新周期 新技术 新生态，由起点锂电、起点储能、起点研究院SPIR主办的 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼&起点研究十周年庆 典、2025起点用户侧储能及电池技术论坛 将于12月18-19日在深圳市维纳斯皇家酒店举办。 800+嘉宾参会，聚焦5大专场40+热门议题，深度探讨锂 电池、材料、设备、工商业储能、便携式储能、户用储能、AIDC储能电池等核心议题，前瞻解析技术突破、破题安全挑战与价值链重构。 活动主题及架构 活动名称： 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼&起点研究十周年庆典 、2025起点用户侧储能及电池技术论坛 活动主题： 新周期 新技术 新生态 活动时间： 2025年12月18-19日 活动地址： 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）三楼维纳斯厅（深圳市宝安区沙井镇沙井路118号） 主办单位： 起点锂电、起点储能、起点研究院 SPIR 专场冠名： 逸飞激光 合影墙独家冠名： 蓝京新能源 签到墙独家冠名： 小鲁锂电 椅背贴独家冠名： 奥鸿智能 矿泉水独家冠名： 派能科技 活动赞助及演讲单位： 惠州潼湖生态智慧区管理委员会/逸飞激光/小鲁锂电/派能 ...

Core Viewpoint - Guoxia Technology, a provider of energy storage solutions, officially listed on the Hong Kong Stock Exchange on December 16, raising approximately HKD 783 million through its IPO, with a strong debut performance [1][3]. IPO Details - The company issued 38.93 million H-shares at an offering price of HKD 20.1, representing 7.61% of total shares post-IPO, with a net fundraising amount of approximately HKD 701 million after expenses [3]. - On its first trading day, the stock opened at HKD 38, a 89% increase from the offering price, and closed at HKD 43.8, marking a 117.91% rise, leading to a total market capitalization of approximately HKD 22.42 billion [3]. Subscription and Investor Interest - The IPO was significantly oversubscribed, with the public offering portion receiving 1,890.73 times oversubscription and the international offering portion receiving 3.63 times [5]. - Three cornerstone investors participated in the offering, collectively subscribing for HKD 74.25 million, accounting for 9.49% of the total global offering [6]. Company Overview - Founded in 2019, Guoxia Technology focuses on AI-driven renewable energy solutions, employing a dual-brand strategy with "Guoxia Technology" for domestic markets and "HANCHUESS" for international markets [6]. - The company targets large-scale energy storage projects on the grid side domestically and household and commercial storage markets internationally, with products already in several mature overseas markets [6]. Financial Performance - The company has experienced rapid revenue growth, with revenues increasing from RMB 142 million in 2022 to RMB 1.026 billion in 2024, and annual profits rising from RMB 24.28 million to RMB 49.12 million [7]. - For the first half of 2025, revenue reached RMB 691 million, a 659% year-on-year increase, although profits decreased to RMB 5.58 million from RMB 25.59 million in the same period last year [7]. Shareholding Structure - The founding team maintains a strong controlling position, holding 54.08% of the shares, with key figures including Chairman Feng Lizheng, CEO Zhang Xi, and President Liu Ziye, all of whom are alumni of Jiangnan University [7]. Salary Information - The total compensation for key executives in the first half of 2025 included RMB 666,000 for Feng Lizheng and RMB 1.518 million for Zhang Xi [8]. Technological Advancements - Guoxia Technology is recognized as one of the first companies in the industry to achieve cloud integration of energy storage systems, pushing AI technology from cloud algorithms to physical entities, and aims to enhance its technology development and global market presence post-IPO [9].

