炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：喜乐 果下科技于2025年12月8日启动全球发售，预计于12月16日在港交所主板上市。本次IPO采用定价发行，发行价为20.1港元/股。基础 发行股数为3385万股，对应基础发行规模为6.8亿港元。本项目还安排了发售量调整权及超额配售权，若上述两种权利均全额行使， 则发行规模将达到9.0亿港元。然而，公司不仅存在估值短期内暴涨、远超行业合理水平的泡沫隐忧，还面临核心业务售价下滑、毛 利率与净利率持续走低的盈利压力。同时，客户集中度高、应收账款高企导致现金流紧张的问题突出，这些实打实的经营与估值风 险，让市场对其上市后的表现充满疑虑。 基石阵容方面，本次IPO的阵容同样难以对市场信心形成有效支撑。惠开香港、君宜资本、雾凇资本合计投资7425万港元，仅占基础 发行规模的10.9%，而近期港股IPO项目的基石投资者认购占比普遍不低于40%。 具体来看，惠开香港具有无锡惠山政府背景，而果下科技主要办公地位于无锡惠山，其投资更多是出于对当地企业的扶持，而非市 场化投资决策；君宜资本此前参与的纳芯微、遇见小面、广 ...

在"先进储能技术创新与解决方案"论坛中，科华数能高级储能解决方案专家林金水发表了《科华数能构网型储能实践分享》主题演讲， 分享了我国储能市场的机会与挑战、构网为何成为新能源时代"刚需"以及科华数能在复杂环境下的构网实践应用。 随着全球光伏、风电装机规模快速提升，新型电力系统正迎来"双高三低"的全新挑战——高渗透比、高电力电子，叠加低惯量、低阻 尼、低短路容量的电网特性，电网频率波动、电压不稳等问题日益凸显。此时，构网型储能技术的出现，成为破解新能源消纳与电网稳 定矛盾的关键钥匙。 近日，2 025中国储能CEO峰会在福建厦门举行。作为全球储能行业的领导者，科华数能凭借在储能技术研发与系统解决方案领域的深 厚积累，深度参与峰会核心环节，为储能产业全球化发展贡献科华智慧与实践经验。 林金水表示，构网型储能的核心价值在于通过VSG控制方式，模拟同步发电机的运行特性，主动为电网提供惯量支撑、频率调节和电压 支撑。简单来说，没有构网技术，新能源发电只能"被动跟随"电网，难以实现可靠并网；而构网型储能让新能源从"看电网脸色"转变 为"支撑电网运行"，真正解锁了高比例新能源消纳的可能性。 在核心能力方面，科华数能构网型储能 ...

在全球能源转型与 "双碳" 目标的双重驱动下，储能作为新型能源体系的核心支撑，正迎来政策与技术 的双重红利期。国家发改委、能源局《关于推进 "人工智能 +" 能源高质量发展的实施意见》的出台， 明确了 AI 与能源融合的发展路径，而果下科技此时冲刺港股 IPO，正是顺应政策导向、依托技术壁垒 的战略抉择。其背后，是政策松绑释放行业空间与 AI + 储能技术创新形成的双轮驱动逻辑，更折射出 中国储能企业向全球化、智能化转型的深层布局。 政策红利的持续释放为储能行业打开了增长天花板。《实施意见》明确提出，到 2027 年要推动五个以 上专业大模型在能源行业深度应用，挖掘百个典型应用场景，这与储能领域的智能化转型需求高度契 合。政策不仅聚焦新型储能智能化运行、源网荷储协同调控等核心场景，还从数据基础、算力支撑、标 准建设等方面提供全方位保障，破解了储能行业此前面临的技术标准不统一、AI 融合不深入等痛点。 在政策引导下，电网侧、工商业、家庭储能等多场景需求全面爆发，为果下科技这类具备全场景解决方 案能力的企业提供了广阔市场空间。同时，政策鼓励的产学研协同、全球化技术推广等方向，与果下科 技的研发体系和海外布局形成天 ...

12月10日，记者从中国绿发首届品牌开放日活动上获悉，中国绿发投资集团有限公司将加快新能源、新 材料、新型电力系统、新型储能、人工智能应用、节能降碳等领域集群发展，完善产业生态，推动新技 术新产品新场景的大规模应用，加快新兴产业规模化发展。同时，还将前瞻布局未来产业，探索典型应 用场景、可行商业模式，择优择机布局氢能和核聚变等领域的新技术新材料，以及健康领域的生物制 造、具身智能等。 ...

