截至2025年9月19日 09:36，上证科创板新能源指数(000692)成分股微导纳米(688147)上涨5.04%，三一重 能(688349)上涨4.66%，固德威(688390)上涨4.41%，厦钨新能(688778)上涨3.79%，聚和材料(688503)上 涨2.73%。科创新能源ETF(588830)上涨0.62%，最新价报1.46元。 消息面上，9月17日至18日，在2025世界储能大会现场，业界围绕新型储能的技术路线演绎展开探讨。 当前占据绝对主流的锂电池，被部分嘉宾认为可能继续是未来十年储能市场的"主角"。而与锂电池技术 相近的钠电池，依然有较高的市场化预期。 国金证券指出，国内储能系统降价带动经济性提升。自《关于深化新能源上网电价市场化改革促进新能 源高质量发展的通知》（发改价格〔2025〕136号）文件发布后，国内储能需求由政策驱动转向市场驱 动，2025H1风电光伏平均弃光率分别为6.6%/5.7%，部分省份甚至超过10%。根据机构假设测算，当弃 光率达到5.8%时，光伏电站配备储能具有更强经济性，新能源配储的调用率和经济性正在提升。当电 站EPC成本1.05元/Wh,峰谷差价0.6元 ...

Core Insights - The article highlights the growing importance of new energy storage as a solution to the "abandoned wind and solar" issue in China's rapidly expanding renewable energy sector, emphasizing its role in economic growth and grid stability [1][5][6]. New Energy Storage Industry Overview - New energy storage refers to the integration of storage systems within renewable energy generation sites, such as wind and solar farms, to enhance grid flexibility and reliability [2]. - The advantages of new energy storage include dynamic energy absorption, alleviating local electricity abandonment, balancing renewable energy output fluctuations, and providing auxiliary services to the grid [2]. Current Market Status - As of the end of 2024, the cumulative installed capacity of new energy storage reached 24.23 GW, with a year-on-year increase of 58% [1][9]. - The average utilization rate of new energy storage in China was 32% in 2024, an improvement of 15 percentage points from 2023, but still below the rates of independent storage (52%) and commercial storage (65%) [11]. Policy Changes and Market Dynamics - The cancellation of mandatory energy storage requirements in February 2025 marks a shift from policy-driven growth to market demand-driven development, which may temporarily impact new energy storage installations but is expected to foster long-term positive trends [1][8]. - The previous mandatory storage policies led to a proliferation of storage projects but also resulted in inefficiencies and underutilization, prompting the need for a more market-oriented approach [7][8]. Future Development Suggestions - To build a new power system centered on renewable energy, the industry should enhance top-level design, clarify market participation methods for new energy storage, and strengthen research on system-friendly technologies [11].

Core Viewpoint - The public announcement by Hunan Electric Grid on June 2025 outlines the energy storage configuration for renewable energy projects in Hunan Province, highlighting the need for compliance with energy storage requirements and the performance of independent energy storage stations [1][3]. Summary by Sections Energy Storage Configuration - In June 2025, there are a total of 322 renewable energy projects that should have energy storage, with an installed capacity of 1,890.46 MW and a required energy storage capacity of 217.52 MW [1]. - Out of these, 291 projects have achieved full energy storage compliance, with a total installed capacity of 1,690.78 MW and an actual energy storage of 208.01 MW (2.08 GW) [1]. - There are 31 projects that have not implemented energy storage, with a total installed capacity of 199.68 MW and a required energy storage of 19.02 MW [1]. Independent Energy Storage Stations - The charging and discharging settlement details for independent energy storage stations in June show that 31 independent energy storage stations generated a total revenue of -21,272,782.54 CNY [1]. Compliance and Public Feedback - The announcement invites any objections from individuals or organizations regarding the publicized content, with a specified period for submission [3]. - The review process will be conducted by the company and reported to the Hunan Provincial Energy Bureau for verification of any legitimate concerns [3].

