下半年以来，科技和新能源板块联袂上涨，"用AI发电"渐成市场主流。展望明年，产业趋势能否持续？ 机构如何进一步引导新的叙事方向？对此，上海证券报记者通过多方采访，试图解答以上疑问。 "AI的尽头是电力" "我们目前面临的最大问题并非芯片供应不足，而是电力供应短缺。如果无法解决，大量的算力芯片就 会积压在库房里而无法使用。"微软首席执行官萨提亚·纳德拉近日在一期播客节目中表达了他的担忧。 ◎记者 陈玥 聂林浩 科技投资的叙事正在发生新变化。全球AI竞赛的下一站已转向电力，而储能作为一度沉寂的赛道，因 其解决电力瓶颈的核心能力与"困境反转"逻辑，一跃成为市场的新风口。 "明年增长20%还是80%？这其中有巨大的博弈空间。"张亮认为机构对未来储能的增速预期仍有些分 歧。但从基本面来看，在此前新能源行业整体处于底部的情况下，储能尤其是大型储能的增长空间相对 确定，并且资本市场已给予了积极响应。Choice数据显示，中证储能产业指数自今年4月初以来至近期 高点，区间涨幅已经接近70%。 短期大涨后估值透支了吗？王勇对此不以为然。"在所有新能源资产中，储能的成长性最为突出。作为 新能源行业的后周期资产，其增速理应超越新能 ...

在第30届联合国气候变化大会（COP30）中国角，宁德时代与IRENA联合发布《光伏与储能助力能源转 型》报告。该报告明确指出锂电池储能已成为当前最具经济性的储能技术，而"光伏+储能"构成最经济 的绿色电力组合。报告建议各国设定国家储能装机目标，并将储能纳入电网顶层设计与规划中，切实推 动可再生能源与储能的协同发展。 ...

Core Viewpoint - Longi Green Energy plans to acquire approximately 61.9998% of voting rights in Jingkong Energy through equity acquisition, capital increase, and voting rights entrustment, allowing Longi to have sole control over Jingkong Energy [1] Group 1: Company Overview - Jingkong Energy, established in 2015, focuses on three main areas: power supply systems, smart energy storage systems, and hydrogen fuel cell systems, and has been recognized as a top-tier energy storage manufacturer by Bloomberg New Energy Finance [1] - Jingkong Energy has developed several innovative products, including the world's first power management system IPCP and a 1500V high-voltage liquid-cooled energy storage system, with a global production capacity of 31 GWh and over 10 GWh of grid-connected capacity [1] Group 2: Financial Performance - Longi Green Energy has faced significant financial challenges, reporting a revenue of 50.915 billion yuan for the first three quarters of the year, a year-on-year decrease of 13.10%, and a net loss of 3.403 billion yuan, although this represents a 31.01% reduction in losses compared to the previous year [3] - In the third quarter, Longi reported a revenue of 18.101 billion yuan, down 9.78% year-on-year, with a net loss of 834 million yuan, reflecting a 4.27% reduction in losses compared to the same period last year [3] Group 3: Market Context - The solar industry is currently experiencing a downturn, with major product prices at low levels, leading to profitability pressures across the sector, and Longi Green Energy is the only top four solar module manufacturer without a storage business [3] - The stock price of Longi Green Energy surged nearly 8% on November 14, driven by positive market sentiment regarding its storage business strategy [2]

Core Insights - Longi Green Energy has signed an agreement to acquire approximately 61.9998% voting rights in Suzhou Jingkong Energy Technology Co., Ltd, marking its official entry into the energy storage sector [2] - Following the announcement, Longi Green Energy's stock price increased by 5.77%, bringing its total market capitalization to 170.7 billion yuan [2] - The acquisition is seen as a strategic move to extend Longi Green Energy's business from photovoltaic to energy storage, with the potential for significant technological synergies [2] Company Overview - Suzhou Jingkong Energy, established in 2015 and headquartered in Suzhou, Jiangsu, is a national high-tech enterprise with nearly 350 technology patents and a production capacity of 31 GWh [2] - The company has developed innovative products including the world's first power management system IPCP and a 1500V high-voltage liquid cooling energy storage system [2] Industry Context - The integration of photovoltaic and energy storage solutions is viewed as a critical strategy to address the intermittent nature of solar energy, with Longi Green Energy actively evaluating market opportunities in this area [3] - The company's CTO has emphasized that the combination of solar and energy storage represents the ultimate solution for future energy needs and is expected to be the most economical power source globally within the next decade [3]

