以下文章来源于中泰证券资管 ，作者文/姜诚 中泰证券资管 . 中泰证券（上海）资产管理有限公司官方公众订阅号，投资路上的好朋友。 点拾导读：我们一直说，股票长期是"称重器"，但到底如何给股票"称重"呢？在今天的这篇分享 中，中泰资管姜诚提出了一个原创定义：称重是对长期分红折现值"求积分"，而非"求导"。那么背 后的逻辑又是什么呢？下面分享这篇来自姜诚的原创思考，希望给大家带来帮助 时间飞快，年关将至，又到了总结和反思的时候。 先当事后诸葛亮，复一下盘。今年市场整体表现不错，多数股票上涨。但表现也有分化，基本面 是主线。顺周期行业整体需求难言强劲，但一些行业受益于供给端的良性变化，利润有见底回升 迹象；个别产能过剩且没有出清迹象的行业则收入和利润两端承压。房地产的量价都继续下行， 报表端还在消化库存压力，超过一半的公司前三季度录得亏损；白酒受累于结构性的需求下行， 多数企业单季度释放出少见的利润负增长，跟房地产成了难兄难弟；银行的弱周期属性越来越明 显，在息差阶段性见底的利好加持下，今年获得了正收益。也有亮眼的明星，储能、AI等领域的 需求都有强劲增长，虽然在技术路线上有分歧，但阶段性的高增长确定性明摆，分歧较 ...

Core Viewpoint - The article highlights the collaboration between Hai Chen Energy and CRRC Zhuzhou Institute, focusing on the supply of 120GWh of energy storage products and the development of advanced energy storage technologies, which is expected to significantly impact the global energy storage market. Group 1: Event Information - The 2025 (10th) Starting Point Lithium Battery Industry Annual Conference and Lithium Battery Golden Ding Award Ceremony will be held on December 18-19, 2025, at the Venus Royal Hotel in Shenzhen [2] - The event will feature over 1200 offline participants and 30,000 online viewers, showcasing the importance of the lithium battery and energy storage sectors [2] Group 2: Partnership Details - Hai Chen Energy signed a cooperation agreement with CRRC Zhuzhou Institute on December 5, 2025, to supply a minimum of 120GWh of energy storage products from 2026 to 2030 [3] - The partnership will focus on various energy storage applications, including smart storage, commercial storage, shared storage, and distributed storage [4] Group 3: Market Position and Growth - In 2024, global energy storage system shipments are projected to reach 418.3GWh, a 92.7% increase year-on-year, with CRRC Zhuzhou Institute ranked third globally in shipments [4] - Hai Chen Energy is also positioned third in global energy storage lithium battery shipments, with a cumulative shipment exceeding 100GWh by August 2025 [4] Group 4: Technological Advancements - The ∞Cell series, particularly the ∞Cell 1175Ah and ∞Cell 587Ah batteries, are key products in the partnership, designed for long-duration energy storage and sharing a common system architecture to reduce costs [5][6] - The ∞Cell 587Ah battery was launched in 2024 and achieved mass production by August 2025, while the ∞Cell 1175Ah battery, the world's first mass-produced single-cell energy storage battery over 1000Ah, began production in June 2025 [6] Group 5: Financial Performance - Hai Chen Energy reported a revenue increase of 224.6% year-on-year in the first half of 2025, reaching 6.971 billion yuan, with a net profit of 213 million yuan and a gross margin of 13.1% [8] - The company has over 44.5GWh in total orders as of November 2025, with long-duration storage projects accounting for 70% of the orders [8] Group 6: Future Outlook - The successful listing of Hai Chen Energy on the Hong Kong Stock Exchange is anticipated to further strengthen its position in the global energy storage industry [9]

