文 |万联万象 站在2026年的起点回望，中国新能源产业已走过狂飙突进的规模化扩张阶段。当光伏装机量问鼎全球， 风电累计并网容量占据世界半壁江山，一个更深层次的命题浮出水面： 在"双碳"目标与新型电力系统的宏伟蓝图下，风、光、储这些核心赛道，将呈现怎样的"三国演义"？ 过去，行业发展由单一技术突破或成本下降驱动；如今，驱动逻辑已深刻转变。能源安全、电力市场 化、以及AI等新业态带来的确定性负荷增长，共同编织出一张复杂的需求网络。 因此，2026年的核心看点，不再是"谁将胜出"的零和博弈，而是在系统性的约束与机遇下，各赛道如何 厘清自身定位、破解独特矛盾，并最终成为新"带头大哥"。 储能赛道：从配角到主角 2026年，储能产业正彻底告别作为可再生能源"附属品"的被动角色，在全球范围内迎来由多重强劲动力 驱动的高景气周期。机构预测，2026年全球储能新增装机将达438GWh，同比大幅增长62%，中国市场 增速更为迅猛，预计将达250GWh。 不难看出，储能核心驱动因素已实现根本性跃迁。国内储能发展的核心逻辑正从行政性"强制配储"转向 经济性驱动。随着新能源全电量参与电力市场交易，以及容量电价补偿机制的完善，储能的 ...

文 | 中关村储能产业技术联盟 2025年12月26日，在北京市科委、中关村管委会和河北省科技厅的支持下，中关村储能产业技术联盟联合河北省科技成果转化促进中心（科技 大厦）在河北石家庄成功举办"京津冀新型储能技术创新应用研讨会"。 本次研讨会以"技术创新赋能储能发展・协同共享支撑能源转型"为主题，旨在搭建京津冀三地储能产业交流合作平台，进一步推动新型储能技 术创新与跨区域协同发展。 会议现场 会议由中关村储能产业技术联盟副秘书长李臻主持，来自京津冀地区储能产业链上下游专家、企业代表120余人参加本次会议。 李臻， 中关村储能产业技术联盟副秘书长 中科院物理所：面向储能需求的新型高安全锂电池技术进展 中科院物理所索鎏敏先生 聚焦前沿电池技术，围绕高安全锂电池展开分享。 他指出，储能产业正蓬勃发展，但技术单一化问题凸显，安全更是储能电站面临的核心挑战，现有磷酸铁锂和三元电池均无法彻底解决该问题， 且随着早期储能电站老化、调度率提升，安全风险进一步加剧。 为此，物理所团队长期深耕固态电池技术，同时布局钠离子电池与水系电池研发。其中， 水系锂电池通过创新电解液实现高电压，能量密度达铅 酸电池两倍 ，在火烧、针刺、过充 ...

Group 1 - The core of the news revolves around the acquisition of Fuyue Technology by Guosheng Technology at an 11-fold premium, raising concerns about the rationale behind such a high valuation for a company with minimal net assets [1][3][4] - Guosheng Technology's main business is in photovoltaic cells and plants, and it is now venturing into solid-state batteries, planning to build a 10GWh solid-state battery manufacturing project [3][24] - The market response to this acquisition is polarized, with some viewing it as a significant positive for Guosheng Technology, while others suspect it may be a case of profit transfer or stock price manipulation [1][4][5] Group 2 - Fuyue Technology, which specializes in high-precision aluminum shell materials for lithium-ion batteries, reported a revenue of 74.83 million yuan in the first eight months of 2025, indicating it is a small player in a highly competitive market [9][10][27] - The leading companies in the battery structure component industry are Keda Li and Zhenyu Technology, with Keda Li holding a global market share of approximately 30% and over 50% in China, showcasing significant competitive advantages that Fuyue Technology lacks [8][27] - Fuyue Technology's net profit margin of 13.48% in the first eight months of 2025 is notably high compared to industry standards, raising questions about its sustainability and competitive positioning [10][29] Group 3 - The acquisition involves a performance commitment from Fuyue Technology's sellers, promising net profits of 20 million yuan, 30 million yuan, and 40 million yuan for the years 2026, 2027, and 2028, respectively, totaling 90 million yuan [32][33] - Guosheng Technology plans to finance 80% of the acquisition through loans, which will increase its debt ratio significantly, raising concerns about financial stability [34][35] - The relationship between Fuyue Technology and its major customer, identified as the listed company Duofluo, is uncertain, particularly regarding future orders beyond the signed 2026 procurement framework agreement [12][31][35]

