华西证券发布研究报告称，复盘历史，A股"春季躁动"行情启动通常需满足以下条件：合理的估值水 平、宽松的流动性环境以及有效提振风险偏好的催化剂，如国内政策、产业事件催化或外部风险缓释 等。当前来看，海外美联储降息和日本央行加息均已落地，市场对套利交易逆转担忧缓解，后续人民币 汇率升值带动的外资增配、年初保费收入"开门红"带来的增量保险资金入市亦可以期待。近期股票型 ETF再度大规模净申购，多只宽基ETF成交放量，指向增量资金倾向于逢低布局。行业配置上，建议关 注：1)受益产业政策支持的成长方向，如国产替代、机器人、航空航天、创新药、储能等;2)受益于"反 内卷"政策的周期方向，如化工、能源金属、资源品等;3)促消费政策的深化或带来消费板块的阶段性催 化机会。 ...

Core Insights - The rise of Artificial Intelligence Data Centers (AIDC) is creating new energy demands, emphasizing safety, economy, and sustainability in energy supply chains [1][3] - Green energy and carbon reduction are identified as two main pathways to address AIDC energy consumption issues, leading to opportunities for energy solution providers [1][5] Industry Developments - Companies are actively investing in virtual power plants, AIDC power support, and energy storage solutions to adapt to the new energy demands created by AIDC [1][2] - China Energy Construction (601868) has made significant technological breakthroughs in virtual power plants, enhancing system flexibility and reducing operational costs [1] - Yangdian Technology (301012) plans to invest 50 million yuan to establish a subsidiary focused on comprehensive power solutions for data centers and AIDC [1] Energy Storage Innovations - Energy storage is crucial for the stable operation of AIDC, with companies like Haicheng Energy launching lithium-sodium collaborative storage solutions to increase green energy usage [2][6] - Jerry Holdings (002353) is making progress in the data center power generation sector, having signed contracts for generator sales with major AI companies, entering the North American market [2] Energy Demand Projections - According to the International Energy Agency, global data center electricity demand is expected to double by 2030, reaching approximately 945 TWh, with AIDC demand projected to quadruple [3] - The unique energy requirements of AIDC are reshaping the energy industry, necessitating a focus on economic and green energy supply [3][4] Green Energy Transition - The transition to a green energy supply system for AIDC is gaining traction, with significant increases in power consumption per cabinet, from 4-8 kW in traditional data centers to over 100 kW currently, potentially reaching 1 MW in the future [4] - Policies are being implemented to guide the green and low-carbon development of data centers, aiming for an average energy efficiency of 1.5 or lower by 2025 [4] Carbon Reduction Strategies - AIDC's carbon emissions can be reduced by 20% to 40% through the use of green energy and storage technologies compared to traditional energy sources [5] - Innovations in energy transmission and heat recovery systems are being explored to minimize energy losses and improve efficiency [5] Collaborative Energy Management - The concept of "computing-electricity synergy" is emerging, where data centers can optimize power scheduling and improve overall efficiency through AI technologies [7][8] - Major internet companies are utilizing virtual power plant technologies to manage computing resources across multiple data centers based on energy costs and carbon footprints [7][8]

Core Viewpoint - The A-share market is expected to continue its bull market, driven by strong macroeconomic policies, industrial transformation, capital market reforms, and sustained inflow of funds, despite potential short-term fluctuations [10][15]. Group 1: A-share Market Performance - In 2025, the A-share market experienced a significant bull market, with the Shanghai Composite Index rising from approximately 3200 points at the beginning of the year to around 3900 points by year-end, reflecting a robust upward trend [7]. - The market saw an 8.5% increase in the first quarter, followed by a strong rebound after a brief panic due to a tariff war, with the index reaching 3350-3400 points [7]. - By the third quarter, the index surged from 3400 points to over 3900 points, marking a cumulative increase of 12.7% [7]. Group 2: Supporting Factors for the Bull Market - Macroeconomic policies are expected to remain supportive, with a focus on stabilizing the economy through proactive fiscal policies and moderately loose monetary policies [10]. - The ongoing industrial transformation is anticipated to release new growth momentum, with emerging sectors