周观点1123： 储锂高增逻辑持续，重视风电业绩催化 长江证券研究所电力设备与新能源研究小组 2025-11-24 %% %% %% %% 分析师及联系人 分析师 邬博华 分析师 曹海花 分析师 司鸿历 分析师 叶之楠 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SAC执业证书编号：S0490520080002 SAC执业证书编号：S0490520090003 SFC执业证书编号：BQK482 SFC执业证书编号：BVD284 分析师 袁澎 SAC执业证书编号：S0490524010001 %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 %% %% research.95579.com 2 00 本周电新板块行情回顾 ➢ CJ电新指数本周下跌10%，所有细分方向呈现普跌态势，电机方向因人形机器人部分标有所表现而跌幅较小，光伏和储能跌幅相对较大。 图：本周电新板块行情回顾 CJ电新指数 光伏 储能 锂电 风电 电力设备 其他电源 电机 -14% -12% -10% -8% -6% -4% -2% ...

Core Insights - The article highlights the significant collaboration between Haibo Sichuang and CATL, which signed a three-year agreement for a minimum of 200GWh of battery cell procurement, indicating strong confidence in the future growth of energy storage [2] - Additionally, Canadian company Canadian Solar (Artes) secured a major overseas contract for a storage project, reflecting robust demand both domestically and internationally [2] Group 1: Industry Developments - Recent domestic energy storage policies have been favorable, with the National Energy Administration officially including new energy storage in the capacity pricing mechanism for the first time [3] - If the capacity pricing policy is promoted nationwide, it is expected to enhance the economic viability of energy storage across more provinces, thereby stimulating growth in the sector [3] - In Inner Mongolia, the independent energy storage discharge compensation is set at 0.28 yuan/kWh for 2026, which could significantly boost local energy storage demand [3] Group 2: Company Activities - Haibo Sichuang's agreement with CATL spans from January 1, 2026, to December 31, 2028, with a total procurement volume of no less than 200GWh, ensuring supply according to company demand [2] - Previously, Haibo Sichuang also signed a strategic procurement agreement with Yiwei Lithium Energy for 50GWh of battery cells for the period from 2025 to 2027 [2] - Canadian Solar's subsidiary has signed a contract to provide a complete energy storage solution for the "Tianwang No. 2" project in Ontario, Canada, which has a scale of 411MW/1,858MWh, marking it as one of the largest energy storage projects in the province [2]