Group 1: Company Operations and Projects - The demolition of the Cangzhou Landmark Pearl Textile City on August 19 does not involve the listed company's business, and the funds belong to the parent company [2] - The Cangzhou BOPA film project is expected to be operational by October 2025, with ongoing construction [2] - The company is actively monitoring and promoting the progress of its expansion projects to ensure timely production [2][3] Group 2: Market and Product Demand - The new energy storage action plan aims for a national installed capacity of over 180 million kilowatts by 2027, driving direct investment of approximately 250 billion yuan [3] - The company's lithium-ion battery separator products are used in various applications, including new energy vehicles and household appliances, which are expected to see increased demand [3][6] - The company has not raised prices for dry and wet membrane products compared to the first half of the year [6] Group 3: Shareholder and Market Concerns - The company is committed to timely share cancellation procedures as required [3] - Concerns were raised about the second largest shareholder's frequent selling of shares, which may impact the company's stock price [4][5] - The company emphasizes its independence from the controlling shareholder and maintains a robust corporate governance structure [5][6] Group 4: Financial Performance and Strategy - The company is focused on enhancing its market presence and expanding its revenue through domestic and international market development [5][6] - The management is exploring effective ways to maintain company value, including stable dividend policies and stock buybacks [4] - The company has not considered mergers or acquisitions to strengthen its competitive position at this time [4][5] Group 5: Future Outlook and Challenges - The company acknowledges the competitive challenges in the nylon membrane market and is working on strategies to improve its market position [6][7] - There are no current plans to extend product lines into solid-state batteries or to produce skeleton membranes [4][6] - The company is committed to improving its operational efficiency and management capabilities to enhance overall performance [6][7]

Core Viewpoint - The surge in Ningde Times' stock price, reaching a historical high, is driven by favorable government policies and market conditions, particularly in the new energy storage sector [2][3]. Group 1: Company Performance - On September 15, Ningde Times opened at 346.01 yuan and peaked at 371.52 yuan, marking a rise of over 14% and a market capitalization exceeding 1.7 trillion yuan [2]. - As of September 15, the stock price was 356.38 yuan with a market cap of 1.63 trillion yuan and a price-to-earnings ratio of 27.91 times, indicating a solid but not overly cheap valuation compared to peers [3]. Group 2: Industry Context - The National Development and Reform Commission and the National Energy Administration released a plan for new energy storage development, aiming for a scale of 180 million kilowatts by 2027, with direct investments of approximately 250 billion yuan [2]. - The upcoming 2025 World Energy Storage Conference in Ningde, Fujian, is expected to further boost the local industry, benefiting companies like Ningde Times [3]. Group 3: Market Dynamics - The stock market is characterized by a significant disparity in profitability among retail investors, with only 18.9% making profits, while 81.1% incur losses [4]. - Institutional and retail investors often follow trends in leading stocks, which can lead to volatility and risks, emphasizing the importance of understanding market cycles and avoiding blind speculation [4].

Core Viewpoint - The article highlights the successful completion of the 150MW/600MWh independent energy storage project in Inner Mongolia, which serves as a benchmark for the industry and addresses the challenges of renewable energy integration in the region [1][11]. Group 1: Product Strength - The project is located in the Keshiketeng Banner of Inner Mongolia, facing extreme weather conditions, including temperatures ranging from -30.7℃ to 35℃, necessitating high standards for product design and construction [2]. - The project utilizes Haibo Sichuang's flagship energy storage products, which are characterized by safety, low Levelized Cost of Storage (LCOS), high integration, long lifespan, and strong environmental adaptability [2]. Group 2: Technology, Speed, and Cost - The project employs advanced grid-forming energy storage technology, which simulates synchronous generator characteristics to enhance grid stability and resilience under complex conditions [4]. - The project was completed in just 30 days, showcasing the efficiency of Haibo Sichuang's integrated solution capabilities and the effective collaboration among various departments [6]. Group 3: Addressing Energy Challenges - The region experiences significant intermittency and volatility in renewable energy generation, leading to challenges in grid peak regulation and frequent curtailment of wind and solar power [8]. - The Haibo AI Cloud platform serves as the core intelligent control hub, enabling proactive fault warnings and precise diagnostics, thereby reducing operational costs and enhancing lifecycle management efficiency [9]. Group 4: Future Outlook - The energy storage station is a key hub for the region's energy transition, improving the flexibility of the grid and providing various services such as peak shaving, frequency regulation, and black start capabilities [11]. - Haibo Sichuang aims to drive the reconstruction of energy ecosystems through "Energy Storage + X" initiatives, accelerating the industrialization of new energy storage projects and contributing to the achievement of carbon neutrality goals [11].

