Core Viewpoint - Carbon dioxide energy storage is a gas-liquid phase transition and two-state collaborative energy storage technology that utilizes excess electricity during low electricity demand periods to compress carbon dioxide gas into liquid form, storing the heat generated during compression for later use during peak electricity demand periods to drive turbine power generation [1][2][7] Group 1: Overview of Carbon Dioxide Energy Storage - Carbon dioxide energy storage technology involves compressing carbon dioxide gas into liquid during low electricity demand and using the stored heat to convert it back to gas for power generation during peak demand [1][2] - The technology is gaining attention due to its non-toxic, non-flammable, and high safety characteristics, making it a viable option for reducing carbon emissions and addressing global warming [1][7] Group 2: Industry Development Background - In 2024, global carbon dioxide emissions from energy production are projected to reach 35,491.8 million tons, a 1.3% increase year-on-year, with China being the largest emitter at 11,172.8 million tons, accounting for 31.5% of global emissions [7][8] - The development of carbon capture technology allows energy storage systems to connect with carbon capture devices, effectively mitigating CO2 emissions and contributing to climate change solutions [7][8] Group 3: Current Market Status - The carbon dioxide energy storage industry has entered a rapid growth phase since 2020, with China's new energy storage capacity reaching 101.3 GW by mid-2025, a 110% year-on-year increase, marking a 32-fold increase from the end of the 13th Five-Year Plan [9][10] - Several carbon dioxide energy storage projects are operational, including a 10 MW/80 MWh project in Wuhu and a 100 MW project under construction by Huadian [9][10] Group 4: Advantages of Carbon Dioxide Energy Storage - Compared to other energy storage technologies, carbon dioxide energy storage offers significant advantages, including ultra-long storage duration, extreme safety, universal applicability, and environmental friendliness [5][6] Group 5: Future Development Trends - The future of carbon dioxide energy storage is expected to focus on overcoming reliance on high-pressure storage equipment, developing key turbine machinery, and integrating multi-scenario applications [11][12] - The technology is anticipated to complement pumped storage and electrochemical storage, promoting large-scale, efficient, and low-carbon development in the energy storage sector [11][12]

Core Viewpoint - The company plans to globally offer 33.85 million H-shares at a price of HKD 20.1 per share, with 10% allocated for public offering in Hong Kong and 90% for international offering, along with a 15% over-allotment option [1] Group 1: Offering Details - The expected trading start date for the H-shares on the Hong Kong Stock Exchange is December 16, 2025 [1] - The company has entered cornerstone investment agreements with three entities, totaling HKD 74.25 million [1] Group 2: Financial Projections - Assuming the share price of HKD 20.1 and without exercising the over-allotment option, the net proceeds from the global offering are estimated to be approximately HKD 606 million after deducting underwriting commissions and expenses [1] Group 3: Use of Proceeds - Approximately 44% of the net proceeds will be used to enhance the company's R&D capabilities [1] - About 19% will be allocated for building overseas operations and service networks [1] - Approximately 27% will be used to expand the production capacity of large-scale energy storage systems, commercial and industrial energy storage systems, and residential energy storage systems [1] - Around 10% will be designated for working capital and other general corporate purposes [1]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **AIDC (Artificial Intelligence Data Center)** power supply system, **energy**, **solid-state batteries**, **hydrogen energy**, and the **photovoltaic industry**. Key Points and Arguments AIDC Power Supply System - **Energy Importance**: Emphasis on the critical role of energy in AI development, with traditional power grids lagging behind AI computing demands [1][3] - **800V DC Supply**: The 800V direct current supply is expected to become the mainstream technology, benefiting solid-state transformers, circuit breakers, and high-power PSUs [1][4] - **North America**: The region is addressing power shortages through peak shaving, indicating a positive outlook for AIDC power storage [1][5] Energy Storage Market - **Strong Demand**: The global energy storage market is experiencing robust demand, with an estimated installation of 265 GWh in 2025, projected to exceed 400 GWh in 2026, reflecting a compound annual growth rate of 30% over the next five years [1][6] - **Domestic Market**: In China, the tender volume for energy storage is approximately 340 GWh for the first 11 months of 2025, with expectations of 250-300 GWh installations in 2026 [1][11] Hydrogen Energy - **New Economic Growth Point**: Hydrogen energy is identified as a significant growth area, with a focus on green hydrogen production equipment like electrolyzers and chlor-alkali processes [1][7] Solid-State Battery Development - **Accelerated Industrialization**: The solid-state battery sector is witnessing rapid advancements, with the South Korean government investing 280 billion KRW in R&D [1][8] - **Material Focus**: Attention is drawn to new materials such as lithium sulfide and lithium metal anodes, as well as new manufacturing processes [1][8] Photovoltaic Industry - **Challenges and Opportunities**: The photovoltaic industry is at a critical juncture with high upstream inventory, but potential price recovery is anticipated if anti-involution measures are implemented [1][9] - **Market Outlook**: The photovoltaic market is expected to see significant growth in 2026, driven by domestic policies and overseas power supply constraints [1][10] Wind Power Industry - **Market Developments**: The wind power supply chain is expected to see price recovery in component bidding, with a focus on both domestic and overseas markets [1][13] Grid Investment - **High Voltage Projects**: Attention is drawn to ultra-high voltage projects, with the Panxi project approved and expected to commence in 2026 [1][14] Investment Recommendations - **Key Focus Areas**: Recommendations include focusing on AIDC, solid-state batteries, photovoltaic anti-involution, energy storage, and hydrogen energy as key investment directions for 2026 [1][15]

