年会预告 2025（第十五届）高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： 大族锂电 专场冠名： 欣旺达、英联复合集流体、逸飞激光、华视集团、欧科工业空调 金球奖全程特约赞助： 思客琦 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 会议合作： 陈女士 13560731836（微信同号） ◆ 电池 ◆ 国晟能源30亿元 固态电池项目签约 01 8月1日，铁岭经济技术开发区与国晟能源股份有限公司（简称：国晟能源）举行国晟（铁岭）未 来能源产业园项目签约仪式。据悉，该项目总投资30亿元。项目分两期建设，将打造涵盖高性能 固态电池正负极材料生产及回收、电芯制造、Pack线等环节的全产业链，并布局异质结叠层钙钛 矿、新能源高端装备研发制造等前沿领域。 根据战略合作协议，双方将围绕新能源技术研发、产业配套及生态链构建深化合作，探索"风光 储"一体化应用场景。 河北启动绿电直连申报： 优先三类项目 格林美与圣龙新能源达成战略合作 02 河北省发改委下发《关于组织开展绿电直连项目申报工作的通知 ...

2025 年 08 月 04 日 环保及公用事业 可控核聚变，人类距离"人造太阳"还有多 行情回顾： 7月19日-8月1日上证指数上涨0.72%，创业板指数上涨2.00%， 公用事业指数下跌 2.34%，跑输上证综指 3.06pct,环保指数下跌 1.35%，跑输上证综指 2.07pct。 市场信息跟踪： 行业周报 证券研究报告 投资评级 领先大市-A 维持评级 远？ 本周专题：可控核聚变，人类距离"人造太阳"还有多远？ 资本加速涌入，聚变产业呈现出"竞速式发展"格局。作为一种燃料丰 富、清洁、安全且可稳定供能的能源形式，核聚变长期被视为"终极 能源"解决方案。过去十年，聚变领域实现从科学研究向工程验证、 产业推动的重大转型。当前全球已有约 50 家私营聚变企业活跃，总 融资额超过 90 亿美元，多个领先项目计划在 2035 年前后实现电力 并网。聚变能的商业化愿景正驱动各国政府与企业在技术、资本、政 策上展开激烈竞赛，聚变产业呈现出"竞速式发展"格局。 海外核聚变装置进展显著，聚变能快速迈入商业化新阶段。美国 CFS 与谷歌合作，推动聚变控制优化并创下全球最大聚变售电协议。 HelionEnergy 宣布建 ...

Group 1 - The core viewpoint of the articles highlights the overall stability and growth of China's energy supply and consumption in the first half of the year, with significant advancements in energy security and a shift towards green energy [1][2] Group 2 - Energy security capabilities have steadily improved, with industrial coal production increasing by 5.4% year-on-year, crude oil production up by 1.3%, and natural gas production rising by 5.8%. Daily average industrial electricity generation also saw a year-on-year increase of 1.3% [1] - The transition to green and low-carbon energy is accelerating, with new energy installations, particularly wind and solar, doubling compared to the same period last year. Non-fossil energy generation capacity surpassed 60% for the first time [1][2] Group 3 - Overall energy consumption is maintaining growth, with electricity consumption growth stabilizing at 5.4% year-on-year in June. Natural gas demand has slightly increased, while coal consumption has seen a minor decline due to warmer winter weather and increased output from new energy sources [2] - A series of important policy measures have been introduced, including market-oriented pricing reforms for renewable energy and initiatives to enhance the integration of green electricity into the market [2]

