Core Viewpoint - The A-share market is expected to reach a cyclical peak in spring 2026, with a comprehensive market rally potentially triggered by the sequential emergence of "policy bottom, market bottom, and economic bottom" around mid-2026 [1] Group 1: Market Outlook - By mid-2026, the supply in midstream manufacturing may clear, leading to a noticeable increase in sectors where capacity growth is lower than demand growth [1] - The upcoming market rally will be supported by improvements in the fundamental cycle, strengthening trends in emerging industries, shifts in resident asset allocation towards equities, and the enhancement of China's global influence [1] Group 2: Investment Strategy - Before spring 2026, technology growth stocks may experience minor rebounds; from spring to mid-year, high-dividend defensive stocks are expected to outperform [1] - After mid-2026, a "cyclical foundation with growth leading" approach is anticipated, with the "policy bottom" catalyzing cyclical sectors to lead index breakthroughs, while the trends in technology industries and the enhancement of manufacturing global influence will be the main market themes [1] Group 3: Key Investment Themes - Three major structural themes to focus on in 2026 include: 1. Recovery trading sectors such as cyclical Alpha, basic chemicals, and industrial metals 2. Technology industry trend sectors including AI supply chain, humanoid robots, energy storage, photovoltaics, pharmaceuticals, and military industry 3. Sectors related to the enhancement of manufacturing influence, such as chemicals and engineering machinery [2]

Core Viewpoint - The article emphasizes the significance of the energy storage industry in addressing the supply-demand mismatch in electricity, particularly in the context of the rapid growth of artificial intelligence and its energy consumption needs [3]. Group 1: Energy Demand and Supply - The development of artificial intelligence is heavily reliant on electricity, with a large data center consuming approximately 100 million kWh annually, equivalent to the annual electricity usage of 30,000 households [3]. - Despite the rapid growth of renewable energy sources like wind and solar power, the real challenge lies in managing the temporal and spatial discrepancies in electricity supply and demand, which underpins the logic of the energy storage industry [3]. Group 2: Energy Storage Solutions - Among various emerging electrochemical energy storage technologies, pumped hydro storage remains the most mature and economically viable option, with a competitive landscape dominated by only a few key players, namely State Grid and two companies under Southern Power Grid [4].

Group 1 - The core viewpoint of the article highlights the supply crisis in the energy storage PCS (Power Conversion System) market, driven by increased demand and supply chain challenges [3][7][9] - The delivery cycle for large PCS units (≥3.45 MW) has extended from 45 days to 75 days, resulting in a price increase of approximately 10%-15% for domestic and international large-scale PCS [7][9] - Major companies like Sungrow, Huawei Digital Energy, and Nari Technology are operating at over 90% capacity utilization, while smaller firms face significant delays due to IGBT module shortages [3][7] Group 2 - In response to the supply challenges, Inovance Technology has launched a 50GW energy storage PCS production base in Xi'an, which is expected to become a leading facility globally [9][11] - The Xi'an facility has a total investment of around 1 billion yuan and aims for an annual revenue of 8 billion yuan upon reaching full capacity [11] - Inovance Technology is also focusing on product innovation, planning to release new high-power PCS inverters and has secured significant contracts, including a 1.2GW project in Australia [11]

