Core Viewpoint - The article discusses the procurement results for a 200MW/800MWh energy storage project in Alxa, Inner Mongolia, highlighting the competitive bidding process and the selected candidates for the project [2]. Group 1: Project Overview - The project involves the construction of a 200MW/800MWh independent energy storage station using liquid-cooled lithium iron phosphate batteries [2]. - The energy storage system consists of 40 units, each rated at 5MW/20MWh, which includes a 5MW integrated boost converter and four 5MWh battery modules [2]. Group 2: Bidding Results - The first candidate, BYD Auto Industry Co., Ltd., submitted a bid of 33,600,000 yuan, translating to a unit price of 0.42 yuan/Wh [2]. - The second candidate, Shanghai Ronghe Yuan Storage Energy Co., Ltd., bid 36,560,000 yuan, with a unit price of 0.457 yuan/Wh [2]. - The third candidate, Envision Energy Co., Ltd., offered a bid of 36,720,000 yuan, resulting in a unit price of 0.459 yuan/Wh [2]. Group 3: Bidding Scope - The bidding scope includes lithium iron phosphate batteries, battery management systems (BMS), bidirectional converters (PCS), energy management systems (EMS), and various electrical and safety equipment necessary for the complete energy storage system [3][4].

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 出口退税产业有预期，太空光伏远期空间大 2026 年 01 月 12 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 -8% -1% 6% 13% 20% 27% 34% 41% 48% 55% 62% 2025/1/13 2025/5/13 2025/9/10 2026/1/8 电力设备 沪深300 ◼ 风险提示：投资增速下滑，政策不及市场预期，价格竞争超市场预期 相关研究 《锂电价格快速联动，太空光伏远期 空间大》 2026-01-05 《锂电储能淡季不淡、碳酸锂价格超 预期上涨》 2025-12-29 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 ◼ 电气设备 10595 上涨 5.02%，表现强于大盘。（本周，1 月 5 日-1 月 9 ...

2026年1月9日，由江苏省储能行业协会主办的"储能+融合发展供需对接会"在南京成功举行。 会议以"储能无界，价值共生"为主题，汇聚"政、产、学、研、用、金"各方力量，共商储能融合发展大计，共促产业供需高效对接，共建开放协同的行 业生态。 会议上，《储能先进技术及应用指南2025》正式发行。中国科学院电工研究所研究员、《储能先进技术及应用指南2025》主编唐西胜介绍并启动发行。 他表示，本书由中国工程院院士舒印彪指导作序，编写团队涵盖清华大学、中国电科院等顶尖机构专家，历时一年打磨，系统梳理了电化学储能、压缩空气 储能、氢储能等核心技术原理与进展。 同时，会上《储能先进技术与应用指南（2026）版》优秀案例征集工作同步启动，将继续秉持"收录行业标杆、赋能产业升级"的宗旨，打造权威性与实 操性兼具的储能领域标杆著作。 江苏省工信厅二级巡视员卢载贵在致辞中指出，当前全球能源格局正经历深刻调整，储能产业已成为推动能源转型的关键力量。江苏作为经济与制造强 省，在储能领域已形成显著优势：产业规模上，企业数量超2000家，2025年产业链开票销售规模突破千亿元；技术创新上，发明专利超6万件，前沿技术成 果丰硕；应用场景上 ...

GALAXY FUTURES 1 强势品种回调，锂价仍在高位运行 研究员：陈婧 FRM 期货从业证号：F03107034 投资咨询资格证号：Z0018401 目录 第一章 需求分析 4 第二章 供应分析 8 第三章 供需平衡及库存 11 碳酸锂后市行情展望 综合分析 行情展望及策略推荐： GALAXY FUTURES 2 产业层面：终端需求中，淡季来临，1-2月车销全年最低，但因为有国补提前发放、车企托底购置税等因素，车销季节 性可能强于预期。储能需求受限于产能保持平稳增长。锂电池4月1日后降低出口退税，一季度大概会出现抢出口的现 象，预计季节性弱于预期。前期正极因亏损减产，且原料库存不足，等待价格回调补库的机会，因此价格也难深跌。 供应端，贸易商进口精矿陆续到港，锂盐厂虽有新冶炼产能爬坡，但锂矿价格高企，锂盐厂开工也近90%，代工产能 承接力不足，叠加部分检修，1月供应可能环比持平。即使1月初开始出现累库，库存动态周期也对价格形成支撑。 期货层面：近期锂电池反内卷会议抑制产能扩张过热，但盘面表现仍然十分强势，无视铜和白银回调。周末锂电池出 口退税消息发布后，市场或将交易抢出口预期，锂价仍能延续上涨。中长期逢 ...