Core Viewpoint - The article discusses the current state and development of new energy storage in China, highlighting significant growth in installed capacity, utilization, and investment in renewable energy projects, as well as the government's efforts to ensure energy supply during peak demand periods. Group 1: New Energy Storage Development - As of mid-2025, the installed capacity of new energy storage in China reached 94.91 million kilowatts (22.2 billion kilowatt-hours), representing a growth of approximately 29% compared to the end of 2024 [1][41] - The main growth regions for new energy storage are North China, Northwest China, and Southern regions, accounting for over 80% of the national increase in installed capacity [2][42] - The equivalent utilization hours for new energy storage nationwide were approximately 570 hours, an increase of over 100 hours year-on-year, indicating enhanced operational efficiency [3][43] Group 2: Renewable Energy Integration - In the first half of 2025, renewable energy accounted for nearly 60% of the total installed capacity in China, with a significant increase in new installations, particularly in solar and wind energy [15][16] - The total renewable energy generation reached 1,799.3 billion kilowatt-hours, a year-on-year increase of 15.6%, making up 39.7% of the total electricity generation [16][17] - The report indicates that the average utilization rate for wind energy was 93.2%, reflecting the effective integration of renewable sources into the energy grid [18] Group 3: Investment Trends - Investment in energy infrastructure exceeded 1.5 trillion yuan, with a year-on-year growth of 21.6%, indicating a strong focus on renewable energy projects [39][40] - Investment in hydrogen energy projects doubled, and the construction of charging infrastructure for electric vehicles saw a nearly 70% increase [4][5] - The new energy storage and integrated energy systems saw investment growth exceeding 30%, showcasing the sector's rapid development [5][40] Group 4: Energy Supply Assurance - During the peak summer demand period, the maximum electricity load reached a historical high of 15.08 million kilowatts, with measures in place to ensure stable electricity supply [25][26] - The government has implemented various strategies to enhance electricity supply, including monitoring and optimizing power resource allocation [27][28] - The coal supply remains stable, with coal production and inventory levels being maintained at high levels to support electricity generation during peak demand [44]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on leading manufacturers with strong performance certainty in the equipment manufacturing sector [1]. Core Insights - The report highlights a short-term increase in photovoltaic module prices driven by major manufacturers adjusting prices due to raw material cost fluctuations and market sentiment, despite no substantial improvement in terminal demand [2][3]. - The construction machinery sector is experiencing a downturn, with tower crane rental utilization rates and rental price indices showing declines, indicating a continued low level of construction activity [2]. - The automotive market is showing growth in retail sales, supported by promotional activities and export growth, suggesting a positive outlook for manufacturers with brand and scale advantages [2]. - The photovoltaic sector is under pressure, with new installations significantly down compared to previous years, indicating a need for policy support to alleviate demand pressures [2]. Summary by Sections Market Review - From July 21 to July 25, the indices for machinery equipment, electric power equipment, and automotive sectors increased by +2.56%, +3.03%, and +1.03% respectively, ranking 16th, 11th, and 25th among 31 first-tier industries [7][9]. Industry News and Key Company Announcements - The China Photovoltaic Industry Association has raised its forecast for new installations in 2025, with global expectations adjusted from 531-583 GW to 570-630 GW, and China's from 215-255 GW to 270-300 GW [20]. - New product launches in the robotics sector, such as humanoid robots, indicate a growing trend in automation and robotics technology [20]. - The report notes significant project contracts in the marine energy sector, with a total value of 15.09 billion yuan, expected to positively impact future earnings [22].

Core Viewpoint - The recent developments in the "green electricity direct connection" (绿电直连) model are aimed at enhancing the consumption capacity of renewable energy and providing green value to industries, despite the high construction costs and uncertain profitability associated with these projects [4][7]. Group 1: Industry Developments - The introduction of additional electrical equipment such as substations and high-voltage lines in photovoltaic power station construction reflects a shift towards "green electricity direct connection," allowing renewable energy to be supplied directly to end-users [2]. - The "green electricity direct connection" model is defined as a method where renewable energy sources like solar and wind do not connect to the public grid but supply electricity directly to specific users [2][3]. - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the development of "green electricity direct connection," emphasizing its role in meeting corporate green energy needs [3][8]. Group 2: Cost and Economic Implications - The construction costs for "green electricity direct connection" projects are significantly higher than traditional grid connections, primarily due to the need for additional infrastructure such as transformers and transmission lines [5][6]. - For instance, the cost of transmission lines is approximately 1 million yuan per kilometer, while the cost of substations is around 100 million yuan per megawatt, making the overall investment substantial [5][6]. - Current projects are mainly undertaken by state-owned enterprises with high energy consumption, as they can better absorb the high initial costs over a longer usage period [6][7]. Group 3: Environmental and Regulatory Impact - The "green electricity direct connection" model is seen as a viable direction for the renewable energy industry due to its potential to provide clear sources of green electricity, which is beneficial for tracking carbon footprints and complying with international regulations like the EU's Carbon Border Adjustment Mechanism (CBAM) [7]. - The carbon emission factors for renewable energy sources are significantly lower than those for traditional grid electricity, with solar power at 29.92 gCO2/kWh compared to the national average of 620.5 gCO2/kWh [7]. - The push for "green electricity direct connection" aligns with broader governmental goals to increase the consumption of renewable energy in key industrial sectors, thereby driving industrial upgrades and attracting investments [8].

