Core Viewpoint - The storage industry in China is responding to intense low-price competition by signing a "anti-involution" initiative to promote fair competition and healthy development [1][2] Group 1: Initiative Overview - The initiative was released by the China Chemical and Physical Power Industry Association and includes a draft titled "Proposal for Maintaining Fair Competition Order and Promoting Healthy Development of the Storage Industry" [1] - A total of 149 companies have signed or participated in the initiative, including major players like BYD, EVE Energy, Huawei Digital, and Haicheng Energy [1] - The participating companies span various sectors of the storage industry, including lithium-ion batteries, flow batteries, sodium-ion batteries, compressed air storage, flywheel storage, supercapacitors, thermal storage, and more [1] Group 2: Content Structure of the Initiative - The initiative is divided into six chapters, covering general principles, cost pricing behavior norms, product and service fulfillment, technological innovation and green development, and industry coordination mechanisms [2] - The cost pricing behavior norms chapter emphasizes reasonable pricing and fair competition, encouraging members to base market participation on technology, service, reputation, and fulfillment capabilities [2] - It advises companies to quote prices based on their operational status, cost assessments, and project risks, while avoiding irrational low-price behaviors to prevent "bad money driving out good" [2] - In terms of bidding behavior, the initiative encourages members to adhere to principles of integrity, transparency, professionalism, and prudence, while discouraging false promises and cost-underbidding [2] - The China Chemical and Physical Power Industry Association is currently seeking feedback on the initiative and invites more willing companies to join in refining and implementing its contents [2]

截至本公告披露日，含本次担保，公司及其控股子公司对外担保总额约为46.41亿元，公司对控股子公 司提供的担保总额约为40.89亿元相关数额分别占公司最近一期经审计归母净资产的168.89%、148.8%。 （文章来源：每日经济新闻） 为布局储能业务，公司参与投资设立的凯博（深圳）先进储能创新产业私募股权投资基金合伙企业（有 限合伙）（以下简称"储能产业基金"）投资了临沂科瑞，并以其为主体建设独立储能电站项目。储能产 业基金持有临沂科瑞95%的股权，公司作为储能产业基金的有限合伙人，通过储能产业基金直接及间接 合计持有临沂科瑞47.44%的股权。为满足临沂科瑞的经营发展资金需要，加快独立储能电站的投资建 设，公司与中银租赁签订《保证合同》（以下简称"保证合同"），为临沂科瑞本次融资租赁业务承担债 务的50%提供连带责任保证担保，即为融资本金10,400万元及相关的租赁利息、手续费等提供担保，保 证期间保证合同生效之日起至主合同项下承租人全部债务履行期限届满之日起满三年时止。 此外，临沂科瑞与中银租赁签订了《质押合同》，临沂科瑞质押其合法拥有并有权处分的电费收费权为 其在主合同项下的债务担保；临沂科瑞母公司深圳市 ...

Core Viewpoint - The article highlights recent advancements in the commercial energy storage sector, with four companies making significant progress in various international markets, indicating a growing trend in energy storage solutions [2]. Group 1: Company Developments - Sungrow Power has secured a 400MWh commercial energy storage order in Brazil, collaborating with Roca Group's subsidiaries MOBS and TCCOMC to deploy the systems over the next three years [3][5]. - Sanjing Electric has successfully installed the world's first CM2 smart outdoor energy storage cabinet in Belgium, which enhances the self-consumption ratio of solar energy to over 60% and allows for participation in electricity trading [6][8]. - Xiamen Xiangyu New Energy has shipped its first batch of network-type liquid-cooled energy storage cabinets to Pakistan, aimed at supporting the largest commercial energy storage project for a cement manufacturer [9][11]. - Desay Battery's 8.6MWh energy storage project in Hunan has successfully connected to the grid, utilizing self-developed battery cells and a health management system for enhanced safety and economic efficiency [12][14].

