Core Viewpoint - The 14th Energy Storage International Conference and Expo (ESIE 2026) will be held from April 1-3, 2026, at the Capital International Exhibition and Convention Center in Beijing, showcasing significant advancements in the energy storage industry [2][4][18]. Event Overview - The exhibition area will cover 160,000 square meters, featuring six themed pavilions with over 1,000 exhibitors/sponsors and more than 50,000 industry participants [2][4]. - The B1 Energy Storage Application Hall will be named after CRRC Zhuzhou Institute, highlighting its commitment to innovation in the energy storage sector [8][9]. Company Profile - CRRC Zhuzhou Institute, established in 1959, is a wholly-owned subsidiary of CRRC Corporation Limited, with a strong focus on transportation and energy sectors [7]. - The institute has nearly 10,000 R&D personnel, including one academician of the Chinese Academy of Engineering and over 270 PhDs, emphasizing its robust research capabilities [7]. Industry Collaboration - CRRC Zhuzhou Institute maintains a deep collaborative relationship with the ESIE, aiming to empower the innovative development of the energy storage industry [8]. - The B1 Energy Storage Application Hall will showcase a diverse range of energy storage products, including household storage, industrial storage, and portable power solutions [9]. Exhibitor Participation - Notable companies confirmed to participate in the B1 China CRRC Pavilion include Huawei Digital Energy, Gotion High-Tech, and others, indicating a competitive landscape among global energy storage leaders [12]. Exhibition Opportunities - Limited exhibition spaces remain available in the B1 Pavilion, with core positions already sold out, reflecting high demand for participation [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Industrial Silicon - This week, the spot price of industrial silicon remained largely stable with minor fluctuations, while the futures price oscillated downward. The downstream demand decreased slightly, and the procurement sentiment was poor. The overall supply - demand was relatively loose, but there were also some bullish factors such as cost increases and production cuts in the southwest [6]. - The recommended strategy is to maintain a short position when the price rises, with an upper pressure level of 9,500 yuan/ton [7]. Polysilicon - The spot price of polysilicon was largely stable with minor fluctuations, and the market atmosphere was sluggish. The futures price oscillated strongly due to expectations of production reduction and the establishment of a storage platform. In the short - term, the price is expected to oscillate weakly [12]. - The recommended strategy is to hold the previous short position, with an oscillation range of 48,000 - 52,000 yuan [13]. 3. Summary by Directory 3.1 Weekly Core Points and Strategies Industrial Silicon - **Market Situation**: The spot price decreased slightly, and the futures price oscillated downward. The southwest region gradually reduced production, and the downstream demand was weak [6]. - **Logic Analysis**: - **Bearish Logic**: High supply in October, high inventory, and limited demand growth in the fourth quarter [6]. - **Bullish Logic**: Cost increase, production cuts in Xinjiang and the southwest, and expectations of the dry season in the southwest [6]. - **Recommended Strategy**: Short positions can be established when the price rises, with an upper pressure level of 9,500 yuan/ton [7]. Polysilicon - **Market Situation**: The spot price was stable with minor fluctuations, and the futures price oscillated strongly. The market was in a state of "strong expectation" and "weak reality" [12]. - **Logic Analysis**: - **Bearish Logic**: High inventory, loose supply, weak downstream transactions, and poor fundamentals [12]. - **Bullish Logic**: Rising component tender prices, policy support, and industrial linkage effects [13]. - **Recommended Strategy**: Hold the previous short position, with an oscillation range of 48,000 - 52,000 yuan [13]. 3.2 Industrial Silicon Data Review Price Data - **Futures**: The closing price of the main contract Si2601 was 9,220 yuan/ton, up 1.32% from last week. The trading volume increased by 29.79%, and the open interest increased by 17.38% [27]. - **Spot**: The prices of Tongyang 5530 and Tongyang 4210 in the East China market remained unchanged from last week [27]. - **Basis and Spread**: The basis of Si2601 (East China 553) decreased by 52.17%, and the basis of Si2601 (East China 421) decreased by 25% [27]. Supply and Demand Data - **Supply**: The overall industrial silicon production decreased by 7.85% this week, and the opening rate decreased to 34.30%. The southwest region saw a significant decline in production, while the northwest region also had a slight decrease [28][58]. - **Demand**: The demand from downstream industries such as polysilicon, organic silicon, and aluminum alloy was weak. The production of polysilicon decreased by 5.05%, and the production of organic silicon increased by 5.22% [28]. - **Inventory**: The social inventory increased to 554,800 tons, up 4.8% from last week, while the futures inventory decreased by 505 tons [28][80]. Cost and Profit Data - **Cost**: The production cost increased mainly due to the rising price of petroleum coke and electricity in the southwest region [78]. - **Profit**: The profit decreased slightly this week, and it is expected to continue to decline next week [78]. 3.3 Polysilicon Data Review Price Data - **Spot**: The price of P - type polysilicon remained unchanged at 44,000 yuan/ton, and the price of N - type polysilicon decreased by 1.54% to 51,000 yuan/ton [119]. - **Futures**: The futures price oscillated strongly due to expectations of production reduction and the establishment of a storage platform [12]. Supply and Demand Data - **Supply**: In November, the polysilicon production is expected to decrease, with a north - south difference in production changes. The overall supply is still at a high level, and the inventory continued to rise [126]. - **Demand**: The downstream demand was weak. The production of silicon wafers, battery cells, and components decreased, and the procurement sentiment was poor [119][126]. Cost and Profit Data - **Cost**: The average production cost decreased to 41,553 yuan/ton, a decrease of 0.2% [132]. - **Profit**: The gross profit and gross margin increased slightly, but the overall profit level was still low [132].

