Core Insights - Trina Solar reported a revenue of 49.97 billion yuan for the first three quarters of 2025, with a non-GAAP net profit of -4.201 billion yuan, indicating a narrowing loss in the third quarter with a revenue of 18.914 billion yuan and a non-GAAP net profit of -1.283 billion yuan [1] - The company’s subsidiary, Trina Storage, signed a sales contract for over 1 GWh of energy storage products with a European customer, utilizing the new Elementa2Pro flexible storage battery system [1][2] - Trina Storage has been rapidly expanding its energy storage business, securing GWh-level contracts, including a significant project in Chile, marking a key step in its global expansion [2] Financial Performance - For the first three quarters, Trina Solar achieved an operating cash flow of 2.855 billion yuan [1] - The company’s third-quarter performance showed a reduction in loss compared to previous quarters, indicating potential recovery [1] Business Expansion - Trina Storage aims to exceed 8 GWh in shipments for its energy storage business in 2025, with a projected growth of over 50% in 2026 [3] - The company has been actively pursuing overseas contracts, with significant agreements in regions such as Latin America and Asia-Pacific [2][3] Strategic Moves - In October, Trina Solar repurchased 3.0358 million shares for a total of 57.0412 million yuan, reflecting management's confidence in the company's future [3]

Core Viewpoint - Baichuan Co., Ltd. reported a revenue of 1.367 billion yuan in Q3 2025, marking a year-on-year increase of 7.32%, with a total revenue of 4.277 billion yuan for the year-to-date, reflecting a growth of 9.40% [1] Group 1: Company Performance - The company is a leader in fine chemicals, new materials, and new energy, actively expanding its presence in the lithium battery materials sector [1] - Baichuan has established a complete lithium battery industry chain from upstream raw materials to downstream lithium-ion batteries [1] - The subsidiary Haiji New Energy is a key growth driver, focusing on the R&D, production, and sales of lithium-ion batteries and energy storage systems [1] Group 2: Technological Advancements - Haiji's quasi-solid-state battery has achieved significant upgrades in safety, lifespan, and temperature adaptability, with a thermal runaway threshold increased from 170°C to 230°C [2] - The quasi-solid-state battery can undergo over 10,000 cycles at 25°C, covering a lifespan of 10-15 years, thus reducing lifecycle costs [2] - The battery's energy density has improved by 25% compared to current liquid systems, with a mass energy density of ≥220Wh/kg and a volume energy density of ≥480Wh/L [2] Group 3: Market Outlook - The recent launch of the 135Ah 1C energy storage cell demonstrates robust charge and discharge performance, achieving energy efficiency of ≥95% [3] - Haiji New Energy's technological breakthroughs and multi-scenario applications are expected to create a differentiated competitive barrier [3] - The growth potential of the quasi-solid-state battery aligns with the scaling of the energy storage industry and emerging demands in low-altitude economy and high-end manufacturing [3]

Core Viewpoint - The energy storage sector is experiencing a significant recovery and value reassessment in 2025, driven by favorable policies, increasing demand, and rapid profit growth [1][3]. Group 1: Policy Stimulus - The Chinese government has reinforced support for the battery industry through policies, including the "New Energy Storage Scale Construction Special Action Plan (2025-2027)," which aims for a new energy storage capacity of over 180 million kilowatts by 2027, leading to direct investments of approximately 250 billion yuan [5]. - The industry is transitioning from "mandatory storage" to "independent storage," enhancing market vitality and diversifying revenue sources [6]. - The new five-year plan emphasizes increasing the proportion of renewable energy supply and promoting high-quality development of clean energy [6]. Group 2: Market Demand - In the domestic market, the new energy storage capacity reached 75.9 GWh in the first eight months of 2025, a year-on-year increase of 42%. The lithium battery shipment in Q3 was 165 GWh, up 65% year-on-year, with an expected total shipment of 580 GWh for the year, representing a growth rate exceeding 75% [7]. - Globally, the shipment of energy storage cells is projected to reach 226 GWh in 2025, a 97% increase year-on-year, with Chinese companies holding 90% of the market share [8]. Group 3: Industry Performance - Leading companies like CATL reported Q3 revenue of 104.186 billion yuan, a 12.9% year-on-year increase, and a net profit of 18.549 billion yuan, up 41.21% year-on-year, indicating strong cost control and product optimization [15]. - Sungrow achieved Q3 revenue of 22.869 billion yuan, a 20.83% increase, with net profit soaring 57.04% year-on-year [16]. - Other companies, such as EVE Energy and Guoxuan High-Tech, also reported significant revenue and profit growth, reflecting a broader recovery in the energy storage battery sector [18][19]. Group 4: Future Outlook - Two core trends for the future of energy storage include policy developments related to grid storage and the integration of energy storage with global AI data centers [23]. - The energy storage industry is expected to experience high growth and certainty, driven by ongoing renewable energy construction and the increasing importance of energy storage in enhancing the profitability of renewable energy generation [25]. - The valuation of the energy storage battery sector is currently around 35 times PE-TTM, lower than the 45 times expected in 2024, indicating potential for valuation recovery [30]. Group 5: Investment Opportunities - The energy storage battery ETF (159566) has seen significant capital inflow, with over 590 million yuan in net inflow over the past 20 days, and its current scale has surpassed 2 billion yuan [22][34]. - The ETF tracks the National Certificate New Energy Battery Index, focusing on leading companies in the energy storage industry, including CATL, Sungrow, and EVE Energy [35].

