading volumes (in billions of lots) were 235.72, 56.67, 258.26, and 301.71 respectively, and the total trading amounts (in billions of yuan) were 6084.54, 1550.34, 4455.49, and 4932.96 respectively [1] - **Industry Indexes**: Among different industries, the energy, industrial, optional consumption, and information technology industries had increases of 1.06%, 2.13%, 1.72%, and 0.76% respectively. The raw materials, main consumption, real - estate finance industries had decreases of - 0.13%, - 0.58%, and - 0.10% respectively [1] 3. Futures - Spot Basis - **IF Contracts and Underlying Index**: The previous day's basis values of IF current month - CSI 300, IF next month - CSI 300, IF next quarter - CSI 300, and IF quarter after next - CSI 300 were 2.18, - 9.22, - 32.82, and - 58.22 respectively [1] - **IH Contracts and Underlying Index**: The previous day's basis values of IH current month - SSE 50, IH next month - SSE 50, IH next quarter - SSE 50, and IH quarter after next - SSE 50 were 3.42, 2.82, 3.02, and 5.62 respectively [1] - **IC Contracts and Underlying Index**: The previous day's basis values of IC current month - CSI 500, IC next month - CSI 500, IC next quarter - CSI 500, and IC quarter after next - CSI 500 were - 7.64, - 63.04, - 179.04, and - 344.04 respectively [1] - **IM Contracts and Underlying Index**: The previous day's basis values of IM current month - CSI 1000, IM next month - CSI 1000, IM next quarter - CSI 1000, and IM quarter after next - CSI 1000 were - 7.81, - 74.61, - 223.21, and - 428.61 respectively [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's closing prices of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - Sized Board Index, and ChiNext Index were 3876.34, 13215.46, 8042.44, and 3147.35 respectively, with increases of 0.37%, 1.16%, 0.99%, and 1.95% respectively [1] - **Overseas Indexes**: The previous day's closing prices of the Hang Seng Index, Nikkei 225, S&P Index, and DAX Index were 26908.39, 44790.38, 6600.35, and 23359.18 respectively, with increases of 1.78%, - 0.25%, - 0.10%, and 0.13% respectively [1] 5. Macroeconomic Information - **US Federal Reserve**: The Fed cut interest rates by 25 basis points as expected, lowering the federal funds rate to 4.00% - 4.25%. After the FOMC statement, the market expected a more than 90% probability of another rate cut in October [2] - **China's Policies**: China will select about 50 pilot cities for new consumption formats, models, and scenarios, introduce a series of policy documents, promote the application of AI in service consumption, and use structural monetary policy tools to increase capital supply in the consumption field. During the consumption month, there will be over 25,000 cultural and tourism consumption activities and over 330 million yuan in consumption subsidies [2] - **China - ASEAN Relations**: Vice - President Han Zheng put forward four suggestions at the 22nd China - ASEAN Expo to strengthen cooperation between China and ASEAN [2] 6. Industry Information - **Cybersecurity**: The deputy director of the National Cyberspace Administration of China called on leading enterprises to take on the responsibility of tackling "neck - stuck" technologies in key areas such as chips [2] - **Pig Industry**: A symposium on pig production capacity regulation was held to control the sow production capacity and regulate the pig supply for next year [2] - **Intelligent Connected Vehicles**: The Ministry of Industry and Information Technology solicited public opinions on mandatory national standards for combined driving assistance of intelligent connected vehicles [2] - **Energy Storage**: The Ministry of Industry and Information Technology released a ten - year development roadmap for new energy storage technologies, aiming for an installed capacity of over 180 million kilowatts by 2027, over 240 million kilowatts by 2030, and over 300 million kilowatts by 2035 [2]

记者丨 曹恩惠 编辑丨黄剑 过去两年来，储能产业的"疯狂"让很多行业为之羡慕，特别是新型储能（注：指除抽水蓄能以 外，以输出电力为主要形式的储能技术）的快速发展。2025年上半年，新型储能产业累计装机 规模已突破1亿千瓦。 行业火热，很多人甚至开始眺望更高的"山头"——累计装机规模3亿千瓦。21世纪经济报道记 者从"2025世界储能大会"上获悉，不少人乐观预计2030年便可达成此目标。 不过，记者也注意到，在发展速度和规模上，当我国新型储能产业的竞争对手只剩下"昨天的 自己"之时，业内人士也在呼吁要"健康"地向前奔跑。 下个千亿"新"蓝海 宁德市位于福建省东北部，依山面海。这座陆地面积仅有1.3万平方公里的闽东小市，却构建 了最为完整的锂电产业生态，贡献占全球五分之一以上的锂电池产能。 2023年，在首届"世界储能大会"上，宁德被授予"中国新能源电池之都"的称号。如今，这场一 年一度的储能盛会已经被打造成推动储能产业合作的重要平台。 9月12日，国家发展改革委、国家能源局正式联合印发了《新型储能规模化建设专项行动方案 （2025—2027年）》（下称《行动方案》），提出了三年内全国新型储能新增装机容量超过1 ...

