Group 1 - The company reported a revenue of 3.3 billion yuan for the first half of 2025, representing a year-on-year increase of 13.38% [1] - The net profit attributable to shareholders reached 832 million yuan, up 32.93% year-on-year, with Q2 net profit at 458 million yuan, increasing by 34.3% [1] - The pumped storage capacity is set to enter the production phase, with the company participating in the spot market, indicating potential revenue growth [1] Group 2 - As of the first half of 2025, the national pumped storage installed capacity reached 61.29 million kilowatts, with an addition of 2.83 million kilowatts [1] - The company has a total pumped storage capacity of 10.28 million kilowatts, with 10 plants under construction totaling 12 million kilowatts [1] - The company’s first phase of the Meixu power station began trading in the electricity spot market in October 2024, with continuous settlement trial operations starting on June 29, 2025 [1] Group 3 - The company’s peak regulation hydropower generation increased to 4.35 billion kilowatt-hours in the first half of 2025, a year-on-year increase of 23.3% [1] - The new energy storage capacity reached 654.2 thousand kilowatts and 129.83 million kilowatt-hours by the end of June 2025 [1] - Three new electrochemical energy storage stations were put into operation, including the Yunnan Wenshan Qiubei storage project [1] Group 4 - Increased water inflow contributed to the rise in hydropower generation, while revenue from the Meixu phase one spot market and new energy storage projects also boosted net profit [2] - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 1.35 billion, 1.53 billion, and 1.91 billion yuan respectively [2] - Corresponding price-to-earnings ratios are projected at 27.9, 24.6, and 19.7 times for the respective years [2]

Core Insights - The fourth China International Energy Storage Exhibition (EESA) showcased the rapid evolution of China's energy storage industry, highlighting a shift from single-function systems to intelligent, multi-functional solutions [1] - The new energy storage capacity in China is projected to reach 73.76 million kilowatts (168 million kilowatt-hours) by the end of 2024, marking a 130% increase from the end of 2023 and approximately 20 times the capacity at the end of the 13th Five-Year Plan [2] - The exhibition featured innovative products from leading companies, including the EN 8 Pro system from Envision Group, which integrates AI for efficient interaction with power markets and systems [2] - Trina Solar is focusing on energy storage solutions, with its Elementa series battery storage system capable of storing up to 5,015 kilowatt-hours, aimed at stabilizing power grids [3] - Lithium-ion batteries dominate the new energy storage technology landscape, accounting for 96.4% of installed capacity, while other technologies like compressed air and flow batteries are emerging [4] - The rise of long-duration energy storage technologies, such as all-vanadium flow batteries, is expected to reshape the industry's technology roadmap [5] - Companies are increasingly adopting innovative cooling technologies to enhance the safety and lifespan of energy storage systems, as demonstrated by Tianqi Hongyuan's immersion cooling technology [6][7] - The new energy storage market is entering a phase of rapid expansion, with a 27.5% year-on-year increase in new installations in the first half of 2023 [8] - The integration of hydrogen energy systems with storage solutions is gaining traction, exemplified by Zhongtian Technology's hydrogen production system [8] - The V2G (Vehicle-to-Grid) interactive solution from Shenzhen Yingfeiyuan Technology allows electric vehicles to supply power back to the grid, promoting energy balance and providing financial benefits to vehicle owners [9] Industry Trends - The energy storage industry is transitioning towards intelligent and collaborative systems, driven by the dual goals of carbon neutrality and technological innovation [2][4] - The focus is shifting from manufacturing to comprehensive solutions in the photovoltaic sector, with companies like Trina Solar leading the charge [3] - The diversification of energy storage technologies is evident, with various innovative solutions being showcased at the exhibition [4] - The collaboration between energy storage and hydrogen production is seen as a revolutionary step towards improving energy efficiency and application scenarios [8] - The advancements in energy storage technologies are positioning China as a leader in the global energy storage market, with significant growth opportunities for domestic companies [9]