such as AI, renewable energy, and advanced manufacturing becoming increasingly prominent in the A-share market [11]. - Capital market reforms are deepening, enhancing resource allocation efficiency and improving investor returns through measures like regularized delisting and increased dividend payouts [12]. Group 3: Sector Opportunities - The technology growth sector, particularly AI, energy storage, and aerospace, is highlighted as a key investment focus, with AI expected to be the leading investment theme in 2026 [22]. - The energy storage sector is projected to experience significant growth, driven by increasing demand from AI data centers and improvements in supply chain dynamics [29]. - The commercial aerospace industry is entering a rapid development phase, supported by favorable policies and growing market demand for satellite internet and other applications [30]. Group 4: Metal Sector Insights - The performance of the non-ferrous metal sector is closely linked to metal prices, with significant price increases observed in copper, aluminum, and rare earth metals due to strong demand and supply constraints [33]. - Copper demand is expected to rise due to its critical role in AI infrastructure and energy transition, while supply remains constrained due to slow new capacity additions and geopolitical factors [34]. - The small metals sector, including rare earths and lithium, is anticipated to benefit from supply-demand tightness and increasing applications in various industries [36].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights significant developments in the power equipment sector, particularly in renewable energy, including solar, wind, hydrogen, and energy storage technologies. It emphasizes the importance of price stability and supply chain dynamics in the solar industry, as well as the growth potential in offshore wind and hydrogen projects. The report also discusses the strategic initiatives of companies like Ningde Times in the electric vehicle sector, showcasing their innovative solutions for electric shipping [1][2][3][4]. Summary by Sections 1. New Energy Generation - **Solar Energy**: The price of polysilicon has been adjusted upwards, with the average transaction price for n-type polysilicon at 53,200 RMB per ton, remaining stable week-on-week. Most polysilicon companies have raised new order prices to above 65,000 RMB per ton, driven by expectations of improved demand by Q1 2026 [15][16]. - **Wind Power & Grid**: Oriental Cable has secured a 1.9 billion RMB order for underwater cables, enhancing its overseas market presence. The company’s total orders now exceed 20 billion RMB, with a significant portion attributed to underwater cables and high-voltage cables [2][17][20]. 2. Hydrogen & Energy Storage - **Hydrogen**: The world's largest green hydrogen and ammonia project has commenced operations, setting multiple records in hydrogen production capacity and technology. This project is expected to drive the commercialization of hydrogen energy in China [3][21]. - **Energy Storage**: The report notes a range of bidding prices for energy storage systems, with the average bid for W2 storage systems ranging from 0.4363 to 0.5331 RMB per Wh. The report suggests focusing on companies with high growth certainty in the large-scale storage sector [22][27][30]. 3. New Energy Vehicles - **Ningde Times**: The company has launched an integrated solution for electric shipping, addressing challenges such as high initial costs and complex operations. This includes partnerships with various companies to enhance the electric shipping ecosystem [4][31][32]. The cumulative delivery of electric ships by Ningde Times has reached nearly 900 units, covering various transport scenarios [32][33].

中国储能锂离子电池行业发展状况与十五五投资规划分析报告2025年版 【全新修订】：2025年11月 【出版机构】：鸿晟信合研究院 【内容部分有删减·详细可参鸿晟信合研究院出版完整信息！】 【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 报告目录 第一章储能锂离子电池行业发展概述 第一节 储能锂离子电池行业概述 一、储能锂离子电池行业定义 二、储能锂离子电池行业分类 三、储能锂离子电池行业价值与国民经济的关系 第二节 中国储能锂离子电池行业指标分析 一、中国储能锂离子电池行业赢利性 二、中国储能锂离子电池行盈利模式分析 三、中国储能锂离子电池行业成长速度 四、中国储能锂离子电池行业存在壁垒分析 五、中国储能锂离子电池行业周期性 六、中国储能锂离子电池行业竞争激烈程度以及成熟度分析 第二章中国储能锂离子电池行业宏观环境分析（pest） 第一节 中国储能锂离子电池行业政策(policy)环境分析 一、储能锂离子电池行业监管体系及机构介绍 二、储能锂离子电池行业标准体系建设现状 三、储能锂离子电池行业发展相关政策规划汇总 四、储能锂离子电池行业相关"十四五"规划解读 第二节 中国储能锂离子电池行业经济( ...