Core Viewpoint - The article highlights the significant growth and opportunities in the energy storage market, particularly focusing on the recent contracts secured by Xiamen Hichain Energy Storage in Saudi Arabia, indicating a robust demand for battery energy storage systems (BESS) driven by Saudi Arabia's Vision 2030 strategy [3][10]. Group 1: Company Developments - Xiamen Hichain Energy Storage has secured a major contract with Saudi Electricity Company for a battery storage project with a total capacity of 1GW/4GWh, valued at approximately 25.98 billion RMB (around 3.62 billion USD) [3][6]. - The company is responsible for supplying equipment and operations for the Tabuk-1 and Hail 2BSP projects, with specific contract values of 671.7 million and 686.35 million Saudi Riyals respectively [3][6]. - Since 2025, Hichain Energy Storage has announced over 30GWh of major energy storage orders, showcasing its expanding footprint in the industry [7]. Group 2: Market Insights - The Saudi battery storage market is experiencing explosive growth, with a total of 13GWh of grid-level BESS projects already built or under construction, projected to reach 33.5GWh by 2026, making it the third-largest BESS market globally after the US and China [10][11]. - The Saudi Power Procurement Company plans to tender 2GW/8GWh of independent BESS projects annually starting in 2024, aiming for a cumulative total of 10GW/40GWh by 2030 [10][11]. - The competitive landscape is intensifying, with major Chinese companies actively bidding for large-scale storage projects in Saudi Arabia, indicating a strong presence of leading firms in the market [12][13].

Core Viewpoint - The article highlights the recognition of Haibo Shichuang as an advanced intelligent factory in Beijing, emphasizing its role in driving digital transformation in the new energy industry through high-performance energy storage products and big data-driven manufacturing [1][4]. Group 1: Intelligent Factory Overview - Haibo Shichuang's intelligent factory is located in Fangshan District, Beijing, and integrates artificial intelligence with energy storage, utilizing cutting-edge technologies such as digital twins, industrial internet, and big data to create a fully automated system covering research, production, and operations [5]. - The factory has established a comprehensive digital 3D model of its equipment and buildings, enabling real-time interaction and collaboration between the physical factory and its digital twin [5]. Group 2: Technological Advancements - In the research and design phase, the factory has developed a digital design platform that integrates leading simulation software for virtual validation and optimization of product performance [6]. - The production process employs a digital twin to simulate equipment and material movements, enhancing visibility and efficiency in production management through data analysis and visualization [6]. Group 3: New Manufacturing Ecosystem - The intelligent factory has transitioned from a traditional product manufacturer to a service-oriented model, establishing a product lifecycle service platform that assigns unique digital identities to each battery cell, enabling comprehensive data collection throughout the product's lifecycle [9]. - This model allows for predictive maintenance and energy efficiency optimization, creating continuous added value for customers [9]. Group 4: Sustainability and Efficiency - The factory has implemented a carbon footprint management system across the entire value chain, significantly reducing carbon emissions per unit product compared to industry averages [10]. - The newly designed energy storage products feature energy recovery capabilities, promoting efficient energy use and earning the "Beijing Green Factory" certification [10]. Group 5: Industry Impact and Standards - Haibo Shichuang actively participates in the formulation of industry standards related to intelligent manufacturing, leveraging its extensive experience in energy storage to promote standardization and regulation within the industry [11]. - The successful practices of the intelligent factory not only revolutionize the company's production model but also serve as a replicable model for the intelligent transformation of the new energy equipment manufacturing sector [11].

智通财经APP获悉，太平洋证券发布研报称，龙头引领生态升级，重视涨价、AI弹性。宁德时代 (300750.SZ)、隆基绿能(601012.SH)正在引领生态圈升级，未来半年可能是布局锂电、光伏优质龙头的 关键期;六氟磷酸锂等环节有望涨价超预期;算力建设可能带来AI+新能源弹性超预期。 3、中上游涨价持续，多氟多等受益。二季度六氟磷酸锂价格跌至4.7万元/吨，厂家亏损降负荷;8 月受 碳酸锂供应减少带动，其价格突破5.5 万元/吨。9 月起六氟磷酸锂有望供不应求，价格有望突破6 万元/ 吨。 光储产业链核心观点：中期底部将逐步确认 1、新技术是光伏破"卷"的核心，重视BC 生态圈，隆基、爱旭股份等受益。为推动BC 技术产业化，隆 基启动"众行者计划"构建BC 生态圈，截至2025 年5 月底，已与全球191 家生态伙伴技术对接，与44 家 达成55 项合作。 太平洋证券主要观点如下： 新能源汽车产业链核心观点：中下游新周期已开启 1、龙头公司引领商业模式升级，宁德时代等受益。1)宁德时代换电模式实现车电分离，适配16 家车企 车型，计划建设"八横十纵"换电网络。2)宁德时代宁家服务全球服务网络突破1100+站点 ...

