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]

近期，储能行业的"黑马"海辰储能又一次发起IPO冲击。 最新的财务报告看起来花团锦簇——2025年上半年，营业收入69.7亿元，同比增长224.6%，净利润更是由亏损5.87亿元转为2.13亿元，新招股书中的业 绩，看起来为上市提供了不少底气。 首先，海辰储能的盈利"虚胖"，缺乏内生性支撑。2024年，海辰储能实现净利润2.88亿元，但同期计入的政府补助高达4.14亿元，相当于净利润的1.43 倍。2025年上半年，海辰储能净利润2.13亿元，同期政府补助为3.34亿元。 这意味着剔除掉政策性补贴，海辰储能的主营业务实际仍然处于亏损状态。 但穿透这些表面数字，埋藏着大量风险点，包括增长不确定、商业模式脆弱、盈利能力羸弱，财务结构也称不上健康。而这些，都源自海辰储能的长期经 营策略——以低价来攻城略地。 11月28日，工信部组织召开动力和储能电池行业制造业企业座谈会，主题直指行业非理性、"内卷式"竞争问题。华福证券研报提出，此次座谈会出席规格 之高，意味着后续相关行动决策和推进力度可能较强。 行业兴起的"反内卷"趋势，又放大了海辰储能的这些内生性缺陷。在价值回归的行业洗牌中，海辰储能的核心竞争力无疑会受到极大的 ...

Core Viewpoint - The 2025 China Energy Storage CEO Summit highlighted China's leadership in energy storage, with significant growth in installed capacity and efficiency, marking a transition towards high-quality development in the industry [5][6]. Group 1: Industry Growth and Performance - By the third quarter of 2025, China's new energy storage projects reached an installed capacity of 112.4 GW and 270.4 GWh, with power and energy scale increasing by 103% and 116% year-on-year, respectively [5][6]. - Energy storage projects accounted for over 60% of the total installed capacity in power storage, positioning China as the global leader [5][6]. - The equivalent utilization hours for new energy storage in the first three quarters of 2025 were approximately 770 hours, an increase of about 120 hours year-on-year, significantly contributing to power supply stability [5][6]. Group 2: Technological Advancements - The industry is witnessing diverse technological advancements, with lithium-ion batteries undergoing continuous iteration and cost reduction, while long-duration storage technologies like compressed air and flow batteries are achieving scale breakthroughs [5][6]. - Emerging technologies such as solid-state batteries and hydrogen storage are accelerating development, creating a complementary and collaborative industrial ecosystem [5][6]. Group 3: Market Dynamics and Global Cooperation - The shift from mandatory storage policies to market-driven mechanisms is enhancing market vitality, with companies increasingly focusing on value creation [5][6]. - Energy storage applications are expanding from electricity to various sectors, including industrial parks, solar charging stations, and data centers, evolving into multi-faceted solutions [6]. - Global cooperation is becoming a core topic, with over 100 countries committing to net-zero carbon emissions, leading to an expanding market for new energy storage applications [6][7]. Group 4: Future Outlook and Strategic Initiatives - The summit aimed to create a high-end platform for resource linkage across the entire industry chain, focusing on practical experience sharing and precise business matching to support Chinese energy storage companies in international expansion [6][7]. - The alliance is committed to promoting the sustainable development of the energy storage industry and addressing global carbon neutrality challenges as opportunities for green economic growth in China [8].

文 | 中关村储能产业技术联盟 1 2月3日，果下科技通过港交所主板上市聆讯，由光大证券国际担任独家保荐人。 11月3日，果下科技股份有限公司第二次向港交所提交上市申请书。对于果下科技而言， 此次通过港交所主板上市聆讯是其IPO过程中的关键里程碑，意味着公司已满足港交所的 上市规则要求，可以正式进入发行股票、定价和挂牌交易的最后阶段。 果下科技成立于2019年1月，是一家基于人工智能驱动的可再生能源解决方案提供商，向 客户及终端用户提供储能系统解决方案，其产品及方案覆盖大型电源侧、大电网侧、工商 业及住宅等多种应用场景。 据招股申请书， 本次H股上市募资将主要用于提升研发能力，提升人工智能研发能力， 重点提升人工智能算力。 海内外研发重点不同，国内研发重点为EMS调度、3S融和逆变 器以及电池预警系统，海外业务研发主要举措预计2 0 2 6 - 2 0 2 7年逐步推出，包括新一代储 能电池、逆变器以及系统产品相关认证等。 此外还包括海外运营及服务网络、大型储能 系统产品、工商业储能系统产品以及户用产品产能扩展， 其中包括采购两条新产线用于 大型储能系统产品生产，设计年产能为1. 5GWh。一条用于户用储能系 ...