Core Insights - The photovoltaic industry in China is facing significant challenges in the first half of 2025, with issues such as irrational competition, low-price bidding, and intellectual property disputes being highlighted [1][2]. Industry Overview - The production growth rate for domestic photovoltaic cells and modules remained below 15% in the first half of 2025, while the production of polysilicon and silicon wafers experienced negative growth. Average prices across various segments have decreased significantly, with reductions of 88.3%, 89.6%, 80.8%, and 66.4% compared to the highest prices since 2020 [2]. - In terms of application, the newly installed photovoltaic capacity in China reached 212.21 GW in the first half of 2025, marking a year-on-year increase of 107% [2]. - Export data for the first half of 2025 shows a mixed performance: silicon wafer exports decreased by 7.5%, battery cell exports increased by 74.4%, and module exports fell by 2.82%. Overall export value has declined for two consecutive years, with a 26% drop in the first half of 2025 [2]. Policy and Regulatory Environment - Regulatory bodies, including the Ministry of Industry and Information Technology and the National Energy Administration, emphasized the need to standardize the photovoltaic industry and facilitate the orderly exit of outdated production capacity. They aim to address issues of irrational competition and promote high-quality development [3]. - The government is focusing on creating a market environment that prioritizes innovation, quality, and fairness, while also encouraging technological advancements and improving product quality [3]. Market Predictions - The global photovoltaic installation forecast for 2025 has been revised upward from 531-583 GW to 570-630 GW, while China's forecast has been adjusted from 215-255 GW to 270-300 GW. This is attributed to solid project integration and stable demand in mature market provinces [6]. - The International Energy Agency predicts that renewable energy will meet 95% of global electricity demand growth from 2025 to 2027, with solar photovoltaic expected to account for about half of this growth [6]. Emerging Trends - The "green electricity direct connection" policy is expected to broaden application scenarios for photovoltaic energy, enhancing the integration of renewable energy into the power system and reducing electricity costs for enterprises [8][9]. - The policy aims to support high-energy-consuming industries and data centers by facilitating direct supply of green electricity, which could lead to the development of zero-carbon parks and microgrids [9].

【常规内容】 证券研究报告 | 2025年07月21日 | 晨会纪要 | | --- | | 数据日期:2025-07-18 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3534.48 | 10913.83 | 4058.54 | 12345.79 | 3145.53 | 1007.52 | | 涨跌幅度（%） | 0.50 | 0.36 | 0.59 | 0.30 | 0.23 | 0.18 | | 成交金额（亿元） | 6436.27 | 9274.15 | 3542.44 | 3345.49 | 4324.92 | 269.46 | $\frac{\pi^{*}}{2\pi}$$\frac{\pi^{*}}{2\pi}$$\frac{\pi^{*}}{2\pi}$$\frac{\pi^{*}}{2\pi}$$\frac{\pi^{*}}{2\pi}$$\frac{\pi^{*}}{2\pi}$$\frac{\pi^{*}}{2\pi}$ ...

电力设备新能源行业点评 证券研究报告 | 2025年07月20日 国信电新观点：内蒙古、宁夏两个自治区首个新能源合作重点项目——国家电投铝电公司降碳增绿项目获 批实施，该项目是全国首个跨省区绿电直连项目。 投资建议：绿电直连项目的推进利好一二次配电设备需求。建议关注四方股份、特锐德及许继电气。 风险提示：国内电网投资不及预期；行业竞争加剧。 评论： 全国首个跨省区绿电直连项目获批实施，配电设备需求有望增长 |  | 行业研究·行业快评 | |  电力设备 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 王蔚祺 | 010-88005313 | wangweiqi2@guosen.com.cn | 执证编码：S0980520080003 | | 证券分析师： | 王晓声 | 010-88005231 | wangxiaosheng@guosen.com.cn | 执证编码：S0980523050002 | 全国首个跨省区绿电直连项目获批实施：近日，内蒙古、宁夏自治区首个新能源合作重点项目——国家电 投铝电公司降碳增绿项目获批实施。 ...

Core Viewpoint - The launch of the first integrated green electricity direct connection project for data centers in Inner Mongolia marks a significant step towards sustainable energy use in the data industry [1] Group 1: Project Overview - The Ulanqab Zhongjin Data Low-Carbon Computing Power Base project has officially commenced operations, establishing the first integrated source-network-load-storage project for data centers in China [1] - This project aligns with the national strategy for direct green electricity connections and utilizes the electricity load of the Ulanqab Chahar High-tech Development Zone computing power center [1] Group 2: Technical Details - The project employs an integrated model of "source-network-load-storage," which includes wind and solar power generation, intelligent transmission, grid connection, and energy storage peak regulation [1] - The renewable energy facility is located in Chayouqianqi, Ulanqab City, with a total installed capacity of 300,000 kilowatts, comprising 200,000 kilowatts from wind power and 100,000 kilowatts from solar power [1]