Core Viewpoint - The strategic cooperation among Xiamen Haicheng Energy Storage Technology Co., Ltd., Aton Energy Technology PTE. LTD., and Wuxi Boda New Energy Technology Co., Ltd. aims to accelerate the global integration of solar and energy storage solutions, targeting the deployment of at least 10GWh of energy storage projects over the next three years [2][4]. Group 1: Strategic Cooperation Details - The three companies will focus on key markets in the United States, Europe, and Asia-Pacific [4]. - The collaboration will leverage their strengths in technology research and development, capital operations, market channels, and supply chain integration [4]. - The partnership aims to create a competitive international renewable energy ecosystem and promote sustainable development goals [4]. Group 2: Company Backgrounds - Wuxi Boda New Energy is a global Chinese photovoltaic system service provider with a 99% traceable green supply chain in regions like Vietnam, Indonesia, and Egypt [4]. - Aton Energy, based in Singapore, has developed and operated renewable energy projects with a cumulative installed capacity of 30GW and has over 10GW of experience in energy storage station investment and operation [4]. Group 3: Market Context and Future Projections - As of now, Haicheng Energy Storage has a total order scale exceeding 47GWh projected by 2025 [4]. - Recent market activities include various energy storage projects, such as a 10GWh project with Aton Energy and Boda New Energy, and other significant projects across Europe and Australia [6].

Core Insights - A strategic cooperation signing ceremony was successfully held among Xiamen Haicheng Energy Storage Technology Co., Ltd., Aton Energy Technology PTE. LTD, and Wuxi Boda New Energy Technology Co., Ltd. in Xiamen [1] - The agreement aims to jointly promote the implementation of no less than 10 GWh of energy storage projects over the next three years, targeting key markets in the United States, Europe, and Asia-Pacific [1] - The collaboration seeks to accelerate the global integration of solar and energy storage, creating a new paradigm for sustainable energy development [1]

Core Insights - The UAE has officially launched the world's largest solar and storage project, featuring a 5.2GW solar power plant and a 19GWh energy storage system, aimed at providing stable and sustainable clean energy for the AI and emerging technology era [1] - This initiative highlights the critical role of integrated solar and storage solutions in ensuring energy security, injecting confidence into the global renewable energy supply chain [1] - The project aligns with the perspective of OpenAI CEO Sam Altman, emphasizing the intertwined future of artificial intelligence and energy, with solar and storage as core pillars benefiting from the global AI development wave [1] Industry Analysis - The Guozheng New Energy Battery Index covers the core industry chain of energy storage batteries, with energy storage systems accounting for approximately 65%, positioning it to benefit significantly from the commercialization of energy storage [1] - The Zhongzheng Photovoltaic Industry Index aggregates leading companies across the photovoltaic industry chain, expected to benefit from global solar-storage construction and domestic trends against excessive competition [1] Investment Opportunities - The Energy Storage Battery ETF (159566) and the E Fund Photovoltaic ETF (562970) track the aforementioned indices, providing investors with convenient tools to capitalize on solar-storage co-construction opportunities [1] - The Energy Storage Battery ETF (159566) has seen continuous net inflows, with its latest scale surpassing 20 billion, marking a historical high and establishing it as the largest ETF focused on the energy storage industry in the market [1]