Economic Performance - The GDP growth rates for Meishan, Suining, Neijiang, and Zigong in the first three quarters of 2023 were 7.1%, 6.7%, 6.6%, and 6.4% respectively, placing them in the top five in the province [6][8] - Suining's fixed asset investment growth rate is projected to be 8.6% for the first eleven months of 2023, leading the province [4] Project Development - Key projects are crucial for achieving the collective economic target of surpassing 200 billion yuan by 2025, with significant investments in infrastructure and energy projects [4][5] - The "Project Pass" platform in Suining has improved project management efficiency by 48% [5] Business Environment - Local governments are implementing measures to enhance the business environment, including streamlining administrative processes and reducing costs for enterprises [7][8] - Suining has initiated an "efficiency revolution" to improve project processing times, while Zigong has simplified its approval processes [6][7] Future Growth Drivers - The four cities are focusing on upgrading their economic engines by developing new industries such as energy-saving equipment, new materials, and cultural tourism [9][10] - Suining aims to leverage its geographical advantages to boost its service sector, contributing significantly to its economic growth [10]

中信建投研报认为，储能需求爆发的大背景下，制造业环节的盈利能力仍处于历史低位的情况是不合理 和不可持续的。当前终端IRR水平较高，预计可接受10-15分/Wh的利润让渡。我们预计2026年制造业环 节价格将上涨10-15分/Wh，税后对终端电站的成本上涨12分/Wh，这对于下游需求的影响是可控的，但 中游制造业利润将大幅增厚，看好储能需求驱动下，制造业上下游量价齐升、共振受益。 ...

Core Viewpoint - The continuous emergence of "GWh-level" energy storage orders overseas demonstrates that leading Chinese energy storage companies are becoming a key force in changing the global energy storage landscape [2] Group 1: Overview of Energy Storage Orders - From 2025 to present, the top 10 energy storage giants have signed overseas orders totaling 166.26 GWh, which is 2.04 times the new installed capacity of the overseas energy storage market in 2024 (81.5 GWh) [2] - Australia leads with an order volume of 41.16 GWh, followed by the Middle East with 38 GWh, and Asia (excluding China) with 33.642 GWh [2] - All top 10 energy storage companies have overseas order volumes exceeding 4 GWh, with six companies surpassing 10 GWh. The top three are CATL (52.9 GWh), Hicharge (34.01 GWh), and BYD (19.7 GWh) [2][3] Group 2: Company-Specific Orders - CATL has secured 52.9 GWh of orders across Australia, Asia, the Middle East, and North America [3] - Hicharge has 34.01 GWh of orders in Asia, the Middle East, Australia, North America, and Europe [3] - BYD has 19.7 GWh of orders in the Middle East, South America, Europe, and North America [3] Group 3: Potential Risks and Market Dynamics - Many overseas orders are merely intention orders, with execution cycles lasting 2-3 years or longer. The global energy storage industry is facing unprecedented challenges, and the surge in overseas orders may mask underlying risks [5] - The bankruptcy of Powin, a former top 3 global energy storage system integrator, could impact the globalization efforts of many companies. Powin has built and is constructing energy storage systems exceeding 17 GWh globally [5][6] - The future of global industry development and policy may lead to more overseas projects being delayed or terminated, significantly affecting the globalization of the energy storage industry [5][6] Group 4: Financial Health and Industry Competition - Maintaining financial health is crucial as the industry faces intense competition. Historically, financially healthy companies are more likely to survive industry downturns, while financially weak companies may face severe challenges, including debt defaults or bankruptcy [7] - Companies must prioritize survival before expanding their global market influence and reach [7]

格隆汇12月8日丨果下科技(02655.HK)发布公告，公司拟全球发售3385.29万股H股，中国香港发售股份 338.53万股，国际发售股份3046.76万股(以上可予重新分配及视乎发售量调整权及超额配股权行使与否 而定)；2025年12月8日至12月11日招股；发售价为每股发售股份20.1港元，H股的每手买卖单位将为100 股，光大证券国际为独家保荐人；预期股份将于2025年12月16日开始在联交所买卖。 假设发售价为每股H股20.1港元，且发售量调整权及超额配股权未获行使，集团将自全球发售收取所得 款项净额约6.056亿港元。集团拟将从全球发售中获得的所得款项净额用作以下用途：(1)约44.0%将用于 提升集团的研发能力，其中：(i)约14.0%将用于提升集团的人工智能研发能力，(ii)约15.0%将用于提升 集团国内业务的研发力度，及(iii)约15.0%将用于促进海外业务的研发工作；(2)约19.0%将用于建设海外 运营及服务网络，以支持国际化增长策略；(3)约27.0%将用于扩大集团大型储能系统产品、工商业储能 系统产品及户用储能系统产品的产能，以进一步支持集团的增长策略，并大幅降低因现行产能限制 ...