Core Viewpoint - Dongfang Risen New Energy Co., Ltd. has signed a strategic cooperation agreement with Brazilian industrial giant WEG for a total capacity of 3GWh in energy storage systems, marking a significant breakthrough in the global energy storage sector and advancing the company's role in the new power system construction [1][2]. Group 1: Strategic Cooperation - The agreement entails Dongfang Risen providing advanced large-scale and commercial energy storage system solutions to WEG from 2026 to 2028, contributing to global energy structure optimization and green low-carbon transition [1]. - WEG operates in over 140 countries and has a strong technical foundation and market presence in renewable energy, industrial efficiency, and smart grid sectors, actively expanding its energy storage and integrated energy services [1][2]. Group 2: Company Capabilities - Dongfang Risen has 20 years of experience in the lithium battery and energy storage sectors, with a complete industry chain capability encompassing R&D, production, sales, and service [2]. - The company offers a full-stack solution covering energy storage inverters (PCS), battery management systems (BMS), energy management systems (EMS), and battery systems for residential, commercial, and large-scale projects [2]. Group 3: Global Expansion - The partnership signifies an upgrade from previous collaborations in the photovoltaic sector and marks the entry of Dongfang Risen's energy storage business into a new phase of global scale implementation [2]. - Dongfang Risen's business has expanded to over 90 countries and regions, providing stable electricity to remote villages in South America, supporting energy transitions in North American commercial parks, enhancing energy self-sufficiency in European residential solar storage systems, and enabling green microgrids in off-grid communities in Africa [3].

Core Insights - The 2026 Wuhan International Energy Storage Industry Expo will take place from June 18 to 20, 2026, focusing on energy storage technology as a key support for achieving carbon neutrality goals [1][6] - The expo will gather top global companies, research institutions, and industry experts to discuss the latest trends and applications in energy storage technology [1] Group 1: Technological Innovation - The expo will feature multiple specialized exhibition areas, with a focus on energy storage technology, showcasing advancements in solid-state batteries, sodium-ion batteries, and hydrogen fuel cells [3] - Several thematic forums will be held during the event, discussing topics such as "Optimization of Energy Storage System Integration" and "Construction of Energy Internet," providing significant collaboration opportunities for upstream and downstream enterprises [3] Group 2: Diverse Product Matrix - The battery exhibition area will cover various segments, including power batteries, 3C digital batteries, and special batteries, presenting a complete industrial chain from cells to modules [4] - Specific solutions for electric vehicles, renewable energy projects, and consumer electronics will be highlighted, along with a dedicated area for BMS protection boards and battery control systems [4] Group 3: Full Industry Chain Collaboration - The expo will emphasize the importance of continuous innovation in materials and equipment, showcasing breakthroughs in lithium battery materials and advanced manufacturing equipment [7] - A "Green Manufacturing" themed area will be established to display environmentally friendly production equipment and sustainable packaging solutions, supporting the industry's low-carbon transition [7] Group 4: Hydrogen Energy and Fuel Cells - The hydrogen energy and fuel cell sector will play a significant role in the expo, presenting innovations in hydrogen production, storage, and transportation, as well as applications in transportation and industry [9] - Technological advancements in hydrogen refueling station design and fuel cell vehicle range improvements will be showcased, supporting the commercialization of hydrogen energy [9] Group 5: Expo Value - The expo serves as a crucial platform for resource integration within the industry, facilitating efficient communication between exhibitors and buyers through various business matching activities [10] - Attendees will have the opportunity to gain insights into technical details and industry trends through live demonstrations and technical discussions [10] Conclusion - The 2026 Wuhan International Energy Storage Industry Expo represents a significant opportunity for the energy storage industry amid global energy transition, providing a high-quality platform for professional exchange and industry advancement [12]

