此次调整是基于市场环境变化及公司实际情况的审慎评估，旨在提升资源使用效率和有效控制投资风 险。 2025年前三季度，首航新能实现收入17.46亿元，归母净利润1.14亿元。 11月20日，首航新能（301658）发布公告，公司对"首航储能系统建设项目"的投资总额、实施内容和实 施进度进行了调整。项目的投资总额由21.01亿元调整为12.1亿元，项目建设周期由24个月调整至40个 月。 投资构成调整详情如下表所示： 根据调整后的投资总额，项目将调整原规划产能，增加工商业储能和集中式储能等储能系统产能，并将 按规定履行必要的项目备案程序。 ...

Group 1 - China Electric Power Construction (中国电建) signed new contracts worth 957.979 billion RMB from January to October 2025, with a year-on-year increase of 0.95% [4] - In the energy and power sector, new contracts for new energy storage projects reached 380.08 billion RMB, with 153 projects signed [4][5] - Notable projects include a 200MW/800MWh independent shared energy storage project in Shandong valued at 791 million RMB and a 120MW photovoltaic energy storage project in Nigeria worth 636 million RMB [6] Group 2 - Sungrow Power Supply (阳光电源) signed three long-term strategic cooperation agreements at the 2025 All-Energy Australia event [7][8] - The agreements include a distribution contract with Raystech Group for 800MW of photovoltaic inverters and 1GWh of battery storage systems, set to be delivered by 2026 [10] - Sungrow also renewed a strategic distribution agreement with Supply Partners for 300MW of photovoltaic inverters and 300MWh of residential battery storage systems [11]

Core Viewpoint - The article emphasizes the urgent need for investment in energy storage systems and grid upgrades, as highlighted by the COP30 conference, where multiple countries committed to investing hundreds of billions of dollars to facilitate the transition to clean energy [2][4]. Investment and Market Dynamics - The United Nations Net Zero Emissions Utilities Alliance (UNEZA) raised its annual investment target from $117 billion to $148 billion, with $30 billion allocated for energy storage, aiming to build a $1 trillion renewable energy transmission and storage investment project reserve by 2030 [2]. - The global energy transition is accelerating, with a call from 80 countries at COP30 for a phased-out plan for fossil fuels, emphasizing the critical role of grid and storage capacity [4]. Company Performance and Innovations - Haicheng Energy, a key player in the energy storage sector, reported a revenue of 6.971 billion yuan for the first half of 2025, a year-on-year increase of 224.61%, and a net profit of 212 million yuan, marking a return to profitability [2]. - The company achieved a battery shipment volume of 30 GWh, a 252.9% increase from the previous year, significantly outpacing industry growth [2]. Technological Advancements - Haicheng Energy has filed over 4,300 patents, with more than 2,100 granted, establishing a strong technological barrier [7]. - The company launched the industry’s first 1175Ah energy storage battery, with a cycle life exceeding 11,000 times and energy density surpassing 180 Wh/kg, suitable for long-duration storage applications [7][9]. Global Expansion Strategy - Haicheng Energy is focusing on localized operations as part of its global strategy, establishing production bases in North America and expanding into emerging markets in the Middle East, Africa, and South America [12]. - The company’s overseas revenue surged from 33,000 yuan in 2022 to 1.01 billion yuan in 2023, with projections of 3.7 billion yuan in 2024, indicating a significant growth engine for the company [13]. Financial Performance and Profitability - The overall gross margin for Haicheng Energy reached 13.1% in the first half of 2025, up from 3.6% year-on-year, with the energy storage battery gross margin at 9.7% and the storage system business gross margin increasing to 29.7% [13].

Industry Overview - Spain's battery energy storage sector is experiencing unprecedented expansion, second only to the United States [2] - The Spanish Ministry for Ecological Transition and Demographic Challenge (MITECO) announced a new funding plan of approximately €2 billion (about 163.93 billion RMB) to strengthen the domestic industrial value chain and accelerate energy transition, with €300-350 million allocated for wind power facility upgrades and energy storage system construction [2] - MITECO also initiated a €750 million special plan to promote domestic battery manufacturing, supported by €699 million from the EU for deploying 3.5 GW of new storage capacity [2] - By the end of October, the Spanish government preliminarily selected 143 energy storage projects with a total capacity of nearly 9 GWh, which will receive EU-supported capital expenditure subsidies totaling approximately €840 million (about 68.87 billion RMB) [2] - According to an EY report, Spain plans to develop battery energy storage systems (BESS) with an installed capacity of about 16 GW by 2030, accounting for 29% of the global total installed capacity of 55 GW [2] - The Spanish energy storage market is projected to grow from approximately $417 million in 2019 to $2.1 billion (about 149.41 billion RMB) by 2029 [2] Company Activities - Chinese companies are actively seizing opportunities in Spain's rapidly growing energy storage market, with several firms, including Huawei Digital Energy, Risen Energy, Jinlang Technology, Zhuoyang Energy, and Guanlong Electric, showcasing their products at the GENERA 2025 exhibition [3] - Huawei Digital Energy highlighted its Luna2000 energy storage system series, offering flexible capacity configurations of 107, 161, or 215 kWh, with a system cycle efficiency of 91.3% [4][7] - Risen Energy presented three integrated solar-storage solutions targeting residential, commercial, and large-scale ground power station applications, focusing on a comprehensive smart energy ecosystem [8][10] - Mai Tian Energy showcased a full range of products covering residential and commercial applications, including stable EP series batteries and advanced integrated systems [13] - Jinlang Technology launched the new Evercore series energy storage solutions, featuring configurations of 100 kW/120 kWh and 261 kWh, designed for outdoor harsh environments with high protection ratings [15][17] - Zhuoyang Energy displayed its upgraded Z BOX-C PLUS (261 kWh) and other products, emphasizing local optimization for the European market and strategic partnerships for competitive large-scale storage solutions [18][20] - Guanlong Electric presented a comprehensive product matrix for residential, commercial, and large-scale storage, tailored to meet local market demands with intelligent energy management systems [21][23]