Core Viewpoint - The entry of leading photovoltaic companies into the energy storage sector is a strategic response to industry pressures and a shift towards integrated energy solutions, highlighting the growing importance of energy storage in the renewable energy landscape [1][10]. Group 1: Industry Trends - The frequency of discussions around "energy storage" has significantly increased, indicating a shift in focus among photovoltaic companies from traditional products to energy storage solutions [2]. - Major players in the photovoltaic sector, including LONGi Green Energy, Trina Solar, and JinkoSolar, have all made moves into the energy storage market, seeking new growth opportunities amid competitive pressures [3][5]. - The energy storage market is seen as a critical component of the renewable energy system, transitioning from policy-driven to market-driven growth [10][11]. Group 2: Company Strategies - LONGi Green Energy's acquisition of a controlling stake in Suzhou Jingkong Energy Technology Co., Ltd. marks its formal entry into the energy storage sector, aiming to leverage existing technologies and market resources [5]. - Trina Solar has been an early entrant into the energy storage market, with significant investments in research and development since 2015, leading to a substantial increase in its energy storage shipments [7]. - JinkoSolar and JA Solar have also made strategic moves into energy storage, with JinkoSolar targeting a shipment goal of 6 GWh for 2025, primarily in high-profit overseas markets [8][20]. Group 3: Market Dynamics - The global photovoltaic market is experiencing a slowdown, with projections indicating a decrease in new installations, which is prompting companies to diversify into energy storage as a new growth avenue [14][15]. - The demand for energy storage is driven by the need for grid stability and the integration of renewable energy sources, with significant growth expected in both domestic and international markets [11][19]. - The Chinese government has set ambitious targets for energy storage capacity, aiming for over 180 GW by 2027, which is expected to further stimulate market growth [19]. Group 4: Investment and Growth Potential - Energy storage is viewed as a "second growth curve" for leading photovoltaic companies, with expectations that it will become a standard component of renewable energy projects in the next 3 to 5 years [19][20]. - Companies are leveraging their existing brand and market presence to integrate energy storage solutions into their offerings, enhancing their competitive edge and addressing market demands [12][20]. - The transition to energy storage is seen as a necessary evolution for companies to maintain relevance and profitability in a changing energy landscape [10][12].

Core Insights - The frequency of discussions around "energy storage" has significantly increased in the renewable energy sector, indicating a shift in focus among companies towards energy storage solutions as a response to market pressures and competition in the photovoltaic (PV) industry [2][3]. Industry Trends - Major players in the photovoltaic sector, such as Trina Solar and LONGi Green Energy, are increasingly integrating energy storage into their business models, with LONGi officially entering the energy storage market by acquiring a controlling stake in Suzhou Jingkong Energy Technology [4][5][6]. - The trend of "photovoltaic + energy storage" is becoming a new competitive landscape, with all leading PV companies now participating in the energy storage sector [7]. Company Strategies - Companies like Trina Solar and Canadian Solar have been early entrants into the energy storage market, with Trina Solar's storage business entering a growth phase and Canadian Solar adjusting its business structure to focus on the U.S. market [9][16]. - The energy storage market is viewed as a critical component of the renewable energy system, with companies recognizing the need to adapt to market-driven demands rather than solely relying on policy incentives [11][12]. Market Dynamics - The global photovoltaic market is experiencing a slowdown, with projections indicating that the growth rate of new installations will decline in the coming years, prompting companies to seek alternative growth avenues such as energy storage [15][17]. - The demand for energy storage is driven by the increasing need for grid stability and the integration of renewable energy sources, with significant growth expected in both domestic and international markets [13][20]. Future Outlook - The energy storage sector is anticipated to become a standard component of renewable energy projects within the next 3 to 5 years, supported by favorable policies and market conditions [18][19]. - Companies are expected to see substantial growth in their energy storage business, with projections indicating that the shipment of energy storage systems will double in the coming year, particularly in high-margin markets like Europe and North America [20].

