Core Viewpoint - The energy storage industry is transitioning from isolated breakthroughs to ecosystem collaboration, with leading companies forming strategic partnerships to accelerate commercialization and reshape competitive dynamics in the sector [1]. Joint Ventures: Deep Binding and Resource Sharing - China National Petroleum Corporation (CNPC) and CATL have established a joint venture for lithium-ion battery energy storage systems, with CNPC holding 60% and CATL 40% of the equity [2]. - Zhongxin Innovation and local state-owned enterprises have formed a joint venture in Hebei with a registered capital of 4 billion yuan, focusing on energy storage projects [3]. Strategic Cooperation: Technological Complementarity and Market Expansion - CRRC Zhuzhou Institute and CATL signed a framework cooperation agreement to collaborate on energy storage solutions and market development [4]. - Haibo Sichuang and CATL have entered a strategic partnership to promote high-quality development in the energy storage industry, focusing on technology and market synergy [5][6]. - Haibo Sichuang has also partnered with General Technology and its subsidiaries to enhance project management and technical innovation in the energy sector [7]. - Collaborations with Huachidong Energy and other firms aim to integrate electrochemical and flywheel energy storage technologies [8][9]. International Collaborations and Market Expansion - BYD Energy signed a storage order agreement with Grenergy for a total of 6.5 GWh for a project in Chile, marking a significant supply deal in Latin America [13]. - Dual cooperation agreements with international firms like Jindal Group from India and Interface from Malaysia signify strategic expansions into South Asia and Southeast Asia [12][11]. - Multiple partnerships during ESIE2025, including with Europower in Turkey, aim to enhance market presence in Europe and Asia [18]. Industry Trends and Future Outlook - The energy storage sector is witnessing a transformation characterized by deep collaborations among companies, moving from product-centric competition to ecosystem-based strategies [43]. - The total signed orders during ESIE2025 exceeded 20 GWh, indicating a robust growth trajectory and a collective exploration of new energy systems [43].

Core Viewpoint - The construction of China's first national offshore wind power research and testing base in Fujian is a significant step towards advancing the offshore wind power industry, enhancing technological innovation, and integrating the industry chain [1][2]. Group 1: Offshore Wind Power Research Base - The offshore wind power research and testing base in Fujian is a major project under the national "14th Five-Year Plan," capable of testing the world's largest capacity wind turbines and longest blades [1]. - The base will facilitate research on large-capacity offshore wind turbine equipment and grid-friendly wind power integration technologies, contributing to international cutting-edge technology research [1]. Group 2: Industry Development and Innovation - The establishment of the offshore wind power testing base will provide comprehensive services for equipment manufacturers, research institutions, and operators, promoting a complete industrial ecosystem and accelerating product development [2]. - Fujian has a theoretical offshore wind power potential exceeding 120 million kilowatts, with installed capacity reaching 3.818 million kilowatts by the end of 2024, and has maintained the highest wind power utilization hours in the country for 12 consecutive years [1]. Group 3: Clean Energy Transition - The State Grid Fujian Electric Power Company has proposed a high-quality development blueprint focusing on clean energy, aiming to lead in clean development, safety, stability, and efficiency [2]. - In 2024, clean energy generation capacity and generation volume in Fujian are projected to account for 65.5% and 52.7% respectively [6].

Group 1: Virtual Power Plants - The development of virtual power plants (VPPs) is supported by recent government policies aimed at enhancing their scale and operational capabilities, with a target of achieving a regulation capacity of over 20 million kilowatts by 2027 and 50 million kilowatts by 2030 [3][28][31] - VPPs utilize modern information communication and system integration technologies to aggregate distributed energy resources, providing essential services such as peak shaving, frequency regulation, and backup power, thereby enhancing grid stability and facilitating renewable energy consumption [24][20][39] - The market for VPPs is expected to grow as they transition from invitation-based models to market-driven operations, allowing for participation in various electricity markets and increasing profitability [39][46] Group 2: Wind Power Industry - The bidding prices for domestic wind turbines have stabilized and begun to recover, with the average bidding price reaching 1,590 yuan/kW in March 2025, a 4.1% increase from December 2024 [52] - China's onshore wind power generation cost has significantly decreased, with the levelized cost of electricity (LCOE) dropping to 0.019 USD/kWh in 2023, a 67% reduction since 2017, making it competitive against coal [49][51] - The wind power industry is experiencing a trend towards larger turbine sizes and innovative materials, with advancements in tower height and blade length contributing to further cost reductions and efficiency improvements [54][55]

