进入2026年，储能行业的关键词依然是"出海"。当国内市场陷入红海竞争，所有人都将目光投向轮番爆 发的海外市场，将其视为最后的救赎。 然而，这条路真的那么好走吗？ 在新能源出海的浪潮中，人才不仅是生产力，更是行业冷暖的晴雨表。本期，我们邀请到一位深耕光伏 与储能赛道的资深猎头。 作为行业的"超级连接器"，他一边链接手握丰富海外渠道资源的销售人才，一边链接渴望出海大展拳脚 的企业老板。 在这场持续一小时的对话中，我们看到了行业头部品牌在全球各地披荆斩棘、攻城略地，也看到了中小 品牌在资源与人才双重稀缺的窘境下艰难求生。随着全球储能市场的持续爆发，越来越多的跨界玩家带 着对行业的憧憬涌入进来。 这场对话，不仅揭示了新能源出海人才与市场的跃迁，也戳破了许多跨界玩家的"暴富幻觉"。 出海，不能穷，也急不来。 当"单兵作战"的时代结束，出海已逐步演变为一场比拼资金实力、人才储备，极度考验综合实力的阵地 战。 出海这事儿，不能穷，也急不来。 以下是访谈实录（为了阅读体验，文本做了优化）： 新能源产业家：你感觉今年招人有什么大的变化吗？ 猎头：非常忙。往年招聘有两个高峰期：金三银四和金九银十。其他时间，尤其是十一月到春节的 ...

中经记者方超 石英婧 上海报道 在冲击A股未果后，星星充电母公司万帮数字能源股份有限公司（以下简称"万帮数字能源"）正谋求赴 港上市。 1月4日，港交所官网显示，万帮数字能源已提交上市申请书，J.P. Morgan、国泰君安国际及招银国际担 任联席保荐人，据悉，万帮数字能源此次募资将用于建设运营研发中心、全球市场扩张等领域。 公开信息显示，生于1982年的邵丹薇拥有丰富的汽车销售行业经验，其早年加入万帮金之星车业集团， 历任销售顾问、销售经理等职，并在2010年6月—2014年6月担任该集团执行董事兼总裁。 "当时我们发现所有的主机厂开始在新能源方面有布局，"对于跨界进入充电领域，邵丹薇还表示，"其 偶然间参加了一次论坛，发现嘉宾都在抱怨，那场论坛比较消极，万帮人都有实践精神，觉得越难的事 越要自己体验一把，所以决定进入充电设施领域。" 在历经十多年发展后，万帮数字能源旗下已拥有星星充电、星星能源等品牌，申请书显示，根据弗若斯 特沙利文的资料，以2024年的收入及销量计，万帮数字能源是全球最大的智能充电设备供应商，当年全 球销量超过470000台。此外，星星充电曾名列胡润《2024全球独角兽榜》，估值180亿 ...

中信建投（601066）认为，中央经济工作会议指出坚持内需主导，建设强大国内市场，优化"两新"政策 实施，明确2026年延续国补政策。近期头部车企销量环比走弱，前期市场预期年末抢装下的"翘尾效 应"并未兑现，部分地区以旧换新补贴已暂停，市场情绪处于低位。该行仍然看好自主乘用车高端化、 强势新车周期和新能源出海头部车企。 消息面上，近期乘联分会发布数据显示，2025年11月，全国狭义乘用车(含轿车、SUV、MPV车型)零售 销量约为222.5万辆，同比下滑8.1%，环比少见下滑1.1%，这也是2023年以来车市零售销量首次出现同 比负增长。此外，12月1-7日，全国乘用车市场零售29.7万辆，同比去年12月同期下降32%，较上月同期 下降8%。 汽车股走势疲软，截至发稿，广汽集团（601238）(02238)跌3.02%，报3.85港元；理想汽车-W(02015)跌 2.66%，报65.75港元；小鹏汽车-W(09868)跌2.05%，报73.9港元。 ...