Group 1 - The company has successfully completed various certifications for its liquid-cooled string PCS CL430HX in the North American market, including UL 1741, IEEE 1547, IEEE 1547.1, and IEEE 2800 [2] - In the European market, the same product has achieved CE certification, EN 50549-2/-10 certification, and PTPiREE Poland grid connection certification [2] - The centralized PCS NEPCS-2000 has also completed full certification in North America and has received CE certification and EN 50549-2 certification in Europe [2]

Core Viewpoint - The article highlights the collaboration between China Gas and EVE Energy, focusing on energy transition and the development of advanced energy storage solutions, emphasizing the importance of battery cells in the energy supply chain [3][4][6]. 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, in Shenzhen, with an expected attendance of over 1,200 in-person participants and 30,000 online viewers [2]. - The event will feature various sponsors and speakers from leading companies in the lithium battery and energy storage sectors, showcasing advancements and innovations in the industry [2]. Group 2: Collaboration Details - China Gas has signed a cooperation agreement with EVE Energy to provide energy assurance for projects in Yunnan and Hubei, as well as in Malaysia, involving a scale of approximately 1GWh for battery cell or energy storage product orders [3][4]. - The collaboration aims to explore cutting-edge technologies and develop integrated energy storage systems, focusing on biomass energy coupling technology [3][4]. Group 3: EVE Energy's Innovations - EVE Energy has developed various battery cell solutions tailored to different market segments, utilizing both cylindrical and prismatic battery designs to meet diverse energy storage needs [4]. - The company has introduced a long-cycle energy storage system with zero degradation over five years and has patented technologies such as immersion liquid cooling for enhanced safety [4][5]. Group 4: China Gas's Energy Transition - China Gas is actively pursuing renewable energy initiatives, enhancing its comprehensive energy service capabilities through collaborations with battery manufacturers [4][6]. - The company has successfully implemented several energy storage projects, demonstrating its technical expertise and commitment to quality in the energy management sector [6].

Core Viewpoint - The article discusses the opportunities in the energy storage industry amidst the ongoing reforms in the electricity market and the rise of digital intelligence, highlighting significant partnerships and strategic agreements in Europe [2][3]. Group 1: Strategic Partnerships and Agreements - 中汽新能 signed a strategic cooperation agreement with Belgium's AVESTA for a capacity of 2GWh, marking a significant step in expanding its international presence [4][7]. - 库博能源 established a strategic cooperation with Romania's VoltLink Energy, focusing on a 1GWh capacity, which aims to enhance their overseas business and leverage VoltLink's market experience [9][11]. Group 2: Market Growth and Projections - The European energy storage market is entering a critical phase, with cumulative installed capacity expected to exceed 100GW by the end of November, driven primarily by large-scale storage projects [3][12]. - The EU aims for a target of 500-780GWh of installed capacity by 2030, indicating a substantial growth potential in the sector [3][12]. Group 3: Economic Drivers and Challenges - The economic viability of energy storage has improved due to declining costs and increased revenue opportunities, with CAPEX for LFP storage systems expected to decrease by approximately 37% from 2022 to 2025 [16]. - Despite strong growth prospects, the European storage market faces challenges, including lengthy approval processes and market fragmentation, which could hinder achieving the 2030 targets [17][18].

