Group 1 - A new company, Zhongyan (Changzhou) Salt Cave Energy Storage Co., Ltd., has been established with a registered capital of 120 million RMB [1] - The legal representative of the new company is Xie Weiwei [1] - The business scope includes energy storage technology services [1] Group 2 - The company is jointly owned by Huaneng International's Jiangsu Energy Development Co., Ltd. and Zhongyan Group's Zhongyan Salt Cave Comprehensive Utilization Co., Ltd. [1]

近日，钠离子电池工商业储能柜再添新成员。由华钠芯能研制的拥有完全自主知识产权的100千瓦／213 千瓦时钠离子电池液冷工商业储能柜成功下线。这一进展标志着钠离子电池在工商业储能领域的市场应 用迈上新台阶。 该储能柜集成钠离子电池簇、储能变流器、高压箱、液冷机、全氟己酮灭火装置等，采用液冷散热模 式，使温控系统能快速、均匀地控制电池温度稳定在最佳范围，散热效率更高；通过结构优化设计，同 等容量下设备占地面积减少35%，空间利用率显著提高；运行能耗的降低进一步压缩运维成本，同时支 持不停机分区维护，实现灵活运维；依托钠离子电池本身的宽温区优势，充放电工作温度范围覆盖零下 40摄氏度至60摄氏度，环境适应性更强，可从容应对不同地域气候条件，有着高效、稳定、安全、环保 的优势。 据了解，华钠芯能已具备钠离子电池液冷工商业储能柜定制化生产能力，可根据客户个性化需求开展产 品研发与制造。目前，已成功签订2套销售订单，另有5套上海企业的意向订单正在积极对接中。 （文章来源：新华财经） 此次下线的100千瓦／213千瓦时钠离子电池液冷工商业储能柜搭载384块185安时钠离子方形电芯，直流 电压范围在768伏至1478伏，交流 ...

Core Viewpoint - The A-share market continues to show weakness, with the ChiNext New Energy ETF experiencing a decline, while the storage industry is poised for growth driven by policy support and market demand [1][2]. Group 1: Market Performance - The A-share indices continued to decline in the afternoon session, with the ChiNext New Energy ETF (159368) falling over 4% [1]. - The ChiNext New Energy ETF (159368) saw a net inflow of 37.43 million yuan yesterday, leading comparable funds, with its share surpassing 480 million [1]. - The trading volume of the ChiNext New Energy ETF (159368) exceeded 60.7 million, ranking first among similar products [1]. Group 2: Policy and Industry Outlook - The State Council issued an implementation opinion to accelerate the cultivation of new scenarios and promote large-scale applications, focusing on the demand for new productive forces [1]. - The stability and greening of energy supply for Artificial Intelligence Data Centers (AIDC) are increasingly important, with storage technology being a key support [1]. - CITIC Securities predicts a high prosperity development period for the storage industry, driven by both policy and market factors, particularly in the context of power shortages in the U.S. due to AIDC integration and manufacturing return [1]. Group 3: Company and Product Details - The ChiNext New Energy ETF (159368) is the largest ETF tracking the ChiNext New Energy Index, covering various sectors including batteries and photovoltaics [2]. - The ETF has the highest elasticity, with a potential increase of up to 20%, and the lowest fee rate, with a total management and custody fee of only 0.2% [2]. - As of October 31, 2025, the ETF's scale reached 829 million yuan, with an average daily trading volume of 90.05 million over the past month, and it contains 59% storage and 32% solid-state battery components [2].

Core Viewpoint - The energy storage sector is experiencing a significant adjustment, with the energy storage index dropping over 4% in the afternoon session, despite a cumulative increase of 5.71% for the month as of the previous day's close [1]. Group 1: Market Performance - The energy storage index has seen a decline of over 4% in the afternoon session [1]. - As of the previous day's close, the index had a cumulative increase of 5.71% for the month [1]. Group 2: Individual Stock Performance - Stocks such as Fulin Precision Engineering have dropped over 15%, while Zhongneng Electric, Haibo Technology, and Wanrun New Energy have seen declines exceeding 10% [3]. - Other companies with notable declines include Aters, Penghui Energy, Yongfu Co., Aotuxun, and Pioneering Technology, all experiencing significant drops [3]. - The energy storage battery ETF (159566) has decreased by over 3%, despite receiving a net inflow of over 200 million yuan yesterday [3].