Group 1 - The automotive stocks are experiencing a downturn, with GAC Group down 3.02% at HKD 3.85, Li Auto down 2.66% at HKD 65.75, and Xpeng Motors down 2.05% at HKD 73.9 [1] - According to the China Passenger Car Association, retail sales of narrow passenger vehicles are projected to be approximately 2.225 million units in November 2025, representing a year-on-year decline of 8.1% and a month-on-month decrease of 1.1%, marking the first year-on-year negative growth in retail sales for the automotive market in 2023 [1] - From December 1 to 7, retail sales in the passenger car market reached 297,000 units, a year-on-year decrease of 32% compared to the same period last year and an 8% decline compared to the previous month [1] Group 2 - CITIC Securities believes that the Central Economic Work Conference emphasizes the importance of domestic demand, aiming to build a strong domestic market and optimize the implementation of the "two new" policies, with a clear indication that the national subsidy policy will continue into 2026 [1] - Recent data shows that leading automotive companies are experiencing weaker month-on-month sales, and the anticipated "tail effect" from year-end stocking has not materialized, with some regions suspending trade-in subsidies, leading to low market sentiment [1] - The firm remains optimistic about the high-end development of domestic passenger vehicles, a strong new vehicle cycle, and the overseas expansion of leading new energy vehicle companies [1]

Core Insights - The announcement of a significant contract between Zhidatech and Saudi Controls Ltd marks a strategic entry into the Middle Eastern electric vehicle (EV) market, with a focus on local production and high-quality charging solutions [1][14][15] - Saudi Arabia's electric vehicle penetration is currently below 1%, but a survey indicates that 40% of the population intends to purchase EVs in the next three to four years, signaling a potential market explosion [2][3] - The Saudi government's "Vision 2030" aims for 30% of vehicles in Riyadh to be electric by 2030, supported by substantial investments in the EV supply chain [3][12] Group 1: Strategic Partnership and Market Positioning - Zhidatech's collaboration with Saudi Controls goes beyond mere supply; it involves establishing a local manufacturing base, creating a deep technological partnership that enhances competitive barriers [4][5] - The five-year contract ensures a stable cash flow and allows Zhidatech to transition from hardware sales to a comprehensive model that includes software and services, enhancing long-term revenue potential [5][14] Group 2: Economic and Social Impact - The establishment of a local manufacturing facility aligns with Saudi Arabia's goals for local industry development, potentially creating over 100,000 jobs and contributing 2% to non-oil GDP [8][12] - Zhidatech's role in this transformation positions it as a key player in the Saudi economic landscape, fostering trust and understanding of local policies [8][12] Group 3: Market Dynamics and Consumer Behavior - The affluent consumer base in Saudi Arabia is less price-sensitive and more focused on brand and technological innovation, making it an ideal market for Zhidatech's advanced products [10][11] - The shift towards electric vehicles represents a cultural change, with new generations seeking to embrace technology and sustainability, further enhancing the market's attractiveness [11][12] Group 4: Long-term Vision and Investment Rationale - Saudi Arabia's commitment to diversifying its economy away from oil dependency underscores the urgency of its EV transition, making investments in companies like Zhidatech a strategic move for future growth [12][13] - The financial backing from oil revenues provides a unique advantage for the development of the EV sector, creating a robust environment for Zhidatech's operations [13][14]