Core Insights - The new energy storage industry is transitioning from "policy-driven" to "market-driven" value, marking a critical point in its development [1] - The Ministry of Industry and Information Technology has initiated measures to regulate irrational competition in battery production, establishing a clear path for high-quality development in the industry [1] - The "Aurora Award" aims to recognize leading companies in the energy storage sector, providing valuable references for industry decision-making and supplier selection [1] Industry Developments - The energy storage sector is entering a "quality improvement and efficiency enhancement" golden period due to sustained capacity compensation policies and the rapid growth of load and renewable energy installations [1] - The "Aurora Award" has received enthusiastic responses, with various companies competing for recognition in the energy storage field [2] Notable Companies and Innovations - **融和元储 (Ronghe Yuanshu)**: Focuses on operational efficiency with its AI-driven platform, achieving a 50% increase in electricity price prediction accuracy and an 80% improvement in data processing efficiency [3] - **海尔新能源 (Haier New Energy)**: Provides comprehensive smart clean energy solutions, with an annual production capacity of 1.5GWh and a cumulative shipment of over 1GWh [4] - **利星能 (Lixing Energy)**: Engages in full-chain capabilities in the new energy sector, with over 10GWh annual delivery capacity and a focus on comprehensive energy service models [5][6] - **汇川技术 (Inovance Technology)**: Achieved significant breakthroughs in energy storage systems, with a production capacity of 50GW and rapid project delivery capabilities [7] - **固德威 (GoodWe)**: Implements a platform strategy for smart energy management, managing over 9GW of distributed energy [8] - **古瑞瓦特 (Greewat)**: A leading provider of distributed energy solutions, with a focus on innovation and a global presence [9][10] - **远东电池 (Far East Battery)**: Achieved a revenue of 20.209 billion yuan in the first three quarters of 2025, with a 30.92% increase in smart battery business revenue [11] - **林洋储能 (Linyang Energy)**: Established a diversified market presence with over 6GWh of delivered storage products [12] - **安徽明美新能 (Anhui Mingmei New Energy)**: Focuses on high-end and emerging markets, with a total shipment of over 7.5GWh [13] - **科创储能 (Kechuang Energy)**: A pioneer in the mass production of immersion liquid cooling technology, with a production capacity of 12GWh [14][15] - **TCL光伏科技 (TCL Solar Technology)**: Offers flexible cooperation models for commercial energy storage, significantly reducing industry entry barriers [16] - **碧澄能源 (PCG Power)**: A leading provider of distributed clean energy solutions, with nearly 2GW of distributed renewable energy projects [17] Innovative Products - **协鑫储能 (GCL Energy Storage)**: Launched the AI-driven G-INSIGHT platform for optimizing commercial energy storage revenue [18] - **协能科技 (XieNeng Technology)**: Introduced a high-current balancing BMS that addresses historical challenges in energy storage systems [19] - **泰来精工 (Tailai Precision)**: Specializes in high-efficiency heat exchangers for energy storage inverters, with a production capacity of 100,000 units [20] Upcoming Events - The final award winners of the "Aurora Award" will be announced on January 8, 2026, at the "Power Market and Intelligent Energy Storage Enterprise Innovation Practice Summit" [21][22]

佘海峰强调，为践行"极致安全"的价值主张，隆基选择与精控能源（PotisEdge）展开深度合作，将为隆 基储能解决方案提供技术支撑。 此外，为加速欧洲能源转型进程，隆基宣布在欧洲设立首个光储技术创新中心。该中心将整合项目咨 询、技术培训、运维支持与备件服务等核心职能，致力于提供快速响应、覆盖全生命周期的本地化专业 服务。 面对2050年全球电力需求预计翻倍的挑战，隆基绿能集团副总裁佘海峰首次提出以光伏、储能、氢能为 核心的"稳定三角"能源架构。"光伏是清洁能源的创造者，储能是电力系统的稳定器，氢能则是平衡能 源系统的调节器。"佘海峰表示，"三者的协同将构建真正广普及、高韧性、可负担的零碳能源体系。" 据悉，目前隆基已在光伏与氢能领域积累了技术——HIBC电池效率达27.81%、ALK电解槽产能全球第 一。此次布局储能业务，标志着隆基"光储氢"全价值链闭环的战略布局进一步完善。 中化新网讯 当地时间11月26日，隆基绿能在英国伦敦首次向外界阐述其储能战略，正式宣布进军储能 领域，并推出隆基储能一站式解决方案。 ...