储能与锂电 2026 年度策略：能源转型叠加 AI 驱动，周期 反转步入繁荣期 20251225 摘要 AI 算力需求激增与电网扩容滞后导致欧美数据中心储能需求爆发，政策 驱动自建储能或电厂以满足并网，预计 2026 年美国 AI 相关储能需求达 59GWh，表前 46GWh，表后 13GWh。 数据中心储能需求从备用电源转向调峰调频和电网支撑，储能时长需求 至少 2 小时，部分激进方案采用 6-8 小时锂电池供电，自建储能可有效 过滤功率和频率波动，降低 GPU 故障风险，加速并网审批。 能源转型驱动储能需求，风光渗透率提高对输配网络改造提出更高要求， 储能可缓解拥堵问题，购网型储能提供电网支撑，维持电压频率稳定。 预计 2025 年全球储能市场达 438GWh，中国 250GWh，同比增长 67%。 美国《大美丽法案》调整 FOC 标准，引入 PFE 概念，限制中国资本持 股超 25%企业参与补贴项目，推动美国市场寻求中国以外供应链，但 2026 年仍将高度依赖中国供应链。 Q&A 欧洲净零工业法案鼓励使用本土产能，对非欧盟供应链占比过高环节进 行评分，政策倾斜温和，中国头部企业在欧洲设厂是利好。欧洲光伏 ...

IPO 申购指南 果下科技（2655.HK） 建议谨慎申购 2025-12-8 星期一 【招股详情】 | 保荐人 | 光大证券国际 | | | | | --- | --- | --- | --- | --- | | 上市日期 | 2025 年 月 | 12 | 16 日(周二) | | | 招股价格 | 港元 20.1 | | | | | 集资额 | 605.6 | | 百万港元（扣除包销费用和全球发售有关的估计费用） | | | 每手股数 | 股 100 | | | | | 入场费 | 2,030.26 | 港元 | | | | 招股日期 | 年 2025 | 12 | 月 日-2025 年 月 日 8 12 11 | | | 国元证券认购截止日期 | 2025 年 | 12 | 月 10 日 | | | 招股总数 | 33,852,900 | | 股(可予调整及视乎超额配售权的行使情况而定) | | | 国际配售 | 30,467,600 | | 股(可予调整及视乎超额配售权的行使情况而定)，约占 | 90% | | 公开发售 | 3,385,300 | | 股(可予调整及视乎超额配售权的行使情况而定)， ...

Investment Rating - The report maintains a rating of "Outperform" for the computer sector [5] Core Insights - Alibaba is leveraging the Qwen large model foundation to comprehensively reshape its business and is accelerating the construction of B-end ecological barriers through an open-source strategy and strong performance [1][2] - The company is increasing capital expenditure to meet the surging demand for computing power, with cloud revenue continuing to grow significantly, validating the "infrastructure investment - technology iteration - commercial monetization" closed-loop logic [1][4] Summary by Sections Section 1: Alibaba's AI Layout - Alibaba has transitioned from a cloud-based service model to a comprehensive AI-driven approach, utilizing its self-developed "Flying" system to support internal and external business operations [10][11] - The company has established a solid technical foundation through its research institutions, including the Damo Academy and Tongyi Laboratory, to drive AI development [10][33] Section 2: Model Performance and Market Position - The Qwen series flagship model has rapidly iterated and is now among the top tier globally, with performance approaching that of leading overseas closed-source models [3][46] - Alibaba's open-source strategy has positioned it to capture market share in the domestic B-end market, building a strong user moat and ecological barrier [3][37] Section 3: Cloud Infrastructure and Revenue Growth - To address the explosive demand for AI computing power, Alibaba is increasing its infrastructure investments, achieving rapid revenue growth in AI-related products [4][76] - The company has developed self-research chips and a global data center network to ensure soft and hard resource coordination [4][76] Section 4: Investment Recommendations - The report suggests focusing on various players within the Alibaba ecosystem, particularly those involved in Pre-AI revenue generation and specific vertical AI applications [1] - Recommended companies include Fengwei Network, Kingdee International, and others in the AI coding and multimodal sectors [1]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved. Core Insights - Huawei's "Kunling" Autumn Launch focuses on accelerating digital transformation for SMEs through "AI + Security" solutions, targeting four key scenarios: smart office, retail/hospitality, education, and healthcare [11][12] - The emphasis on deliverability through scenario bundles aims to reduce total cost of ownership (TCO) by approximately 25%, enhancing project efficiency and integration [12] - The security solutions introduced address critical pain points for SMEs, offering comprehensive protection from physical to network security threats, with a claimed detection rate of over 95% for unknown threats [13] - Huawei's network capabilities enhance productivity by utilizing a 2.5G product stack, enabling high-performance applications with significant bandwidth utilization [14] - In education and healthcare, the integration of AI applications and digital platforms aligns with industry trends, though successful implementation depends on data governance and compliance [15] Summary by Sections Event Overview - Huawei held the "Kunling" Fall Launch on September 17, focusing on SMEs and unveiling solutions across four scenarios, supported by new hardware and software products [11] Product Strategy - The shift from product-centric to scenario-based solutions enhances deliverability and reduces integration barriers, with a focus on quick deployment capabilities [12] Security Solutions - The security narrative emphasizes a dual approach to address SMEs' vulnerabilities, providing a full-stack security solution tailored to specific industry needs [13] Network Capabilities - The introduction of a 2.5G product suite enhances network performance, allowing SMEs to fully utilize existing broadband resources for high-demand applications [14] Education and Healthcare - Huawei's initiatives in education and healthcare focus on ecosystem integration and governance, highlighting the importance of data protection and compliance in these sectors [15]