Core Insights - The 2025 World Energy Storage Conference was held in Ningde, highlighting significant growth in the energy storage sector, with a 1.35% increase in the storage index and a notable rise in stock prices of leading companies like CATL [1][2] - CATL's chairman announced that global new energy storage installations have increased by 11 times over the past five years, with China achieving a 20-fold growth, making it the largest energy storage market globally [1][3] - The Chinese government has set ambitious targets for energy storage installations, aiming for over 180 million kilowatts by 2027 and over 300 million kilowatts by 2035 [2][3] Industry Developments - The "New Energy Storage Technology Development Roadmap (2025-2035)" was released, outlining goals for the industry, including a focus on various storage technologies such as electrochemical, electromagnetic, mechanical, thermal, and hydrogen storage [2][3] - The National Development and Reform Commission and the National Energy Administration issued an action plan for energy storage, projecting direct investments of approximately 250 billion yuan by 2027 [3][4] Company Performance - CATL reported a cumulative R&D investment exceeding 80 billion yuan since 2014, with a patent portfolio of 43,000 applications expected to grow by 7,000 this year [1] - BYD achieved a revenue of 371.28 billion yuan in the first half of the year, with a net profit of 15.51 billion yuan, marking a 13.79% year-on-year increase [6] - Sunshine Power, a leader in energy storage systems, reported a revenue of 17.80 billion yuan, a 127.78% increase year-on-year, with energy storage revenue surpassing its solar inverter business for the first time [6] Market Trends - The energy storage sector is witnessing a shift from cost competition to value creation, with a focus on innovative business models that enhance economic viability [4] - A total of 20 energy storage concept stocks reported net profits exceeding 100 million yuan in the first half of the year, with CATL leading at 30.49 billion yuan [5][8] - The demand for lithium battery materials is expected to continue growing, driven by the high demand in the new energy vehicle and energy storage markets [7]

Core Insights - The 2025 World Energy Storage Conference emphasizes the importance of energy storage in the context of China's dual carbon strategy, highlighting the country's position as the largest energy storage market globally [1][2] Industry Development - The energy storage industry is becoming a core engine for constructing a new power system, driven by the need to address the intermittency of renewable energy sources like wind and solar [1][2] - China's installed capacity for photovoltaic and wind power has surpassed that of coal power, but issues like curtailment of wind and solar energy remain significant challenges [1] - The development of new energy storage technologies is crucial for ensuring the safe operation of the new power system, requiring various storage technologies for different durations [1] Technological Innovation - Companies are focusing on technological innovation to capture market opportunities, with significant revenue growth reported in the energy storage sector [3] - For instance, EVE Energy's energy storage battery business achieved a revenue of 10.298 billion yuan, a year-on-year increase of 32.47%, while Sungrow's energy storage system business reported 17.803 billion yuan, a 127.78% increase [3] - Midea Group's subsidiary, Kelu Electronics, has developed a comprehensive self-research capability in energy storage system control core units, enhancing its service capabilities [3] Market Outlook - Investment institutions are optimistic about the energy storage sector, noting the clarity of domestic business models and the unexpected demand in emerging markets [7] - Analysts suggest that the combination of improved fundamentals, new technological catalysts, and relatively reasonable valuations indicates a long-term investment value in the lithium battery sector, particularly in energy storage and solid-state batteries [7] - The overall trend for the energy storage industry is positive, with expectations for stable growth in global energy storage installations driven by resilient domestic demand and expanding overseas markets [7]