Core Viewpoint - The energy storage sector is experiencing a significant adjustment, with the energy storage index dropping over 4% on November 18, despite a cumulative increase of 5.71% for the month [1][2]. Market Performance - As of November 18, the energy storage index (884790) closed at 5559.36, down 236.77 points or 4.09% from the previous day [2]. - The trading volume for the index was 16.36 billion, with a total transaction value of 864.04 billion [2]. - Year-to-date, the index has increased by 64.69% [2]. Individual Stock Performance - Several stocks in the energy storage sector experienced significant declines, with 富临精工 dropping over 15%, and 中能电气, 海博思创, 万润新能, 阿特斯, 鹏辉能源, 永福股份, 奥特迅, and 派能科技 all seeing declines exceeding 10% [4]. - The energy storage battery ETF (159566) fell over 3%, despite a net inflow of over 200 million in the previous day [5].

Market Overview - Chinese stock market continued to weaken, with military stocks rising amid Sino-Japanese tensions[3] - European stock markets generally declined, with investors awaiting U.S. economic data and Nvidia's earnings report[3] - U.S. stock markets also fell, driven by a pullback in technology stocks, leading to a pessimistic market sentiment[3] Forex and Commodities - Geopolitical risks persist, but signs show recovery in activities at a key Russian port, leading to a slight drop in international oil prices[4] - Gold prices fell as expectations for a Fed rate cut weakened, with international gold down 0.48% to $4,074.5 per ounce[4][26] Fixed Income - The bond market remained relatively calm, with U.S. Treasury bonds experiencing a slight rebound[5] - Amazon's $15 billion bond issuance became a market focus, attracting approximately $80 billion in subscriptions[5][30] U.S. Midterm Elections - The 2026 U.S. midterm elections will be held on November 3, 2026, serving as a critical test for Trump's administration[6] - Current polls show the Republican Party leading in the Senate, while the House of Representatives remains uncertain[6] Key Stock Performances - Huazhu Group reported its best performance since 2023, with RevPar expected to turn positive in Q4 2025[8] - Atlassian anticipates a 22.5% year-on-year growth in cloud business revenue for FY2026, despite concerns over AI impacting developer roles[8] A-Share Market - A-shares fell, with the Shanghai Composite Index down 0.46% to 3,972 points, amid rising military stocks due to Sino-Japanese tensions[16] - Lithium battery stocks surged following optimistic price forecasts from Ganfeng Lithium's chairman[16] Asia-Pacific Market - The Asia-Pacific stock market saw mixed results, with the Philippines and South Korea rebounding by 3.5% and 1.9%, respectively[20] - Chinese and Hong Kong markets experienced declines, both down 0.7%[20] Economic Indicators - The U.S. non-farm payroll data for September is anticipated to be released on Thursday, influencing market expectations[4][26] - Fed officials expressed concerns over increasing risks in the labor market, with a 42% probability of a rate cut in December[30]