文 | 中关村储能产业技术联盟 由中关村储能产业技术联盟、中国能源研究会、中国科学院工程热物理研究所主办 的 第十四届储能国际峰会暨展览会ESIE 2026 将于2026年4月1 - 3日在北京·首都国际会 展 中 心 举 办 。 本 届 峰 会 展 览 面 积 达 160000 平 米 ， 开 设 六 大 主 题 展 馆 ， 将 汇 聚 1 000+ 展商/赞助商、 5000+ 产业链上下游企业,吸引专业观众 200000+ 人次。 宁德时代冠名「A2电池与智能制造」 ESIE 2026 CONFERENCE & EXPO 第十四届储能国际峰会暨展览会 THE 14TH ENERGY STORAGE INTERNATIONAL CONFERENCE AND EXPO 北京 · 首都国际会展中心 Capital International Exhibition & Convention Center Beijing China 2026年4月1-3日 April 1st-3rd, 2026 A2馆冠名商 电池与智能制造(宁德时代馆) Battery and Intelligent Manufacturing ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：储能派 日前，据外媒报道，宁德时代与新加坡可再生能源开发商 Vena Energy 签署了框架供应协议。根据该 协议， 宁德时代将向Vena Energy当地子公司PT Infrastruktur Terbarukan Sedaya提供4GWh的 EnerX电池储能系统 (BESS) 解决方案。 据 了 解 ， 该 储 能 系 统 (BESS) 解 决 方 案 采 用 的 是 530Ah 电 芯 ， 每 个 20 英 尺 集 装 箱 的 容 量 高 达 5.6MWh 。 该项目本质是因新加坡缺乏土地难以开展大规模可再生能源项目开发。进而，印尼政府与新加坡达成 的"绿色经济走廊"协议，计划于印度尼西亚廖内群岛部署的超过2GWp太阳能光伏电站项目， 通过光 伏+储能的项目建设，最终预期每年向新加坡出口约2.6太瓦时的可调度清洁能源发电量。 如想了解更多关于储能行业信息，欢 迎订购《2025-2029年全球储能市场运行趋势及竞争策略研究 报告 》，订购电话：18964001371（微信同）。 鑫椤会议： 会议主办： ...

"我们看到学校所学迅速转为实验室技术，进而被产业界快速应用。这种知识与时代脉搏的同频共振， 让人兴奋。"入职能源央企两年，95后工程师王志得亲历了从学术前沿到产业一线的跨越。通过大量调 研，他深入理解火电转型的实际需求，并作为核心研发人员，深度参与到卡诺电池等科技项目中。 11月13日，湖北宜昌，楚能新能源创新科技有限公司生产车间内，全自动生产线高效运转，技术工人依 托智能监测系统严格把控工序，将原材料加工成储能电池成品。视觉中国供图 新型储能将在"十五五"快速增长，有专家预测其会成为下一个万亿级市场。Z世代正与能源转型的时代 同行，他们不是旁观者，而是正在亲历和参与塑造一个新时代。 当越来越多的中国超级"充电宝"——储能项目走向世界，曾是光伏"配角"的行业储能，也成为不少年轻 人干事创业的新选择。 "这正好对应我们这一代人选专业、进实验室的时间点，可以说是和时代一起入场。"贺可寒说。 这些平视世界的Z世代，正与能源转型的时代同行。不止一位受访青年列举出相似的标志性事件：电动 车销售渗透率领跑全球、新型储能装机年增速超过200%、国家密集发布新型储能试点项目、高校纷纷 —————————— 来自华北电力大学储 ...

Group 1: Energy Storage - The demand logic for energy storage is being reshaped, with a global ceiling opening up due to policy shifts from being driven by regulations to being driven by value, leading to high growth in future demand [4][10] - In China, new energy storage installations reached 34.9GW/89.3GWh from January to October 2025, marking a year-on-year increase of 90%/91% [11] - The profitability model for energy storage is improving, with the internal rate of return (IRR) for a hypothetical independent storage project in Gansu estimated at 8.5% for total investment and 14.8% for equity [20][21] Group 2: Wind Power - The domestic wind power market is expected to see stable growth, with offshore wind power projections indicating a doubling of annual new installations compared to the previous five-year plan [6] - The price of domestic onshore wind turbines has shown a clear upward trend since late 2024, with profitability expected to recover significantly by 2026 [6] - The gearbox market for wind power is projected to have a market space exceeding 40 billion, with a focus on leading companies in the industry chain [6] Group 3: International Markets - In the U.S., energy storage installations increased by 11.3GW/34.3GWh from January to October 2025, with a year-on-year growth of 11%/24% [23] - The European market is experiencing a surge in energy storage demand, with the UK and Germany showing significant increases in planned and installed capacities [37][32] - Emerging markets, particularly in the Middle East and India, are seeing substantial growth in energy storage projects driven by favorable policies and abundant solar resources [42][48] Group 4: Investment Recommendations - Key companies to watch in the energy storage integration sector include Haibo Shichuang, Sungrow Power, and Canadian Solar, which are expected to benefit first from the demand surge [6][52] - In the PCS (Power Conversion System) segment, independent third-party companies like Sangfor Electric, Shenghong Co., and Kehua Data are recommended due to their favorable market positioning [56][57] - For temperature control solutions in energy storage, companies like InvoTech and Tongfei Co. are highlighted as leaders benefiting from the evolving market dynamics [61][64]