Core Viewpoint - China's new energy storage capacity has surpassed the world, accounting for over 40% of global installed capacity, driven by clear policies and rapid technological advancements [3][7][8]. Group 1: Current Status of Energy Storage - As of the end of 2024, China's new energy storage capacity reached 73.76 million kilowatts, equivalent to 168 million kilowatt-hours, with an annual growth rate exceeding 130% since the 14th Five-Year Plan [3][7]. - By June 2023, the installed capacity had increased to 94.91 million kilowatts, representing a growth of approximately 29% compared to the end of 2024 [7]. - Major provinces such as Inner Mongolia and Xinjiang have installed capacities exceeding 10 million kilowatts, while Shandong, Jiangsu, and Ningxia have surpassed 5 million kilowatts [7]. Group 2: Policy Support and Market Mechanisms - The development of new energy storage is supported by various policies, including its inclusion in the Energy Law and the government work report, emphasizing its role in the new power system [8]. - The "Action Plan for Accelerating the Construction of a New Power System (2024-2027)" aims to enhance the market mechanism for energy storage, promoting its scientific development [8]. - By 2024, the new energy storage market in the State Grid area is expected to reach 7.12 billion kilowatt-hours, a year-on-year increase of 2.7 times [15]. Group 3: Technological Innovations - The energy storage sector is witnessing a diverse range of technological advancements, with lithium-ion battery storage dominating the market [10][11]. - New technologies such as compressed air storage, flow battery storage, and solid-state batteries are making significant progress, providing a foundation for long-duration regulation capabilities [11][12]. - The establishment of over 20 energy storage standards in 2024 has further enhanced the industry's standardization and operational efficiency [12]. Group 4: Application and Market Expansion - New energy storage systems are increasingly utilized for peak shaving and power supply assurance, especially during high electricity demand periods [14]. - The maximum adjustable power of new energy storage in the State Grid area reached 64.23 gigawatts, with a peak discharge power of 44.53 gigawatts, marking a 55.7% increase from the previous year [14]. - The introduction of market mechanisms allows energy storage companies to participate in auxiliary services and spot markets, providing a stable revenue expectation for the industry [15][16].

Core Viewpoint - The article discusses the urgent need for unified market design to support the development of new energy storage systems, especially after the cancellation of mandatory energy storage requirements for renewable energy sources, which has shifted the focus to market-driven profitability strategies [2][4][7]. Summary by Sections Market Dynamics - The new energy storage market is experiencing a phase of "short-term fluctuations and long-term optimism," transitioning from a policy-driven model to one that must prove its value in a competitive market [4]. - In the first quarter of 2025, the newly installed capacity of new energy storage projects in China was 5.03 GW, showing a year-on-year decline of 1.5% [5]. - By the second quarter of 2025, driven by a surge in photovoltaic installations, the total installed capacity of new energy storage reached 94.91 GW, marking a 29% increase compared to the end of 2024 [6]. Policy and Implementation - The implementation of the "136 Document" by the National Development and Reform Commission and the National Energy Administration is crucial for reshaping the "renewable energy + storage" development landscape [2]. - Various provinces have begun to issue local regulations based on the "136 Document," with some provinces like Gansu and Inner Mongolia providing specific capacity pricing standards [6]. Opportunities and Challenges - The full market entry of renewable energy presents new opportunities for new energy storage, as the removal of mandatory storage requirements allows for a broader market demand for adjustable resources [7]. - However, challenges remain, including the lack of industry standards, economic viability, and unclear profit models [8]. Technical and Economic Bottlenecks - Key issues facing new energy storage include safety, technology, and economic viability, with ongoing concerns about the safety of large-scale chemical storage systems [8]. - The current price limits in the electricity market restrict the ability to reflect real-time supply and demand, hindering resource adjustment and development potential [9]. Solutions and Recommendations - To address these challenges, a dual approach of top-level design and technological innovation is recommended, focusing on the adaptability of new energy storage to power system operations [10]. - Emphasis should be placed on reducing costs and improving efficiency in the manufacturing sector, as well as enhancing the planning and investment analysis of energy storage projects [11]. - Experts suggest expanding market price mechanisms and developing long-cycle, large-capacity storage technologies to address seasonal power supply issues [12].