Core Insights - The performance of power batteries in November was weak, with both exports and domestic sales underwhelming, leading to a significant drop in expected growth for the year-end new energy vehicle installations [1] - The demand for batteries is heavily reliant on high subsidies for heavy-duty electric trucks, with expectations of a sharp decline in pure electric heavy truck installations early next year [1] - The production of power and other batteries in China reached 176 GWh in November, a year-on-year increase of 53%, with a cumulative production of 1469 GWh from January to November, reflecting a 46% year-on-year growth [3][4] Battery Production and Installation - In November 2025, the installation rate of power batteries reached 53%, with ternary batteries at 50% and lithium iron phosphate batteries at 54%, indicating a peak in battery installation activity for the year [4][5] - The cumulative production of power batteries in 2025 is projected to be 672 GWh, with a year-on-year growth of 42% [9][10] - The installation of new energy vehicles in November 2025 was 1.72 million units, a 19% increase year-on-year, with pure electric passenger vehicles showing a 30% increase [13] Market Dynamics - The competitive landscape of battery manufacturers is dominated by CATL and BYD, which together hold a market share of approximately 65% as of 2025, while other companies have over 30% market space available [2][19] - The energy density of battery models with over 160 Wh/kg has decreased to 10% in Q4 2025, down from 13% in 2024, primarily due to the substitution of ternary batteries by lithium iron phosphate batteries [19] - The demand for batteries in the passenger vehicle segment remains strong, with pure electric passenger vehicle battery demand expected to grow by 34% in 2025, while plug-in hybrid passenger vehicles are projected to grow by 19% [9][10] Future Outlook - The battery production is expected to remain high in 2025, with a low starting point for installations, indicating a potential mismatch between production and demand [5] - The trend of electric vehicle manufacturers increasingly controlling battery production and supply chains is anticipated to strengthen, reflecting a shift towards a "vehicle-centric" model in the industry [16]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The underlying stock of Songsheng Convertible Bond has a small market capitalization, and its energy storage and harmonic reducer businesses are expected to build new growth curves. The underlying stock is expected to achieve a "Davis Double - click" of valuation and profit. The convertible bond has entered the equity - dominated stage, and its price is expected to fluctuate with the underlying stock, but the impact of the "forced redemption" clause on the premium rate should be considered [2][11]. - The lighting industry is undergoing a transformation from scale expansion to value improvement. The substitution demand and plant lighting are new growth drivers. The energy storage core component business of Songsheng Co., Ltd. is about to enter a period of rapid growth, and the company's forward - looking entry into the harmonic reducer track also holds potential [2][3]. Summary According to the Directory 1. Convertible Bond Basic Information - As of December 10, 2025, the remaining term of Songsheng Convertible Bond is 2.79 years, with a remaining balance of 266 million yuan. It has a credit rating of AA - by Oriental Jincheng International Credit Assessment Co., Ltd. The face value is 100 yuan, and the coupon rates from the first to the sixth year are 0.30%, 0.50%, 1.00%, 1.50%, 2.00%, and 3.00% respectively. The company's redemption price at maturity is 114.00% of the face value (including the last - period interest). The conversion period is from April 10, 2023, to September 27, 2028 [1][10]. - The bond was listed on October 24, 2022. From 2022 - 2023, its conversion value was mostly in the range of 80 - 100 yuan; in the first half of 2024, it was mostly below 70 yuan; it started to rise in Q3 2024, and entered a rapid upward phase after a short - term fluctuation in early April 2025. In 2025, when the conversion value was below 80 yuan, the convertible bond premium rate was generally higher than that in the same conversion - value range in 2023 and 2024. When the conversion value was in the range of 80 - 120 yuan, the valuation level was relatively close to the historical level. The average convertible bond premium rates in the ranges of 120 - 140 yuan, 140 - 160 yuan, and above 160 yuan in 2025 were 18.8%, 11.7%, and 7.5% respectively [2][11]. 