10月30日上午，神舟二十一号航天员乘组名单公布。乘组由航天驾驶员张陆、航天飞行工程师武飞、载荷专家张洪章3名航天员组成。 张洪章此行，将发挥专业优势，在轨开展"面向空间应用的锂离子电池电化学光学原位研究"。 其中，张洪章为中国科学院大连化学物理研究所（简称"大连化物所"）研究员。据中关村储能产业技术联盟消息，张洪章将成为首位进入太空的储能领域 专家。大连化物所介绍，他将是我国第二位叩问苍穹的载荷专家。 神舟二十一号航天员乘组来源：中国载人航天 航天员张洪章来源：中国载人航天 据大连化物所官方披露，张洪章，男，汉族，籍贯山东邹平，博士学位。1986年4月出生，2013年7月参加工作，2004年8月加入中国共产党，中国科学院 研究员。2020年9月，作为载荷专家入选为我国第三批航天员。经全面考评，入选神舟二十一号载人飞行任务乘组。 | 张洪章 | 研究员 | | | | --- | --- | --- | --- | | 学历:博士研究生 | | | | | 学科:化学工程 | | | | | 部门:DNL1701组 | | | | | 电话:0411-84379536 | | | | | 日本: zhangh ...

2025年10月21日，河北省发展和改革委员会正式印发《河北省多元技术路线独立储能试点专案清单》， 旨在贯彻落实国家《新型储能规模化建设专项行动方案(2025–2027年)》精神，加快推动新型储能多元 化规模化发展，有效提升电力系统调节能力。在此次公布的试点专案清单中，察北管理区200兆瓦╱0.8 吉瓦时构网型混合储能电站项目(瑞风储能电站二期)成功入选。 瑞风储能电站二期工程拟建于张家口市察北管理区乌兰管理处周边区域，紧邻一期专案已建设完成的场 址北侧。此选址充分利用了现有电网基础设施，周边有国网解放500千伏变电站、瑞风储能电站一期项 目自建的220千伏升压站和专用输电线路，为项目接入提供了便利条件。 （原标题：瑞风新能源(00527)：瑞风储能电站二期成功入选河北试点专案清单） 智通财经APP讯，瑞风新能源(00527)发布公告，由公司附属公司河北瑞风云联数字新能源有限公司(瑞 风云联)投资及建设的容量为300兆瓦╱1.2吉瓦时的电网侧独立储能电站一期项目2024年9月开工建设， 于2025年1月22日实现全容量并网。目前已参与中长期电能量交易，进入市场化运营阶段。瑞风储能电 站一期专案采用磷酸铁锂电池 ...

Core Insights - Ruifeng New Energy (00527) announced the construction of a 300 MW / 1.2 GWh independent energy storage station, with phase one expected to commence in September 2024 and achieve full capacity grid connection by January 22, 2025 [1] - The energy storage station utilizes lithium iron phosphate battery technology and features a four-hour long-duration energy storage system, enhancing the Hebei North grid's peak shaving and emergency backup capabilities [1] - The project is the first grid-connected independent energy storage station in Hebei North and currently the largest in North China, contributing to economic benefits through participation in the Hebei North electricity trading platform [1] - The Hebei Provincial Development and Reform Commission has included the second phase of the Ruifeng energy storage station, a 200 MW / 0.8 GWh hybrid energy storage project, in its pilot project list to promote diversified and large-scale development of new energy storage [1][2] Project Details - The second phase of the Ruifeng energy storage station will be located in the Ulan Management Area of the Chabei Management District in Zhangjiakou, adjacent to the completed phase one site [2] - The site selection leverages existing grid infrastructure, including the State Grid Jiefang 500 kV substation and a self-built 220 kV booster station, facilitating project connectivity [2]

