文 | 挖贝网 王思宇 6月23日，杭州高特电子设备股份有限公司（简称：高特电子）创业板IPO获受理，并于近日进入问询阶段，保荐机构为中信证券。 | 序号 | 项目名称 | 投资总额 | 募集资金投入 | | --- | --- | --- | --- | | | 储能电池管理系统智能制造中心建设项目 | 67,413.83 | 60,000.00 | | 2 | 补充流动资金 | 25,000.00 | 25,000.00 | | | 合计 | 92,413.83 | 85,000.00 | 2024年营收9.19亿元 两年增长1.66倍 高特电子成立于1998年，自成立以来始终聚焦于电池监测和电池管理相关领域。公司面向新能源产业提供安全、可靠、高效、稳定且更具经济性的新型储 能电池管理系统相关产品，连续三年在大型储能领域BMS产品出货量保持行业前列。 公司储能BMS相关产品广泛应用于电源侧/电网侧大型高压储能电站，以及工商业储能、户用储能等领域，同时公司产品也涵盖应用于数据中心、通信基 站、轨道交通等领域的后备电源BMS，应用于新能源汽车、电动船舶等领域的动力电池BMS，以及电力检测等相关业务。 2022 ...

Core Viewpoint - The report emphasizes the acceleration of new energy storage and virtual power plants, which inject new momentum into the construction of a new power system in China [1]. Group 1: Impact of Power Market Reform on Energy Storage - The report outlines the structural changes in the profitability model of energy storage projects as the national unified power market system is gradually established by 2025 [1]. - It discusses the role and value of electrochemical energy storage in power trading, highlighting its importance in the evolving market [4]. Group 2: Digital Technology Empowering Electrochemical Energy Storage - The integration of AI and big data in energy storage applications is explored, showcasing how these technologies can enhance operational efficiency [4]. - Predictive maintenance and digital twins are identified as key components in optimizing energy storage systems [4]. Group 3: Analysis of Commercial Models for Energy Storage - The report analyzes various revenue models for independent energy storage stations, including spot market arbitrage and auxiliary services [4]. - It discusses the collaborative model of solar and storage integration, as well as the commercial storage and virtual power plant (VPP) model [4]. Group 4: Development and Breakthroughs in Intelligent Energy Storage Technology - The report highlights advancements in safety through intelligent technology applications in energy storage [5]. - It examines the transformation of energy storage batteries and the development of intelligent networked energy storage systems [5]. Group 5: Diverse Applications of Intelligent Energy Storage - An analysis of the 2025 energy storage industry registration and grid connection projects is included, providing insights into operational practices [5]. - The report discusses integrated projects involving source, grid, load, and storage, as well as benchmark projects in commercial energy storage [5]. Group 6: Price Analysis of Energy Storage Products - The report includes a detailed analysis of prices for EPC and energy storage systems, energy storage cells, and energy storage PCS [6]. Group 7: Trends and Recommendations for Energy Storage in the New Power Market - Forecasts for the energy storage market scale and commercial energy storage installation capacity from 2025 to 2030 are provided [6]. - Strategic layout directions for enterprises in the energy storage sector are discussed [6]. Group 8: Progress and Model Analysis of the Energy Storage Supply Chain - The report presents a diagram of the intelligent energy storage industry chain and analyzes key enterprises in the sector [6].

行家说储能 2025年已过半，复盘上半年，在新政频出、多地分时电价调整的背景下，工商业储能市场整体进入调整态势，企业具体表现如何？他们有何战略调整？他们又如何 看待下半年工商业储能市场？ 此前，行家说储能已报道了"价差收窄？10企眼中工商储的黄金区"（ 点这里 ），本期行家说储能将汇聚中车株洲所、远景、阳光电源、天合光能、弘正储能、采日 能源、融和元储、精控能源、海尔新能源、创维储能、鹏辉能源、联盛新能源、新巨能、亿兰科、东方日升、 为恒智能、新艾电气、煜邦智源、GSL ENERGY等近 20家代表性企业的一线洞察与市场研判，结合《行 家说储能白皮书：电力市场与数智化储能调研报告》的调研情况，管窥今年上半年工商业储能生存发展现状，以 期为业界提供参考价值。 本次策划内容将分为上下两期。本篇为上期，我们将主要聚焦于上半年储能企业业绩及产品发展，探究工商业储能产品发展趋势及企业转型破局之道。 下期，我们将重点挖掘储能企业区域化市场布局及运营策略之变，并展望下半年工商业储能行业的发展，欢迎您的持续关注，也期待您的留言，分享您对行业的观 点和思考。 01 市场行情 近1倍！变量下的工商业储能韧性 据行家说储能不完全统 ...