Group 1 - The core viewpoint of the articles highlights the significant increase in electrolyte prices driven by the rising penetration of electric vehicles and explosive growth in the energy storage industry, with a price surge exceeding 2% in just two days [1] - Electrolyte is described as the "blood" of lithium batteries, crucial for the migration of lithium ions between the anode and cathode, directly affecting battery energy density, safety stability, and fast charging capabilities [1] - The research team from招商电新 expresses optimism for a new market cycle, particularly for hexafluorophosphate and additives in lithium battery materials, as many hexafluoride companies currently have single-digit valuations [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the 中证细分化工产业主题指数 (000813) include 万华化学, 盐湖股份, 天赐材料, 巨化股份, 藏格矿业, 金发科技, 宝丰能源, 华鲁恒升, 恒力石化, and 云天化, collectively accounting for 44.83% of the index [2] - The 化工ETF (159870) closely tracks the 中证细分化工产业主题指数, which consists of seven sub-indices reflecting the overall performance of listed companies in related sub-industries [1][2][3]

Core Insights - China's new energy storage installed capacity has exceeded 100 million kilowatts, growing over 30 times compared to the end of the 13th Five-Year Plan, accounting for over 40% of the global total, making it the world's largest [1] - The electrolyte market is entering an upward cycle, with prices recovering and signals of capacity expansion and technological upgrades [1][2] - The demand surge in the energy storage and new energy vehicle sectors is driving the electrolyte industry's recovery [2] Industry Recovery - Electrolyte prices have risen from approximately 17,500 yuan/ton at the beginning of 2025 to 25,500 yuan/ton as of October 27 [2] - Lithium hexafluorophosphate prices have also increased, surpassing 110,000 yuan/ton recently, with an average price of 118,500 yuan/ton as of November 6 [2] - The demand explosion in the energy storage sector and the new energy vehicle market is a core driver of the electrolyte industry's recovery [2][3] Market Dynamics - In the first nine months of 2025, China's new energy vehicle production and sales reached 11.24 million and 11.23 million units, respectively, with a year-on-year growth of 35.2% and 34.9% [3] - The differentiation in performance requirements for electrolytes is pushing companies to increase R&D investments for high-performance customized products [3] - The electrolyte shipment volume in China is expected to reach 1.47 million tons in 2024, a year-on-year increase of 32%, and is projected to exceed 1.67 million tons in 2025 [3] Concentration of Orders - The domestic electrolyte industry is highly concentrated, with leading companies benefiting from vertical integration, scale effects, and technological advantages [4] - Major companies like Tianqi Materials, Xinzhou Bang, and Jiangsu Guotai reported significant year-on-year profit growth in the first three quarters of 2025 [4] - The market is shifting towards leading enterprises as smaller companies face survival pressures due to overcapacity [4] Capacity Expansion and Strategic Moves - Leading companies are increasing capacity and optimizing product structures to drive sustained growth [5] - Tianqi Materials has signed a contract with Guoxuan High-Tech for the procurement of 870,000 tons of electrolyte products from 2026 to 2028 [5] - New projects, such as Tianqi's 150,000-ton electrolyte integration project in Morocco, are set to commence construction by early 2026 [5] Strategic Partnerships - Haike New Source has signed a strategic cooperation agreement with Hefei Qianrui Technology for the purchase of 200,000 tons of electrolyte solvents and additives [6] - Leading electrolyte companies are advised to seize opportunities by addressing supply-demand gaps, focusing on high-end formulation R&D, and expanding into overseas markets [6]