Core Insights - The announcement of a significant contract between Zhidatech and Saudi Controls Ltd marks a strategic entry into the Middle Eastern electric vehicle market, with a focus on local production and high-quality charging solutions [1][19] - The partnership is not just a one-time sale but establishes a deep, long-term collaboration that includes technology transfer and local manufacturing capabilities, creating a competitive barrier [6][7] Group 1: Market Potential - Saudi Arabia's electric vehicle penetration is currently below 1%, but a recent survey indicates that 40% of the population intends to purchase electric vehicles within the next three to four years, signaling a potential market explosion [3][4] - The Saudi government's "Vision 2030" aims for 30% of vehicles in Riyadh to be electric by 2030, with plans to build over 5,000 fast charging stations and invest approximately $39 billion in the electric vehicle industry [4][10] Group 2: Strategic Positioning - Zhidatech's collaboration with a strong local partner allows it to secure a core position in the charging infrastructure supply chain at an early stage of the electric vehicle industry in Saudi Arabia [9] - The five-year contract provides Zhidatech with predictable cash flow and opportunities for ongoing revenue through software upgrades and maintenance services, transitioning its business model to a comprehensive ecosystem [7][19] Group 3: Economic and Social Impact - The establishment of a local manufacturing facility aligns with the "Vision 2030" goal of localizing the supply chain, creating numerous jobs in the manufacturing sector [10] - The electric vehicle ecosystem in Saudi Arabia is projected to contribute 2% to non-oil GDP and create over 100,000 new jobs, highlighting the dual benefits of economic growth and social responsibility [10] Group 4: Consumer Dynamics - The affluent consumer base in Saudi Arabia is less price-sensitive and more focused on brand and technological innovation, making it an ideal market for Zhidatech's advanced products [13] - The shift towards electric vehicles and local manufacturing is seen as a fashionable and patriotic choice among the new generation of Saudi elites, enhancing brand loyalty and market potential for Zhidatech [14] Group 5: Long-term Vision - Saudi Arabia's transition from an oil-dependent economy to a diversified one is critical for its future, and investments in companies like Zhidatech represent a commitment to this transformation [16][17] - The synergy between traditional oil profits and new energy investments creates a robust growth environment for the electric vehicle market, positioning Zhidatech favorably for future expansion [17]

Core Viewpoint - The company reported Q3 2025 financial results, achieving revenue of 89.19 billion yuan, a year-on-year increase of 27%; core net profit was 3.96 billion yuan, a quarter-on-quarter increase of 25%, and net profit attributable to shareholders was 3.82 billion yuan, a year-on-year increase of 59% [1][2]. Sales Performance - The company sold 761,000 vehicles, a year-on-year increase of 43%; among them, the Galaxy series sold 327,000 units, a year-on-year increase of 170%, becoming the fastest new energy brand to reach annual sales of one million [2][3]. - The sales of the Chinese Star reached 219,000 units, a quarter-on-quarter increase of 2.4%, while Lynk & Co sold 87,000 units, a year-on-year increase of 25% [2]. - Zeekr's sales were 53,000 units, a year-on-year decrease of 4%, but the Zeekr 9X remained a strong competitor in the luxury segment [2]. Financial Metrics - Q3 revenue per vehicle was 117,000 yuan, with a profit of 5,200 yuan per vehicle, an increase of 500 yuan compared to H1 2025 [2]. - The company's sales, management, and R&D expense ratios were 6.0%, 1.5%, and 4.9%, respectively, with the sales expense ratio increasing due to the launch of four new models and the pre-launch of Zeekr 9X [3]. Future Outlook - In Q4, the company expects continued strong performance with the complete delivery of Galaxy M9 and Zeekr 9X, focusing on new energy exports and cost control post-integration [3][4]. - The company aims for significant growth in new energy vehicle exports, with a target of over 100,000 units in each of the five major overseas regions in 2026, and expects to see improved profitability from these exports [4]. - Following the privatization of Zeekr, the company anticipates accelerated integration and cost efficiency improvements, with a projected decrease in expense ratios and an increase in profits [4]. Profit Forecast - The company forecasts net profits of 17.83 billion yuan, 20.78 billion yuan, and 23.33 billion yuan for 2025-2027, with corresponding P/E ratios of 9.5, 8.1, and 7.3, maintaining a "buy" rating [4].

