Core Insights - Wuhan's He Yuan Biotechnology Co., Ltd. has received approval from the National Medical Products Administration for its recombinant human albumin injection, which is aimed at treating liver cirrhosis with hypoalbuminemia, showcasing the city's innovation capabilities [1] - The high-tech manufacturing sector in Wuhan experienced a 15.7% year-on-year increase in added value in the first half of the year, accounting for 24.6% of the total industrial added value [1] - Wuhan is focusing on transforming traditional industries and nurturing emerging sectors, with a goal to build a modern industrial system and enhance competitive advantages [1][5] Traditional Industry Transformation - Dongfeng Motor Corporation, headquartered in Wuhan, has developed a new energy vehicle equipped with the DF30 chip, which has passed cold climate testing and is set for mass production next year [1] - The automotive industry is a pillar of Wuhan's economy, with new energy vehicle production exceeding 168,000 units in the first half of the year, marking a 152% year-on-year increase [2] Emerging Industry Development - Wuhan's optical electronics sector is a key strength, with the East Lake High-tech Development Zone expanding its innovation and industrial chains [2] - Changfei Optical Fiber and Cable Co., Ltd. has launched air-core optical fibers, significantly enhancing signal transmission speed [2] - The "Optical-Core-Screen-End-Network" industry in the East Lake area has surpassed 600 billion yuan in scale [2] Future Industry Layout - Wuhan is making strides in the field of brain-computer interfaces, having launched medical service pricing for this technology and completed the first implant surgery in Central China [4] - The city is targeting 13 sub-sectors, including brain-computer interfaces and humanoid robots, to establish a competitive future industry development hub [4] Government Support and Vision - The government is actively supporting the automotive industry's technological advancements through collaborative efforts among various stakeholders [2] - Wuhan aims for an annual growth rate of over 20% in emerging industries, reflecting its commitment to enhancing quality and efficiency [3] - The local government emphasizes the importance of technological innovation in building a modern industrial system and achieving high-quality development [5]

Core Viewpoint - Wuhan's biotechnology company He Yuan has received approval for its recombinant human albumin injection, which will benefit patients with liver cirrhosis and low albumin levels, reflecting the city's vibrant innovation in manufacturing [1] Traditional Industry Transformation and Upgrading - Dongfeng Motor Corporation, based in Wuhan, has developed a new energy vehicle equipped with the DF30 chip, which has passed cold climate testing and is set for mass production next year [1] - The high-tech manufacturing sector in Wuhan saw a 15.7% year-on-year increase in added value in the first half of the year, accounting for 24.6% of the total industrial added value [1] New Industry Development - Wuhan's optical electronics industry is thriving, with the East Lake High-tech Development Zone expanding its advantages in this sector, achieving a scale exceeding 600 billion yuan [2] - Changfei Optical Fiber and Cable Co., Ltd. has launched air-core optical fibers, significantly enhancing signal transmission speed [2] - Huazhong University of Science and Technology has developed intelligent equipment for laser etching, capable of creating precise textures on various materials [2] Future Industry Layout - Wuhan is making strides in the field of brain-computer interfaces, having launched medical service pricing for this technology and completed the first implantation surgery in Central China [4] - The city is focusing on 13 sub-sectors, including brain-computer interfaces and humanoid robots, to establish a competitive future industry development hub [4] Government Support and Strategic Vision - The establishment of a collaborative innovation consortium for automotive-grade chips in Hubei province highlights the government's support for technological advancements in the automotive sector [2] - Wuhan aims for an annual growth rate of over 20% in emerging industries, reflecting a commitment to enhancing quality and efficiency [3] - The local government emphasizes the importance of technological innovation in building a modern industrial system and improving development quality [5]