Core Viewpoint - The Ningxia Hui Autonomous Region Development and Reform Commission has decided to abolish the notifications regarding the promotion of healthy and orderly development of energy storage and the pilot projects for new energy storage in 2022, indicating a shift in policy direction for energy storage initiatives in the region [1][8]. Summary by Relevant Sections Abolished Notifications - The abolished documents included guidelines on the renewable energy storage ratio, the frequency of energy storage project utilization, and compensation for pilot project peak shaving [2]. Previous Guidelines - The notification issued on July 14, 2021, mandated that renewable energy projects must have a storage configuration ratio of no less than 10% and a continuous storage duration of over 2 hours. New approved projects were required to have storage facilities operational simultaneously with renewable projects, and existing projects were to complete their storage facility operations by the end of December 2022 [3]. Market Mechanism - The previous guidelines encouraged energy storage to participate independently in market transactions, integrating energy storage trading into the existing auxiliary service market rules in Ningxia, and clarifying trading varieties and pricing mechanisms [4]. Priority Utilization - Agreements were to be signed between grid companies and energy storage enterprises to ensure priority utilization of storage facilities, with a minimum of 250 complete charge and discharge cycles per year [5]. Pilot Project Details - The notification from May 10, 2022, outlined the scope and scale of pilot projects for 2022, focusing on areas with abundant renewable resources and high peak shaving demand. Each region was limited to two pilot projects, with a total scale not exceeding 200 MW/400 MWh [6]. Support for Advanced Technologies - The pilot projects included support for advanced energy storage technologies such as vanadium flow, compressed air, flywheel, and sodium salt, with individual project scales capped at 100 MW/200 MWh. A compensation price of 0.8 yuan/kWh was offered for peak shaving services, and projects were prioritized in the auxiliary service market [7]. Policy Abolishment Announcement - The decision to abolish the aforementioned notifications was made to comply with the Fair Competition Review Regulations and to facilitate the integration into a unified national market, effective immediately upon announcement [10].

Core Viewpoint - The overall price stability in the industry chain is expected in 2H25, with potential price elasticity in certain segments, supported by high operating rates of leading companies and benefits from new product premiums, indicating a recovery in fundamentals [1][3]. Demand - The demand for new energy vehicles (NEVs) is anticipated to maintain high growth in China due to the old-for-new policy and the expected decline in purchase tax in 2026, while the European market is expected to recover due to carbon policies and subsidies [3][6]. - In the first four months of 2025, China's NEV wholesale sales increased by 46% year-on-year, with exports also showing strong growth, benefiting from the recognition of Chinese brands in overseas markets [7][9]. - The commercial vehicle sector in Europe is experiencing strong growth, with a 47% year-on-year increase in NEV commercial vehicle sales in the first four months of 2025, driven by various subsidies [16]. Industry Chain - After significant price declines in 2023-2024, the industry chain prices are entering a bottoming phase, with certain segments like 6F, copper foil, and iron lithium cathodes showing signs of price stabilization [3][26]. - The supply-demand structure is improving, with leading manufacturers maintaining high operating rates, indicating a potential recovery in their fundamentals [28][31]. New Technologies - The solid-state battery technology is expected to see accelerated industrialization in 2H25, driven by demand from NEVs, eVTOLs, and robotics, with significant advancements in testing and pilot production [4][45]. - The second-generation semi-solid batteries are entering a critical phase for commercialization, with various companies making progress in production and application [47][48]. Global Manufacturing Layout - The lithium battery industry chain is accelerating its global manufacturing layout, particularly in Europe and Southeast Asia, with expected production capacity coming online from late 2H25 to 2026 [41][44]. - The U.S. Inflation Reduction Act (IRA) is promoting domestic production of batteries and components, which is expected to enhance local supply capabilities and reduce reliance on foreign products [42][43].

问 ：海博思创是一家专注于什么领域的公司 ，其市场定位如何？对于海博思创的首次覆盖报告 中有哪些主要观点 ？ 答 ：海博思创是一家专注于储能系统集成赛道的企业 ，主要做储能系统 ， 国内市场是其主要市 场 ， 同时也开始在国外市场 进行拓展。 2023年，公司在全球储能系统集成出货量排名第五 ，在亚太市场 排名第二 ，并在国内市场处于领先地位。 ，尽管 今年国内市场存在一定的冲击 ，但国内储能市 场的长期需求和价值不变。短期冲击下 ， 由 于政策支持和业主企业的积极探索 ，增速虽会放缓 ，但不会 出现严重下跌情况。海外市场方面 ，虽然存在竞争加剧风险 ，但 公司在欧洲和澳洲等市场的开拓进 展顺 利 ，需求情况良好。 问 ：海博思创的基本情况和业务布局是怎样的 ？ 答 海博思创成立于 2011年，今年1 月份在上海证券交易所科创板上市，是一家专注于储能 系统研发、生产、销售与服务的专 精特新小巨人企业。公司自成立以来就专注于储能系统业务 ，逐步剥 离动力电池系统和新能源车租赁等非储能业务 ， 目前主 要销售功率型和能量 型储能系统 ，用户侧也有一 定布局。从财务表现看 ， 2021至2023年营业收入有强劲增速 ...