Core Insights - The article highlights recent developments in the energy storage sector, particularly focusing on contracts won by Chinese companies in the domestic market, indicating a growing trend in energy storage projects [2]. Group 1: Haixi Communications - Haixi Communications announced a procurement contract for energy storage systems worth 402 million yuan (approximately 57.5 million USD) with Zhejiang Zhaohui Energy Technology [3]. - The project involves a 400MW/800MWh energy storage system, which is a significant initiative for the Shandong provincial grid, implemented in two phases: the first phase is 194MW/388MWh costing 197.88 million yuan, and the second phase is 200MW/400MWh costing 204 million yuan, both including a 13% tax [3]. - Haixi's energy storage solutions have been applied across various industries, achieving significant cost savings, such as over 1 million yuan in annual electricity savings at a demonstration station in Zhejiang and over 30% monthly electricity savings at a manufacturing facility in Anhui [3]. Group 2: Yiwei Power - Yiwei Power is the first candidate for a competitive bidding process for a 60MWh energy storage system as part of a 100MW photovoltaic project, with a bid of 28.8864 million yuan (approximately 4.1 million USD) [4][6]. - The bid translates to a unit price of 0.481 yuan/Wh, indicating competitive pricing in the energy storage market [6]. - The project includes a total installed capacity of 120MWp for the photovoltaic system, along with a 15MW/60MWh energy storage system [7].

Core Viewpoint - The renewable energy sector experienced a decline, with significant drops in indices related to carbon neutrality, photovoltaic, and new energy batteries, indicating a challenging market environment for these sectors [1]. Summary by Category Market Performance - The China Securities Shanghai Carbon Neutral Index fell by 2.2% - The China Securities Photovoltaic Industry Index decreased by 2.6% - Both the China Securities New Energy Index and the National Securities New Energy Battery Index dropped by 3.2% - The Energy Storage Battery ETF (159566) saw a net subscription of approximately 50 million units throughout the day - As of the previous trading day, the Energy Storage Battery ETF (159566) had a net inflow of over 1.1 billion yuan in the month [1]. Industry Insights - Analysts suggest that Chinese energy storage companies will leverage their supply chain advantages to gain a competitive edge in the global market - In the first half of this year, overseas orders for Chinese energy storage companies increased by 246% year-on-year - The production of energy storage devices is expanding the consumption scenarios for lithium battery materials beyond just electric vehicles, indicating potential growth in demand for the lithium battery industry [1].

来源：新能源产业家 作者：范舒雨 "我被工商业储能，做局了！" 2025年，中国的工商业储能投资商和从业者们，一定都非常郁闷以及困惑一件事：为啥国外工商储红红 火火，国内半死不活？ 整个行业都呈现出一种诡异的割裂状态： 大洋彼岸，从欧洲到亚非拉，工商业储能前所未有地大爆发，资本们拿着钱疯抢项目，资产估值一路飙 升。 反观国内，却显然集体恐慌。江苏、浙江，两大用电大省的分时电价政策调整，让收益生生腰斩。微信 社群里充斥着项目甩卖信息，整个市场一下子蔫了。 政策大棒下，项目数量骤减2/3 工商业储能，作为国内最早市场化的储能赛道，从2022年开始就维持着高增长态势，在2024年中国工商 业储能出货量已经达到10GWh。 2022-2025年中国工商储出货量及预测 数据来源：高工储能 前几个月，一家储能公司的员工和我们吐槽，公司已经一个月没发工资，资金链很紧张，估计要撑不下 去了。结果过了一段时间，他来报喜，公司突然被海外一个几个亿的工商储项目砸中，续上命了。 确实，目前国内工商业储能市场是建立在政策规定的价差上，换句话说，资产实际上是建立在沙滩上的 城堡，轻轻一个变动就会坍塌。 中国的工商业储能，难道真的一夜沦为 ...