Core Viewpoint - The 10th Western Energy Storage Forum will be held on August 19-20, 2025, in Hohhot, Inner Mongolia, focusing on the integration of new energy and energy storage in China's western region, contributing to the national dual carbon strategy and the construction of a new power system [2][30]. Event Overview - The forum aims to create an innovative communication platform involving government, industry, academia, research, and application to explore new ideas for the development of new energy and energy storage in western China [2]. - The full agenda for the forum has been officially released, detailing various sessions and discussions [2]. Main Reports and Sessions - Keynote speeches will cover topics such as the new energy revolution and new energy storage technologies, the current status and trends of the new energy storage industry, and innovative practices in energy storage technology by major companies [10][11][12]. - The forum will feature multiple sub-forums focusing on new energy storage and electricity markets, innovative value creation in energy storage, and the exploration of unique energy storage markets in the western region [13][14][16]. Special Topics and Discussions - Discussions will include the integration of energy storage with renewable energy sources, innovative business models for zero-carbon parks, and the application of new energy storage technologies in data centers [19][22]. - A roundtable discussion will address the collaboration between large-scale energy storage and green hydrogen production, emphasizing the importance of stable green electricity supply [19]. Supporting Organizations - The forum is organized by several key institutions, including the China Energy Research Society, the Zhongguancun Energy Storage Industry Technology Alliance, and the Inner Mongolia Energy Storage Industry Promotion Association [24][30].

Industry Overview - The recent EESA Energy Storage Exhibition highlighted a surge in demand for energy storage cells, with companies reporting full order books and delays in delivery [2] - The energy storage industry is experiencing a recovery in performance, driven by accelerated project implementation and positive signals from emerging market demand [2][4] Company Performance - CATL reported a revenue of 178.886 billion yuan for the first half of 2025, a year-on-year increase of 7.27%, with a net profit of 30.485 billion yuan, up 33.33% [3] - EVE Energy announced that it ranks second globally in energy storage battery shipments, projecting a shipment volume of 50.45 GWh in 2024, representing a year-on-year increase of 91.90% [4] - Other companies like Kelu Electronics and Far East Smarter Energy also reported turning profits in the first half of 2025, attributing their success to strategic partnerships and increased production capacity [4] Market Trends - The new energy storage installation capacity in China is expected to continue its explosive growth, with a cumulative installed capacity reaching 73.76 million kW by the end of 2024, which is approximately 20 times that of the end of the 13th Five-Year Plan [5] - The global battery storage system installation reached 86.7 GWh in the first half of 2025, a year-on-year increase of 54% [5] Challenges and Opportunities - Despite the positive growth, the energy storage industry faces challenges related to profit models, electricity pricing mechanisms, and power dispatch issues, which need to be addressed to unlock the full potential of energy storage [2][8] - Experts suggest that establishing a clear market position for new energy storage and allowing equal participation in the electricity market will be crucial for its development [9]

Policy Overview - In July 2025, a total of 84 energy storage-related policies were released or solicited for opinions, with 9 at the national level and 32 from local regions such as Sichuan, Shanxi, and Shanghai [3][4] - Among these, 58 policies were classified as very important, accounting for 69% of the total, with significant contributions from provinces like Sichuan and Shandong [3] National Policies - The National Development and Reform Commission and the State Administration for Market Regulation released a draft amendment to the Price Law, refining standards for identifying unfair pricing behaviors [4] - The Ministry of Commerce published a list of technologies restricted for export, including lithium iron phosphate battery preparation technology and lithium extraction technologies [4] - A notification was issued to support the construction of zero-carbon parks, with pilot projects recommended by local regions [6][4] Local Policies - The Xi'an Development and Reform Commission issued guidelines for the development of new energy storage power stations, planning to initiate three projects by 2025 [8] - The Hebei Development and Reform Commission released implementation rules for distributed photovoltaic power generation, allowing energy storage facilities to be integrated with local grids [10] - The Shandong Development and Reform Commission published a plan for zero-carbon park construction, promoting integrated projects for energy generation and storage [10] Pricing Policies - The Sichuan Power Trading Center outlined arrangements for user-side energy storage projects, allowing operators to negotiate revenue calculations [25] - The Hainan Development and Reform Commission proposed a market-oriented reform plan for renewable energy pricing, with specific price ranges for different types of projects [26] - Shanxi's plan for renewable energy pricing reform includes mechanisms for both existing and new projects, ensuring competitive pricing [26] Demand Response Policies - The Guizhou Energy Bureau introduced a demand response trading scheme, categorizing market participants and setting compensation price limits for peak shaving and valley filling [32] - The Sichuan Development and Reform Commission maintained a standard for active peak load response pricing [33] Green Electricity Trading Policies - The Qinghai Energy Bureau published a plan for green electricity direct connection projects, emphasizing self-consumption ratios and renewable energy utilization [35] - The Yunnan Development and Reform Commission outlined measures to enhance the capacity of connected projects through energy storage [35] Low-Carbon Development Policies - The Shandong Development and Reform Commission's zero-carbon park plan encourages the development of various energy storage technologies [38] - Notifications from Shanghai and Hubei support the establishment of national-level zero-carbon parks [38] Demonstration Project Policies - The Guizhou government listed 41 major projects related to energy storage, including 23 new energy storage power station projects with a total capacity of 2.65GW [40] - The Sichuan Development and Reform Commission's project list includes 27 energy storage projects totaling 3022.5MW [41]