Core Viewpoints - The article emphasizes the expectation of a robust economic start in 2026 driven by proactive macro policies and structural reforms as part of the "14th Five-Year Plan" [1][5] - The appreciation of the RMB is anticipated to improve, nearing the "7" mark against the USD [1][19] Focused Commentary - Wu Qing highlights the importance of enhancing the inclusivity and adaptability of capital market systems during the "14th Five-Year Plan" period, focusing on public fund reforms and aligning investor interests [3] - The article discusses the need for a binding mechanism for public funds to ensure investor profit and loss are core to assessments, promoting the development of equity funds and index investments [3] Equity Market - CITIC Securities predicts a more proactive policy direction in the upcoming Central Economic Work Conference, with a focus on consumption expansion, technological innovation, and real estate risk mitigation [5] - Huaxia Fund suggests that the "spring rally" may start earlier due to key meetings, improved macro liquidity, and easing of funding pressures, recommending a focus on AI, domestic demand recovery, and resource sectors [6] -招商证券 notes that December's market will be influenced by the Federal Reserve's meetings and domestic conferences, with a preference for large-cap stocks and blue-chip dividends [7] Industry Research - Galaxy Securities indicates that the power industry will see opportunities for capacity upgrades during the "14th Five-Year Plan," with a focus on stable profitability in thermal power and growth in nuclear power [12] - Harvest Fund expresses optimism for the energy storage sector, highlighting its transition to a growth phase driven by policy and technological advancements [13] - CITIC Construction Investment Securities sees significant growth potential in the low-altitude economy, predicting a market size exceeding one trillion by 2030 [14] Macro and Fixed Income - Huatai Securities anticipates a gradual appreciation of the RMB, with a forecast of 6.82 against the USD by the end of 2026, driven by strong export growth and seasonal currency settlement peaks [19] - Bosera Fund notes a cautious sentiment in the bond market, with a need for clearer signals of policy easing to boost demand [20] - Guotai Fund believes that the bond market may see a recovery opportunity following recent volatility, suggesting it could be a good time for long-term positioning [21] Asset Allocation - CICC recommends maintaining a "barbell" strategy in asset allocation, combining dividend stocks with technology investments, while adjusting weights based on market conditions [23]

经过多年深耕，集团于往绩记录期间实现了高速增长。集团的收入由截至2022年12月31日止年度的人民 币1.42亿元增至截至2023年12月31日止年度的人民币3.14亿元，并进一步增至截至2024年12月31日止年 度的人民币10.26亿元，复合年增长率为168.9%。集团的收入由截至2024年6月30日止六个月的人民币 9060万元增至截至2025年6月30日止六个月的人民币6.91亿元。集团的毛利由截至2022年12月31日止年 度的人民币3560万元增加至截至2023年12月31日止年度的人民币8400万元，并进一步增加至截至2024年 12月31日止年度的人民币1.55亿元，复合年增长率为108.6%。集团的毛利由截至2024年6月30日止六个 月的人民币1180万元增加至截至2025年6月30日止六个月的人民币8630万元。截至2022年、2023年及 2024年12月31日止年度以及截至2024年及2025年6月30日止六个月，集团的毛利率分别为25.1%、 26.7%、15.1%、13.0%及12.5%。 集团已与下惠开香港经济发展有限公司(惠开香港)、Dream'ee (Hong Kong) ...

作为一家中国储能行业的可再生能源解决方案及产品提供商，集团专注于研发并向集团的客户及终端用 户提供储能系统解决方案及产品。集团的储能系统解决方案和产品广泛应用于中国市场及海外市场的大 型电源侧及电网侧以及工商业及家庭场景。根据灼识咨询，集团为业内较早实现储能系统解决方案及╱ 或产品的互联网云端整合及开发数字化能源管理全景互联网云平台的参与者之一。 集团已与下惠开香港经济发展有限公司(惠开香港)、Dream'ee(Hong Kong)Open-ended Fund Company(Dream'ee HK Fund)及雾凇资本有限公司(雾凇资本)订立基石投资协议(各称及统称基石投资协 议)，据此，基石投资者已同意在若干条件规限下，按发售价认购或促使其指定实体认购一定数量的发 售股份(向下约整至最接近每手100股H股的完整买卖单位)，可供认购总金额为7425万港元(假设发售价 为20.1港元)，且不包括经纪佣金、证监会交易征费、会财局交易征费及联交所交易费(基石配售)。基于 发售价每股发售股份20.1港元，基石投资者将予认购的发售股份总数将为369.4万股H股。 果下科技(02655)于2025年12月8日-202 ...