Core Conclusions - The report highlights the potential impact of Japan's interest rate hike on global liquidity, suggesting that while there are concerns, the actual shock may be limited due to previous adjustments in the market [7][8][9] - The medical device and healthcare sectors are expected to rebound, driven by innovation and international expansion, despite current pressures from macroeconomic factors [2][14] - The energy storage industry is poised for growth, supported by favorable policies and increasing demand, with key players identified for investment [3][18][19] Group 1: Strategy and Market Outlook - The report suggests a continued positive outlook for AH shares, with strategic allocations in government bonds and gold, while US stocks and bonds may remain volatile [1][13] - Japan's potential interest rate hike is seen as a catalyst for global liquidity concerns, but the actual impact may be mitigated by prior market adjustments and the current economic environment [7][8][9] Group 2: Medical Device and Healthcare Sector - The medical device sector is currently undervalued, with significant potential for recovery driven by innovation and government support for healthcare services [2][14] - Key areas of focus include domestic device upgrades, international market expansion, and the recovery of hospital services, with specific recommendations for investment in leading companies [14][15][16] Group 3: Energy Storage Industry - The energy storage sector is experiencing robust growth, with a projected global installed capacity of 329 GWh by 2025, reflecting an 87% year-on-year increase [19] - Key recommendations include investing in leading battery manufacturers and energy storage system providers, as demand continues to outpace supply [20][19] Group 4: Real Estate Market Analysis - The real estate market is facing challenges, with a notable decline in sales volume and prices, indicating ongoing pressure in the sector [21][22] - The report anticipates a continued low-level fluctuation in the market, with potential policy adjustments expected after the Spring Festival [23]

新能源及有色金属日报 | 2025-12-17 供需两旺，碳酸锂维持高位震荡 碳酸锂整体维持偏强震荡态势，虽盘中受短期压力回调，但长期上涨趋势的支撑因素仍在。目前，供应端的不确 定性是支撑价格偏强的关键因素之一，国内外供应干扰消息层出不穷。整体来看，短期大概率维持高位震荡，需 聚焦产能释放节奏与资金动向，警惕供需边际变化带来的波动加剧。 单边：短期观望为主 跨期：无 风险 市场分析 2025-12-16，碳酸锂主力合约2605开于101500元/吨，收于100600元/吨，当日收盘价较昨日结算价变化1.27%。当日 成交量为597317手，持仓量为666027手，前一交易日持仓量662185手，根据SMM现货报价，目前基差为-5170元/ 吨（电碳均价-期货）。当日碳酸锂仓单15286手，较上个交易日变化26手。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价94000-97700元/吨，较前一交易日变化700元/吨，工业级碳酸锂报 价92700-94000元/吨，较前一交易日变化700元/吨。6%锂精矿价格1260美元/吨，较前一日变化40美元/吨。据SMM 方面消息，下游材料厂持谨慎观望态度，采购意愿不强。 ...

文｜《财经》研究员 尹路 2025年四季度，全球储能电池市场正经历着一场具有历史意义的结构性转变。储能电池正在从早期的"政策依赖型"向"市场经济型"转移，一个以万亿级资 本投入为特征的"超级周期"正在拉开帷幕。 回顾2025年初，行业内部曾弥漫着一种谨慎甚至悲观的情绪。彼时，中国作为全球最大的储能市场，出台了不再将配置储能作为新能源项目并网核准强制 前置条件的政策。这一变动曾被市场解读为储能需求的短期利空，认为失去了行政指令的强制捆绑，储能装机量将面临增长乏力，甚至下跌的困境。然 而，2025年末，市场实际运行的轨迹与早前的悲观预测形成了鲜明反差，数据层面的证据最为直观。 电网安全的刚需、经济理性的选择、扶持政策的延续、减碳行动的强化，共同支撑着储能的高增速 最新的储能系统和EPC招标数据统计，2025年下半年强制配储政策正式退出之后，市场并未遇冷，反而呈现出爆发式增长。尤其是进入8月后，单月招标 规模创下历史新高，远超往年同期水平。这种井喷式的数据表明，市场对于储能的需求已经不再来自政策强制，而是由内生动力所驱动。 编辑｜马克 基于此，包括高盛、摩根士丹利及国内头部券商在内的多家知名投研机构，纷纷大幅上调了 ...