Core Viewpoint - Trina Solar has secured significant energy storage contracts totaling 2.66GWh, marking its fourth major order announcement in two months, indicating strong growth in its energy storage business [4][6]. Group 1: Recent Contracts - Trina Solar's subsidiary, Trina Storage, signed contracts for a total of 2.66GWh of energy storage products with clients across North America, Europe, and Latin America, with the North American contract accounting for 1.08GWh [4]. - In September, Trina Storage announced a contract for 2.48GWh, including a 1GWh overseas order utilizing a grid-type system, marking a significant milestone in its international market presence [6]. - By the end of October, another contract exceeding 1GWh was signed with a European client, featuring the new Elementa 2 Pro product, which boasts a 12% increase in energy density [6]. Group 2: Future Projections - Trina Storage aims to ship between 8-10GWh in 2025, with expectations of a 50% increase in shipments in 2026, supported by over 10GWh of existing overseas orders [7]. - The company plans to double its 2026 shipment target to 15-16GWh, reflecting a robust growth trajectory in its energy storage business [7]. Group 3: Cost Efficiency and Market Trends - As Trina Solar increases its energy storage product shipments, the cost ratio is expected to decline, leading to significant profitability growth in the energy storage sector next year [7]. - The company attributes its positive outlook to improved customer conversion rates in the solar-storage integration market, a focus on high-margin overseas orders, and ongoing cost reduction through technological advancements and supply chain optimization [7]. - The global demand for energy storage is anticipated to rise, driven by the increasing need for data centers and the overall growth in installed capacity, positioning Trina Solar favorably in the market [8].

Core Viewpoint - The chairman of Tongwei Group, Liu Hanyuan, emphasizes the importance of differentiation and collaboration within the photovoltaic and energy storage industries to avoid excessive competition and achieve high-quality development [1][1]. Industry Insights - Domestic photovoltaic leaders are accelerating their investments in energy storage businesses, recognizing the significant market potential in both power batteries and energy storage sectors [1][1]. - Companies like CATL, BYD, and Sungrow have positioned themselves at the forefront of the global market [1][1]. Competition and Collaboration - Liu Hanyuan advocates for appropriate division of labor and collaboration within the industry, suggesting that this approach will enhance overall development in the energy transition landscape [1][1]. - The ongoing discourse on "anti-involution" reflects the industry's focus on high-quality development rather than merely avoiding monopolistic practices [1][1]. Future Outlook - Liu Hanyuan expresses confidence that with government guidance and industry consensus, the "new three items" of the industry can effectively prevent excessive competition and promote sustainable high-quality collaborative growth over the next 5 to 10 years [1][1]. - He also highlights the importance of achieving supply-demand balance and reasonable pricing through industry consensus, akin to controlling the flow in a water supply system [1][1].

Core Insights - The article highlights the recent bidding data for energy storage projects, indicating a total bidding scale of 8.3 GWh and a winning bid scale of 9.5 GWh for the week of November 10 to November 16 [1]. Bidding Section - The largest project is the 300 MW/1200 MWh compressed air energy storage project in Shandong, with a total investment of approximately 211.16 million yuan [2]. - The bidding scope includes project surveying, design, construction, procurement, installation, commissioning, and related services [2]. Winning Bids Section - The lowest bid for a storage system was 0.4779 yuan/Wh, submitted by XJ Electric for a 105 MW/408 MWh project, with a total bid price of 19.5 million yuan [3]. Project Statistics - Various projects were listed, including: - Shanxi Zhiwei Ruilian Energy's 100 MW mixed storage project in Shanxi [4]. - Hubei Guokai Power's 200 MW/400 MWh independent storage project [4]. - Multiple projects across provinces such as Guangdong, Anhui, and Jiangsu, with capacities ranging from 50 MW to 500 MW and storage durations varying from 2 to 4 hours [4]. Winning Bid Statistics - The winning bids include projects from various companies, with prices and capacities detailed, such as: - Jiangsu Electric Power Design Institute's 200 MW/400 MWh project in Jiangsu with a bid price of approximately 1.302 million yuan [5]. - Projects in Ningxia and Xinjiang with capacities of 300 MW/1200 MWh and 500 MW/2000 MWh respectively, showcasing competitive pricing [5].

Core Viewpoint - The company is closely monitoring the development trends in the robotics industry and is currently not producing battery products for robots [1] Group 1: Company Developments - The company's portable energy storage products can be paired with solar photovoltaic panels to provide continuous power for smart robots [1] - The company plans to actively explore and develop comprehensive solutions for related application scenarios in the future [1] - The goal is to offer higher quality and more comprehensive services to the market [1]