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 ...

今日，CPO、PCB、国产算力等方向集体回调，光伏、锂电、储能等新能源题材冲高回落，创业板系列指数震荡调整。截至收盘，创业板中盘200指数下跌 1.3%，创业板指数下跌1.8%，创业板成长指数下跌2.5%，创业板ETF（159915）今日净申购超1.3亿份。 每日经济新闻 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 39.30 [1]. Core Views - The company reported a revenue of RMB 1.38 billion in Q3 2025, representing a year-on-year increase of 20.7% and a quarter-on-quarter increase of 2.0%. However, the net profit attributable to the parent company was RMB 110 million, showing a decline of 21.8% year-on-year and 2.2% quarter-on-quarter [1]. - The company is expanding its overseas business, particularly in regions like India, the Middle East, Africa, and Europe, which is expected to drive profitability improvements as demand increases [2][3]. - The company has successfully integrated its energy storage PCS and system integration businesses into international markets, achieving higher gross margins compared to domestic levels [3]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a gross margin of 24.2% and a net margin of 8.0%. The net financial expense ratio was 3.66%, significantly impacted by foreign exchange losses due to the depreciation of the Indian Rupee [1]. - The estimated revenue from the photovoltaic inverter segment for the first three quarters of 2025 is approximately RMB 2.4 billion, with a gross margin of 21-23% [2]. Market Outlook - The global photovoltaic inverter market is expected to maintain steady growth, with the company's overseas business likely to become a key driver for profit improvement [2]. - The company is focusing on local production capabilities in India to accelerate its overseas market expansion, which is anticipated to enhance its profitability as demand continues to grow [2]. Profit Forecast and Valuation - The forecasted net profit attributable to the parent company for 2025, 2026, and 2027 is RMB 450 million, RMB 662 million, and RMB 818 million, respectively, with corresponding EPS of RMB 0.89, RMB 1.31, and RMB 1.62 [4]. - The company is assigned a 2026E PE of 30x, reflecting its growth potential as it expands its overseas business [4].

中企加速布局澳大利亚储能市场，正成为全球能源转型图景中的新常态。 这一趋势背后，是澳大利亚已成为全球第三大大型电池储能市场的巨大潜力。据彭博新能源财经预测，其大型电池储能装机规模将从2024年的2.3GWh激增 至2035年的18GWh，实现近八倍的增长。 面对这个持续崛起的百亿级市场，中国储能企业正积极抢占这一战略高地，开启中澳清洁能源合作的新篇章。日前，澳大利亚墨尔本举行的 All Energy Australia上，阳光电源推出110KW直流耦合工商业储能系统、欣旺达澳洲首秀、精控能源签下2GWh储能订单…… | 阳光电源 | 直流耦合工商业储能系统等 | | --- | --- | | 比亚迪储能 | "Haohan" 等 | | 天合光能 | Elementa종刚3姜 | | 精控能源 | 全场景储能系统解决方案 | | 为恒智能 | TIANWU工商业储能一体机等 | | 海辰储能 | ∞Power N2.28MWh 1h钠电储能系统等 | | 南都电源 | Center L Ultra 6.25MWh等 | | 欣旺达 | 储能电芯、"液冷储能3.0"技术等 | | 东方日升 | 全链光储+场景 ...

Core Viewpoint - The article discusses the strategic adjustments made by DeYe Co., Ltd. in response to market dynamics, particularly focusing on the shift towards high-margin products in the energy storage sector and the anticipated growth in the commercial energy storage market. Group 1: Financial Adjustments and New Projects - DeYe Co., Ltd. plans to redirect approximately 651 million RMB of unused fundraising from the original "25.5GW string and storage inverter production line" project to a new "7GWh commercial storage production line" project, with a total investment of about 1.112 billion RMB [2][3] - The new project is expected to generate annual revenue of approximately 4.87635 billion RMB and a net profit of about 734 million RMB upon reaching full production [2] Group 2: Market Growth and Demand - The commercial energy storage market is projected to add nearly 10GWh in new capacity by 2025, with a conservative estimate suggesting that the domestic market could reach 20GWh by 2028, reflecting a compound annual growth rate (CAGR) of approximately 108% over three years [7] - Global demand for commercial energy storage is being driven by policy support and rising electricity prices, particularly in regions like Europe, Pakistan, and Nigeria [7] Group 3: Revenue and Profitability - In the third quarter of 2025, DeYe Co., Ltd. reported total revenue of 8.846 billion RMB, a year-on-year increase of 10.36%, and a net profit of 2.347 billion RMB, up 4.79% [4] - The company’s revenue from energy storage battery packs is expected to grow significantly, from 884 million RMB in 2023 to 2.451 billion RMB in 2024, marking a year-on-year increase of 177.19% [8] Group 4: Product Margin and Strategy - The company is shifting its focus towards high-margin products, with the gross margin for commercial storage inverters and energy storage battery packs being significantly higher than that of string inverters [10] - The gross margin for commercial storage inverters is projected to be 60.28% in 2024, while the gross margin for energy storage battery packs is expected to reach 41.30% [10][11] - DeYe Co., Ltd. aims to enhance its competitive position by accelerating product technology updates and expanding into emerging markets [10]

Core Insights - LinYong Energy reported a revenue of 3.674 billion yuan and a net profit of 359 million yuan for the first three quarters of 2025, with a proposed cash dividend of 0.088 yuan per share, totaling approximately 180 million yuan, which represents 50.04% of the net profit [2][6] Smart Metering - LinYong Energy has maintained a strong domestic market share through stable bidding success, product innovation, and deepened research cooperation, achieving a bid amount of 551 million yuan in major state grid projects [3] - The company has expanded its global footprint, signing a supply contract worth 383 million yuan for smart meters in Australia and achieving over 30% market share in Poland and the Middle East [3] New Energy - The company's subsidiary, LinYong Zhiwei, has seen its operation and maintenance capacity exceed 25 GW, marking a 40% increase since the beginning of the year, positioning it among the top tier in the industry [4] - LinYong is actively developing value-added services and has recently been approved as a distributed energy aggregator in Jiangsu, enhancing its capabilities in the energy market [4] Energy Storage - The energy storage business is focused on both domestic and international markets, achieving significant milestones such as a large-scale project in Mongolia and a 40 MW storage project in Mauritius [5] - The company emphasizes technological innovation, recently obtaining a patent for a battery pack thermal runaway protection method, showcasing its strong technical capabilities [5] Overall Business Strategy - Despite short-term performance fluctuations, LinYong Energy's long-term development logic remains intact, with steady progress in global expansion across its three core business areas, continuous technological innovation, and an optimized business structure [6]