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Insights - The global sales of new energy vehicles are expected to grow rapidly in 2026, driving demand for batteries and materials [1]. - The Ministry of Industry and Information Technology is working to regulate competition in the power and energy storage battery industry, which is likely to improve profitability across the supply chain [1]. - Sodium batteries are anticipated to enter large-scale applications, while solid-state battery industrialization is progressing, highlighting the importance of related materials and equipment companies [1]. - The photovoltaic sector is focusing on "anti-involution" as a key investment theme, with regulatory discussions aimed at controlling upstream silicon material prices and enhancing profitability in downstream battery components [1]. - The demand for wind power is expected to continue growing, supported by government initiatives for new photovoltaic and wind power projects [1]. - The energy storage sector remains robust, with recommendations to focus on energy cell and large-scale integration manufacturers [1]. - Hydrogen energy is projected to open new demand avenues, particularly in green hydrogen applications, with a focus on equipment and operational segments [1]. - Nuclear fusion is identified as a long-term energy development direction, with recommendations to monitor core suppliers in this area [1]. Summary by Sections New Energy Vehicles - Expected sales in 2025 for new energy passenger vehicles in China are projected at 12.809 million units, a year-on-year increase of 17.6% [2]. Battery Technology - CATL announced plans for large-scale sodium battery applications in 2026, while solid-state battery prototypes are entering real vehicle testing [2]. Photovoltaic Industry - The cancellation of VAT export rebates for photovoltaic products is set to take effect from April 1, 2026, impacting market dynamics [2]. - The photovoltaic industry is experiencing price adjustments, with silicon material prices rising and a focus on maintaining profitability in the supply chain [15][19]. Wind Power - The wind power sector saw significant growth, with a 22.06% increase in stock prices for wind energy companies [10][13]. Energy Storage - The price of lithium carbonate has risen significantly, with current prices around 115,000-119,000 RMB per ton, reflecting a 19.1% increase [27]. - Energy cell prices for various models have also increased, with the average price for 100 Ah cells at 0.403 RMB per watt-hour, up from previous levels [28]. Market Trends - The overall power equipment and new energy sector saw a 5.02% increase in stock prices, outperforming the broader market indices [10][13].

证券时报记者 吴琦 凭借聚焦以AI为核心的TMT（科技、媒体和通信）板块，摩根士丹利基金投资总监、基金经理雷志勇 拿下2024年公募基金业绩冠军。时隔一年，雷志勇在2025年再度斩获85.95%的高回报。 若说2024年的业绩登顶尚存一定运气成分，那么2025年业绩的再度爆发，或能验证雷志勇AI投资框架 的有效性。AI投资带来高回报已经延续两年，近期AI投资泡沫论甚嚣尘上，展望2026年，AI能否再度 爆发，哪些投资机会值得关注？针对以上问题，近期雷志勇接受了证券时报记者采访。他明确指出，从 AI产业的整体演进来看，当前仍处于从0到1的起步阶段，局部领域的过热在某种程度上也将助力产业 加速发展，未来龙头公司的估值仍有较大提升空间。 坚守景气度比较 锚定投资确定性 雷志勇投资框架的核心为"坚守景气度比较，追求确定性"，聚焦契合人类社会远期发展趋势的产业方 向，在泛科技板块中锁定具备确定性的赛道，同时在个股层面做好估值评估与仓位配置。 具体来看，他基于中期维度（如未来2—3个季度）的行业景气度比较，重点跟踪行业订单展望与景气度 趋势，聚焦高景气赛道。同时，雷志勇结合自下而上的研究精选龙头个股。作为公募基金行业为数 ...

Core Viewpoint - The company, Far East Energy Storage, has submitted a listing application to the Hong Kong Stock Exchange, with CMB International as its sole sponsor, focusing on the research, manufacturing, and sales of energy storage system solutions [1] Company Summary - Far East Energy Storage specializes in providing comprehensive solutions for the entire lifecycle of energy storage projects, serving global clients with applications in large-scale and commercial energy storage [1] - The company achieved an independent energy storage installation capacity of 1.3 GWh in the first nine months of 2025, ranking first globally among providers of energy storage asset lifecycle solutions [1] - In terms of energy storage system shipments, the company ranked fifth globally with 3.7 GWh in 2024 [1] - The company's revenue primarily comes from China, but it plans to expand into overseas markets starting in the second half of 2024, with some overseas revenue expected by 2025 [1] - As of the latest feasible date, the company has signed sales contracts with clients in China, the United States, Japan, Hungary, Poland, Spain, and Mexico [1] Industry Summary - The global energy storage system market size has grown from 15.5 billion yuan in 2020 to 20.24 billion yuan in 2024, with a compound annual growth rate (CAGR) of 90.0%, and is expected to reach 1.5305 trillion yuan by 2030 [1] - The Chinese market is one of the fastest-growing markets globally, projected to grow from 73.8 billion yuan in 2024 to 657 billion yuan by 2030, supported by favorable policies [1]