Group 1 - Sanjiang Shopping's second largest shareholder, Alibaba Zetai, plans to reduce its stake by up to 3%, equating to a maximum of 16.43 million shares, with a reduction period from November 27, 2025, to February 26, 2026 [1] - Jiayuan Technology has signed a cooperation framework agreement with CATL to expand their business relationship in the supply and development of new battery anode materials, including solid-state battery copper foil [1] - Kabeiyi has invested 100 million yuan to establish a wholly-owned subsidiary in Shanghai to accelerate the development of components for humanoid robots, aligning with the company's long-term strategic planning [2] Group 2 - Aerospace Hongtu has been suspended from military procurement for three years due to alleged violations in a portable drone project, effective from July 6, 2024, to July 6, 2027 [3] - Hengyuan Coal Power intends to acquire 100% equity of Hongneng Coal Industry and Changsheng Energy from Shanxi Black Cat for 440 million yuan, while also assuming debts of 1.137 billion yuan [4] - Zhangzhou Development's wholly-owned subsidiary has received a tax refund, expected to increase the net profit for 2025 by 6.3847 million yuan [5] Group 3 - Shima Power's shareholder, Chen Xiaoqin, reduced his stake by 1% from September 17 to November 5, 2025, totaling 4.3168 million shares [6] - Wentai Technology's second largest shareholder, Wuxi Guolian Integrated Circuit Investment Center, plans to reduce its stake by up to 3%, totaling 37.3391 million shares, during the same reduction period as Sanjiang Shopping [7] - Standard Shares has elected Wang Kunyuan as the chairman of the board, with a term until the board's term ends [8] Group 4 - Xiling Power plans to acquire 100% equity of Weipai Automotive Electronics (Shanghai) Co., Ltd., with the transaction not constituting a related party transaction or major asset restructuring [9] - *ST Tianshan reported a 242.54% year-on-year increase in livestock sales revenue for October [10] - Muyuan Foods reported a 22.28% year-on-year decline in October's pork sales revenue, totaling 10.331 billion yuan [10]

Core Viewpoint - The announcement indicates that Dongfang Yulin (002310.SZ) plans to establish a joint venture, Dongfang Xinneng (Beijing) Energy Storage Industry Development Co., Ltd., with Guoneng Rixin, aiming to leverage both parties' strengths in the energy storage sector and enhance the company's new energy business portfolio [1] Investment Details - Dongfang Yulin's wholly-owned subsidiary, Xinneng Qiguan Center, will contribute 24 million yuan, holding a 60% stake in the new company [1] - Guoneng Rixin will invest 16 million yuan, acquiring a 40% stake [1] Strategic Intent - The investment aims to capitalize on opportunities in the energy storage industry and enrich the company's new energy business layout [1] Financial Impact - The funding will come from the company's own resources and is not expected to adversely affect its financial condition or normal operations [1] Operational Challenges - The new company may face challenges related to internal controls and operational management during its operations [1] - Future operational performance may be uncertain due to macroeconomic factors, industry policies, and market competition [1]

Group 1 - The core viewpoint of the article highlights the strategic partnership between Jingkong Energy and Club Solar to advance the deployment of a 2GWh residential energy storage system in the Australian market, leveraging each other's strengths for mutual benefit [2] Group 2 - Jingkong Energy will provide internationally competitive residential energy storage solutions through its strong R&D capabilities and global supply chain resources [2] - Club Solar will utilize its established channel network and localized service experience in Australia to create a comprehensive market service system [2] Group 3 - Jingkong Energy has built a service network across 52 countries and has a global production capacity of 31GWh [5]

Core Viewpoint - The article discusses the commencement of two significant energy storage projects in Shandong, highlighting advancements in vanadium flow battery technology and lithium iron phosphate mixed storage solutions [2][3]. Group 1: Project Details - Shandong Zhaoyang is launching a 100MW/400MWh vanadium flow battery energy storage project, which will utilize a 1MW/4MWh vanadium flow battery combined with a 99MW/396MWh lithium iron phosphate storage solution. The project is scheduled to start in October 2025 and aims for completion by the end of March 2026 [2]. - Shandong Yuanpu's 600MW/1800MWh comprehensive energy storage project will be developed in two phases. The first phase includes a 200MW/402MWh facility, while the second phase will also feature a 200MW/440MWh facility, incorporating various storage technologies [2][3]. Group 2: Timeline and Milestones - The first phase of the Shandong Yuanpu project is set to begin in December 2025, with installation of storage equipment expected to be completed by December 25, 2025, and grid connection planned for March 31, 2026 [3]. - The second phase is scheduled to start in December 2025 and aims for completion and operational status by May 31, 2026 [3].