Market Overview - The Hong Kong stock market saw all three major indices rise, with the Hang Seng Index up 1.43% to 25,417.98 points, the Hang Seng China Enterprises Index up 1.34%, and the Hang Seng Tech Index up 1.95% [1][2]. Technology Sector - Major technology stocks collectively rose, with Kuaishou up over 4%, Tencent Holdings up over 2%, and JD Group, Meituan, Alibaba, NetEase, and Baidu all rising over 1% [2][3]. Wind Power Sector - Wind power stocks led the gains, with Goldwind Technology surging over 18%. Other companies like Longyuan Power, Datang Renewable, and New天绿色能源 also saw increases [5][6]. Semiconductor Sector - Semiconductor and chip stocks strengthened, with Horizon Robotics rising over 9%. Other notable gainers included China National Semiconductor and Huahong Semiconductor [6][7]. Gold Sector - Gold stocks experienced an uptick, with Tongguan Gold rising nearly 6%. Other companies like Shandong Gold and Zijin Mining also saw gains [8][9]. Lithium Battery Sector - The lithium battery sector was active, with Zhongchuang Innovation rising over 18%. Other companies like Tianqi Lithium and Ningde Times also reported increases [10][11]. Pharmaceutical Outsourcing Sector - The pharmaceutical outsourcing sector rebounded, with Zhaoyan New Drug rising nearly 9%. Other companies like Kanglong Huacheng and Tigermed also saw gains [12][13]. Solar Energy Sector - Solar energy stocks surged, with GCL-Poly Energy rising over 26%. Other companies like Sunshine Power and New Special Energy also reported significant increases [14][15]. Agricultural Products Sector - The agricultural products sector declined, with Hualian International dropping nearly 30%. Other companies in the sector also experienced declines [16][17]. Company Performance - Ark Health recently reported a revenue of 1.494 billion, a year-on-year increase of 12.9%, and a net profit turnaround to 12.5 million [21].

文 | 中关村储能产业技术联盟 2 0 2 5年8月储能政策从国家到地方共有53项发布或征求意见，涉及示范项目、补贴政策、电 力市场、管理规范等方面，中关村储能产业技术联盟对本月储能政策进行了梳理解读，希望 与业界同仁共同交流探讨。 一、政策数据概览 根据CNESA Da t aLi n k全球储能数据库的不完全统计，2025年8月份 共发布储能相关政策 5 3 项 ， 其 中 国 家 层 面 发 布 4 项 。 从 重 要 程 度 来 看 ， 非 常 重 要 类 25 项 ， 其 中 ， 山 东 、 广 东、内蒙古 发布数量居多，从政策类别来看， 电力市场、补贴政策、示范项目居多。 二、重要政策概览 【国家层面】 国家能源局发布《国家能源局综合司关于公示第五批能源领域首台（套）重大技术装备的通 知》 ，共8 2项技术装备列入第五批能源领域首台（套）重大技术装备名单，其中储能领域 1 0个项目入选，包括6MWh级预制舱式储能系统、高压直挂式构网型储能系统等，涉及锂 离子电池、压缩空气储能、钠离子电池、钒液流电池等技术类型。 国家能源局发布《关于十四届全国人大三次会议第4 2 69号建议的答复摘要》 ，提到将研 ...

来源：人民日报 据人民日报报道，国家能源局近日发布的《中国新型储能发展报告（2025）》，截至2024年底，全国新 型储能装机达7376万千瓦，占全球总装机40％以上，年均增速超130％，"十四五"以来规模增长20倍。 截至今年6月底，全国新型储能装机规模达到9491万千瓦／2.22亿千瓦时，较2024年底增长约29％。其 中，内蒙古、新疆装机规模均超1000万千瓦，山东、江苏、宁夏装机规模均超500万千瓦。 ...

