（文章来源：每日经济新闻） 2025年11月13日，早盘固态电池板块强势拉升，创业板新能源ETF华夏（159368）涨超2%，持仓股新 宙邦涨超15%，天华新能涨超8%，湖南裕能、星源材质涨超5%。 创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新能源 指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）弹性最大，涨幅可达20cm；费率最低，管理费和托管费合计仅为0.2%；规模最大，截至 2025年10月31日，规模达8.29亿元；成交额最大，近一月日均成交9005万元。其储能含量达58%，固态 电池含量达31%，契合当下市场热点。 近日，瑞银证券表示，在人工智能数据中心的推动下，未来5年储能行业将进入"繁荣周期"，因为届时 市场对于电力的需求将急速飙升，对于储能的需求也将水涨船高。到2026年，全球储能需求可能同比增 长40%。在中东、拉丁美洲、非洲和东南亚的新兴市场，储能行业需求可能会出现30%至50%或更高的 增长速度。 瑞银证券认为，在中国，推动可再生能源市场化定价将进一步推动储能项目的发展——这些储 ...

国金证券近日发布公用事业及环保产业行业研究：本周（9.15-9.19）上证综指下降 1.30%，创业板指上涨2.34%。碳中和板块下降0.30%，公用事业板块下降2.29%，环保板块 下降1.15%，煤炭板块上升3.26%。新能源装机大增等因素推动电力供需进入"电量宽松、电 力区域性/时段性偏紧"的新周期。容量电价提升改善火电电价结构，多元化收入增强火电收 益保障 电量电价下行趋势难扭转，容量补偿比例提升改善火电电价结构。新能源装机大增等因 素推动电力供需进入"电量宽松、电力区域性/时段性偏紧"的新周期。容量电价提升改善火 电电价结构，多元化收入增强火电收益保障 根据国家能源局《关于发布2023年煤电规划建设风险预警的通知》，投资回报率分红、 橙、绿三色预警，并明确资本金测算方法：低于当期中长期国债利率的为红色预警；在当期 中长期国债利率至一般项目收益率（电力项目通常为8%）之间的为橙色预警；高于一般项 目收益率的为绿色。 9月16日，四川启动现货试运行中长期衔接交易，进入"分时段组织、D-2连续开市"新模 式，实现"两个全覆盖"。新模式下，市场主体可灵活调整中长期合约，适配清洁能源发电波 动，后续四川能源监 ...

Core Insights - The recent policy expectations for new energy storage have been favorable, with the National Development and Reform Commission and the National Energy Administration announcing a plan for large-scale development by 2027, targeting an installed capacity of over 180 million kilowatts and direct investment of approximately 250 billion yuan [1][2] - As of the end of 2024, China's installed capacity of new energy storage is expected to reach 73.76 million kilowatts, accounting for over 40% of the global total, with a projected doubling of capacity in less than three years [1][3] Policy and Market Mechanisms - The action plan includes measures to accelerate the improvement of market mechanisms to establish reasonable charging and discharging prices for new energy storage, allowing participation in various energy markets for revenue recovery [2][5] - Several provinces have introduced clear capacity compensation and pricing mechanisms, with Inner Mongolia setting a compensation standard of 0.35 yuan/kWh and Hebei proposing a capacity price of 100 yuan/kW [4][5] Industry Demand and Production - There is a significant demand for storage solutions, with many manufacturers reporting full production lines and a surge in orders, particularly from overseas markets, contributing to a 97% year-on-year increase in global storage cell shipments [3][4] - The domestic market has seen a shift in the growth rhythm of new energy storage installations, with a notable decline in the number of projects connected to the grid after the "531" policy [3][4] Economic Viability - The internal rate of return for independent storage projects under the new compensation mechanisms is projected to be 6.2% in Hebei and 14.8% in Inner Mongolia, exceeding the investment return requirements of large state-owned enterprises [4][5] - The action plan emphasizes the need for a reliable capacity compensation mechanism to stabilize investor confidence and ensure adequate system capacity [6][5] Application Scenarios - The action plan aims to expand the application of new energy storage across various sectors, including power generation and grid integration, to enhance system stability and absorb excess production capacity [7][8] - The focus on user-side "new energy + storage" configurations is expected to be a key development area, with several provinces implementing green electricity direct connection plans [8][9] Challenges and Future Directions - The current high system costs of storage may limit the scale of zero-carbon parks and green electricity connections, necessitating supportive pricing mechanisms from both central and local governments [9][8] - Provinces with strong manufacturing bases in new energy storage, such as Guangdong, are encouraged to innovate in pricing policies to stimulate local demand and support the industry [9]