Core Viewpoint - GCL-Poly Energy has announced the termination of its planned private placement after nearly three years of planning, shifting its focus from capacity expansion to high-quality development driven by technology and innovation [3][12]. Group 1: Termination of Private Placement - On October 24, GCL-Poly Energy announced the termination of its private placement plan, which aimed to raise up to 6 billion yuan for various projects [3][5]. - The initial plan included issuing up to 1.755 billion shares, with 3.4 billion yuan allocated for a high-efficiency battery manufacturing project and 800 million yuan for a smart energy storage system [5][8]. - The private placement faced multiple revisions, totaling seven, over the three-year period, ultimately leading to its failure [7][11]. Group 2: Market Conditions and Strategic Shift - The decision to terminate the private placement was influenced by the structural oversupply in the photovoltaic industry and the overall pressure on business operations [3][14]. - GCL-Poly Energy plans to shift its operational focus from horizontal capacity expansion to vertical quality enhancement, emphasizing technological advancement and innovation [12][13]. - The company aims to strengthen its core competitiveness and improve profitability while achieving a more stable financial condition and operational cash flow [13][14]. Group 3: Financial Performance - In the first half of 2025, GCL-Poly Energy reported a net loss of 327 million yuan, a significant decline compared to the previous year [14]. - The company's revenue for the first half of 2025 was 7.694 billion yuan, reflecting a year-on-year decrease of 5.16% [14]. - The decline in profitability is attributed to an imbalance in supply and demand within the industry, leading to lower component prices and reduced gross margins [14]. Group 4: Research and Development Investment - GCL-Poly Energy's R&D investment was notably low, with 210 million yuan in 2024, accounting for only 1.29% of its revenue [16]. - In the first half of 2025, R&D spending dropped to 104 million yuan, significantly lower than the previous year's 161 million yuan [16].

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - The company focuses on the growth of storage chips and data centers, maintaining partnerships with major CPU/GPU manufacturers, leading to a significant increase in DDR5 interface and chip shipments [1] - The company is also involved in energy storage and photovoltaics, launching home and industrial storage systems, as well as source-grid-side energy storage products, leveraging its experience in photovoltaic technology for smart energy transformation [1]

Core Insights - The "Work Plan for Stable Growth in the Power Equipment Industry (2025-2026)" emphasizes the transition to a green and low-carbon energy structure and the construction of a new power system, setting targets for annual revenue growth of around 7% for national advanced manufacturing clusters and 10% for leading enterprises in the power equipment sector [1] Group 1: New Power System Requirements - The new power system requires higher performance, reliability, and intelligence from power equipment, leading to increased demand for upgrades and new equipment across all segments of generation, transmission, transformation, distribution, and consumption [1][2] - The construction of the new power system is seen as a key pathway for China to achieve its "dual carbon" goals, presenting unprecedented opportunities and new requirements for related enterprises [2][3] Group 2: Technological Innovations - New technologies, products, and applications are being introduced to support the construction of the new power system, including high-efficiency photovoltaic components and energy storage systems [4] - Companies like SANY Heavy Energy and JA Solar are launching innovative products, such as the SI-242 wind turbine series and TOPCon solar modules, to meet the evolving demands of the market [4][5] Group 3: Major Engineering Projects - The "Work Plan" aims to stabilize demand for power equipment by leveraging major engineering projects, including large onshore wind and solar bases, coal power upgrades, and significant hydropower and nuclear projects [6] - These projects are expected to provide new growth points and market space for the wind power industry, with policies aimed at enhancing wind energy resources and increasing domestic wind turbine installation capacity [6][7] Group 4: International Market Expansion - The "Work Plan" highlights the importance of actively exploring international markets as a key measure for stable growth in the power equipment industry [8] - Chinese power equipment companies are encouraged to leverage their technological and capacity advantages to seize opportunities in emerging markets and adapt to competitive environments in high-end markets like Europe [8][9] - Companies like JA Solar are investing in overseas production capacities to better meet local demands and reduce trade barriers, while also collaborating with power generation companies on international projects [9][10]