天眼查显示，近日，哈尔滨锦初诚储能科技有限公司成立，法定代表人为胡瑞，注册资本500万人民 币，由广东省玺瑞投资实业有限公司全资持股。 序号股东名称持股比例1广东省玺瑞投资实业有限公司100% 企业名称哈尔滨锦初诚储能科技有限公司法定代表人胡瑞注册资本500万人民币国标行业科学研究和技 术服务业>研究和试验发展>工程和技术研究和试验发展地址黑龙江省哈尔滨市道外区南极二路1-4号1单 元18层1号企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2025-12-5至无固定期限 登记机关哈尔滨市道外区市场监督管理局 经营范围含储能技术服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；工程和 技术研究和试验发展；工程技术服务（规划管理、勘察、设计、监理除外）；发电技术服务；节能管理 服务；工程管理服务；合同能源管理；租赁服务（不含许可类租赁服务）；信息系统集成服务；电池零 配件销售；电池销售；智能输配电及控制设备销售。许可项目：发电业务、输电业务、供（配）电业 务；输电、供电、受电电力设施的安装、维修和试验；建设工程施工；供电业务。 来源：市场资讯 ...

以下文章来源于远信储能 ，作者远信储能 远信储能 . 储能新能源 文 | 远信储能 近期，远信储能在海外市场持续实现新突破，相继在美国、匈牙利、日本、智利、波兰等多 个国家及西非地区签约或中标储能项目，覆盖工商业储能、电网侧储能及光储一体化EPC等 多种应用场景。依托成熟的全链条运营能力与全球交付经验，远信储能正不断深化国际化布 局，为全球清洁能源发展注入澎湃动能。 01拓展北美市场,彰显多场景交付实力 03创新"全链条"模式，日本800MWh项目开拓合作新路径 随着全球储能市场高速增长，北美凭借巨大的需求潜力与明确的政策导向，成为企业竞争的 战略高地。远信储能积极拓展北美高端市场，近期与当地合作伙伴达成协议，正式成为美国 储能项目的核心供应商。项目将采用远信自主研发的 Ve nt ur ePr o 工商业储能系统，由远信 提供项目设计、设备制造、跨境交付至现场技术支持在内的一站式解决方案。 在北美市场的落地实践中，远信储能在马萨诸塞州波士顿成功推进首个"光储充"一体化示 范项目。公司深度参与项目全周期管理，包括前期技术方案设计、设备供应、协助业主完成 EPC 甄选及技术边界划分，并持续支持施工管理与并网调试 ...

Core Viewpoint - The strategic partnership between Haicheng Energy Storage and CRRC Zhuzhou Electric Locomotive Research Institute aims to supply a minimum of 120GWh of energy storage products during the 14th Five-Year Plan period (2026-2030), enhancing the development of the energy storage industry and accelerating the global energy transition [2][10]. Group 1: Strategic Cooperation - The collaboration is driven by the explosive growth in demand for large-capacity energy storage systems, which are essential for building a new power system and improving renewable energy absorption [3]. - The partnership will extend beyond product supply to include various energy storage scenarios such as smart storage, commercial storage, shared storage, and distributed storage, focusing on high safety, high efficiency, and long lifespan solutions [3]. Group 2: Product Development and Market Position - Haicheng Energy Storage's ∞Cell 587Ah has achieved early market entry, with mass production starting in August 2025, and has successfully delivered to CRRC Zhuzhou's new generation 6.25MWh battery module for large-scale projects [5]. - The ∞Cell 1175Ah battery, a cornerstone of the 120GWh cooperation, is set for mass production in June 2025, with the first batch of long-duration storage systems delivered in October 2025, marking its entry into large-scale application [7]. Group 3: Comprehensive Solutions and Industry Impact - The cooperation encompasses a full-chain solution from energy cells to system integration and end-use applications, aiming to expand the market through deep collaboration and technological innovation [8]. - This partnership signifies a new starting point for both companies, contributing to the high-quality development of China's energy storage industry and supporting the construction of a new power system [10].