Group 1 - The ChiNext Index (399006) rose by 1.51% as of September 15, 2025, with notable stock performances including Shengbang Co., Ltd. (300661) up 20.00%, Hunan YN Energy (301358) up 10.77%, and Ningde Times (300750) up 9.14% [1] - The National Development and Reform Commission and the Energy Administration jointly issued the "Special Action Plan for Large-Scale Construction of New Energy Storage (2025-2027)", aiming for a national new energy storage installed capacity of over 180 million kilowatts by 2027, driving direct investment of approximately 250 billion yuan [1] - Longjiang Securities indicated that the policy provides clear guidance for the energy storage industry, with increasing demand for large-scale storage and improving project economics due to new pricing mechanisms in regions like Ningxia [1] Group 2 - Huaxi Securities noted that the consensus in the market is for the Federal Reserve to lower interest rates in September, with subsequent US-China negotiations being a key factor influencing global risk appetite [2] - The current bull market in A-shares is supported by strong policies aimed at stabilizing the stock market, with potential incremental funds from residents remaining abundant [2] - The upcoming Fourth Plenary Session in October may catalyze policies in hard technology and new productivity sectors, while the overseas AI industry capital expenditure expectations are rising, positively impacting the market [2]

◎记者 王文嫣 随着行动方案等政策发布，政策趋于明朗有望进一步打开行业发展前景。中关村储能产业技术联盟秘书 长刘为对上海证券报记者表示，政策机制优化激发了真实储能需求。加上此前发布的《关于深化新能源 上网电价市场化改革 促进新能源高质量发展的通知》，通过取消强制配储政策、推动市场化定价机制 及优化储能收益模式，深刻改变了储能行业发展逻辑，推动行业从强配驱动转向技术驱动与市场驱动双 轨并行。政策转变推动行业从价格竞争转向价值竞争，也促使业主更关注储能系统的全生命周期度电成 本，推动行业向"高性能、长寿命、低衰减"技术方向演进。 近日发布的《新型储能规模化建设专项行动方案（2025—2027年）》（下称"行动方案"）将令储能行业 更加火热。 多位储能产业链企业人士对上海证券报记者表示，行动方案明确了2027年国内储能装机规模翻倍目标， 将此前"市场预测"转变为"政策目标底线"，给储能行业发展提供了强有力的支撑。当前海外需求大增叠 加政策明朗持续推动行业形势向好，未来头部企业将更多参与典型应用场景打造。 产业链景气度大增 2025年半年报显示，宁德时代储能电池系统营收为284亿元，毛利率为25.52%，同比增长1. ...