■ 行家说储能 C亿兰科 CanOn(卡农)系列并离网切换柜 Load Can stay On, always IP 500-2000kW 2015-2025年8月储能业融资情况变化 550 600.00% 500.00% 450 行家说Research, 2025 400.00% 350 300.00% 250 200.00% 150 100.00% 50 0.00% 2015年 2016年 2017年 2018年 2019年 2020年 2021年 2022年 2023年 2024年 2025年 -100.00% -50 ■ 融资数量 ■ 融资金额(亿元) -- 同比往年增速 融和元储主要融资信息 | 目期 | 轮次 | 金额 | 主要投资方 | | --- | --- | --- | --- | | 2025-08-06 | B轮 | 超亿元 | 中集资本、永康产投、原信资本 | | 2024-02-04 | | A轮 | 珠海格金八号股权投资基金、安徽招商产投 铁发和电（嘉兴）投资、共青城源桦绿能投资、 | | | | | 珠海紫杏共盈管理咨询中心、招商租赁 | | 2023-05-09 | A轮 | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -5% 1% 7% 13% 19% 25% 31% 37% 2024.08 2024.12 2025.04 2025.08 上证指数 深证成指 | 国内市场表现 | | | | --- | --- | --- | | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | 3,665.92 | 0.50 | | 深证成指 | 11,351.63 | 0.53 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 4,143.83 | 0.52 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,919.53 | 0.43 | | 中证 500 | 6,418.16 | 0.41 | | 中证 1000 | 6,116.76 | 0.33 | | 国证 2000 | 7 ...

Core Viewpoint - Despite the tightening financing environment and increased competition in the energy storage industry, companies like Ronghe Yuanchu have successfully completed over 100 million yuan in Series B financing, indicating strong investor confidence and market potential [2][3][10]. Financing Details - Ronghe Yuanchu recently completed over 100 million yuan in Series B financing, with investments from CIMC Capital, Yongkang Industrial Investment, and Yuanshin Capital [3][5]. - The company has undergone six rounds of financing, consistently raising over 100 million yuan in the past two years, attracting a strong lineup of investors including Tefa Capital and State Power Investment [3][5]. Industry Context - The new energy storage sector has shifted from capital enthusiasm to deep adjustment, with significant price fluctuations and increased regulatory scrutiny affecting project financing and operational stability [7][10]. - The tightening of capital has led to a preference for companies with strong profitability and stable business models, making Ronghe Yuanchu's successful financing noteworthy [7][10]. Company Performance - Founded in 2019, Ronghe Yuanchu is recognized as a leading zero-carbon energy operator, ranking among the top ten global energy storage companies as of 2023 [11][12]. - As of Q1 2025, the company has shipped over 14 GWh of energy storage systems and has an operational asset scale exceeding 7.2 GWh, maintaining a top position in domestic shipment rankings [11][12]. Future Plans - The recent financing will enable Ronghe Yuanchu to enhance product and technology innovation, deepen lifecycle management capabilities, and accelerate expansion into overseas markets, further solidifying its competitive edge in the global energy storage sector [3][12].