Core Insights - The "Work Plan for Stable Growth in the Power Equipment Industry (2025-2026)" aims to promote green and low-carbon energy structure transformation and establish a new power system, targeting an average revenue growth rate of about 7% for national advanced manufacturing clusters in the power equipment sector and 10% for leading enterprises [1][5]. Group 1: New Power System Requirements - The new power system imposes higher demands on the performance, reliability, and intelligence of power equipment, necessitating upgrades and new demands across all segments of generation, transmission, transformation, distribution, and consumption [1][2]. - The construction of the new power system is seen as a key pathway for achieving China's "dual carbon" goals, representing a profound energy revolution and industrial transformation, creating unprecedented opportunities for the power industry [2][4]. Group 2: Technological Innovations and Product Development - New technologies, products, and applications are being introduced to support the construction of the new power system, such as the SI-242 wind turbine series capable of operating under a wide range of wind speeds [3]. - Companies like JA Solar are focusing on technological innovation, with their TOPCon components achieving a conversion efficiency of 25.5% and power output exceeding 700W, while also exploring new battery technologies [3][4]. Group 3: Major Engineering Projects - The "Work Plan" emphasizes leveraging major engineering projects to stabilize demand for power equipment, including large onshore wind and solar bases, new coal power renovations, and significant hydropower and nuclear projects [5][6]. - Companies are targeting major projects such as the transformation of old wind farms and the construction of offshore wind energy bases, which are expected to provide new growth points for the wind power industry [5][6]. Group 4: International Market Expansion - The "Work Plan" includes initiatives to actively explore international markets, leveraging China's leading technologies and experiences in ultra-high voltage, renewable energy, and grid construction [7][9]. - Companies like JA Solar are investing in overseas production capacities, such as a 6GW solar cell and 3GW solar module project in Oman, to better meet local demand and enhance market competitiveness [8][9]. Group 5: Future Trends in Power System Construction - The future of domestic power system construction is expected to focus on large-scale renewable energy bases, cross-regional ultra-high voltage transmission, and the upgrading of distribution networks, with an emphasis on flexibility and system integration [6][10]. - Traditional coal power will continue to play a crucial role in providing safety and flexibility, with a focus on modernization and operational efficiency [6][10].

Report Industry Investment Rating - Not provided Core Viewpoints - For industrial silicon, the supply side still has a certain increase, while the improvement on the demand side is limited. It maintains an oversupply pattern, which may suppress the upper limit of the futures market. It is recommended to focus on the support level of 8,300 - 8,500 yuan/ton and conduct interval operations [1]. - For polysilicon, recent supply - side news has pushed up the futures market. However, considering the high raw material inventory of downstream enterprises, it is difficult to have centralized restocking in the short term, and there is great pressure for the spot price to continue rising, which may limit the upward space of the futures market. Before the implementation of supply - side reform policies, it is advisable to lightly go long on dips [1]. Summary According to Related Content Industrial Silicon - **Price Information**: On October 24, 2025, the average price of non - oxygen - blown 553 (East China) remained unchanged at 9,300 yuan/ton, the average price of 421 (East China) remained unchanged at 9,650 yuan/ton, and the closing price of the futures main contract rose 2.59% to 8,705 yuan/ton [1]. - **Supply and Demand**: In October, the southwest production area is entering the high - cost dry season, with some silicon enterprises planning to reduce or stop production at the end of this month or next month, while the start - up of northern silicon enterprises has increased. After offsetting, the total start - up has increased. On the demand side, polysilicon enterprises are still reducing production, but there may still be an increase in output in October. Organic silicon enterprises maintain the pre - holiday start - up level, and silicon - aluminum alloy enterprises purchase as needed. The downstream's willingness to stock up at low levels is limited [1]. Polysilicon - **Price Information**: On October 24, 2025, the price of N - type dense material remained unchanged at 51.50 yuan/kg, the price of N - type re - feed material fell 0.04% to 52.98 yuan/kg, the price of N - type mixed material remained unchanged at 50.50 yuan/kg, the price of N - type granular silicon remained unchanged at 50.5 yuan/kg, and the closing price of the futures main contract rose 0.89% to 50,760 yuan/ton [1]. - **Supply and Demand**: Silicon material enterprises are maintaining the production reduction trend, but some silicon material factories may have new production capacity put into operation. After offsetting, the output is expected to increase slightly in October. During the National Day holiday, market transactions were light, with few new transactions. Downstream enterprises are resistant to high - priced resources, and the market is waiting for the industry meeting in October [1]. Industry News - On October 22, the first 11.8MW phase of the 88MW agricultural - photovoltaic complementary power generation project in Tonglu Baijiang, Zhejiang, achieved grid connection, with an expected annual power generation of 15.3 million kWh, saving 0.43 million tons of standard coal and reducing 12,000 tons of carbon dioxide emissions annually [1]. - Spanish energy company Grenergy has started the construction of the Monte Águila photovoltaic - energy storage hybrid power station in Chile, with a total investment of $264 million. It is scheduled to be put into operation in early 2027, with a planned installed capacity of 340MW of photovoltaics and a 960MWh energy storage system [1].