Core Viewpoint - The global energy transition is irreversible, and the energy storage industry is crucial in building new power systems, presenting a long-term investment opportunity. Xiamen Haicheng Energy Storage Technology Co., Ltd. (Haicheng Storage) is highlighted as a key player in this sector due to its rapid growth and strong financial performance [1]. Financial Performance - In the first half of this year, Haicheng Storage achieved revenue of 6.971 billion RMB, a year-on-year increase of 224.6%, with gross profit rising to 916 million RMB, up 1073.4% from the previous year. The company also turned a profit with a net income of 223 million RMB [1][2]. - The compound annual growth rate (CAGR) of revenue from 2022 to 2024 is projected to be 89%, with gross margin increasing from 11.3% in 2022 to 17.9% in 2024 [10]. International Expansion - Haicheng Storage's overseas revenue share surged to 17.5% in the first half of this year, compared to 3.3% in the same period last year. The gross margin for overseas business reached 30.5%, significantly higher than the 9.5% margin for domestic operations [2][13]. - The company has established a production base in Texas, USA, recognizing the importance of the overseas market early on, which has contributed to its revenue growth [2]. Product and Innovation Strategy - Haicheng Storage focuses exclusively on energy storage, which differentiates it from other companies that diversify into upstream and downstream sectors. This focus has allowed the company to better understand industry challenges and maintain high growth expectations [4]. - The company has invested over 1.5 billion RMB in R&D from 2022 to mid-2025, employing over 1,030 R&D personnel, with more than 30% holding advanced degrees. This investment supports the continuous launch of innovative products [6]. Product Offerings - The company offers a range of energy storage systems for various applications, including a 5MWh liquid-cooled storage system and a new AI data center storage solution [7][9]. - Haicheng Storage has introduced several new battery products, including the 587Ah and 1175Ah energy storage batteries, and a sodium-ion battery with a cycle life of 20,000 times [6]. Market Strategy - The company has adjusted its business structure to focus on higher-margin products, with the revenue from energy storage systems rising to 18.3% of total revenue in the first half of this year, up from 7.9% the previous year [11]. - Haicheng Storage's global strategy has led to significant revenue increases across various regions, reducing reliance on any single market [13]. Investment Potential - Given its strong growth trajectory and the promising outlook for the energy storage sector, Haicheng Storage is considered a potential long-term investment opportunity. The company is expected to attract significant interest upon its listing on the Hong Kong Stock Exchange [14].

Core Viewpoint - The article announces the public bidding for the construction of a software platform for evaluating the cost of energy storage technology throughout its lifecycle, organized by the Zhongguancun Energy Storage Industry Technology Alliance [2]. Group 1: Bidding Information - The bidding period for suppliers is from October 31, 2025, 09:00 to November 4, 2025, 17:00 (Beijing time) [2][7]. - The bidding does not require a fee or deposit from participants [5]. - The submission of bidding documents includes both electronic and paper versions, with the submission period starting on November 5, 2025, at 09:30 and ending on November 7, 2025, at 12:00 (Beijing time) [8][9]. Group 2: Bidder Qualifications - Bidders must be independent legal entities capable of bearing civil responsibility [6]. - Bidders should have a good commercial reputation and sound financial accounting systems [6]. - Bidders must possess the necessary equipment and professional technical capabilities to fulfill the contract [6]. - Bidders should have a good record of tax payments and social security contributions [6]. - Bidders must not have any significant legal violations in their business activities prior to this bidding [6]. - Bidders must not be on any government or supervisory agency's blacklist and must not be in a state of business suspension or bankruptcy [6]. Group 3: Bid Submission and Contact Information - The on-site bidding and defense will take place on November 7, 2025, at 13:30 (Beijing time) at a specified location in Beijing [10]. - Contact information for the bidding organization includes a contact person and phone number for inquiries [10].