在全球市场布局上，海辰储能同样表现亮眼。凭借定制化解决方案能力，企业成功拿下沙特4GWh超级 储能项目，建成后可满足40万家庭单日用电需求，也是全球千安时电芯首次实现规模化应用。目前，海 辰储能产品已覆盖20多个国家和地区，针对中东高温环境研发的"沙漠之鹰"储能系统、适配欧洲能源转 型需求的定制方案，均获得当地市场广泛认可，持续扩大全球市场份额。 从厦门本土成长起来的"独角兽"，到两度跻身全球新能源500强的行业标杆，海辰储能以"技术突破 - 产 能落地 - 市场拓展"的闭环发展模式，不仅夯实了自身在全球储能领域的竞争力，更成为中国储能企业 参与全球能源转型的重要力量。未来，随着其全球化产能进一步释放、创新技术加速落地，海辰储能将 继续以实干推动储能产业升级，为全球新能源事业发展注入更多中国动能。 支撑海辰储能蝉联榜单的，是其在产能、技术与订单上的三重突破。2025年8月，海辰储能重庆制造基 地实现第100GWh产品下线，加之厦门、菏泽及美国得州生产基地联动，已形成覆盖多区域的全球化产 能网络。在满负荷生产的保障下，企业2025年上半年全球电力储能出货量跃升至全球第二，当前订单已 排至当年年底，规模化交付能力 ...

Core Insights - The new energy storage capacity in Inner Mongolia has reached 9.63 million kilowatts, demonstrating excellent operational status and application efficiency, especially during peak summer electricity supply periods [1][2] - From January to August this year, the cumulative charging and discharging electricity of new energy storage in Inner Mongolia showed significant growth, with charging electricity reaching 2.71 billion kilowatt-hours (up 422%) and discharging electricity at 2.36 billion kilowatt-hours (up 439%) [1][2] - The efficiency of the energy storage systems has played a crucial role in stabilizing electricity supply and supporting industrial production, particularly during peak demand periods [2][3] Summary by Sections Energy Storage Capacity and Performance - Inner Mongolia's new energy storage system has effectively integrated into the regional electricity dispatch system, enhancing its role in stabilizing grid load fluctuations and accommodating renewable energy [2] - The maximum discharging power of the energy storage in the Mongolian West grid reached 90% of the installed capacity, while the Mongolian East grid achieved around 70% [1] Economic Impact - The total compensation amount for the discharging electricity from energy storage stations reached 355 million yuan, with the Mongolian West grid accounting for 327 million yuan and the Mongolian East grid for 28 million yuan [1] Future Development - The region plans to continue promoting high-quality development of the new energy storage industry, focusing on technological innovation and optimizing dispatch strategies to ensure effective performance during critical times [3]

在 " 双碳 " 目标推动与电动汽车渗透率持续提升的双重驱动下，电动汽车家庭充电解决方案行业 正迎来爆发式增长周期。作为能源转型与智能出行生态的关键一环，家庭充电市场不仅是电动汽车 普及的 " 最后一公里 " 保障，更逐渐成为家庭能源管理的核心入口。 在这一赛道， 上海挚达科技发展股份有限公司（下称 " 挚达科技 " ） 凭借 "产品 + 服务 + 数 字化平台"的"三位一体"的商业模式，在市场竞争中持续领跑，根据弗若斯特沙利文的资料，挚达 科技是全球最大的电动汽车家庭充电解决方案供货商之 一。 9 月 25 日，挚达 科技 成功通过港 交所聆讯， 港股上市进程取得关键突破 。 高速增长赛道的行业龙头 随着全球对环境保护和可持续发展的重视程度不断提高，电动汽车产业快速发展。数据显示，截至 2025年5月31日止五个月，全球电动汽车销量达770万辆，按年增长32.1%。而这一数字还在以 惊人的速度持续增长。为了支持电动汽车的广泛普及，充电基础设施的建设变得至关重要，其中家 庭充电解决方案凭借其便利性、安全性以及低成本，成为了整个充电生态系统的重要组成部分。据 弗若斯特沙利文预测，预计到2029年，全球电动汽车家 ...