文 | 南方都市报 刚刚（10月30日），商务部官网发布消息，商务部新闻发言人就中美吉隆坡经贸磋商联 合安排答记者问。 问：据了解，中美双方在吉隆坡经贸磋商就解决各自关切的经贸问题达成联合安排。请问 商务部能否介绍吉隆坡经贸磋商共识更多情况？ 答：中美两国元首刚刚在韩国釜山举行会晤，深入讨论了中美经贸关系等议题，同意加强 经贸等领域合作。中方愿与美方一道，共同维护好、落实好两国元首会晤重要共识。 中美经贸团队通过吉隆坡磋商，达成的成果共识主要有以下几方面： 一、 美 方 将 取 消 针 对 中 国 商 品 （ 包 括 香 港 特 别 行 政 区 和 澳 门 特 别 行 政 区 商 品 ） 加 征 的 1 0%所谓"芬太尼关税"，对中国商品（包括香港特别行政区和澳门特别行政区商品）加 征的24%对等关税将继续暂停一年。 中方将相应调整针对美方上述关税的反制措施。双 方同意继续延长部分关税排除措施。 二、 美方将暂停实施其9月29日公布的出口管制50%穿透性规则一年。 中方将暂停实施 1 0月9日公布的相关出口管制等措施一年，并将研究细化具体方案。 三、 美方将暂停实施其对华海事、物流和造船业3 0 1调查措施一 ...

Core Viewpoint - The article announces the public bidding for the construction of a software platform for evaluating the cost of energy storage technology throughout its lifecycle, organized by the Zhongguancun Energy Storage Industry Technology Alliance [2]. Group 1: Bidding Information - The bidding period for suppliers is from October 31, 2025, 09:00 to November 4, 2025, 17:00 (Beijing time) [2][7]. - The bidding does not require a fee or deposit from participants [5]. - The submission of bidding documents includes both electronic and paper versions, with the submission period starting on November 5, 2025, at 09:30 and ending on November 7, 2025, at 12:00 (Beijing time) [8][9]. Group 2: Bidder Qualifications - Bidders must be independent legal entities capable of bearing civil responsibility [6]. - Bidders should have a good commercial reputation and sound financial accounting systems [6]. - Bidders must possess the necessary equipment and professional technical capabilities to fulfill the contract [6]. - Bidders should have a good record of tax payments and social security contributions [6]. - Bidders must not have any significant legal violations in their business activities prior to this bidding [6]. - Bidders must not be on any government or supervisory agency's blacklist and must not be in a state of business suspension or bankruptcy [6]. Group 3: Bid Submission and Contact Information - The on-site bidding and defense will take place on November 7, 2025, at 13:30 (Beijing time) at a specified location in Beijing [10]. - Contact information for the bidding organization includes a contact person and phone number for inquiries [10].

2025年10月21日，河北省发展和改革委员会正式印发《河北省多元技术路线独立储能试点专案清单》， 旨在贯彻落实国家《新型储能规模化建设专项行动方案(2025–2027年)》精神，加快推动新型储能多元 化规模化发展，有效提升电力系统调节能力。在此次公布的试点专案清单中，察北管理区200兆瓦╱ 0.8 吉瓦时构网型混合储能电站项目(「瑞风储能电站二期」)成功入选。 瑞风储能电站二期工程拟建于张家口市察北管理区乌兰管理处周边区域，紧邻一期专案已建设完成的场 址北侧。此选址充分利用了现有电网基础设施，周边有国网解放500千伏变电站、瑞风储能电站一期项 目自建的220千伏升压站和专用输电线路，为项目接入提供了便利条件。 格隆汇10月30日丨瑞风新能源(00527.HK)公告，由公司附属公司河北瑞风云联数字新能源有限公司 (「瑞风云联」)投资及建设的容量为300兆瓦╱1.2吉瓦时(「吉瓦时」)的电网侧独立储能电站一期项目 (「瑞风储能电站一期」)2024年6月开工建设，于2025年1月22日实现全容量并网。目前已参与中长期电 能量交易，进入市场化运营阶段。瑞风储能电站一期专案采用磷酸铁锂电池储能技术，配置四小时长时 储 ...

10月30日，天合光能（688599.SH）公告称，公司控股子公司天合储能近日与欧洲区域客户签订了超 1GWh的储能产品销售合同。合同顺利履行将对公司未来的经营业绩产生积极影响。该合同为公司日常 经营性合同，无需提交公司董事会、股东会审议。合同对方与公司及控股子公司不存在关联关系，合同 履行对公司业务独立性不构成影响。合同条款明确了产品交付、价格、质量要求等内容。在合同履行过 程中，可能受外部环境变化、政策变化等因素影响，敬请投资者注意投资风险。 证券代码:688599 证券简称:天合光能 公告编号:2025-106 转债代码:118031 转债简称:天23 转债 ● 本合同的顺利履行将对公司未来的经营业绩产生积极影响,具体影响情 况需以审计机构年度审计确认后的结果为准。 ● 风险提示:在合同履行过程中,受外部宏观环境重大变化、国家有关政 策变化以及其他不可预见或不可抗力等因素的影响,将可能影响合同的履行情 况。敬请广大投资者注意投资风险。 一、合同签署情况 天合光能股份有限公司(以下简称"公司")收到控股子公司江苏天合储能 有限公司(以下简称"天合储能")的通知,天合储能近日与欧洲区域客户签订 了超 1GW ...