"今年度夏期间，预计全国用电负荷还将快速增长，最高负荷同比增长超过1亿千瓦，电力保供面临一定 压力。"国家能源局综合司副司长张星日前表示，综合研判，今年迎峰度夏期间，全国电力供应总体有 保障，局部地区高峰时段可能存在电力供应紧张情况。如出现极端、灾害性天气，电力供应紧张情况可 能进一步加剧。 中电联有关负责人也表达了同样的观点。"我们预测，今年夏季全国统调最高用电负荷比2024年增加约1 亿千瓦。如果今夏气温再创历年新高，则最高用电负荷在15.7亿千瓦左右。" 随着全国气温攀升，各地陆续进入迎峰度夏电力保供关键期。面对迎峰度夏期间电力供应的严峻考验， 从煤炭稳定供应到清洁能源发力保供，从电网工程建设到负荷侧精准管理，各地各部门正全方位发力。 电网侧提升供电能力 电网侧同样动作频频。夏季高温天气将带动用电负荷快速增长，为此，国家电网加快推进迎峰度夏重点 电网工程建设。 "今年的高温日数预计比常年偏多。"国网湖南电力新闻发言人朱军飞介绍，近日，国网湖南电力用电负 荷持续攀升，为保障电力供应，国网湖南电力全速推进12项重点工程建设，新增变电容量1100万千伏 安。特别是通过优化施工管理、升级配套电网及开展全链条测试 ...

Group 1: Overview of Public Utility Index Performance - The Shenwan Public Utility Index has outperformed the CSI 300 Index, with a decline of 0.68% year-to-date as of June 16, 2023, which is 0.87 percentage points better than the CSI 300 Index, ranking 19th among 31 Shenwan industries [2][9] - Among the sub-sectors of the Shenwan Public Utility Index, four sectors have increased, including Heat Service (+8.44%), Comprehensive Electric Service (+2.98%), Thermal Power (+2.24%), and Hydropower (+0.86%), while three sectors have decreased, including Photovoltaic Power (-6.02%), Gas (-4.29%), and Wind Power (-2.21%) [2][12] - The price-to-earnings (P/E) ratio of the Shenwan Public Utility Index is approximately 18.42 times, which is below the historical average of 26.61 times over the past decade, placing it at the 13th percentile historically [2][13] Group 2: Coal Power Sector Insights - The establishment of a capacity price mechanism for coal power will facilitate the recovery of fixed costs for compliant coal power units, which are essential for supporting the electricity system during the green transition [2][21] - The average price of thermal coal at Qinhuangdao Port (Q5500) has decreased by 7% year-on-year, averaging 685 RMB/ton as of June 13, 2023, which is expected to enhance the performance of coal power companies [2][28] - Companies such as Huadian International (600027) and Guodian Power (600795) are recommended for attention due to their potential benefits from the capacity price mechanism and declining coal prices [2][21] Group 3: Renewable Energy Development - The Chinese government is actively promoting renewable energy through various policies, aiming to enhance the capacity for renewable energy consumption by constructing smart microgrid projects and shared energy storage stations [2][37] - The installed capacity of wind power is projected to grow from 184 GW at the end of 2018 to 521 GW by the end of 2024, with a compound annual growth rate of 19%, while solar power capacity is expected to increase from 174 GW to 887 GW, with a CAGR of 31% [2][41] - Companies such as Three Gorges Energy (600905) and Longyuan Power (001289) are highlighted as key players in the renewable energy sector [2][21] Group 4: Hydropower Sector Developments - The installed capacity of hydropower in China is expected to grow from 370 million kW at the end of 2020 to 436 million kW by the end of 2024, with an average annual growth rate of 4% [2][39] - Hydropower companies are increasingly focusing on cash dividends, with nine out of eleven listed hydropower companies planning to return profits to shareholders through cash dividends in 2024 [2][21] - Recommended companies in the hydropower sector include Yangtze Power (600900), Huaneng Hydropower (600025), and Sichuan Investment Energy (600674) [2][21]