Group 1: China's Green Energy Transition - China is leading the global green and low-carbon energy transition, with significant growth in renewable energy installations in 2025 [1][30] - By the end of June 2025, China's renewable energy installed capacity reached 2.159 billion kilowatts, accounting for approximately 59.2% of total installed capacity [10][21] - In the first half of 2025, renewable energy installations totaled 268 million kilowatts, a year-on-year increase of 99.3%, with wind and solar power contributing significantly [9][20] Group 2: Renewable Energy Cost Competitiveness - The International Renewable Energy Agency reported that renewable energy helped avoid $467 billion in fossil fuel expenditures globally in 2024, confirming its cost-effectiveness [3][25] - The levelized cost of electricity (LCOE) for new utility-scale onshore wind projects was $0.034 per kWh, making it the cheapest renewable energy source [3][26] - The total installed cost (TIC) for solar photovoltaic technology is projected to drop to $388 per kilowatt in the next five years [3][26] Group 3: Global Energy Market Restructuring - The global energy market is undergoing significant restructuring due to rising geopolitical risks and the need for energy security, with countries reevaluating their energy strategies [2][5] - Six structural changes are identified as reshaping the energy market, including the impact of Middle Eastern conflicts on oil prices and the push for LNG diversification [5][6] - The International Energy Agency forecasts a slowdown in global natural gas demand growth in 2025, followed by an acceleration in 2026 [7][8] Group 4: Energy Storage and Technological Advancements - China's new energy storage industry is transitioning from early commercialization to large-scale development, with significant increases in installed capacity [18][19] - The average storage duration for new energy storage projects in China has increased to 2.3 hours, reflecting advancements in technology [19][34] - The integration of artificial intelligence in energy management is expected to enhance efficiency while also increasing energy consumption [6][27] Group 5: Future Projections and Challenges - By the end of 2025, non-fossil energy generation capacity in China is expected to reach approximately 240 million kilowatts, accounting for about 61% of total installed capacity [20][21] - The rapid expansion of renewable energy brings challenges such as volatility in generation, insufficient storage facilities, and limited grid capacity [16][31] - The report suggests building a multi-layered, diversified energy supply system to mitigate energy security risks [17][32]

Group 1: Financial Support and Economic Growth - Zhenjiang's financial institutions have provided an additional special credit of 28 billion yuan to the aerospace industry chain [1] - Since 2022, Zhenjiang has released six batches of financial support lists, benefiting 775 enterprises with a total credit exceeding 220 billion yuan [1] - In the first half of this year, Zhenjiang's GDP grew by 5.9%, with fixed asset investment growth ranking third in the province [1] Group 2: Major Projects and Investment - The high-precision metal mask project in Jurong Economic Development Zone has completed its main structure and is expected to produce 100,000 units annually after phase one [2] - Zhenjiang has signed new industrial projects with a total investment of 115.8 billion yuan in the first half of the year, a year-on-year increase of 5.9% [3] - 19 provincial major projects in Zhenjiang completed 56.9% of their annual investment plan, exceeding the provincial average by 1.6 percentage points [2] Group 3: Technological Upgrades and Innovations - Jiangsu Ruilong Ding Industrial Co., Ltd. has improved production efficiency by 12% and reduced labor costs by 42% through automation [4] - Zhenjiang is focusing on 54 provincial major industrial projects and 163 municipal key industrial technology upgrade projects to enhance growth and transformation [4] - The city plans to implement 200 key manufacturing intelligent transformation projects annually over the next three years [5] Group 4: Collaboration and Research - The "Science and Technology Innovation Zhenjiang" event facilitated collaboration between Nanjing University and over 30 local biopharmaceutical companies [6] - Zhenjiang has promoted over 260 collaborative projects between industry and academia in the first half of the year [6] - High-tech industries in Zhenjiang accounted for 55.6% of the total industrial output value, surpassing the provincial average by 3.8 percentage points [6] Group 5: Future Industry Focus - Zhenjiang is concentrating on key future industries such as artificial intelligence, low-altitude economy, new energy storage, and hydrogen energy [7] - The city aims to address weak links in the industrial chain and focus on breakthroughs in common technologies [7]