Core Insights - The energy storage index rose by 1.35%, with leading stocks like CATL increasing by 6.7% [1] - The 2025 World Energy Storage Conference in Ningde, Fujian, focuses on providing solutions for the energy storage industry [1] - The new energy storage technology development roadmap aims for significant growth in installed capacity by 2035 [1][2] Industry Developments - The conference resulted in 22 new industrial projects with a planned investment of 36.7 billion yuan, and 18 projects signed with a total investment of 24.58 billion yuan [2] - The National Development and Reform Commission and the National Energy Administration released an action plan targeting 1.8 million kilowatts of new energy storage capacity by 2027 [2] - The action plan emphasizes lithium-ion battery storage as the primary technology while diversifying application scenarios [2] Company Performance - CATL reported a net profit of 30.485 billion yuan, leading the energy storage sector [3] - BYD achieved a revenue of 371.281 billion yuan, with a net profit of 15.511 billion yuan, marking a 23.3% year-on-year growth [3] - Sungrow, a leader in energy storage systems, saw a 127.78% increase in revenue from energy storage systems, reaching 17.803 billion yuan [3] Profit Growth - Shanshan Co. experienced a remarkable net profit growth of 1079.59%, driven by high demand in the electric vehicle and energy storage markets [4] - Other companies like Jinlang Technology and Camel Group also reported significant profit increases, with growth rates exceeding 60% [4] - The demand for negative electrode materials is expected to continue rising, with a 37% year-on-year increase in shipments in the first half of 2025 [5]

9月17日，宁德时代（300750.SZ）在互动平台表示，钠离子电池能量密度比锂离子电池略低，但低温性能、碳足迹、安全性能均更有优势。 图片来源：每经记者 张涵 摄 具体来看，钠新电池将有助开拓严寒市场，拓宽新能源应用的区域边界；钠新电池的能量密度达到175Wh/kg，具备超500公里的纯电续航能力，可以覆盖超 4成的国内乘用车市场需求，具备广阔的目标市场空间；公司推出的钠电电池包结合20号、25号标准包/换电包的高兼容性，适用于所有标准包/换电包车企 客户的车型。 目前，公司钠新乘用车动力电池正在与客户推进开发、落地中，进展顺利，明年将根据客户节奏实现批量供货。 9月15日，宁德时代在互动平台表示，公司于4月发布钠新电池，钠新乘用车动力电池拥有优异的低温能量保持率与安全表现，9月初公司钠新电池已通过新 国标认证，成为全球首款通过新国标认证的钠离子电池。目前，公司钠新乘用车动力电池正在与客户推进开发、落地中，进展顺利。 盘面上，9月17日，电力设备股继续活跃，其中，板块龙头宁德时代再掀涨势，盘中股价一度升至381.88元，续创历史新高，同时，其今日总市值首次突破 1.7万亿元，时隔2年再次超越中国银行（1.6 ...

Core Viewpoint - The new energy storage industry is experiencing rapid growth and is expected to play a crucial role in achieving carbon neutrality goals during the 14th and 15th Five-Year Plans, with significant advancements in technology and market structure anticipated [2][11]. Group 1: New Energy Storage Capacity - By July 2023, the installed capacity of new energy storage in China reached 96.68 million kilowatts (approximately 226 million kilowatt-hours), marking a 30-fold increase compared to the end of the 13th Five-Year Plan [6]. - The installed capacity is projected to reach 300 million kilowatts during the 15th Five-Year Plan, driven by an average annual growth rate of around 3% in energy consumption [6][10]. Group 2: Technological Innovation and Application Scenarios - The focus during the 15th Five-Year Plan will be on technological innovation, emphasizing high safety, low cost, long lifespan, and sustainable energy storage solutions [7]. - New energy storage will be integrated into various application scenarios, including power generation, grid support, and load-side storage, with a significant increase in clean energy proportions in large-scale renewable energy bases [7][8]. Group 3: Market Development and Challenges - The new energy storage market is transitioning to a model that combines energy quantity and capacity, with other revenue sources supplementing it [8]. - The industry faces challenges such as safety concerns, intense price competition, and the risk of market saturation, with over 300,000 registered energy storage companies in China [13][17]. Group 4: Future Development Roadmap - The "New Energy Storage Technology Development Roadmap (2025-2035)" outlines goals for installed capacity, targeting over 180 million kilowatts by 2027 and over 240 million kilowatts by 2030 [9][10]. - The roadmap emphasizes the need for diverse storage technologies, including electrochemical, electromagnetic, mechanical, thermal, and hydrogen storage, to meet future energy demands [9]. Group 5: Global Context and Policy Recommendations - China has become the largest market for energy storage, with significant contributions to global supply chains, accounting for 90% of battery shipments and over 70% of system shipments [11]. - The International Renewable Energy Agency (IRENA) has released a report highlighting the importance of energy storage in the transition to renewable energy, recommending policies for market integration and safety standards [14].