Core Insights - The energy sector in China is experiencing significant growth in renewable energy, with renewable energy installations reaching 268 million kilowatts in the first half of the year, a year-on-year increase of 99.3%, accounting for 91.5% of new installations [1] - The 15th Five-Year Plan emphasizes the construction of a new energy system, focusing on increasing the share of renewable energy, enhancing the efficiency of fossil energy, and promoting the development of a clean energy system [2] - The upcoming 2025 China International Photovoltaic and Energy Storage Industry Conference aims to showcase innovations in the photovoltaic and energy storage sectors, aligning with the goals of the 15th Five-Year Plan [3][4] Renewable Energy Growth - China's renewable energy installed capacity continues to break records, with nearly 60% of the total installed capacity being renewable [1] - New energy storage capacity reached 94.91 million kilowatts, growing approximately 29% compared to the end of 2024, indicating a stable and rapid development trend in new energy storage [1] Policy and Strategic Framework - The 15th Five-Year Plan outlines strategies for enhancing the supply of renewable energy, ensuring the safe and orderly replacement of fossil fuels, and constructing a robust new power system [2] - The plan promotes a multi-energy approach, integrating wind, solar, hydro, and nuclear energy, while also focusing on the development of smart grids and microgrids [2][4] Industry Conference Highlights - The upcoming conference will feature discussions on key topics such as photovoltaic technology, energy storage, hydrogen energy, and digitalization, providing a platform for policy interpretation and technological exchange [3][4] - Notable industry leaders will participate in roundtable discussions to explore strategies for the integration of photovoltaic and energy storage systems [4] Research and Innovation - The conference will also launch significant research publications, including a collection of case studies on green low-carbon technologies and a white paper on the digital transformation of the energy sector [4] - The focus on new productive forces in the green energy sector presents unprecedented opportunities and challenges for industry stakeholders [4]

Market Overview - On November 18, A-shares experienced a collective decline, with the Shanghai Composite Index down 0.56%, Shenzhen Component Index down 0.43%, and ChiNext Index down 0.43% [1] - The semiconductor sector showed resilience, with Jingyi Equipment rising over 12%, while the power battery sector faced significant losses, with Shida Shenghua hitting the daily limit down [1] - The overall market saw a trading volume of nearly 1.3 trillion yuan, an increase of over 10 billion yuan compared to the previous trading day, with more than 4,000 stocks declining [1] Semiconductor Sector - Tongyi Co., Ltd. (300538) saw a significant rise of over 8% in the morning session, reaching a "20cm" limit up within 4 minutes [3][5] - The semiconductor sector's long-term development logic remains intact despite recent weak performance, with supply chain security and self-sufficiency being key trends [5] - The storage cycle is on an upward trajectory, driven by accelerating demand in the AI era, leading to a continuous expansion of the supply-demand gap [5] Alibaba Concept Stocks - Alibaba concept stocks strengthened on November 18, with notable gains including Zhidema rising over 14% and several other stocks hitting the daily limit up [7] - Ant Group launched a multi-modal AI assistant named "Lingguang," which can generate small applications in 30 seconds using natural language, marking a significant step in its AGI strategy [9] - Alibaba announced the "Qianwen" project to enter the AI to C market, aiming to create a personal AI assistant that can interact with users and assist in various tasks [9]

Core Viewpoint - The energy storage sector is experiencing a significant adjustment, with several companies facing notable declines in their stock prices, indicating potential volatility in the market [1] Company Performance - Haibosi Chuang has seen a drop of over 10% in its stock price [1] - Other companies such as Aters, Penghui Energy, Yongfu Co., Aotexun, and Pioneering Technology have all experienced declines exceeding 5% [1]

Core Viewpoint - The strategic cooperation between Liquid Flow Energy Technology and JENMI INVESTMENTS PTY LTD marks a significant step in expanding the all-vanadium flow battery system and electrolyte market in Australia, highlighting the recognition of Chinese long-duration energy storage technology in the Australian market [2][5]. Group 1 - The collaboration aims to develop a large-scale energy storage project of 350MW/1200MWh, showcasing the potential of liquid flow energy storage systems [2]. - JENMI INVESTMENTS brings extensive local resources and project experience in Australia's infrastructure sector, while Liquid Flow Energy Technology specializes in the research and manufacturing of long-duration energy storage systems, offering comprehensive customization services [5]. - The partnership is expected to leverage both companies' strengths to expedite the implementation of demonstration projects, providing high safety and long-life energy storage solutions for the Australian market [5]. Group 2 - Liquid Flow Energy Technology will participate in the 14th International Energy Storage Summit and Exhibition (ESIE 2026) to showcase innovative technologies and products related to flow batteries [7]. - The event is positioned as a barometer for the development of the energy storage industry, indicating its significance in the sector [8].