2. Domestic Core Supplier of Medium - and High - Power LED Driver Power Products 2.1 Historical Evolution - Songsheng Co., Ltd. was founded on July 8, 2011, and is headquartered in Shenzhen. It is a national high - tech enterprise, focusing on the R & D, production, and sales of medium - and high - power LED driver power products. Its products are certified by over 420 domestic and international standards such as CCC, UL, and TUV, and its marketing network covers the world. It was listed on the Growth Enterprise Market in June 2021, established a technology center in 2013, launched an IPO in 2017, was recognized as a national high - tech enterprise in 2019, and established a subsidiary in Zhongshan in the same year. It started the construction of a smart manufacturing base in Zhongshan in 2020 and has reached strategic cooperation with companies like Osram and Zhongke Sian since 2021 [17]. 2.2 Profitability Recovery in 2025 and Continuous Increase in the Proportion of New Energy Storage Business - Since 2018, the company's operating income has shown a long - term growth trend. From 2018 - 2021, it grew rapidly from 439 million yuan to 1.101 billion yuan, with year - on - year growth rates of 29.37%, 19.15%, and 62.74% respectively. In 2022, it was 744 million yuan, a year - on - year decline of 32.42%. From 2023 to Q1 - 3 2025, it recovered to 763 million yuan, 884 million yuan, and 694 million yuan respectively, with year - on - year growth rates of 2.57%, 15.78%, and 6.48% [18]. - The company's归母 net profit has fluctuated. From 2018 - 2021, it increased from 50 million yuan to 129 million yuan. From 2019 - 2021, the year - on - year growth rates were 67.57%, 18.60%, and 29.77% respectively, with a compound growth rate of 11.71% from 2018 - 2022. However, from 2022 - 2024, it declined from 78 million yuan to - 14 million yuan, with declines of - 39.62%, - 68.92%, and - 157.34% respectively. In Q1 - 3 2025, it achieved a归母 net profit of 7 million yuan, a year - on - year decrease of 62.91% [18]. - The company's revenue mainly comes from LED driver power supplies and energy storage products. LED driver power supplies are the core revenue source, with revenues of 727 million yuan, 758 million yuan, 870 million yuan, and 410 million yuan from 2022 - 2025H1, accounting for over 90% of the revenue structure. Energy storage products have been a new revenue growth point since 2024, with revenues increasing from 7.8538 million yuan to 31.0862 million yuan from 2024 - 2025H1, and the revenue proportion rising from 0.89% to 6.92% [20]. - The company's sales gross profit margin has been relatively stable, always significantly higher than the industry average, ranging from 24.07% - 31.30% from 2018 to Q1 - Q3 2025. The sales net profit margin has shown a significant downward trend, dropping from 11.41% in 2018 to - 3.95% in 2024, and slightly rebounding but still at a low level in Q1 - 3 2025. The sales expense ratio and financial expense ratio have shown a "V" - shaped change, decreasing from 2018 - 2022 and rising from 2022 to Q1 - 3 2025 [25]. 3. Global Lighting Industry is Undergoing New and Old Kinetic Energy Transformation 3.1 Lighting Industry Transformation from Scale Expansion to Value Improvement - The Chinese lighting industry experienced an upward cycle from 2011 - 2021. In 2021, the total export value of Chinese lighting products reached a peak of $65.47 billion, about three times that of 2011. From 2022 - 2024, affected by international political and economic situations, trade frictions, etc., the export of Chinese lighting products declined. In 2024, the total export value was $56.3 billion, a year - on - year decrease of 3.3%. The export value of LED lighting products was $42.3 billion, accounting for 75% of the total export value, a year - on - year decrease of 2.5% [34]. - In the first three quarters of 2025, the total export value of Chinese lighting products was $38 billion, a year - on - year decrease of 7.8%. The export value of LED lighting products was $29.7 billion, a year - on - year decrease of 3.4%, accounting for 78.1% of the total export value, 3.5 percentage points higher than the previous year [34]. - Although the overall foreign - trade scale of the lighting industry has been adjusting for three years after the high - growth in 2021, the downward pace has gradually slowed. LED lighting products have shown strong demand resilience, and the industry is transforming from scale expansion to value improvement. In the first three quarters of 2025, the export volume of LED electric light sources was about 11.8 billion pieces, a year - on - year increase of about 38%, accounting for 91% of the export volume of general lighting electric light sources, 2 percentage points higher than the previous year [35]. 