"三位一体"商业模式打造核心竞争壁垒 能够在激烈的市场竞争中脱颖而出，核心在于挚达科技构建了"产品+服务+数字化平台"三位一体的独 特商业模式，这一模式不仅解决了行业痛点，更形成了难以复制的竞争优势。 在"双碳"目标推动与电动汽车渗透率持续提升的双重驱动下，电动汽车家庭充电解决方案行业正迎来爆 发式增长周期。作为能源转型与智能出行生态的关键一环，家庭充电市场不仅是电动汽车普及的"最后 一公里"保障，更逐渐成为家庭能源管理的核心入口。 在这一赛道，上海挚达科技发展股份有限公司(下称"挚达科技")凭借"产品+服务+数字化平台"的"三位 一体"的商业模式，在市场竞争中持续领跑，根据弗若斯特沙利文的资料，挚达科技是全球最大的电动 汽车家庭充电解决方案供货商之一。9月25日，挚达科技成功通过港交所聆讯，港股上市进程取得关键 突破。 高速增长赛道的行业龙头 随着全球对环境保护和可持续发展的重视程度不断提高，电动汽车产业快速发展。数据显示，截至2025 年5月31日止五个月，全球电动汽车销量达770万辆，按年增长32.1%。而这一数字还在以惊人的速度持 续增长。为了支持电动汽车的广泛普及，充电基础设施的建设变得至关重要，其 ...

南华期货原油产业周报 2025年9月29日 ——地缘溢价推升原油 杨歆悦（投资咨询证号：Z0022518） 南华研究院投资咨询业务资格：证监许可【2011】1290号 第一章 核心矛盾及策略建议 1.1 核心矛盾 当前原油核心矛盾是短期地缘（俄乌冲突、也门局势）驱动的多头动能，与中长期基本面（供需无缺口、实 货疲软）支撑不足的错配，地缘为当前重心但基本面制约涨幅。当前，以军袭也门萨那、乌袭俄能源设施推 升风险，俄延长成品油出口禁令，叠加EIA库存低增、资金做空弱，助力布伦特破9月高点；但美汽油需求 降、中东实货贴水收窄显疲软。短期看，矛盾聚焦 "地缘风险能否延续" 与 "资金对超买的消化"。中长期矛盾 脱离短期情绪，回归基本面本质，核心博弈在于 "需求下滑幅度" 与 "供应调整力度"。 地缘政治风险指数和布伦特原油 source： 南华研究,wind,彭博 地缘政治风险指数 布伦特原油期货价格连1(右轴) 美元/桶 20/12 21/12 22/12 23/12 24/12 100 200 300 400 0 50 100 150 WTI油价与波动率 source： 彭博,南华研究,同花顺 美元/桶 美国原油 ...

Group 1 - Germany proposes a pension crisis solution by providing a monthly payment of 10 euros to children aged 6-18 starting from January 1, 2026, aimed at fostering early savings and investment habits for retirement [6][7][9] - The initiative is expected to cost approximately 15 trillion euros annually for public finances, as it aims to address the increasing social expenditure due to an aging population and economic stagnation [6][7] - Currently, only 17% of German households own stocks, compared to 40% in the UK and over 60% in the US, highlighting a need for increased financial literacy among the younger population [7] Group 2 - In the US, the Pension Risk Transfer (PRT) market has seen a decline, with sales dropping to nearly 11.5 billion dollars in Q2 2025, a 56% year-on-year decrease [2][8] - The PRT market is expected to recover in the latter half of 2025, but the total sales for the year may still fall below the average of 2024 [2][8] - The number of companies involved in PRT transactions has doubled over the past decade, indicating a growing interest in transferring pension liabilities to insurance companies [10] Group 3 - Norway's sovereign wealth fund announced a 1.5 billion dollar investment in Brookfield's Global Transition Fund II, focusing on renewable energy infrastructure and low-carbon technology projects [11] - The investment aligns with Norway's strategy to participate in sustainable energy project development and support the transition to a net-zero economy [11] Group 4 - The Canadian pension funds are actively investing in energy transition, with La Caisse acquiring Edify Energy for approximately 1 billion Canadian dollars to expand its renewable energy portfolio [26] - The Canada Pension Plan Investment Board (CPP) is leading a consortium to acquire a 13% stake in Sempra Infrastructure for about 3 billion dollars, emphasizing the importance of natural gas in the global energy transition [27][28]