Core Insights - The 2025 SNEC exhibition showcased advancements in energy solutions, particularly by Shenzhen Kelu Electronics Co., Ltd, which introduced the Midea Industrial Storage Aqua-EM and other energy management systems [1] - The company aims to provide comprehensive energy solutions across various applications, including independent storage power stations and virtual power plant market arbitrage [1] - Recent policy changes in China are shifting the energy storage industry from a "policy-supported" model to a "market-driven" approach, enhancing the role of energy storage [1][2] Company Developments - Kelu Electronics, in collaboration with Midea Group, has developed a power trading platform that integrates a three-dimensional forecasting system for energy trading and ancillary services [2] - The platform aims to enhance trading efficiency and accuracy, addressing the declining profitability of commercial energy storage [2] - The EMS (Energy Management System) is highlighted as a critical component for optimizing energy storage operations, enabling proactive decision-making based on real-time data [3][4] Industry Trends - The recent notification from the National Development and Reform Commission emphasizes the goal of achieving nationwide coverage of the electricity spot market by the end of 2025, which will elevate the importance of energy storage [2] - The transition of energy storage from a secondary role to a core regulatory resource reflects broader changes in the energy market dynamics [2] - The integration of hardware and software solutions in energy management is seen as essential for maximizing efficiency and profitability in energy usage [3][4]

日前，国家发展改革委和国家能源局联合印发《关于深化提升"获得电力"服务水平 全面打造现代化用 电营商环境的意见》（发改能源规〔2025〕624号），在《关于全面提升"获得电力"服务水平 持续优化 用电营商环境的意见》（发改能源规〔2020〕1479号）原有"三零""三省"基础上，进一步强化改革思 维、加大改革力度，通过实行一系列影响范围广、惠及主体多、含金量高的改革措施，推动建立与经济 社会发展新形势、新要求相适应的现代化用电营商环境体系，促进"获得电力"工作在服务我国经济社会 高质量发展上发挥更大作用。为准确把握624号文核心要义，我们将分享系列解读文章。本次分享内容 来自云南电网有限责任公司。 服务低碳转型 践行用电绿色化 云南电网有限责任公司 2025年5月16日，国家发展改革委、国家能源局印发《关于深化提升"获得电力"服务水平 全面打造现代 化用电营商环境的意见》（以下简称《意见》），对优化用电营商环境提出具体的工作要求，指导各地 供电企业持续深化改革创新，更好地服务企业群众办电用电。 在"双碳"背景下，绿色低碳已成为全球经济贸易发展的新趋势，云南作为全国清洁能源大省，清洁能源 装机占比近90%。未来 ...

事实上，施耐德电气一直是工业脱碳的践行者和引领者。在中国市场，施耐德电气建立了行业领先的绿 色制造体系。截至目前，已拥有21家全球"零碳工厂"、15家国家级"绿色工厂"，其上海普陀工厂获 评"端到端灯塔工厂"，无锡工厂晋级为"可持续灯塔工厂"。 与此同时，新能源产业发展需协同，生态合力也是施耐德电气深耕中国的核心动力。 在SNEC2025期间，施耐德电气携手海博思创共同发布了《全域保护：消除电池储能系统直流保护盲 区》白皮书，以储能中常见的锂电池高压箱内保护配置为例，深入探讨了如何通过低压电器保护协同的 策略，为电池直流保护配合提供了清晰的全域保护策略。 新能源产业出海也是大势所趋。 作为一家全球化的企业，施耐德电气的"全球化生态圈"通过先进技术和国际服务网络，支持中国企业和 供应商拓展国际业务；同时，还能够为客户及合作伙伴提供跨国运营的宝贵经验，助力生态圈企业打造 长青基业。 在中国推进"新质生产力"和构建"新型电力系统"的背景下，零碳园区也逐渐成为产业升级和能源转型的 关键载体。 第十八届国际太阳能光伏和智慧能源&储能及电池技术与装备（上海）大会暨展览会（SNEC 2025）开 幕。产业技术的全球领导者施 ...