Market Overview - On September 15, A-shares opened high but showed mixed performance, with major indices experiencing fluctuations. The new energy leaders, CATL and Sungrow, reached historical highs, propelling the ChiNext Index above 3100 points during the session. By the close, the Shanghai Composite Index fell slightly, while the Shenzhen Component and ChiNext indices closed in the green [2]. New Energy Sector - CATL's A-shares surged over 14%, reaching a peak of 371.52 CNY per share, closing up 9.14% with a market capitalization exceeding 1.6 trillion CNY. Sungrow also hit a historical high, with shares peaking at 149.32 CNY and a trading volume of 213.62 billion CNY [3]. - The National Development and Reform Commission and the National Energy Administration recently issued a plan targeting a new energy storage capacity of over 180 GW by 2027, with an expected direct investment of approximately 250 billion CNY [3]. Gaming Sector - The gaming sector saw significant activity, with Starry Entertainment hitting a 20% limit up and Perfect World also closing strong. In Q2, gaming companies reported revenues of 28.1 billion CNY, a 22% year-on-year increase, and a net profit of 4.59 billion CNY, up 97.3% year-on-year. This growth was attributed to new product launches and ongoing platform business expansion [5]. - The number of game approvals has been increasing, with 1,118 game licenses issued from January to August 2025, marking a year-on-year increase of 192. August alone saw the approval of 173 game licenses, the highest monthly total since the resumption of normal approvals [5]. A-share Market Outlook - Analysts expect the A-share market to continue a slow upward trend, driven by domestic incremental capital and favorable liquidity conditions. Short-term volatility is acknowledged, but overall market resilience is noted [6]. - The technology sector remains a focal point for investment, despite potential short-term fluctuations. Analysts suggest that the current market conditions favor continued focus on high-growth sectors, particularly in technology [6].

Group 1: General Information - Report research company: Jiangsu New Energy [17] - Industry: Power industry [2] - Research date: September 15, 2025 [1] - Company reception staff: Chairman and General Manager Chen Hua, Independent Director Wu Qiang, Board Secretary and Financial Controller Zhang Ying, Securities Affairs Representative Dong Yihong [17] Group 2: Research Institutions - Detailed research institutions: Investors who attended the company's 2025 semi - annual performance briefing [20] Group 3: Main Content - Number of patents and R & D plans: The company currently has 30 valid patents. It focuses on offshore wind power, new energy storage, smart energy, and low - carbon technologies through cooperation with universities and research institutes [24] - Dividend strategy: The company implements a continuous and stable profit - sharing policy. In 2024, based on a total share capital of 891 million shares, it distributed a cash dividend of 0.15 yuan per share (tax - included), totaling 134 million yuan (tax - included), which was completed in June 2025 [24] - Offshore wind power projects: The installed capacity of the company's operating offshore wind power projects is 350,000 kilowatts. The 850,000 - kilowatt Dafeng project led by the controlling shareholder is under construction and may be injected into the company. The 1.55 - million - kilowatt project won by the consortium led by the controlling shareholder is in the early development stage. The company will continue to focus on offshore wind power in Jiangsu [25]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The new action plan for large-scale construction of new energy storage has been issued, aiming for a total installed capacity of over 180GW by 2027, with direct investment expected to reach approximately 250 billion yuan [6] - Mingyang Smart Energy has made significant progress in the UK wind power market by signing a strategic cooperation agreement with Octopus Energy to develop up to 6GW of local renewable wind power capacity [5][10] - The photovoltaic mechanism price in Shandong is set at 0.225 yuan/kWh, which is significantly lower than the coal benchmark price, indicating competitive pressure in the photovoltaic sector [5] Summary by Sections Wind Power - Mingyang Smart Energy's strategic partnership with Octopus Energy marks a breakthrough in the UK wind power market, focusing on local renewable energy development [5][10] - The wind power index increased by 0.18% but underperformed compared to the CSI 300 index by 1.2 percentage points, with a current PE ratio of 24.1 [4][11] - The domestic land wind power bidding prices are stabilizing, but the supply-side structure remains unchanged, indicating a reliance on overseas market expansion for long-term growth [10] Photovoltaics - The Shandong mechanism price for photovoltaic projects is set at 0.225 yuan/kWh, which is lower than the coal benchmark price of 0.3949 yuan/kWh, reflecting competitive dynamics in the sector [5] - The photovoltaic equipment index fell by 3.28%, with the overall PE ratio around 42.05 [4] - The report suggests that the challenges facing photovoltaics are greater than those for wind power in the future [5] Energy Storage & Hydrogen Energy - The new action plan for energy storage aims for an installed capacity of 180GW by 2027, with a focus on enhancing the utilization level of new energy storage [6] - The current energy storage index has risen by 0.7%, with a PE ratio of 29.95 [4] - The report highlights opportunities in overseas non-U.S. large-scale storage markets and recommends companies with strong global competitiveness and low valuations [6]