Core Viewpoint - Sige新能源, established only three years ago, has achieved remarkable growth, with revenue increasing over 100 times, and is now preparing for its IPO on the Hong Kong Stock Exchange [1][4]. Group 1: Company Overview - Sige新能源 was founded in 2022 and has quickly gained recognition for its flagship product, the SigenStor, a five-in-one energy storage solution that contributed 90% of its revenue in the first three quarters of 2024 [5][10]. - The company has completed six rounds of financing in just 19 months, with a post-B round valuation reaching 4.3 billion RMB, showcasing strong investor confidence [4][6]. Group 2: Product Strategy - The product strategy of Sige新能源 mirrors that of Apple, focusing on creating standout products with exceptional design and system optimization [3][7]. - The SigenStor product integrates multiple functionalities, simplifying installation and usage for consumers, which has led to its significant market success [10][12]. Group 3: Market Expansion - Sige新能源 initially targeted the European market, capitalizing on the surge in household energy storage demand due to rising energy costs and government subsidies [8][20]. - The company has also expanded into the Australian market, where the adoption of home energy storage systems has seen a 15% year-on-year increase, supported by government initiatives [8][10]. Group 4: Financial Performance - Sige新能源 reported a gross margin of 31.3% in 2023, which increased to 44.2% in the first three quarters of 2024, significantly higher than many competitors [33][36]. - The company has experienced cumulative losses exceeding 500 million RMB from 2022 to 2024, primarily due to high R&D and sales expenses [41][42]. Group 5: Competitive Landscape - Despite the competitive pressures in the energy storage market, Sige新能源 has managed to increase its market share in Australia from 17% to 31% within two months [20]. - The company is also venturing into the commercial storage sector with its new product, SigenStack, which aims to replicate the success of SigenStor [24][26]. Group 6: Future Outlook - The upcoming IPO on the Hong Kong Stock Exchange is seen as a pivotal moment for Sige新能源, positioning it as a significant player in the distributed energy storage market [1][46]. - The sustainability of its high gross margins and the ability to maintain competitive pricing in a saturated market remain critical challenges for the company moving forward [46].

未来，双登股份还将持续更新和完善储能电池技术，帮助数据中心客户解决电源运行可靠性及成本控制 等关键挑战，从而持续助力数字经济和人工智能发展。 聚焦"连接+算力" 双登股份业务领域主要聚焦于"连接+算力"。 "连接"指通信领域储能。2011年成立之初，公司就进入通信基站储能领域，与中国移动（600941）、中 国联通、中国电信（601728）等通信运营商及设备商建立起合作关系。 "算力"指包括智算中心在内的数据中心储能业务。2018年，公司敏锐捕捉到互联网时代市场需求，开始 与大型科技企业、数据中心运营商等客户建立合作关系。自2018年以来，公司陆续与阿里巴巴、京东、 百度等达成合作；2022年，打造出国内首例规模化数据中心"备电+循环"复合储能项目，公司产品形态 不断迭代，目前已累计应用于数百家数据中心。 早期数据中心领域客户大多来源于通信储能领域，双登股份的业务结构来自于市场需求下的自然演变。 经过7年的发展，公司数据中心业务收入占比不断提高。根据招股书，2022年、2023年、2024年及2025 年前5个月，双登股份数据中心业务收入占比分别为18.8%、21.1%、31%及46.7%。 以铅酸电池起家的 ...