Core Viewpoint - The company, Haocreat Ruitong, is addressing market concerns regarding customer concentration, R&D expenses, period expenses, and product quality in response to the latest IPO inquiry. Group 1: Customer Concentration - Haocreat Ruitong's main clients are State Grid and Southern Power Grid, with revenue from these clients accounting for nearly 90% during the reporting period, indicating high customer concentration [1] - The company acknowledges the potential impact of procurement fluctuations from these major clients but believes that demand for its products will continue to grow, maintaining a stable customer base [1] - The company plans to actively explore new customer resources and strengthen its efforts in sectors beyond the power grid [1] Group 2: Product Quality - The company has experienced occasional product quality issues due to supplier defects and operational errors, but has implemented corrective measures such as product exchanges and internal training [2] - Following the resolution of quality issues, the company has maintained good relationships with clients and has resumed normal order fulfillment [2] - The company notes that being penalized for quality issues is common in the industry and does not significantly impact its overall operations [2] Group 3: Financial Metrics - Haocreat Ruitong's sales, management, and R&D expense ratios are lower than the industry average, attributed to higher revenue growth and differences in organizational structure and market focus [2] - The company anticipates that its expenses will grow in line with its expanding operations and market development efforts post-IPO [2] Group 4: Regulatory Compliance - The company faced penalties due to a subsidiary's unauthorized land use for construction, but the violation was deemed minor and did not result in significant harm to investors or public interests [3] - The subsidiary has paid fines and completed required rectifications, indicating compliance with regulatory standards [3] Group 5: Future Outlook - In the context of carbon neutrality goals, the company aims to leverage national strategies in smart grids and new power systems, positioning itself as a leader in the smart distribution equipment sector [4] - The company plans to enhance its R&D, production capabilities, and sales channels while fostering innovation to improve its competitive edge and market position [4] - The goal is to become a leading enterprise in China's smart distribution field, focusing on green development and technological advancements [4]

Core Insights - The State Grid Tianjin Electric Power successfully conducted a large-scale low-voltage distributed photovoltaic (PV) short-circuit test, marking the first of its kind in China, to ensure the safe and reliable integration of renewable energy into the grid [1][2]. Group 1: Distributed Photovoltaic Development - As of May this year, Tianjin's distributed photovoltaic grid capacity reached 4.852 million kilowatts, with the Jizhou District contributing 646,700 kilowatts, accounting for 95.8% of the district's maximum load [2]. - The State Grid Tianjin Jizhou Company is advancing the construction of a high-capacity new-type distribution network, aiming to achieve comprehensive monitoring and control of distributed PV systems [2]. Group 2: Short-Circuit Test Significance - The short-circuit test is a critical method for validating the safety performance of the grid, providing essential data on system operation under fault conditions and assessing the rationality of protection configurations and control parameters [2]. - The test involved 12 sets of on-site measurement points across distributed PV devices, distribution lines, substations, and short-circuit points, ensuring comprehensive and precise data collection through an integrated monitoring platform [2][4]. Group 3: Innovations and Future Applications - Innovations in the test included automatic data collection and adjustments to grid operation modes, which allowed over 400 renewable energy users to remain connected without disruption during the test [2][4]. - The data obtained from the test will support core tasks such as relay protection setting calculations and precise modeling of low-voltage renewable energy systems, contributing to the development of fault defense technologies in new-type distribution networks [4].