在中国，新基建需要的不仅仅是桩，更是懂桩的人。当行业还在讨论谁跑得更快时，能效电气决定慢下来，用 20 个小时的极限特训，为这个狂奔的行业补 上一块缺失已久的拼图——认知的地基。 如果你问现在的充电基础设施行业缺什么？大部分人会说缺场地、缺电容、缺流量。但其实不然，如今行业最缺的，或许是"对系统的敬畏"和"成体系的认 知"。 过去十年，这是一个被"速度"定义的赛道。我们见证了无数新兵涌入，他们能在三天内学会如何卖桩，在一周内学会如何投站。但当热潮退去，问题开始裸 露：为什么场站利用率始终上不去？为什么看似完美的收益模型，落地后全是亏损？为什么设备故障频发，运维人员却束手无策？ 答案很残酷：因为我们在用"卖白菜"的方式，做着"造血管"的生意。很多从业者，甚至资深人员，对这个行业的理解依然停留在单点上：懂销售的不懂物理 原理，懂技术的不懂商业闭环，懂运营的不懂电力系统。 这是一种危险的"知识断层"。 能效电气决定做这门课，初衷很简单也很沉重：我们不是在做培训，我们是在为行业"补课"。这连续的 20 小时，不是为了灌 输，而是为了打破——打破那些似是而非的经验主义，建立一套真正属于这个行业的"操作系统"。 有人可能 ...

本报讯(记者矫月)近日，开鑫充(杭州)管理咨询合伙企业(有限合伙)(以下简称"开鑫充有限合伙")宣布完 成2100万元A轮融资。本轮融资由深圳市卓领投资发展有限公司投资。融资资金将主要用于充电网络扩 建、运营系统升级及团队专业化建设，标志着资本市场对公司在新能源基础设施领域独特商业模式与投 资价值的高度认可。 开鑫充有限合伙不同于传统的充电桩运营商，其创新性地采用了"投资+建设+运营"一体化的发展模 式，构建了完整的产业服务链条。作为专注于新能源汽车充电设施领域的专业化投资平台，公司以资本 为纽带，深度整合产业链上下游资源，致力于打造中国领先的绿色能源基础设施投资与运营管理平台。 在业务模式上，开鑫充有限合伙形成了独特的竞争优势：通过专业的投资决策机制，筛选优质充电场站 建设项目；依托成熟的建设管理体系，确保项目高效落地；凭借精细化的运营能力，提升单站盈利能 力。这种全周期服务能力使其在快速发展的充电基础设施市场中占据了差异化竞争位置。 卓领投资发展有限公司相关负责人表示："我们看好开鑫充有限合伙团队在新能源基础设施领域的专业 投资能力和丰富的产业资源。其独特的'投资-建设-运营'一体化模式，能够有效提升资金 ...

Core Insights - Electrification is a decisive infrastructure challenge and opportunity in the 2020s, with global passenger electric vehicle sales expected to exceed 17 million in 2024 and 20 million by the end of 2025 [1] - The integration of transportation, energy, and digital technologies is reshaping the entire value chain, but profitability remains uncertain, particularly for early movers in electric vehicle infrastructure [1][5] - Investors face a fundamental dilemma in allocating capital to drive transformation while achieving reliable infrastructure-like returns [1][5] Investment Framework - Infrastructure investors typically categorize assets into core and core-enhanced assets, with electric vehicle infrastructure presenting unique challenges due to uncertain demand and evolving technology standards [5][9] - Public charging infrastructure is capital-intensive but faces low average utilization rates, with European public charging stations averaging below 15% [5][9] - The shift from public funding to private capital requires a change in investment logic, emphasizing profitability and cost discipline [9] Emerging Trends - The Electrification-as-a-Service (EaaS) model bundles vehicles, charging, and energy into long-term service agreements, reducing demand risk and aligning incentives among stakeholders [6][15] - The current electric vehicle market is rapidly developing but unevenly, with China leading at nearly 40% penetration, followed by Europe at around 25%, and the U.S. lagging below 10% [9][12] - The integration of oil giants, utility companies, OEMs, and digital solution providers is creating both competitive and collaborative opportunities within the value chain [10] Profitability and Total Cost of Ownership (TCO) - TCO plays a critical role in consumer purchasing decisions, with subsidies significantly influencing sales, as seen in Germany's sharp decline in sales after subsidy cuts [12][13] - For commercial operators, TCO parity has been achieved in some regions for light commercial vehicles, but overall economic viability remains uncertain due to various cost factors [12][13] - Fluctuations in electricity prices and the absence of long-term supply contracts can erode profit margins, complicating the investment landscape [13] Risk Factors - Utilization risk remains a significant concern, with many public charging assets underperforming, necessitating careful contract design to mitigate revenue erosion [17][19] - Technological and reliability risks are heightened due to rapid hardware standard evolution, impacting the long-term viability of assets [17][19] - Structural risks must be managed through diversified revenue streams and resilient project designs to ensure sustainable returns [19][23] Strategic Opportunities - The most attractive investment opportunities lie in areas that can ensure dedicated utilization, such as fleet-based charging and long-term service contracts [28] - A balanced investment strategy should combine current infrastructure-like returns with future growth potential, particularly through EaaS models [15][26] - Collaborations among various stakeholders can enhance resilience and economic viability, as demonstrated by successful projects in the UK bus electrification sector [21][24]