Core Insights - The development of the new energy industry is undergoing a cyclical change, transitioning from explosive growth to high-quality development, with "involution" being a necessary phase in this maturation process [1][2] - The current internal adjustments in the new energy sector are driven by deep market factors rather than just supply-side structural reforms, necessitating improved cost control and technological innovation among companies [1] - The global trade environment for new energy has significantly changed, requiring companies to rethink their international strategies and ensure compliance with market-specific environmental standards while maintaining technological leadership [1][2] Industry Analysis - The new energy industry is experiencing a shift from quantity to quality, indicating a maturation phase characterized by overcapacity and price competition [1] - Continuous technological innovation, such as advancements in lithium batteries, solid-state batteries, and thorium molten salt reactors, is essential for the vitality of the new energy sector [1][2] - Companies are advised to focus on their strengths, avoid overcrowded markets, and integrate digital and AI elements into their new energy products before pursuing international expansion [2] Future Outlook - The core driving force for the new energy industry will remain technology, with emerging growth points in thorium molten salt reactors, solid-state battery technology, and decreasing hydrogen energy costs [2] - The future competitiveness of new energy companies will depend on breakthroughs in technology, the expansion of downstream application scenarios, and the formulation of development plans tailored to their unique characteristics [2] - There is a need for more scientific planning in the new energy sector to avoid redundant construction and resource waste, particularly in regions lacking a solid foundation for new energy development [2]

Core Insights - Chinese renewable energy and storage companies are increasingly entering South Asian markets, particularly India and Bangladesh, establishing local manufacturing facilities and securing significant contracts [1][2]. Group 1: Market Entry and Localization - Chinese companies are major suppliers in India's solar and wind energy markets, with firms like JinkoSolar, LONGi Green Energy, and Trina Solar dominating the solar component supply [2]. - In wind energy, leading companies such as Envision Energy and SANY Heavy Industry have secured large contracts, with Envision becoming one of the largest wind turbine suppliers in India [2]. - The localization process has begun, with companies like Sungrow Power Supply establishing factories in Bangalore with an annual capacity of 3 GW, and Envision Energy building manufacturing facilities in Maharashtra and Tamil Nadu [2]. Group 2: Market Potential and Government Support - India faces significant electricity shortages and aims to diversify its energy structure, with a target of achieving 500 GW of renewable energy capacity by 2030 [5][6]. - The Indian government has implemented various policies to support renewable energy, including financial incentives and requirements for energy storage systems in solar projects [6]. - The profit margins in the Indian market are attractive for Chinese companies, with reports indicating that the gross margin for wind turbine orders in India is higher than domestic margins by over five percentage points [7]. Group 3: Challenges and Risks - The investment environment in India is complex, with macro policy risks stemming from changes in foreign direct investment regulations that require prior government approval for Chinese investments [9]. - Discriminatory policies aimed at reducing import dependency pose risks, such as the reintroduction of approval lists that exclude Chinese manufacturers from government projects [11]. - The Indian government's push for localization presents challenges, as foreign companies may face increasing demands for local investment and technology transfer [12].

Core Viewpoint - The article emphasizes the significant progress and breakthroughs achieved by China's green transition over the past five years, particularly in the renewable energy sector, contributing to global low-carbon development with innovative solutions [2]. Group 1: Industry Achievements - The Chinese renewable energy industry has transitioned from "catching up" to "leading" on a global scale, supported by a robust industrial ecosystem and continuous investment in innovation [3]. - The export value of the "new three items" (solar products) surged from 220 billion yuan in 2020 to over 1 trillion yuan in 2023, accounting for 15% of foreign trade exports, with a strong growth rate of 12.7% in the first half of 2025 [3]. Group 2: Global Market Expansion - The essence of solar energy's global expansion is driven by market demand, with Chinese products providing efficient and reliable clean energy solutions worldwide, rather than merely avoiding domestic competition [5]. - Chinese renewable energy exports are aimed at improving living standards in regions lacking electricity, contributing to global sustainable development through innovative technology solutions [5]. Group 3: Social Impact - Projects in Malawi, Mozambique, and Egypt demonstrate the positive impact of solar energy on local communities, providing clean and stable electricity for schools, hospitals, and agricultural needs [7]. - The renewable energy sector's inherent ESG attributes are key to addressing global challenges related to energy security, equity, and environmental sustainability, benefiting millions in Africa [7]. Group 4: Future Outlook - The journey of the Chinese renewable energy industry abroad is about exploring new market territories, creating new industries, market demands, and job opportunities, positioning itself as a "pioneer" and "road builder" in the global market [7].