Market Overview - The photovoltaic (PV) and energy storage market in Moscow, Russia, is experiencing rapid development, transitioning from traditional energy reliance to renewable energy solutions [2][4] - As of 2024, the total installed capacity of renewable energy in Russia is approximately 6.18 GW, with solar energy accounting for nearly 2.2 GW [2] - The Russian government aims to increase the share of renewable energy to over 25% by 2035, with significant deployment in urban residential, commercial, and public facilities [2][4] Energy Storage Market - The revenue of the energy storage market in Russia reached approximately $228 million in 2023, projected to grow to $1.425 billion by 2030, with a compound annual growth rate (CAGR) exceeding 29% [2][13] - Energy storage systems are increasingly applied in commercial parks, residential areas, and critical facilities like hospitals and schools to address peak demand and enhance power supply security [2][4] Policy Framework - The Russian government is implementing a phased approach to energy structure adjustment, with a target of 10-15 GW of energy storage capacity by 2030 [4][15] - A green power certification mechanism has been established to encourage investments in solar and storage systems, involving electric grid companies and equipment manufacturers [4][15] Technological Developments - Lithium-ion batteries are becoming the dominant technology in the market, with household and small commercial storage systems primarily ranging from 6-10 kW [4][8] - The state-owned Rosatom's Renera company plans to establish a manufacturing base with an annual capacity of 3 GWh for battery production, promoting domestic battery manufacturing [4][8] Market Trends - The solar market in Russia achieved approximately $6.84 billion in revenue in 2023, expected to rise to $11.92 billion by 2030, with a CAGR of about 8.3% [11][13] - The market is transitioning from traditional lead-acid batteries to lithium-ion and flow battery technologies, with domestic leaders investing in lithium battery production [13][15] Application Scenarios - The integration of PV and storage systems is expanding into various applications, including residential projects, commercial buildings, and industrial parks, enhancing energy independence and stability [9][15] - Off-grid storage solutions are gaining traction in remote areas, providing reliable clean energy to thousands of users [4][15] Competitive Landscape - The market is characterized by increasing competition, with domestic and international brands vying for market share [27][29] - Companies like Sungrow Power Supply, Tesla, BYD, and LG Energy Solution are notable players, each leveraging their technological strengths to cater to different market segments [27][29]

Core Viewpoint - Energy storage is identified as the core growth segment for the company in the future, with a strong focus on markets in Southeast Asia, Europe, and the Middle East, particularly Europe as the primary market [1] Group 1: Company Strategy - The company has shifted its focus from smart meter business to energy storage business over the past year and a half [1] - The main business areas of the company include smart grid, renewable energy, and energy storage, with energy storage applications covering renewable energy generation, independent storage power stations, commercial and industrial user-side storage, and user-side solar storage microgrids [1] - The company has established a European sales market, technical support, solutions, and after-sales service center in Warsaw, Poland, and is planning to build a storage factory there [2] Group 2: Market Development - The global energy storage market is expected to perform well in 2024, with an addition of 69GW/169GWh of storage capacity, representing a year-on-year growth of 76% [2] - Bloomberg New Energy Finance forecasts a compound annual growth rate of 17.1% for the global energy storage market until 2035, with annual additions reaching 228GW/965GWh, significantly outpacing the growth rates of wind and solar energy markets [2] Group 3: Future Projections - The company anticipates that 2025 will be the first year for large-scale overseas sales of energy storage products [3] - By the end of 2024, the company expects to have delivered and connected over 4.5GWh of energy storage systems, with over 10GWh of projects in reserve [3] - The company has developed 306Ah and 314Ah cell PACK solutions and is working on a 5MWh container energy storage system using a 628Ah ultra-large capacity cell [3]

Core Viewpoint - Inner Mongolia's Baotou City is focusing on the development of hydrogen energy and energy storage industries, leveraging a "chain leader" approach to create a comprehensive industrial ecosystem [1][2][4]. Group 1: Industry Development - Baotou's hydrogen energy storage industrial park is witnessing rapid project advancements, with multiple production lines nearing completion, including 5,000 sets of fuel cell stack assembly lines and 250 MW PEM electrolyzer production lines [2][3]. - The total investment for the energy storage system assembly project by Inner Mongolia Yuanjing Mengxin Group is 500 million yuan, with an expected annual output value of approximately 2 billion yuan [3]. - The establishment of a complete industrial chain is underway, integrating core technologies from catalysts to fuel cell stacks and energy storage systems [4][5]. Group 2: Economic Impact - The four production lines in the hydrogen energy sector are projected to generate a total output value of 1 billion yuan upon completion [2]. - The Baotou area is expected to attract significant investments, with 84 major projects planned for 2025, totaling an investment of 77.98 billion yuan [7][8]. - The local government is providing comprehensive support to enterprises, enhancing confidence and accelerating project implementation [7]. Group 3: Future Plans - Baotou aims to strengthen project management and ensure the smooth execution of major projects, focusing on the hydrogen energy sector as a key area for growth [8]. - The region is positioning itself as a leader in the hydrogen energy industry, with plans for full-chain layout and cluster development [8].