Group 1 - The core point of the article is the signing of an investment framework agreement for the construction of electric vehicle charging infrastructure in Dechang County, Liangshan Prefecture, with a total investment of 400 million yuan [1] Group 2 - The project involves the development of charging infrastructure specifically for new energy vehicles, including heavy trucks [1] - The agreement was signed between Hengtai Huati and Dechang State-owned Assets Investment Co., Ltd. on November 5 [1]

Core Insights - The company Hengji Huati has signed an investment framework agreement with Dechang State-owned Assets Investment Co., Ltd. for the construction of charging infrastructure for new energy vehicles, including heavy trucks, in Liangshan Prefecture [1] - The total investment for the project amounts to 400 million yuan [1] Company Summary - Hengji Huati is actively expanding its footprint in the new energy vehicle sector through strategic partnerships [1] - The collaboration with a state-owned entity indicates a strong governmental support for infrastructure development in the new energy vehicle market [1] Industry Summary - The investment in charging infrastructure is crucial for the growth of the new energy vehicle industry, addressing the need for adequate charging facilities [1] - The project aligns with broader trends in the automotive industry towards electrification and sustainability [1]

Core Insights - The National Development and Reform Commission and the National Energy Administration, along with six other departments, have issued a three-year action plan to double the service capacity of electric vehicle charging facilities by 2027, aiming to establish 28 million charging facilities and provide over 300 million kilowatts of public charging capacity to meet the needs of over 80 million electric vehicles [1][4] Industry Developments - The charging infrastructure industry is transitioning from a focus on quantity to quality enhancement, with the action plan emphasizing five key areas: improving public charging facilities, optimizing residential charging conditions, promoting vehicle-grid interaction, enhancing power supply capabilities, and improving operational services [2][3] - The market for electric vehicle charging infrastructure is expected to grow significantly, with the total number of charging facilities reaching 17.348 million units and 4,946 battery swap stations as of August this year, making it the largest and most comprehensive charging service network globally [1][2] Company Innovations - Companies like BYD are actively innovating in the charging infrastructure space, having launched the world's first mass-produced megawatt fast charging platform and an integrated solar-storage-charging supercharging station, which are currently in trial operation in several demonstration areas [2][3] - The industry is seeing a diversification of players, with more local governments and enterprises participating in the charging infrastructure supply chain, driving high-quality development [2][3] Future Outlook - The action plan aims to ensure that charging networks extend into rural areas, with plans to add at least 14,000 direct current charging guns in townships without public charging stations, ensuring comprehensive coverage of public charging facilities [4] - The industry is expected to enter a new accelerated construction phase, with significant improvements in service capacity anticipated [4]

Core Insights - The total number of electric vehicle charging infrastructure in China reached 18.063 million by the end of September, marking a year-on-year growth of 54.5% [1] - The government aims to build 28 million charging facilities by the end of 2027, providing over 300 million kilowatts of public charging capacity to meet the demand of more than 80 million electric vehicles [1][2] - The development strategy focuses on spatial balance and structural optimization, ensuring full coverage of public charging facilities in rural areas while addressing the rapid charging needs in urban hotspots and intercity travel [1][2] Summary by Sections Charging Infrastructure Growth - The number of public charging facilities reached 4.476 million, a year-on-year increase of 40%, while private charging facilities totaled 13.587 million, growing by 60% [1] - China has established the largest and most extensive charging service network globally, with rapid construction driven by supportive policies and industry efforts [1] Policy and Future Plans - The "Three-Year Doubling" action plan aims to significantly enhance charging service capabilities, reflecting China's commitment to upgrading charging infrastructure to drive green transformation [1][2] - The plan includes the addition of 5,000 bidirectional charging facilities to facilitate vehicle-to-grid (V2G) interactions, providing opportunities for electric vehicles to participate in grid balancing [2] Development Strategy - The strategy emphasizes a "precise drip irrigation" approach to layout, complementing the trends of improving public charging quality and increasing private charging quantity [2] - The transition from 18.063 million to 28 million charging facilities represents not only a numerical leap but also a transformation in development methods, paving the way for a comprehensive and efficient charging system [2]