Core Viewpoint - Longi Green Energy is officially entering the energy storage sector through the acquisition of approximately 61.9998% voting rights in Suzhou Jingkong Energy Technology Co., Ltd. [4][5] Group 1: Acquisition Details - Longi Green Energy plans to acquire voting rights through equity purchase, capital increase, and voting rights entrustment [4] - The acquisition is expected to enable Longi Green Energy to quickly extend its business from photovoltaic to energy storage [5] Group 2: Company Background - Suzhou Jingkong Energy, established in 2015, is a national high-tech enterprise with nearly 350 technology patents and a production capacity of 31 GWh [5] - The company has developed innovative products such as the IPCP power management system and high-voltage liquid cooling energy storage systems [5] Group 3: Market Context - The integration of photovoltaic and energy storage is seen as a solution to the intermittent nature of solar energy, addressing key issues in domestic grid consumption [6] - Longi Green Energy's CTO has stated that the combination of photovoltaic and energy storage represents the ultimate solution for future energy needs [6]

Core Viewpoint - Longi Green Energy is officially entering the energy storage sector through an agreement to acquire approximately 61.9998% voting rights in Suzhou Jingkong Energy Technology Co., Ltd. [2][3] Group 1: Company Actions - Longi Green Energy plans to acquire voting rights in Jingkong Energy through equity purchase, capital increase, and voting rights entrustment [2] - Following the announcement, Longi Green Energy's stock price increased by 5.77%, bringing its total market capitalization to 170.7 billion [3] Group 2: Industry Context - The announcement signifies Longi Green Energy's strategic move into the energy storage market, which has been under consideration for some time [3] - The company has evaluated multiple potential acquisition targets in the energy storage sector, focusing on acquisition models, target selection, and financial thresholds [3] - Longi Green Energy's chairman highlighted the importance of integrating photovoltaic and energy storage solutions to address domestic grid consumption issues [4] Group 3: Company Profile of Jingkong Energy - Jingkong Energy, established in 2015 and headquartered in Suzhou, is a national high-tech enterprise with nearly 350 technology patents and a production capacity of 31 GWh [3]

Group 1 - The core point of the news is that Longi Green Energy has signed an agreement to acquire approximately 61.9998% of the voting rights in Suzhou Jingkong Energy Technology Co., Ltd., marking its official entry into the energy storage sector [1][2] - Following the announcement, Longi Green Energy's stock price increased by 5.77%, bringing its total market capitalization to 170.7 billion yuan [2] - Longi Green Energy has been in discussions to enter the energy storage business and has evaluated multiple acquisition targets, but has not previously announced any due to various uncertainties [2] Group 2 - Suzhou Jingkong Energy, established in 2015, is a national high-tech enterprise with significant innovations in energy management systems and has applied for nearly 350 technology patents with a production capacity of 31 GWh [2] - The chairman of Longi Green Energy, Zhong Baoshan, mentioned the importance of integrating photovoltaic and energy storage solutions to address the intermittent nature of solar energy [3] - Longi Green Energy's CTO, Li Zhenguo, stated that the combination of photovoltaic and energy storage is the ultimate solution for future energy needs and will be the most economical power source globally within the next decade [3]

Core Insights - The U.S. is facing a significant electricity shortage, exacerbated by aging infrastructure and increasing demand from data centers and AI technologies [7][9][31] - Microsoft CEO Satya Nadella highlighted that GPU purchases are being wasted due to insufficient power supply for data centers [3][5] - The combination of solar power and energy storage is emerging as the most viable solution to address the electricity crisis in the U.S. [6][27] Group 1: Current Electricity Shortage - The U.S. is confirmed to be experiencing a real electricity shortage, which is not merely a supply-demand imbalance but a competition for electricity between AI and human needs [7][8] - Electricity costs in North Virginia have risen by 13% over the past year, putting pressure on consumers [8] - The aging U.S. power grid, with 70% of transmission lines over 25 years old, is a critical issue contributing to the shortage [8][9] Group 2: Infrastructure and Supply Challenges - The average outage duration for U.S. electricity users reached 662.6 minutes last year, nearly doubling over the past decade [9] - Electricity prices have increased by 25% over the last three years, while the power generation side is not solely to blame; the grid's inefficiencies play a significant role [11] - The integration of new power sources into the grid is a lengthy process, with projects waiting for three years or more to connect [11][14] Group 3: Demand from Data Centers - The demand for electricity from data centers is expected to require an additional 50-80 GW over the next five years, equivalent to the capacity of four Three Gorges Dams [14] - The current electricity supply strategies are inadequate, with traditional energy sources either too slow or politically constrained [27][31] Group 4: Renewable Energy Solutions - Solar power combined with energy storage systems is identified as a cost-effective and rapidly deployable solution, with production costs around $0.30 per watt [27][31] - The market demand for energy storage driven by AI data centers and grid improvements could exceed 200 GWh [28] - However, tariffs and policies like the Inflation Reduction Act are creating barriers for Chinese solar and storage equipment entering the U.S. market, complicating the situation for domestic companies [29][30]