3.2 Continuous Advancement of Market Diversification and Incremental Contribution from Emerging Markets - In 2025, the export value of Chinese lighting products to Europe, Southeast Asia, and Africa increased. In the first three quarters, Europe accounted for 26.3% of China's total global lighting product exports, surpassing North America to become the largest export market. The top ten export destinations from January to September 2025 were the United States, Germany, the United Kingdom, Vietnam, Malaysia, the Netherlands, Thailand, Japan, Singapore, and India, with an export value of about $18.3 billion, a year - on - year decrease of 10%, accounting for about 49% of China's lighting exports [38]. - The United States is still the largest export destination for Chinese lighting products, but the proportion of exports to the United States has been decreasing since the tariff increase. In the first nine months of 2025, the export value of lighting products to the United States was about $7.6 billion, a year - on - year decrease of about 19%, accounting for about 20% of China's total export value, 3 percentage points lower than the previous year. The export value of lighting products to the EU this year was about $7.6 billion, a year - on - year increase of about 1%, accounting for about 20% of China's total lighting product export value, 2 percentage points higher than the previous year [39]. - The proportion of China in the US lamp import value has dropped from nearly 70% to 50%, while the proportion of Southeast Asian and South Asian countries has risen from less than 2% to over 20%. In the first three quarters of 2025, China's imports and exports with Belt and Road Initiative countries were 17.37 trillion yuan, a year - on - year increase of 6.2%, accounting for 51.7% of the total import and export value, with the proportion increasing by 1.1 percentage points. Exports to ASEAN, Latin America, Africa, and Central Asia increased by 9.6%, 3.9%, 19.5%, and 16.7% respectively [40]. 3.3 Substitution Demand and Plant Lighting as New Growth Drivers - LED has significant energy - saving effects in outdoor/industrial lighting, with energy consumption up to 70% lower than traditional light sources. The energy utilization rate of LED lamps can reach 90%, while that of incandescent lamps is only about 10%. The shipment volume of LED street lights, LED ceiling lights, and LED floodlights has been steadily increasing, and the replacement demand for the stock is accelerating. In the first half of 2025, the proportion of exported LED light sources exceeded 80%, and the total export volume of various light sources was 4.07 billion pieces, a year - on - year increase of 6.9%, including 800 million traditional light sources and 3.27 billion LED replacement light sources, a year - on - year increase of 5.5% [45][46]. - According to Trendforce, the global LED plant lighting market size was $1.315 billion in 2024, a year - on - year increase of 6.6%, and is expected to reach $1.366 billion in 2025, a year - on - year increase of 3.9%. LED plant growth lights can meet the lighting needs of plant photosynthesis, and are widely used in commercial greenhouses and indoor planting facilities. With the continuous penetration of LED, the demand for the LED plant lighting market is expected to grow rapidly, and the market size is expected to reach $2.056 billion in 2029, with a compound growth rate of 9.4% from 2024 - 2029 [47][48]. 4. Energy Storage Core Component Business is about to Enter a Period of Rapid Growth 4.1 The Energy Storage Market is in the Ascendant - According to the International Energy Agency, in 2024, global energy demand increased by 2.2% year - on - year, with the demand increment from emerging and developing economies accounting for 80%. Global electricity consumption increased by nearly 1,100 TWh in 2024, twice the average annual growth rate of the past decade. Renewable energy became the main force to meet the growth of new electricity demand, with an additional installed capacity of about 700 GW in 2024, and the global clean electricity proportion exceeded 40% for the first time [49]. - TrendForce expects that under the neutral scenario, the global new energy storage installed capacity is expected to reach 82 GW/216 GWh in 2025, a year - on - year increase of 28%/36%, with the growth rate slowing down. The average energy storage duration will increase from 2.5 hours in 2024 to 2.6 hours. From 2020 - 2023, the global new - type energy storage installed capacity increased rapidly from 11.3 GWh to 110 GWh, with an average annual compound growth rate of 113%. From 2024 - 2025, the average annual compound growth rate will slow down to 27%. China, the United States, and Europe account for 86% of the global new energy storage installed capacity [50][53]. - The European commercial and industrial energy storage market is expected to add 3.6 GWh in 2025, a year - on - year increase of over 60%, and 20 GWh in 2029, with an average annual growth rate of 54%. The Asia - Africa - Latin America region is the core area for the growth of household energy storage due to power shortages. The domestic commercial and industrial energy storage market has achieved high - speed growth under policy incentives. The Middle East is a hot spot for renewable energy investment, and Chinese enterprises have deeply participated in the process. In the first half of 2025, Chinese energy storage enterprises signed overseas orders of over 107 GWh, covering key overseas markets such as the Asia - Pacific, Europe, and the Middle East - Africa [54][61][62]. 