Core Insights - Chinese energy storage companies are rapidly expanding their overseas orders, with a total expected scale of nearly 284.26 GWh by 2025, which is 3.49 times the new installed capacity of 81.5 GWh in 2024 [2] - The leading regions for these orders are Europe (61.82 GWh), Australia (53.91 GWh), and Asia (excluding China) (51.50 GWh) [2] - Notable companies include CATL, which leads in Australia, the Middle East, and North America, while Hicharge Energy leads in Europe and Asia [2] Company Rankings - The top three companies by overseas order volume are: - CATL: 56.9 GWh - Hicharge Energy: 34.01 GWh - Star Charge: 33.74 GWh [2][5] - Other significant players include BYD (19.7 GWh), Trina Solar (16.613 GWh), and Yanshan Energy (12.56 GWh) [5][6] Regional Breakdown - The order distribution by region shows: - Europe: 61.82 GWh - Australia: 53.91 GWh - Asia (excluding China): 51.50 GWh - North America: 46.57 GWh - Middle East: 42 GWh - South America: 24.21 GWh - Africa: 4.37 GWh [2][5] Notable Contracts - Hicharge Energy signed a strategic cooperation agreement for a 1 GWh energy storage system with Energy 3000 in Europe [8] - Yanshan Energy has signed contracts for over 5 GWh of storage projects in Poland [8] - CATL has agreements for 3 GWh of battery storage systems in Australia with various partners [16][21]

Core Viewpoint - The A-share market is experiencing a significant upward trend, with the Shanghai Composite Index breaking through 4100 points and achieving a historical 16 consecutive days of gains, driven by sectors such as commercial aerospace, controllable nuclear fusion, brain-computer interfaces, humanoid robots, and resource stocks [1][11]. Group 1: Market Trends - The current market rally is attributed to concentrated inflows from previously cautious funds, with a notable focus on thematic stocks and small-cap stocks rather than traditional allocation strategies [3][13]. - Short-term market sentiment remains high, with no signs of weakening emotional indicators, suggesting that the upward trend in thematic and small-cap stocks may continue until after the Two Sessions [3][13]. - The market is currently characterized by a high level of trading activity, with a significant increase in transaction volume, indicating strong investor confidence [16]. Group 2: Sector Recommendations - Analysts recommend focusing on sectors with high cost-performance ratios, particularly those benefiting from external demand recovery, such as gaming, duty-free, batteries, engineering machinery, and agricultural chemicals [4][14]. - The commercial aerospace sector is highlighted as a key area for investment, with expectations of continued upward momentum despite potential short-term profit-taking pressures [19]. - The resource sector, particularly traditional manufacturing, is advised for increased allocation, with a focus on enhancing pricing power [3][13]. Group 3: Future Outlook - February is anticipated to be a favorable period for the market, with historical data suggesting that significant trading volumes often lead to sustained upward trends [16]. - The market is expected to enter a phase of basic performance evaluation after the annual report disclosures in January, which may provide opportunities for investors to capitalize on growth potential [17]. - The overall sentiment indicates that the upward potential in the market outweighs the risks, with a focus on sectors that align with long-term growth trends, such as AI and semiconductor industries [20].

Overall Viewpoint - This week, there were multiple supply-side events in the new energy sector: (1) Four ministries held a symposium on power and energy storage battery industries to regulate industry competition; (2) The "anti-involution" trend in the photovoltaic sector was influenced by market information, leading to a continuous decline in polysilicon futures; (3) Export tax rebates for photovoltaic products will be canceled starting April 1, 2026, while battery product export tax rates will gradually decrease to a cancellation by 2027. The new energy industry's "anti-involution" is inherently complex and challenging, with the state aiming to maintain international competitiveness. Balancing market and policy adjustments will evolve accordingly. Therefore, the direction of the photovoltaic industry's "anti-involution" will not change, focusing more on execution coordination and method restructuring; the battery industry is more about preventive reminders against energy storage battery oversupply; the adjustment of export tax rebate policies is expected to optimize the supply side, potentially leading to a short-term export rush [4]. Investment Perspective - (1) Market enthusiasm is currently focused on commercial aerospace and space computing, with wind power stocks such as Goldwind Technology, Taisheng Wind Energy, and Mingyang Smart Energy, as well as photovoltaic stocks like Junda Co., Oriental Sunrise, and Maiwei Co., having accumulated significant price increases, detaching from their core business fundamentals, making it inadvisable to chase high prices at this time [4]. - (2) AI power: There is optimism regarding domestic computing power demand rebounding after the NVIDIA H200 release; the HVDC solution is expected to ramp up, and SST technology and collaboration progress are likely to materialize; this can also align with AI applications to form sector rotation; the capital expenditure situation for North American data centers in 2027 needs to be assessed during the US stock annual report period for risk evaluation [4]. - (3) During the "14th Five-Year Plan" period, based on the dual benefits of China's future industries and the EU carbon tariff in 2026, there is optimism for the coordinated, large-scale, and advanced construction of hydrogen, ammonia, and methanol [5]. - (4) For energy storage/lithium battery upstream: The overall game on the lithium battery demand side is focused on domestic energy storage bidding in 2026; data on energy storage and vehicle terminals still need to be tracked, making it difficult to confirm or refute; the investment ranking for lithium battery materials is: lithium carbonate > lithium hexafluorophosphate > aluminum foil > separator > copper foil > anode; lithium carbonate prices still have upward momentum in the short term [5].