Core Viewpoint - Guosheng Technology is attempting to expand into the lithium battery structural components sector through an acquisition, despite its photovoltaic business not being stable, which has raised inquiries from the Shanghai Stock Exchange [1] Group 1: Business Performance - Guosheng Technology's main businesses are photovoltaic and ecological landscaping, with the photovoltaic segment generating revenue of 308 million yuan and a cost of 344 million yuan in the first half of 2025, resulting in a negative gross profit [2] - The company has been experiencing significant revenue declines, with continuous losses over the years [1][2] Group 2: Acquisition Rationale - The acquisition of Fuyue Technology is seen as a strategic move to create a second growth curve for the company, aligning with its "wind-solar-storage" integrated development strategy [3] - Fuyue Technology operates in the lithium battery sector, which is considered a sunrise industry with promising growth potential, and its products are expected to meet national industrial development directions [3] Group 3: Funding for Acquisition - The total transaction price for the acquisition is 241 million yuan, with funding sourced primarily from acquisition loans covering at least 80% of the total price, amounting to 192 million yuan [5][6] - The seller will provide a performance compensation guarantee of 20% of the transaction price, effectively offsetting the need for the company to use its own funds for the acquisition [6] Group 4: Financial Projections and Assurances - Guosheng Technology expects to receive performance compensation from Guosheng Energy totaling 104 million yuan by the end of 2026, which will aid in loan repayment [8] - Fuyue Technology is projected to generate approximately 60 million yuan in free cash flow from 2025 to 2028, indicating potential for future profitability [8]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603778 证券简称：国晟科技（维权） 公告编号：临2025-067 国晟世安科技股份有限公司关于收购股权事项的问询函的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次交易的实施风险。本次交易尚未最终完成，交易实施过程中存在变动的可能，存在交易被暂停、 中止或取消的风险。 ● 业务整合风险。标的公司主要从事高精密度新型锂电池结构件的研发、生产和销售业务，公司将从业 务技术、业务团队等多方面对标的公司进行整合，整合成效存在一定不确定性。 ● 无法按照约定实现业绩承诺的风险。公司与交易对方签署的收购协议中约定了业绩对赌等条款，标的 公司在业绩承诺期内可能因实际净利润低于承诺净利润导致业绩承诺方需要履行业绩补偿义务。标的公 司如不能保持业务顺利发展，未来存在无法按照约定实现业绩承诺的风险。 ● 大客户依赖的风险。标的公司的收入主要依赖于前两大客户，收入集中度较高，如果大客户对标的公 司的采购出现大幅下降，将对标的公司的营业收入产生不利影响 ...

Core Insights - The company has disclosed its Q3 2025 performance and cash dividend meeting, focusing on its strategic development in the renewable energy sector [1] - Energy storage and photovoltaic (PV) are identified as the core areas of the company's renewable energy strategy, driving its green transformation [1][2] Group 1: Renewable Energy Strategy - The company has completed the grid connection of the Dongtai 100,000 kW/200,000 kWh energy storage power station and is advancing multiple commercial microgrid projects [1] - In the photovoltaic sector, the company has successfully progressed several centralized projects, including the 150 MW project in Guandong and the 70 MW project in Xiangshuitou, along with two newly developed rooftop distributed PV projects [1] Group 2: Wind Power Investment - The company is increasing its investment in the wind power sector, driven by policy opportunities, strategic transformation, and profit prospects [1] - The internal rate of return for the capital investment in the 308 MW offshore wind project in Xiangshui is 10.2%, while the 407 MW project in Sheyang is 9.79%, promising stable investment returns post-commissioning [1] Group 3: Collaboration and Integration - The company has established deep joint ventures with industry leaders like China Resources Power to accelerate project implementation [1] - The integration of "wind, solar, storage, and carbon" is emphasized for future development, leveraging the company's resources and experience in renewable energy [1] Group 4: New Energy Materials - The company has diversified its layout in the new energy materials sector, leading investments in companies like Hengchuang Nano and holding stakes in Haona New Energy, focusing on lithium manganese phosphate and sodium battery materials [2] - Hengchuang Nano's lithium manganese phosphate products have achieved over fourfold growth in shipments year-on-year for 2024, maintaining a market share exceeding 45% for two consecutive years [2] - The company expresses confidence that as renewable energy projects yield returns, its profitability and quality will improve, providing substantial long-term returns for shareholders [2]