Core Insights - The 138th China Import and Export Fair (Canton Fair) has commenced, showcasing global trade and serving as a barometer for China's foreign trade, with Dongfang Risheng (300118.SZ) presenting its integrated smart energy solutions in the renewable energy sector [1] Product Offerings - Dongfang Risheng's products cater to various scenarios, including residential and large commercial applications, with the Sunease series home energy storage system being a highlight, featuring two 5kWh battery pack options that can expand up to 50kWh [2] - The system includes a Barq series hybrid inverter, supporting multiple energy sources and real-time monitoring of energy flow, ensuring safety and durability with a battery management system (BMS) and a cycle life of 6000 times [2] - For large commercial energy storage needs, the iCon 100kW/215kWh liquid-cooled energy storage unit simplifies installation and maintenance, ensuring reliable operation in harsh environments and supporting dynamic expansion [3] Business Performance - In the first half of 2025, the company's energy storage systems, lighting, and auxiliary photovoltaic products generated revenue of 480 million yuan, reflecting a year-on-year growth of 0.3% [3] - The energy storage system integration business primarily targets the European and American markets, maintaining a global record of zero safety incidents, which enhances product reliability and service capability [3] Technological Development - Dongfang Risheng's subsidiary, Ningbo Shuangyili, supports the energy storage business with a full range of self-developed solutions, covering BMS, PCS, EMS, and integrated systems [4] - The company has achieved significant results in various applications, including replacing traditional power plants with renewable energy sources and constructing microgrids, with large-scale projects primarily in developed countries [4] Strategic Initiatives - The company is promoting the synergy between energy storage and photovoltaic businesses, leveraging integrated solutions to expand distributed photovoltaic power station operations [5] - Participation in the Canton Fair has opened new collaboration opportunities, enhancing connections with overseas clients and partners, particularly in regions like Latin America, Australia, and Southeast Asia [5] - Dongfang Risheng aims to empower energy transformation with green technology, continuously innovating in energy storage technology and products to contribute to global sustainable development [5]

Core Viewpoint - Liansheng Technology announced the termination of its acquisition of a 69.71% stake in Xingshu Century due to failure to reach an agreement on key terms such as transaction price [2][5][6]. Group 1: Acquisition Details - In April 2023, Liansheng Technology planned to acquire control of Xingshu Century through a combination of issuing shares and cash payments, which was expected to constitute a major asset restructuring and related party transaction [5][8]. - The acquisition aimed to leverage synergies between Liansheng Technology and Xingshu Century, particularly in the photovoltaic and energy storage sectors, enhancing competitive advantages and market opportunities [11]. Group 2: Financial Performance - Xingshu Century reported revenues of CNY 1.037 billion and CNY 980 million for 2023 and 2024, respectively, with net profits of CNY 75.89 million and CNY 192 million [8]. - Liansheng Technology has faced continuous losses, reporting a net loss of CNY 39.73 million in 2023 and an expected loss of CNY 110 million in 2024 [15]. - As of mid-2025, Liansheng Technology's revenue was CNY 209 million, a year-on-year increase of 35.90%, but it still reported a net loss of CNY 50.16 million, a decline of 18.24% year-on-year [15][17]. Group 3: Market Reaction - The market reacted positively to the initial announcement of the acquisition, with Liansheng Technology's stock hitting the daily limit up on April 21, 2023, after the resumption of trading [12].