Core Insights - The China Charging Alliance reported a significant increase in electric vehicle charging infrastructure in September 2025, with a total of 5.245 million new charging points added, representing an 84.9% year-on-year growth [1][3] - The total number of electric vehicle charging points in China reached 18.063 million by the end of September 2025, marking a 54.5% increase compared to the previous year [1] Charging Infrastructure Overview - Public charging facilities accounted for 897,000 new installations, a 48.9% increase year-on-year, while private charging facilities saw an increase of 4.348 million, up 94.6% [1] - The total number of public charging points reached 4.476 million, with a year-on-year growth of 40.0%, and the total rated power of public charging stations was 199 million kilowatts, averaging 44.36 kilowatts per station [1][2] - Private charging facilities totaled 13.587 million, reflecting a 60.0% year-on-year increase, with a total installed capacity of 120 million kilovolt-amperes [1] Regional Distribution - The top 10 regions for public charging infrastructure construction, including Guangdong, Zhejiang, and Jiangsu, accounted for 66.6% of the total [2] - The majority of charging electricity consumption is concentrated in provinces such as Guangdong, Jiangsu, and Hebei, primarily serving buses and passenger vehicles [2] Operational Insights - As of September 2025, the top 15 charging operators managed a total of 84.2% of the charging points, with the leading operator, Telai Electric, operating 842,000 charging points [2] - The total charging electricity in September 2025 was approximately 7.68 billion kilowatt-hours, a 52.4% year-on-year increase but a decrease of 420 million kilowatt-hours from the previous month [2] Comparison with Electric Vehicle Sales - In the first nine months of 2025, the number of new charging points added was 5.245 million, while domestic sales of new energy vehicles reached 9.47 million, indicating a charging point to vehicle ratio of 1:1.8, which suggests that charging infrastructure is keeping pace with the rapid growth of electric vehicles [3]

Core Insights - The China Charging Alliance reported that from January to September 2025, the increment of charging infrastructure reached 5.245 million units, a year-on-year increase of 84.9% [1] - As of September 2025, the total number of electric vehicle charging infrastructure (guns) in China reached 18.063 million, reflecting a year-on-year growth of 54.5% [1] Charging Infrastructure Overview - Public charging facilities accounted for an increment of 897,000 units, a year-on-year increase of 48.9%, while private charging facilities saw an increment of 4.348 million units, up 94.6% [1] - The total number of public charging facilities (guns) reached 4.476 million, with a year-on-year growth of 40.0%, and the total rated power of public charging piles reached 199 million kilowatts, averaging about 44.36 kilowatts [1] - Private charging facilities (guns) totaled 13.587 million, with a year-on-year increase of 60.0%, and the installed electricity capacity for private charging facilities reached 120 million kilovolt-amperes [1] Regional Distribution - The top 10 regions for public charging facility construction, including Guangdong, Zhejiang, and Jiangsu, accounted for 66.6% of the total [2] - The majority of charging electricity is concentrated in provinces such as Guangdong, Jiangsu, and Hebei, primarily serving buses and passenger vehicles, with a smaller proportion for other vehicle types [2] Operational Insights - As of September 2025, the top 15 charging operators managed a total of 1.4 million charging piles, representing 84.2% of the total [2] - The leading operators include Telecharge with 842,000 units, Star Charging with 710,000 units, and Yun Kuai Charging with 673,000 units [2] Comparison with Electric Vehicle Sales - From January to September 2025, the increment of charging infrastructure was 5.245 million units, while domestic sales of new energy vehicles reached 9.47 million units, indicating a charging pile to vehicle ratio of 1:1.8, which suggests that charging infrastructure development is keeping pace with the rapid growth of new energy vehicles [3]

Core Insights - The total number of electric vehicle charging infrastructure in China reached 18.063 million by the end of September this year, marking a year-on-year growth of 54.5% [1] - Various regions are optimizing the layout of public charging stations to enhance service capabilities, with a focus on creating a "15-minute charging circle" in urban areas [1][2] Group 1: Charging Infrastructure Development - As of September 2023, China's electric vehicle charging infrastructure has increased significantly, with a total of 18.063 million units, reflecting a 54.5% increase compared to the previous year [1] - In Dongying District, Shandong Province, a demonstration station features 8 supercharging piles and 16 DC piles, capable of supporting over 50 electric vehicles simultaneously, with a charging time of just 5 minutes for a range of over 200 kilometers [1] - In Jizhou District, Jiangxi Province, a multi-faceted charging network has been established, including public parking lots and residential areas, with 32 new or renovated parking lots and 867 new parking spaces, of which 451 are equipped with charging piles [1] Group 2: Rural Charging Solutions - Efforts are being made to address charging difficulties in rural areas, with 97% of county towns and 80% of townships in China equipped with public charging facilities [2] - The implementation of supercharging stations in scenic areas is expected to significantly enhance charging capabilities for electric vehicles [2]