Core Viewpoint - The article highlights the global commercial energy storage shipment volume, which is projected to reach 21.5 GWh in the first half of 2025, indicating significant growth in the energy storage sector [1]. Group 1 - The global commercial energy storage shipment volume for the first half of 2025 is estimated at 21.5 GWh, reflecting a growing demand in the industry [1].

Core Insights - The report highlights the significant growth potential in the measurement and calibration industry, driven by new policies aimed at enhancing manufacturing capabilities in China [6][7][8] - The renewable energy sector, particularly in electric power equipment, is poised for growth due to supportive policies in the UK and increasing demand for energy storage solutions [13] - The pharmaceutical industry is recommended for investment, focusing on innovative drugs and their supply chains, with strong support from health insurance reforms [14] Industry and Company Analysis - **Measurement and Calibration Industry**: The first policy document from the Ministry of Industry and Information Technology emphasizes the need for precise measurement to drive innovation in manufacturing. This includes establishing a service network and digital transformation paths, with a focus on high-level calibration institutions and digital measurement software [6][7] - **Renewable Energy Sector**: The UK government has restarted subsidies for electric vehicles and charging infrastructure, indicating a robust market for energy storage systems. The report suggests focusing on companies involved in battery production and charging infrastructure, such as Ningde Times and Keda Technology [13] - **Pharmaceutical Industry**: The report continues to recommend innovative drug sectors, highlighting the recent adjustments in health insurance and commercial insurance that favor high-value innovative drugs. Companies like Kelun-Biotech and Innovent Biologics are noted for their strong potential in both domestic and international markets [14] - **Oil and Gas Sector**: China National Offshore Oil Corporation (CNOOC) has made significant advancements in oil and gas exploration, achieving record production levels in both domestic and international operations. The report anticipates continued growth in production capacity, particularly in the Stabroek block in Guyana [20][21][24]

在日前举行的第26届海外学子(大连)创业周人才交流洽谈会上，由大连坤达自动化有限公司(以下简 称"大连坤达")研发的坤达移动储能机器人首次亮相，引来不少人驻足观看。这款能够提供"无感"充电 服务的移动储能机器人即将投入市场，有望推动新能源汽车充电模式从传统的"人找桩"向便捷的"桩找 人"转变。 突破两大技术壁垒 "锂电池技术成熟，成本断崖式下降，移动储能产品迎来破土而出的最佳窗口期。"大连坤达副总经理韩 刚在接受科技日报记者采访时说，"近年来，我国锂电池每瓦时单价从1元多大幅降至3毛多，预计后期 还有下降空间。100千瓦时电池包的成本显著降低，移动储能方案的投资回报率变得更加清晰。我们判 断2025—2026年是市场临界点。" 坤达移动储能机器人项目于2024年下半年正式启动，其成功的关键在于突破了能源管理与高负载移载两 大技术壁垒。 升级城市能源服务 "市场上主流的100千瓦时储能充电设备往往体积庞大，应用受限。我们通过高度集成化设计，显著缩小 了设备体积。"韩刚说。他向记者展示了产品的核心优势：小巧灵活且电量充足，在空间有限的停车场 等复杂场景中游刃有余。 产品的设计理念针对的是新能源车主的"挪车焦虑"。 ...

欧洲户储需求回暖，工商储需求高速增长 敬请参阅末页重要声明及评级说明 华安电新 张志邦 SAC职业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 2025年7月18日 敬请参阅末页重要声明及评级说明 华安证券研究所 证券研究报告 证券研究报告 要点总结 证券研究报告 证券研究报告 证券研究报告 Ø欧洲户储/工商储供给 Ø风险提示：欧洲新能源与储能需求下行；行业竞争加剧影响利润率；欧洲关税政策不确定性。 敬请参阅末页重要声明及评级说明 敬请参阅末页重要声明及评级说明 华安证券研究所 • 欧洲天然气成本上升带动电价上涨，促进户储需求增长。欧洲电力实行市场化交易，天然气为电价锚，欧洲天然气进口结构调整带动天然气价格上涨，进 一步导致电力市场批发电价上涨，批发电价上涨有望逐步传导到零售电价，居民户储补贴申请数量增加，经销商备货，国内户储订单增加，稼动率提升。 • 补库周期叠加夏季用电高峰，天然气价格上涨具备更强持续性。25年初欧洲经历无风寒潮，天然气库存消耗严重，最低库存为35%（24年库存最低为60%）， 欧盟强制性要求11月前必须补库至90%。25年补气缺口大，叠加欧洲对 ...