Core Insights - The article highlights the transformative impact of China National Nuclear Corporation (CNNC) in Tongxin County, Ningxia, showcasing a successful model of targeted poverty alleviation and rural revitalization through strategic investments and partnerships [1][10] Investment and Economic Development - Since 2013, CNNC has invested a total of 3.9 billion yuan in Tongxin County, facilitating a transition from poverty alleviation to rural revitalization [1] - The establishment of Zhonghe (Ningxia) Tongxin Protective Technology Co., Ltd. has led to the creation of over 1,600 stable jobs, directly benefiting more than 300 families [3][2] - The company has expanded from 3 production lines in 2018 to 9 lines, achieving an annual output value exceeding 80 million yuan [3] Agricultural Advancements - The county has developed a standardized and modernized organic goji berry planting base, with a total planting area of 60,000 mu and an annual output value of 300 million yuan [4] - The average yield of dried goji berries is 150 kg per mu, with a loan balance for the goji industry reaching 85.3 million yuan, reflecting a year-on-year growth of 12.3% [4] Livestock and Financial Support - CNNC has invested 300,000 yuan to establish a standardized beef cattle breeding park in Dantianling Village, contributing to the standardized and industrialized development of livestock farming [6] - The total loans for beef cattle breeding in Tongxin County reached 2.34 billion yuan, with a year-on-year increase of 15.4% [6] Renewable Energy Initiatives - CNNC established Zhonghe (Ningxia) Tongxin New Energy Co., Ltd. in 2019, focusing on renewable energy projects, including the first distributed photovoltaic project in Ningxia with a loan of 192 million yuan [8] - The photovoltaic power station has improved land utilization by 60% and doubled farmers' income [8] Community and Environmental Impact - The "Tongxin Model" has led to significant improvements in local living conditions, with the introduction of clean energy projects creating nearly 1,000 stable jobs [9] - The integration of renewable energy with agricultural practices has enhanced both economic and environmental sustainability in the region [9] Long-term Strategy and Vision - CNNC's approach emphasizes long-term, systematic planning for sustainable development, focusing on "industry-led + strategic cooperation" to foster high-quality growth in Tongxin County [10]

Core Insights - The A-share market indices opened higher on November 25, with the ChiNext New Energy ETF (Hua Xia, 159368) rising by 1.28%, driven by significant gains in its constituent stocks such as Dike Co. (over 5%), Shangneng Electric (over 4%), and Sunshine Power (over 2%) [1] Group 1: New Energy Projects - The completion of three photovoltaic projects in Yunnan Province, undertaken by China Power Construction, marks the establishment of the largest "wind-solar-storage integrated" renewable energy base in the region, providing continuous clean energy [1] - The total installed capacity of these projects is 140,000 kilowatts, expected to generate approximately 249 million kilowatt-hours of green electricity annually [1] - This project, along with the previously completed 523,000-kilowatt photovoltaic base in Daya County, forms a significant part of the "wind-solar-storage integrated" cluster, which is currently the largest of its kind under construction in Yunnan Province [1] Group 2: Investment Trends - The demand for clean energy investments is expected to remain strong under the "dual carbon" strategy, with wind-solar-storage integration emerging as a key model to address the volatility of renewable energy [1] - This integration not only reduces the cost per kilowatt-hour but also enhances profitability, thereby strengthening market confidence in the scalable expansion of the wind-solar-storage industry across various geographical scenarios [1] Group 3: ChiNext New Energy ETF - The ChiNext New Energy ETF (Hua Xia, 159368) is the largest ETF tracking the ChiNext New Energy Index, which encompasses various sectors within the new energy and electric vehicle industries, including batteries and photovoltaics [2] - It has the highest elasticity, with a potential increase of up to 20%, and the lowest fee structure, with a combined management and custody fee of only 0.2% [2] - As of October 31, 2025, the fund's scale reached 829 million yuan, with an average daily trading volume of 90.05 million yuan over the past month, and it features a storage content of 59% and solid-state battery content of 32%, aligning with current market trends [2]