Core Viewpoint - The company plans to issue shares to acquire 100% equity of Zhongji Jiangsu Clean Energy Co., Ltd. from China Technology Import and Export Group Co., Ltd. and raise matching funds not exceeding 15,140 million yuan [9][12][17]. Group 1: Transaction Overview - The transaction involves issuing shares to purchase assets and raising matching funds from no more than 35 specific investors [9][12]. - The transaction price for the acquisition of Zhongji Jiangsu is set at 15,146.29 million yuan, based on an evaluation report [9][12][17]. - The main business of the target company includes investment, development, and operation of energy storage projects for industrial and commercial users [9][12]. Group 2: Financial Impact - The transaction is expected to enhance the company's total assets, net assets, and operating income, improving the overall financial metrics [17][20]. - The company's total assets are projected to increase from 219,452.27 million yuan to 256,444.92 million yuan post-transaction [20]. - The net profit attributable to the parent company is expected to improve, with basic earnings per share not being diluted [20][23]. Group 3: Approval Process - The transaction is subject to approval from the shareholders' meeting, Shenzhen Stock Exchange, and China Securities Regulatory Commission [3][21]. - The company has already received principle agreement from its controlling shareholders regarding the transaction [21][27]. Group 4: Investor Protection Measures - The company commits to strict adherence to information disclosure obligations and relevant legal procedures to protect investors' rights [21][25]. - Measures will be taken to ensure that the transaction does not dilute immediate returns for investors [24][25].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In H1 2025, the company achieved a revenue of 3.3 billion yuan, a year-on-year increase of 13.4%, and a net profit attributable to the parent company of 830 million yuan, up 32.9% year-on-year. In Q2 2025, revenue was 1.74 billion yuan, with a net profit of 460 million yuan, reflecting a year-on-year increase of 34.5% [4][7] - The increase in revenue is attributed to higher generation from peak-shaving hydropower plants due to increased water inflow, and a rise in revenue from the spot market for pumped storage [7] - The company is progressing with 10 pumped storage projects, with plans for the second phase of Meixu and the Nanning project to be operational in 2025 [7] Summary by Sections Financial Performance - H1 2025 revenue breakdown: Peak-shaving hydropower revenue was 880 million yuan (+23.05% YoY), pumped storage revenue was 2.17 billion yuan (+6.3% YoY), and new energy storage revenue was 180 million yuan (+28.9% YoY) [7] - The net profit margin improved to 30.6%, up 3.7 percentage points YoY, driven by a gross margin increase of 2.5 percentage points to 52.7% and a reduction in management expenses by 6.7% [7] Future Outlook - The company expects revenue for 2025-2027 to be 6.64 billion, 8.02 billion, and 9.28 billion yuan respectively, with net profits of 1.24 billion, 1.52 billion, and 1.77 billion yuan, corresponding to P/E ratios of 27, 22, and 19 times [7][10] - The entry of pumped storage units into production is anticipated to contribute to growth, maintaining the "Buy" rating [7]

Group 1 - Guangdong Province has launched a pilot program for future community construction, focusing on eight major scenarios including governance, public space, and community services [4][20][21] - The program aims to enhance community environment, services, and governance, transforming communities into service centers and activity hubs [22][23] - A technical guideline has been issued to standardize construction, emphasizing the use of advanced technologies such as AI, blockchain, and big data [25][26][27] Group 2 - The Guangdong Provincial State-owned Assets Supervision and Administration Commission held a meeting to discuss the high-quality development of state-owned enterprises, emphasizing the need for effective investment and modernization of industrial systems [30][32][34] - Key industries highlighted for development include artificial intelligence, marine ranching, and biomedicine, with a focus on enhancing corporate governance and market-oriented reforms [36][38] Group 3 - The "Media+" initiative in Zhaoqing aims to enhance the poultry industry, specifically the Xinghua chicken, by establishing a new development model that integrates standards, branding, and technology [81][84][85] - The initiative targets a comprehensive standard system and significant brand value enhancement by 2027, with a current industry value exceeding 2 billion [89][90] Group 4 - The Yangxi County organized a training program to improve the "Hundred Thousand Project," focusing on typical town and village construction as a key strategy for rural revitalization [95][99][100] - The training included discussions on the evaluation methods for typical towns and villages, aiming to enhance rural industry development [107][109] Group 5 - The Yuan Cheng District has implemented a reform in government services, achieving 100% coverage of a three-tier service system and reducing approval times by an average of 65% [130][132] - The district has integrated multiple departments into a single service center, significantly increasing the number of services available to the public [133][134]