4.2 Inverter/Converter Products are about to See Volume Growth and Build the Second Growth Curve - Songsheng Co., Ltd. mainly produces photovoltaic + energy storage hybrid inverters for household/household energy storage systems and energy storage converters for commercial and industrial energy storage systems. In the first half of 2025, Chinese energy storage enterprises' overseas order signing exceeded 107 GWh, covering key overseas markets such as the Asia - Pacific, Europe, and the Middle East - Africa. The release of overseas energy storage demand and the introduction of domestic favorable policies will help increase the installation volume of household and commercial and industrial energy storage markets, providing development opportunities for the company's energy storage core component business [62]. 5. Forward - Looking Entry into the Harmonic Reducer Track 5.1 Harmonic Reducers are the Core Transmission Components of Robot Joints - Harmonic reducers are high - precision transmission devices based on the elastic deformation principle of flexible wheels, with advantages such as small size, light weight, large and wide transmission ratio. They are widely used in industrial robots, aerospace, and precision machine tools. In 2024, the global harmonic reducer market sales reached $467 million, and it is expected to reach $2.047 billion in 2031, with a compound annual growth rate of 24.9% from 2025 - 2031. In 2024, the consumption of harmonic reducers for Chinese industrial robots reached 796,000 units, a year - on - year increase of 18.98%, and it is expected to reach 958,000 units in 2025 [69][72]. - The global harmonic reducer market shows a pattern of "one dominant and many strong". In 2024, the top four manufacturers' market share reached 74.5%. The global market leader is Harmonic Drive, with a production capacity share of 40.4%. Shinpo and Green Harmonic have a production capacity share of over 10%, at 14.7% and 12.0% respectively, and Laifu Harmonic has a 7.4% share [76]. - The global humanoid robot market is developing rapidly. In 2024, the global humanoid robot market size was about $256.2 million, and it is predicted to reach $633.9 million in 2025 and $6.4222 billion in 2030. The Chinese humanoid robot market showed strong growth momentum, with a market size of about $125.4 million in 2024,

Core Viewpoint - The lithium battery materials market is experiencing a surge in demand, leading companies to secure long-term contracts to ensure supply stability and strengthen relationships with key customers [5][11]. Company Summary - Shengxin Lithium Energy announced a framework agreement with Zhongchuang Xinhang for the procurement of 200,000 tons of lithium salt products from 2026 to 2030, with the total contract value expected to exceed 20 billion yuan based on current lithium carbonate prices [5][6]. - The company has previously signed a similar agreement with Huayou Holding Group for the supply of 221,400 tons of lithium salt products over the same period [6]. - Shengxin Lithium Energy is also deepening customer relationships through a combination of product cooperation and equity binding, planning to raise up to 3.2 billion yuan to support working capital and debt repayment, with strategic investments from Huayou and Zhongchuang [8][9]. - The company has a planned annual production capacity of 3,000 tons of metallic lithium, with 500 tons already completed and a new project for 2,500 tons underway [9]. Industry Summary - The lithium battery industry is witnessing a "lock order" trend, with significant contracts being signed across the supply chain, including agreements for over 200 GWh of battery capacity and substantial supply contracts in the electrolyte and copper foil sectors [11][12]. - The demand for lithium batteries is driven by the rapid growth of the electric vehicle and energy storage markets, with global power battery installation reaching 811.7 GWh in the first three quarters of the year, a 34.7% increase year-on-year [13]. - The energy storage market is expanding even faster, with a 90.7% year-on-year increase in battery shipments, highlighting the growing need for stable and efficient power supply solutions [13].

人民财讯12月20日电，据派能科技消息，今日，派能科技10GWh锂电池研发制造基地二期项目在安徽 省合肥市肥西县奠基开工，旨在进一步扩大先进产能，以满足持续增长的全球储能市场需求。 ...

证券代码：600620 证券简称：天宸股份 公告编号：临2025-037 上海市天宸股份有限公司关于全资孙公司对外投资设立合资公司的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 投资标的名称：天宸达翔能源科技有限公司（暂定名，以工商登记机关核准的名称为准，以下简 称"合资公司"） ● 其它需要提醒投资者重点关注的风险事项： 1、截至本公告披露之日，合资公司尚未设立，其名称、注册地址、经营范围等信息最终尚需取得当地 工商行政管理部门的批准。 2、本次对外投资事项在实际经营过程中可能面临行业政策、市场变化、经营管理等方面的风险，后续 经营状况存在一定的不确定性。公司将积极采取适当的策略和管理措施，积极防范和应对上述风险。 一、对外投资概述 （一）本次交易概况 1、本次交易概况 上海市天宸股份有限公司（以下简称"公司"）全资孙公司天宸储能科技（芜湖）有限公司（以下简 称"天宸储能"、"甲方"）与盐城达翔新能源有限公司（以下简称"达翔新能源"、"乙方"）联合出资设 立"天宸达翔能源科技有限公司"（暂定名，以 ...