Summary of Key Points from the Conference Call Industry Overview - The global energy storage market is experiencing significant growth, with installed capacity expected to reach 330-350 GWh in 2025, representing a year-on-year increase of 50-60% [1][2][3] - By 2026, the market is projected to grow to over 500 GWh, with a growth rate of 60-70% [1][2][3] - The energy storage battery supply is expected to remain tight until at least Q2 2026, which may sustain high profitability across the industry [2][3] Regional Insights China - The Chinese energy storage market is benefiting from policy support and innovative business models, with a projected 50% year-on-year growth in large-scale storage capacity in 2025 [1][2][3] - By 2026, growth may exceed 60%, with total installed capacity reaching 260-270 GWh [2][3] - The introduction of capacity pricing policies has improved project profitability, with over 20 provinces expected to meet conditions for rapid growth [2][3][7] United States - The U.S. market is driven by the construction of AI data centers, with a projected growth rate of around 50% in 2026 [1][2][3] - The demand for energy storage is expected to increase significantly due to the high electricity demand from AI data centers, which may account for over 20% of total electricity consumption by 2030 [9][10] - The U.S. energy storage market is expected to see a 45% growth rate in 2025, with a backlog of projects due to previous supply chain issues [14][15] Europe - The European energy storage market is expected to double in size by 2025, with significant growth driven by government subsidies and the transition to renewable energy [1][2][3][15] - Countries like Italy, Greece, and Bulgaria are leading the charge, with Italy planning to auction 57 GWh by 2030 [15] - The overall growth rate in Europe is expected to maintain over 30% annually after 2025 [15] Emerging Markets - Emerging markets, including the Middle East, Southeast Asia, and Australia, are also experiencing rapid growth, with Australia expected to see a doubling of energy storage capacity due to strong subsidy policies [1][2][3][16] - The Middle East is set to see significant project launches, with major projects expected to exceed 40 GWh in 2026 [16] Market Dynamics - The energy storage battery cell industry is facing a supply shortage, which is expected to continue into 2026, impacting pricing and availability [21][40] - Companies are increasingly collaborating with battery manufacturers to develop large battery cell models, enhancing integration and cost efficiency [22][40] Investment Opportunities - Key players expected to benefit from the growth in global energy storage demand include CATL, Aiko, and major system integrators like Sungrow and Huawei [24][43] - The investment strategy should focus on large-scale storage and emerging markets, particularly in Australia and Ukraine, where growth potential is significant [45] Conclusion - The energy storage market is poised for substantial growth across various regions, driven by technological advancements, policy support, and increasing demand from sectors like AI and renewable energy. Companies that adapt to these trends and collaborate effectively within the supply chain are likely to thrive in this evolving landscape [1][2][3][45]

Summary of Key Points from the Conference Call Industry Focus - The conference call primarily discusses the **electric power and new energy industry** with a focus on various segments such as **hydrogen ammonia**, **AIDC power**, **energy storage**, **solid-state batteries**, **lithium batteries**, **wind power**, and **photovoltaics** [1][2][21]. Core Insights and Arguments High Growth and Anti-Competition Strategies - The investment strategy for 2026 emphasizes **high growth** and **anti-competition** as the main themes. Key areas of focus include: - **Hydrogen ammonia** and **AIDC power** are highlighted for their high market potential but low expectations, especially with upcoming policies like the 15th Five-Year Plan and EU carbon tariffs [2][21]. - **Energy storage** is expected to maintain good bidding conditions in the domestic market, with projections of **150 GWh** for 2025 and **250-300 GWh** for 2026 [11]. - **Solid-state batteries** are anticipated to remain relevant until **2027-2028**, with emphasis on R&D and cost reduction [1][2]. Lithium Battery and Wind Power - The **lithium battery** sector is showing positive trends in the second half of the year, but future expectations need monitoring [2]. - The **wind power** market, particularly in Europe, is performing well, with domestic profitability recovering. However, demand growth is slower compared to lithium batteries [7][15]. Photovoltaic Industry Challenges - The **photovoltaic industry** faces challenges such as supply surplus, leading to a cautious outlook. Demand is projected to be between **150-180 GW** for 2026, with a low expectation of exceeding **200 GW** [8][9][18]. - Companies like **LONGi** that are involved in energy storage are noted for their potential growth opportunities [9]. Additional Important Insights Energy Storage Market Dynamics - The **peak-valley price difference** in energy storage is currently around **0.2 to 0.4 yuan**, with regional variations. The eastern region shows a peak-valley price difference of about **0.2 yuan**, while the western region can reach **0.3-0.4 yuan** [4][10]. - The **capacity price** varies by region, with Inner Mongolia offering aggressive subsidies and Gansu adopting a more rational approach [10]. Lithium Resource Outlook - The outlook for **lithium resources** remains optimistic, with a focus on overseas storage demand and domestic bidding volumes. Monitoring data in December and January is crucial for future trends [6][21]. Risks and Opportunities - The main risks across sectors stem from demand uncertainty and potential policy changes affecting the anti-competition strategy. The need for a clear understanding of new power systems and tracking overseas data is emphasized [19][20]. - Despite challenges, there are investment opportunities in sectors like hydrogen ammonia, AIDC power, and lithium resources, particularly in regions with low expectations [21][22]. Recommendations - Companies in the **solid-state transformer (SFT)** sector such as **Sungrow Power**, **Jinpan**, **Xinte Energy**, and **Sifang Shenghong** are recommended for their technological and market advantages [5]. - In the **anti-competition sector**, lithium and wind power are prioritized, while photovoltaic companies with new growth logic are also recommended [22].