Core Viewpoint - Guoxuan High-Tech has established Hefei Guoxuan Green Energy Co., Ltd. with a registered capital of 1 billion yuan, marking a significant move into the wind power sector [4][5]. Company Establishment - Hefei Guoxuan Green Energy Co., Ltd. was registered on November 17, 2025, in Hefei, Anhui Province, with a focus on battery manufacturing, sales, and related new energy products [4][6]. - The company is wholly owned by Guoxuan High-Tech's subsidiary, Hefei Guoxuan Battery Technology Co., Ltd. [5]. Industry Positioning - The establishment of this new company is interpreted as a strategic move by Guoxuan High-Tech to strengthen its position in the wind power market, contributing to an integrated wind-solar-storage layout [8]. - The wind power and energy storage integration is seen as a major trend, enhancing the competitiveness of wind power in the electricity market [8]. Market Trends - The wind power industry is expected to experience significant growth by 2025, leading to an increased demand for energy storage solutions [8]. - Other companies, such as CATL and Chuangneng New Energy, have also begun to invest in the wind power sector, indicating a broader industry trend [8]. Integrated Solutions - Guoxuan High-Tech is focusing on zero-carbon solutions, with plans for a 1GW wind-solar-storage project that could generate 1.7 billion kWh annually, supporting the production of 400,000 tons of negative electrode materials [9]. - The company has signed an investment agreement with ACWA Power for a wind power project in Morocco, which includes a 500MW wind farm and a 2000MWh energy storage project [9]. Future Outlook - Guoxuan High-Tech's zero-carbon solutions are expected to be rapidly replicated and implemented, positioning the company as a key player in global sustainable energy development [10].

Core Viewpoint - The article emphasizes the strategic development of CATL in the energy storage sector, highlighting the alignment of its initiatives with national policies aimed at promoting the integration of renewable energy and energy storage systems [1][2][5]. Policy Support - The new policy from the National Energy Administration supports the optimization of energy storage configurations in renewable energy bases, facilitating the transition of energy storage from a supporting role to a value-creating entity [2][5]. - The market responded positively to the policy announcement, with CATL's stock rising nearly 6%, indicating strong market confidence in the "policy + leading enterprise" development model [2]. Technological Advancements - CATL's diverse battery technology portfolio addresses the varying demands of energy storage applications, including the fifth-generation lithium iron phosphate battery for large-scale energy storage and sodium-ion batteries for high-latitude regions [3]. - The company's strategy of parallel development of multiple technology routes positions it well to meet the new policy's requirements for "complementary development of multiple varieties" [3]. Market Expansion - CATL's strategy of expanding into various scenarios aligns with the new policy's emphasis on distributed renewable energy development across multiple fields [4]. - The company has successfully integrated its battery technology into various sectors, including heavy-duty electric trucks and maritime applications, demonstrating the commercial viability of energy storage solutions [4]. Business Model Innovation - CATL's dual strategy of "model innovation + zero-carbon ecosystem" addresses the need for improved energy storage business models as outlined in the new policy [5]. - The establishment of the "Chocolate Battery Swap Alliance" and the high recycling rates of battery materials contribute to reducing lifecycle costs and enhancing the value of decentralized energy storage resources [5]. Conclusion - The energy storage industry is entering a golden period of growth, with CATL's development path responding to national strategies and leading the global energy storage sector [5].