Core Viewpoint - The strategic cooperation agreement between Zhongqi New Energy and Belgian company AVESTA marks a significant step in the development of energy storage solutions, with a focus on a 2GWh capacity project aimed at enhancing the global energy transition [2][4][6]. Group 1: Strategic Partnership - Zhongqi New Energy and AVESTA signed a strategic cooperation agreement for a 2GWh energy storage project on November 26, 2025, in Tianjin, indicating a substantial collaboration in the renewable energy storage sector [2]. - AVESTA, a leader in the European battery manufacturing industry, has established a complete "R&D-Manufacturing-Recycling" ecosystem and is focused on the development and mass production of next-generation solid-state batteries [4]. - The partnership is expected to leverage Zhongqi New Energy's strengths in energy storage system integration and technology development, combined with AVESTA's international resources and brand influence, to promote large-scale green energy solutions [6]. Group 2: Market Impact - The signing of the 2GWh energy storage project is a strategic move for AVESTA to deepen its involvement in the energy storage sector and reflects its trust in Zhongqi New Energy's technological capabilities and market service [4][6]. - Both companies aim to establish a long-term, mutually beneficial partnership to explore new opportunities in the international energy storage market and contribute to global carbon neutrality goals [6].

Core Viewpoint - The energy storage sector has transformed into one of the hottest investment areas in the capital market this year, characterized by strong overall performance but significant fluctuations in funding [2][3]. Market Demand - The market demand for energy storage is experiencing explosive growth, with domestic lithium battery shipments reaching 430 GWh in the first three quarters of 2025, surpassing the total for 2024. Global shipments reached 240.21 GWh, a year-on-year increase of 106.1% [4][20]. - Chinese companies secured 308 new overseas energy storage orders totaling 214.7 GWh in the first nine months of 2025, marking a 131.75% increase year-on-year [4][20]. Policy Support - The government has introduced multiple policies to promote high-quality development in the new energy sector since 2025. The National Development and Reform Commission and the National Energy Administration's action plan aims for a new energy storage capacity of over 180 million kilowatts by 2027, driving direct investment of approximately 250 billion yuan [4][20]. Material Prices - Key materials for energy storage, such as lithium hexafluorophosphate, have seen significant price increases, with some market quotes exceeding 150,000 yuan per ton, reflecting a more than 200% rise since July [4][20]. Market Transition - The energy storage sector is shifting from being a "mandatory allocation" to an "economic choice," marking a significant change in the industry's profitability model. The cancellation of mandatory storage requirements allows energy storage to participate as an independent market entity [5][21]. Revenue Models - As the electricity market reforms deepen, energy storage is transitioning from a cost burden to a profitable asset. Projects in leading provinces can now establish diverse revenue models, significantly enhancing profitability [6][22]. Supply and Demand Dynamics - The previous oversupply and low-price competition are easing, with sustained market demand leading to full production capacity among leading battery manufacturers and stabilization of raw material prices [7][23]. Company Performance - Several companies in the energy storage sector have reported significant earnings growth. For instance, CATL's net profit reached 49.034 billion yuan in the first three quarters of 2025, a 36.2% increase year-on-year [9][25]. - Long-term funds have increased their holdings in energy storage stocks, with 11 stocks receiving support from social security funds, indicating investor confidence in the sector's long-term prospects [10][26]. Institutional Interest - The interest from institutional investors has surged, with 17 energy storage stocks receiving attention from over a hundred institutions since October, further boosting stock performance [11][27].

Core Viewpoint - Zhongguancun Science and Technology Leasing (01601) has entered into a financing lease agreement with Hangzhou Nandu Power Technology Co., Ltd., involving the acquisition and leasing of energy storage production equipment for a total consideration of approximately RMB 30.82 million [1] Group 1 - The company will purchase leasing assets from the lessee for RMB 30 million [1] - The lease term for the assets is set at 12 months [1] - The total lease payment amounts to approximately RMB 30.82 million [1]