首航新能公告，公司于2025年11月20日召开第二届董事会第十六次会议和第二届监事会第九次会议，审 议通过了《关于调整首航储能系统建设项目的议案》。同意公司对"首航储能系统建设项目"的投资总 额、实施内容和实施进度进行调整。其中，投资总额拟由21.01亿元调整为12.1亿元，项目建设周期拟由 24个月调整至40个月。项目资金仍全部来源于公司自有或自筹资金，不涉及使用公司首次公开发行的募 集资金。 ...

Core Viewpoint - EVE Energy has signed a strategic cooperation agreement with HUAWEI New Energy to deepen collaboration in solid-state battery technology development and industrial application, aiming to enhance safety and competitiveness in the portable energy storage market [4][6][7]. Group 1: Company Collaboration - The partnership focuses on the rapid application of solid-state battery technology in the small energy storage market, which is experiencing a surge in demand due to various subsidy policies across different regions [6][11]. - HUAWEI New Energy, a leader in portable energy storage, holds a significant market share and ranks third among the top 10 global portable energy storage companies in 2024 [5][6]. - EVE Energy's solid-state batteries are expected to provide enhanced safety for HUAWEI's products, thereby strengthening its competitive edge and supporting increased installation volumes [6][7]. Group 2: Market Position and Product Development - EVE Energy's solid-state battery, "Longquan No. 2," has a high energy density of 300Wh/kg and is aimed at high-end applications such as humanoid robots and low-altitude aircraft [9]. - The company plans to establish a production base in Chengdu, with a phased construction plan to achieve a manufacturing capacity of 100MWh by December 2026 [9]. - EVE Energy's energy storage battery shipments reached 48.41GWh in the first three quarters of the year, marking a 35.51% year-on-year increase, positioning it as the second-largest globally [11][12]. Group 3: Future Outlook - The energy storage market is expected to mature and grow significantly, potentially becoming the first commercial application area for solid-state batteries [10]. - EVE Energy has secured over 70GWh of energy storage cooperation projects globally, indicating strong market demand and future growth potential [12].

Group 1 - The 2025 Energy Transition Conference will be held from November 22 to 24 in Changping District, Beijing, focusing on "Accelerating Collaborative Innovation between Enterprises and Regions for Green Transition Development" [1] - The conference will feature a variety of activities, including an opening ceremony, key events, exhibitions, and specialized meetings, along with site visits and project matchmaking [1][2] - Notable guests from various sectors, including government, industry, academia, and finance, will be invited to promote practical collaboration and innovation in the energy sector [2] Group 2 - This year's conference will emphasize the importance of energy storage and hydrogen energy as future industries, while also showcasing fossil energy and energy equipment as advantageous sectors [1][3] - The event will include significant policy announcements, project signings, and discussions on industry achievements, aiming to attract high-quality projects to the Energy Valley [3] - The Energy Valley, as a key platform for international scientific innovation in Beijing, has established numerous high-level research facilities and attracted a diverse range of enterprises and research talents [3]