新能源行业主题报告 20251216 摘要 储能行业预计在 2026 年实现约 50%的增长，主要受益于市场关注度转 移、价格趋势变化以及商业模式转变，国家政策大力推动储能发展，类 似于早期对新能源汽车的扶持。 风电板块预计 2026 年增速约为 10%，出口和海上风电增速更高，成本 端显著下降将带来利润扩张，同时，风电项目相对于光伏项目对投资开 发商更具吸引力。 光伏行业受 136 号文影响，国内市场可能下滑，海外市场微增，整体需 求端可能下滑十几个百分点，但反内卷政策有望推动价格上涨，盈利前 景仍不明朗，机会或在 2026 年下半年。 储能行业的发展路径与光伏、电动车类似，欧美国家率先应用，随着成 本下降逐步在中国市场发扬光大，再推广至亚非拉等发展中国家。 锂电池产业链已走出通缩进入微通胀周期，储能行业的崛起为锂电池产 业链提供了第二增长曲线，产业链内公司优先考虑的是如何赚回过去两 三年的亏损、改善利润表和提高资产负债质量。 Q&A 请您简要概述一下 2026 年新能源行业的整体展望和主要子行业的表现预测。 2026 年新能源行业整体展望基于各子行业的供需分析，我们得出了一些明确 结论。首先，我们最看好的 ...

Core Viewpoint - Guoxia Technology Co., Ltd. successfully went public on the Hong Kong Stock Exchange on December 16, 2025, with an initial share price of HKD 20.10 and a base issuance scale of HKD 680 million [1][3]. Group 1: Company Overview - Guoxia Technology is a provider of renewable energy solutions and products in China's energy storage industry, focusing on research and development of energy storage system solutions for various applications, including large power sources, power grids, commercial, and residential sectors [3]. - The company is recognized as one of the early participants in integrating energy storage solutions with internet cloud technology and developing a digital energy management platform [3]. - Guoxia Technology ranks as the 10th largest energy storage system supplier globally based on new installed capacity in 2024 and the 8th largest in China [3]. Group 2: Investment and Market Position - The IPO involved three cornerstone investors, accounting for approximately 11% of the shares offered [3]. - Shenwan Hongyuan Securities (Hong Kong) acted as the joint bookrunner and lead manager for the IPO, emphasizing its professional approach and market experience to support the company's listing [3].

12月17日，华西证券最新研报指出，当前A股市场正经历结构性切换，在科技板块轮动动能减弱背景 下，消费板块"高低切换"逻辑有望成为跨年行情核心主线。研报建议投资者重点关注三大方向：政策驱 动的消费升级、超跌红利资产修复以及新能源产业链的长期价值。 随着12月市场对科技股追高意愿降温，资金开始寻找新突破口。11月社会消费品零售总额增速放缓至 3.9%，但中央经济工作会议明确将"坚持内需主导"列为2026年首要任务，引发市场对消费刺激政策加码 的强烈预期。华西证券认为，白酒（贵州茅台、五粮液）、家电（美的集团、格力电器）、汽车（比亚 迪、长城汽车）等低位消费蓝筹存在估值修复空间，而跨境电商（小商品城、华凯易佰）等新兴消费领 域或受益政策红利。 尽管11月21日板块集体下挫后尚未完全修复，但华西证券强调，光伏（隆基绿能、TCL中环）、储能 （宁德时代、阳光电源）、新能源汽车等细分领域的基本面支撑依然扎实。随着行业产能出清加速和技 术迭代推进，具备全球竞争力的龙头企业有望率先受益，建议重点关注技术壁垒较高的电池环节和智能 化转型领先的整车企业。 研报提出"核心资产+弹性标的"组合策略：消费板块以食品饮料、家电为底仓， ...