Core Viewpoint - The successful grid connection of the Shanxi Pingshan 100MW independent frequency modulation power station project marks a significant advancement in the application of supercapacitor technology, showcasing the company's leadership in the market and the reliability of large-scale applications [2][4]. Group 1: Project Overview - The project has a total scale of 100MW, including 58MW/30s of supercapacitor energy storage, with a total investment of 670 million yuan and occupies an area of 25.24 acres [2]. - It is the largest application of supercapacitors in a 100MW independent frequency modulation power station globally and also the largest single "supercapacitor + lithium battery" hybrid energy storage power station in the world [2][4]. Group 2: Technical Features - The system employs a "supercapacitor + lithium battery" hybrid architecture, achieving 100MW rapid frequency modulation and 42MWh peak shaving capability, addressing the slow response and high error rates of traditional frequency modulation [3]. - The system can operate stably even in extreme conditions of -40℃, with significantly lower lifecycle costs compared to other technical solutions, and enhanced safety compared to traditional methods [4]. Group 3: Comprehensive Service - The company provides a full-process coverage and one-stop delivery from power station design, equipment supply, construction, to debugging and grid connection, ensuring efficient integration of core technology and overall engineering [4]. Group 4: Regional Impact - The project is located in Pingshan County, which has abundant sunlight and water resources, making it an ideal site for clean energy development. The local clean energy total installed capacity reaches 2,048,000 kW, with a new energy output value of 535 million yuan, accounting for 38% of the GDP [4]. - Upon full operation, the power station is expected to reduce carbon emissions by 1.15 million tons annually, reinforcing Pingshan's position in clean energy and supporting balanced economic development and ecological protection in the region [4]. Group 5: Company Background - Established in 2009, the company is a national-level specialized and innovative "little giant" enterprise, a member of the new energy storage innovation consortium of central enterprises, and ranks among the industry leaders in revenue and production scale [6]. - The company possesses core technologies in key materials, single units, modules, and system integration for supercapacitors, having undertaken numerous national and provincial research projects, achieving multiple technological breakthroughs and research results [6].

Core Viewpoint - The article highlights the significant growth and market confidence in CATL (Contemporary Amperex Technology Co., Limited), driven by strong financial performance and favorable industry trends, particularly in the lithium battery sector [7][8]. Company Performance - CATL's stock price surged over 14% in A-shares, reaching a historical high of 371.52 CNY per share, and closed at 354.70 CNY, with a market capitalization of 1.62 trillion CNY [3][4]. - For the first half of 2025, CATL reported revenue of 178.886 billion CNY, a year-on-year increase of 7.27%, and a net profit of 30.485 billion CNY, reflecting a substantial growth of 33.33% [8]. - The company's gross margin stood at 25.58%, indicating strong profitability [8]. Industry Trends - The lithium battery industry is expected to enter a new upcycle in 2025 after a prolonged destocking period, benefiting major players like CATL [8]. - The National Development and Reform Commission and the National Energy Administration have set a target for new energy storage installations to reach over 180 GW by 2027, with a projected investment of approximately 250 billion CNY [7]. Production Capacity and Orders - CATL's production capacity for lithium battery systems reached 345 GWh, with an output of 310 GWh and a utilization rate of 89.86% [8]. - The company is on track to achieve a production capacity close to 1000 GWh by the end of 2025, becoming the first TWh-level battery manufacturer globally [9]. - CATL has secured significant orders in the energy storage sector, with cumulative storage orders exceeding 50 GWh [9]. Market Expansion - CATL's market share in Europe has surpassed 38%, and the company is actively expanding into the U.S. market despite facing policy challenges [11]. - A new factory in Hungary is expected to begin production by early next year, with a planned annual capacity of 100 GWh, which will position CATL as a leading battery producer in Europe [10]. Supply Chain Management - To ensure a stable supply of critical materials, CATL has engaged in prepayments and equity stakes with upstream suppliers, although some materials still face structural shortages [11].