Traditional Energy Industry - Inner Mongolia is transforming its coal industry by developing a modern coal chemical industry system, focusing on clean and efficient utilization of coal, which is projected to exceed 100 million tons by 2024 [2] - The coal-to-olefins demonstration project will convert 3 million tons of coal into 1.8 million tons of methanol, generating an annual revenue of approximately 6 billion yuan [2] New Energy Industry - Inner Mongolia has become the first province in China to exceed 100 million kilowatts of installed renewable energy capacity, with a total of 150 million kilowatts, surpassing thermal power capacity [5] - The region has established a complete photovoltaic industry chain, including silicon materials, rods, slices, and modules, significantly reducing production costs and energy consumption [5] - The Tengger Desert's 2 million kilowatt photovoltaic project can meet the electricity needs of 1.3 million households annually [5] Future Energy Industry - The launch of the largest green ammonia project in China marks a significant step towards the commercialization of the green hydrogen and ammonia industry, with an annual production capacity of 320,000 tons [8] - Inner Mongolia is developing a green hydrogen corridor and hydrogen pipeline network, aiming to become a major hub for green hydrogen production and application [9] New Energy Storage - Inner Mongolia is actively developing new energy storage projects, with 34 new projects initiated in the first half of the year, aiming for a total installed capacity of 10.32 million kilowatts by the end of 2024 [10] - New energy storage is seen as a crucial component for stabilizing the power system and supporting the development of a new power system [10] Electricity Market Reform - Inner Mongolia is leading in green electricity trading, with a total of 76.2 billion kilowatt-hours traded in 2024, and is integrating into the national unified electricity market [11] - The region is encouraging long-term power purchase agreements between renewable energy producers and key users to enhance market efficiency [12]

Core Viewpoint - The article discusses the optimistic outlook for China's economy and A-share market in 2026, highlighting the potential for high-quality development and the importance of sectors such as technology, cyclical industries, and manufacturing [3][5][11]. Economic Outlook - Multiple institutions predict that China's economy will maintain resilience and enter a new phase of high-quality development in 2026, marking the beginning of the "15th Five-Year Plan" [5]. - Macro policies are expected to shift from extraordinary counter-cyclical adjustments to a more normalized approach, focusing on technological self-reliance and the cultivation of new productive forces [5]. - External demand is anticipated to remain robust, while internal demand will rely on fiscal efforts to stimulate investment in human capital and consumer supply [5]. A-share Market Trends - The A-share market has been on a rising trend since 2025, with active trading observed. There are differing opinions on whether this upward trend will continue in 2026, with some institutions expecting a comprehensive market rally while others foresee a slowdown in growth [7][8]. - By mid-2026, it is expected that the "policy bottom, market bottom, and economic bottom" will successively appear, potentially triggering a comprehensive market rally [8]. - The overall sentiment is that the A-share market's upward momentum is far from over, with expectations that it may challenge levels not seen in the past decade [8]. Sector Focus - Key sectors to watch in 2026 include technology, cyclical industries, and manufacturing, with specific attention to areas such as AI, robotics, energy storage, photovoltaics, pharmaceuticals, and military industries [11]. - Institutions suggest that resource products may emerge as a new mainline direction following technology, driven by global monetary easing, supply-demand gaps, and domestic inventory replenishment [11]. - The TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors are expected to remain central to market dynamics, with potential for significant growth [11]. Capital Flow Insights - Residents are identified as the most significant source of funds in the A-share market, with current trends resembling those seen in 2015. High-risk preference funds have entered the market rapidly, while medium-risk preference funds may represent the next incremental growth phase [9].

Core Viewpoint - The COP30 conference emphasizes the strategic importance of energy storage technology in global energy transition, providing institutional and financial action recommendations for large-scale deployment and international cooperation in energy storage [4][26]. Group 1: Climate Change and Energy Storage - The COP30 conference, held in the Amazon region of Brazil, marks the first multilateral climate governance meeting since the signing of the Paris Agreement ten years ago [2]. - UN Secretary-General António Guterres highlighted the necessity of expanding grid, storage, and efficiency investments to match the rapid development of renewable energy [5]. - The consensus formed at COP30 identifies energy storage as a critical solution to the bottleneck of integrating renewable energy into the grid [5][9]. Group 2: Mechanisms for Global Deployment of Energy Storage - The "Grids and Storage Implementation Coordination Council" was established to accelerate global actions on power networks and storage solutions [8]. - The "Investable Project Framework" was introduced to address financing challenges for developing countries, aiming to convert climate goals into investable projects [10]. - These mechanisms are expected to enhance the financing of energy storage projects, facilitating significant investments in emerging markets [10][27]. Group 3: Financial Commitments and Investments - COP30 announced substantial financial commitments, including a plan by the "Net Zero Emissions Utilities Alliance" to spend $148 billion annually, opening up $1 trillion for grid and storage expansion [11]. - Multilateral development banks and governments pledged over $12 billion for grid financing initiatives [12]. - These commitments indicate a shift in global financial focus towards energy storage and grid modernization to overcome clean energy transition barriers [15]. Group 4: Industry Contributions and International Cooperation - Chinese companies showcased their technological contributions at COP30, with CATL highlighting the economic viability of lithium battery storage and the "solar + storage" combination [18]. - The event featured discussions on the integration of pumped storage and battery storage into Brazil's power system, with interest in China's leading practices [24]. - Various Chinese enterprises, including State Grid and Trina Solar, demonstrated renewable energy and storage technologies during the conference [25]. Group 5: Future Outlook for Energy Storage - COP30 signals a shift from abstract commitments to concrete actions, positioning energy storage as a key element in accelerating renewable energy deployment and achieving climate goals [26][27]. - The establishment of the coordination council and the investment framework provides a dual mechanism for the global deployment of energy storage [27].