Core Insights - The policy shift towards dual control of carbon emissions is fundamentally changing the asset attributes and commercial return models of distributed photovoltaics, providing dual value beyond electricity itself: direct economic benefits from electricity cost savings and additional financial gains from carbon asset appreciation [1][3] - The national carbon trading market is expected to show unprecedented vitality in 2024, with trading volumes and values reaching historical highs, and carbon prices stabilizing at a high level of 97.49 yuan/ton by the end of 2024 [1][2] Distributed Photovoltaics in High Energy Consumption Industries - High energy-consuming industries such as steel, chemicals, and non-ferrous metals are facing tightening carbon emission quotas, making the installation of distributed photovoltaics a necessity rather than an option [3] - These industries can utilize their extensive rooftop resources to build photovoltaic power stations, which is the most direct and economical way to reduce carbon emissions [3] Innovations in Photovoltaic Applications - The combination of "photovoltaics + energy storage" and "photovoltaics + virtual power plants" is key to overcoming the bottleneck of electricity consumption and enhancing project value [4] - "Photovoltaics + energy storage" allows excess daytime electricity to be stored and used during peak hours, maximizing the utilization of rooftop resources and generating additional economic benefits [4] - "Photovoltaics + virtual power plants" aggregates distributed resources to provide grid support and create new value, transforming distributed photovoltaics into active grid-supporting resources [4] Scene-based Development of Photovoltaics - Photovoltaics are rapidly penetrating various sectors, creating new value forms through deep integration with different scenarios [5][6] - Applications include "photovoltaics + buildings" (BIPV), "photovoltaics + transportation" (charging stations), "photovoltaics + agriculture" (dual-use land), and "photovoltaics + municipal services" (reducing operational costs in public facilities) [6][7] Refinement in Household Photovoltaics - The household photovoltaic market is transitioning from explosive growth to a new development stage focused on refined operations, emphasizing high-quality service throughout the entire lifecycle [8] - Companies that can provide comprehensive, high-quality, and digital solutions will establish a strong brand moat in both existing and emerging markets [8] Future Outlook - Distributed photovoltaics will become a standard for corporate energy transformation, essential for cost reduction, compliance, and value addition in a future with increasingly stringent carbon constraints [9]

Core Insights - The 2024 China Photovoltaic Power Application National Survey Report highlights significant growth in the photovoltaic (PV) industry, with a notable increase in installed capacity and technological advancements [1][2][3] Installation Data - In 2024, China added 277.57 GW of new PV capacity, a 28% increase year-on-year, bringing the total installed capacity to 886 GW [1][28] - Of the new installations, 159.39 GW came from large ground-mounted solar power plants (57%), while distributed solar accounted for 118.18 GW (43%) [1][28] - Commercial installations saw a 68% increase, while residential installations decreased by 32% [1][28] Technological Innovations - China maintains efficiency records for nine types of solar cells, with Longi Green Energy's perovskite/silicon tandem cell achieving a record efficiency of 34.6% [2][24] - The market share of n-type cells has risen to 72.5%, indicating a shift towards this technology [2] - The average price of PV modules is 0.70 CNY/W, with system prices ranging from 2.5 to 3.4 CNY/W [2][39] Policy Framework - The national government has introduced multiple policies to optimize the PV development environment, including measures to enhance renewable energy consumption and improve distribution network construction [2] - The green power certificate market has seen rapid growth, with 4.734 billion certificates issued in 2024, reflecting a significant increase in trading volume [2] Market Competitiveness - The PV power generation market is becoming increasingly competitive, with active participation from local state-owned energy platform companies [2][48] - Financing channels have diversified, with leasing and industrial investment funds providing substantial support for PV projects [2][44][46] Industry Trends - The "PV + Energy Storage" model is gaining traction, with energy storage capacity increasing by 130% year-on-year [3] - The establishment of a state-owned enterprise focused on resource recycling marks the beginning of a recovery industry for PV components [3] Future Outlook - The Chinese PV industry is expected to focus on technological innovation, system integration optimization, and sustainable development to support global energy transition [3]