Market Overview - The mechanical equipment, power equipment, and automotive industry indices experienced fluctuations last week, with changes of -0.81%, +3.86%, and 0.00% respectively, ranking 16th, 1st, and 7th among 31 Shenwan primary industries; during the same period, the CSI 300 index rose by 1.07% [1][2] Industry Insights Photovoltaics - In August, the demand for inverters remained stable, with rapid growth in the Indian market; China's total inverter exports in August reached $878 million, a year-on-year increase of 1.93%; exports to India amounted to 366 million yuan, a month-on-month increase of 21.2%; in the first half of 2025, China's inverter exports to India totaled 1.6 billion yuan, a year-on-year increase of 18% [3] - The Indian energy storage market is accelerating its transformation, with new energy storage bidding in India reaching 22 GWh in the first half of 2025, a year-on-year increase of 120%, indicating strong momentum in energy transition; companies with significant market share in India are recommended for attention [3] Industrial Gases - Last week, industrial gas prices predominantly declined; the average price of liquid oxygen in China was 429 yuan/ton, down 5.3% from the previous week but up 18% year-on-year; liquid nitrogen averaged 411 yuan/ton, down 4% week-on-week, remaining stable year-on-year; liquid argon averaged 625 yuan/ton, up 1.46% week-on-week and 1.21% year-on-year [4] - Short-term outlook indicates a price decline due to pre-holiday inventory clearance; medium to long-term, the industrial gas sector is at a cyclical bottom, with potential for a reversal driven by supply optimization and demand stabilization; companies like Hangyang Co. and ShaanGu Power are recommended for attention [4] Automotive - The Ministry of Industry and Information Technology (MIIT) is advancing the approval and road testing of intelligent connected vehicles, which will accelerate the development of the intelligent driving industry; a new development plan for the intelligent connected new energy vehicle industry is being formulated [4] - The introduction of policies related to intelligent connected vehicles is expected to provide a solid policy foundation for the development of this sector in China, with a recommendation to focus on vehicle manufacturers with intelligent capabilities [4]

Core Viewpoint - The export performance of electrical equipment in August 2025 showed stability, with an overall export value increasing by 25.23% year-on-year, and a cumulative growth of 34.60% from January to August [1] Group 1: Export Performance - Transformer exports continued to thrive, with a remarkable year-on-year increase of 138.03% in the European market, while the Asia-Africa markets maintained high growth [1] - Switch exports experienced a rapid growth of 37.55% year-on-year, with notable performance in the African region [1] - Cable exports saw a slight decline year-on-year, but markets in Africa and Latin America grew by 87.40% and 91.60%, respectively [1] - Meter exports decreased by 25.84% year-on-year, yet the Oceania market experienced a significant increase of 150.72% [1] Group 2: Industry Outlook - In the context of energy transition, global investment in power grid construction is steadily increasing, and China's electrical equipment products are expected to continue enhancing their overseas penetration due to technological and cost advantages [1] - Key products such as transformers, meters, switches, and cables are anticipated to benefit from this trend [1] Group 3: Investment Products - The Electric Grid ETF (561380) tracks the Hang Seng A-share Electric Grid Equipment Index (HSCAUPG), which selects listed companies involved in the electric grid equipment sector to reflect the overall performance of the industry [1] - The index constituents cover critical areas such as power network construction and technological upgrades, showcasing distinct industry representation and specialization [1] - Investors without stock accounts may consider the Guotai Hang Seng A-share Electric Grid Equipment ETF Initiator Link A (023638) and Link C (023639) [1]

EDF launches a tender offer on two outstanding series of hybrid notes and announces its intention to launch an issue new green hybrid notes EDF (BBB positive S&P / Baa1 stable Moody’s / BBB+ stable Fitch) is launching tender offer (together the “Offer to Purchase”) to purchase (i) its €1,000,000,000 reset perpetual subordinated notes with a first redemption at the option of EDF on 22 January 2026 (ISIN: FR0011697028) of which €501,300,000 is currently outstanding and (ii) its £1,250,000,000 reset perpetual ...

Group 1: Market Performance - The A-share new energy sector showed strong performance, with significant rebounds in energy storage stocks, solid-state battery stocks, and green methanol stocks [2][6] - Notable stocks include Tongrun Equipment (002150.SZ) with a 2-day increase, Sunshine Power (300274.SZ) rising over 7%, and multiple stocks in the solid-state battery sector hitting the daily limit [2] Group 2: Supply and Demand Dynamics - The energy storage market is experiencing a temporary "squeeze" due to unexpected demand, leading to a situation where "one chip is hard to find" [2] - Major battery manufacturers have reported monthly operating rates exceeding 90% since Q2, nearing full production capacity [2] - The global energy transition, mature business models, and enhanced economic viability of storage systems are driving unexpected growth in the energy storage market [3] Group 3: Cost and Economic Viability - The cost of energy storage systems has decreased by approximately 80% compared to three years ago, with some regions achieving electricity costs below 0.2 yuan per kilowatt-hour [3] - The commercial model for energy storage is becoming increasingly viable, with developed markets like Europe and Australia experiencing explosive growth [3] Group 4: Emerging Markets and Policy Support - Emerging markets, particularly in the Middle East, are driving demand for GWh-level new energy and supporting storage projects due to national energy strategies [4] - China's new policy aims for a new energy storage installation capacity of over 180 million kilowatts by 2027, requiring significant investment [5] Group 5: Technological Advancements - The solid-state battery sector is witnessing significant technological advancements, with a new polymer electrolyte developed that achieves an energy density of 604 Wh/kg [6] - The green methanol market is characterized by a severe supply-demand imbalance, with current prices ranging from $900 to $1,000 per ton, approximately three times the price of traditional gray methanol [6]