Core Viewpoint - The first large-scale lithium-sodium hybrid energy storage station in China has successfully surpassed a discharge and charge volume of 100 million kilowatt-hours, demonstrating the effectiveness of new energy storage technologies in supporting high renewable energy penetration in the power grid [1][3]. Group 1: Project Overview - The Baocai Energy Storage Station, located in Yunnan, was put into operation on May 25, covering an area of approximately 50 acres with a capacity of 200 MW/400 MWh [3]. - Since its commissioning, the station has achieved a total charge and discharge volume of 103 million kilowatt-hours and has been activated 272 times, maintaining a high-frequency operation of "two charges and two discharges" daily [3]. Group 2: Technological Innovations - The Baocai Energy Storage Station is a pilot demonstration project that compares the performance of lithium and sodium energy storage materials and employs five differentiated energy storage technology routes [5]. - It features the world's first grid-type sodium-ion energy storage system and the largest single high-voltage direct-connected grid-type energy storage system, contributing to the advancement of energy storage technologies in China [5]. Group 3: Market Context and Future Prospects - Currently, lithium-ion battery storage accounts for 96% of newly built energy storage projects in China, while sodium-ion battery storage is less than 1%, indicating a significant potential for sodium-ion technology due to its superior performance, abundant resources, and lower costs [5]. - The Baocai Energy Storage Station's sodium-ion battery system can operate in various modes, including slow charge and discharge, fast charge and slow discharge, and fast charge and discharge, providing empirical support for the transition from lithium to sodium energy storage technologies [5]. Group 4: Operational Significance - The station plays a crucial role in stabilizing the power grid, especially during peak summer loads, by providing the equivalent of 400,000 household air conditioners' worth of regulation capacity [3]. - With Yunnan's renewable energy installed capacity exceeding 68 million kilowatts and a penetration rate nearing 70%, the Baocai Energy Storage Station serves as an important experimental platform for high renewable energy penetration in the power grid [6].

Core Viewpoint - The energy storage industry is experiencing a price war and a reshuffling of manufacturers, with Nandu Power facing significant challenges despite claims of a performance turnaround after a substantial loss last year [1][6]. Financial Performance - In the first half of 2025, Nandu Power reported revenue of 3.923 billion yuan, a year-on-year decline of 31.67%, and a net loss of 232 million yuan, a year-on-year decrease of 225.48% [1][2]. - The company attributed the revenue decline to strategic transformation and a reduction in the lead recycling business, while the loss was linked to lower revenue recognition in Q1 [1][6]. - In Q2 2025, Nandu Power achieved revenue of 2.784 billion yuan, a year-on-year increase of 0.93%, but the net profit attributable to shareholders was 34 million yuan, down 67.03% year-on-year [2]. Product Performance - Nandu Power's main products include lithium-ion batteries (50.83% of revenue), lead-acid batteries (21.49%), recycled lead (19.35%), and lithium battery materials (8.34%) [4]. - The gross margin for lithium-ion batteries fell by 11.61% to 17.63%, while recycled lead products had a gross margin of -11.02%, indicating significant cost coverage issues [4][5]. Industry Context - The energy storage sector is facing project delays and terminations, with many companies opting for a more rational approach amid tightening financing conditions [8]. - Despite these challenges, Nandu Power is pursuing growth, with a production capacity of 10 GWh for lithium-ion batteries and 4 GWh for lead-acid batteries, although utilization rates are only 70.4% and 62.5%, respectively [8]. IPO and Legal Issues - Nandu Power has initiated plans for an IPO in Hong Kong, aiming to expand its international business and address its high debt levels, which currently stand at 80.04% [8][9]. - The company is also embroiled in a legal dispute with New Day Co., with claims amounting to 486 million yuan, adding financial uncertainty to its IPO prospects [9]. Market Opportunities - Nandu Power has secured several significant orders, including a 2.8 GWh semi-solid battery independent energy storage project, indicating potential for future growth despite current challenges [7]. - The company is also developing a third-generation high-voltage lithium battery system, which could enhance its market position in high-density backup applications [7].