证券日报网讯英杰电气（300820）9月5日在互动平台回答投资者提问时表示，公司下属子公司——英杰 新能源有储能产品，产品类型涵盖了柜式储能系统、液冷储能系统、增程式储能供能箱以及储能变流器 等，目前英杰新能源在前期产品研发基础上，营收规模正处于逐步上升阶段，其中储能产品的营收规模 目前还比较小，正在和一些大型国企或头部企业做商务对接，力争在保证一定利润水平的前提下能尽快 实现储能产品营收的快速增长。 ...

Core Viewpoint - The energy storage sector in China is experiencing a significant recovery in profitability despite overcapacity, driven by strong demand in overseas markets and increased domestic installations [1][8]. Group 1: Company Performance - CATL (宁德时代) reported a net profit of 30.485 billion yuan, a year-on-year increase of 33.33%, with total revenue of 178.886 billion yuan, up 7.27% [2]. - BYD achieved a net profit of 15.511 billion yuan, reflecting a year-on-year growth of 13.79%, with total revenue of 371.281 billion yuan, an increase of 23.30% [2]. - Sungrow Power Supply's revenue from energy storage systems surged to 17.803 billion yuan, a remarkable increase of 127.78%, contributing to a total revenue of 43.533 billion yuan, up 40.34% [2]. - Shanshan Co. saw its net profit grow by 1079% to 207 million yuan, with total revenue of 9.858 billion yuan, an increase of 11.78% [4]. Group 2: Market Trends - The global energy storage market is experiencing rapid growth, with China's wind and solar new installed capacity reaching 263.6 GW in the first half of 2025, a year-on-year increase of 105.4% [6]. - The shipment of energy storage batteries in China is projected to reach 265 GWh in the first half of 2025, representing a year-on-year growth of 128% [6]. - Global energy storage battery shipments reached 196.5 GWh from January to May 2025, marking a year-on-year increase of 118%, with expectations to exceed 500 GWh for the entire year [7]. Group 3: Overseas Market Growth - The overseas market is a significant growth driver, with companies like Sungrow generating 58.30% of their revenue from international sales, up from 43.44% the previous year [8]. - Aier Energy reported that 97% of its revenue came from overseas markets, highlighting the focus on regions with greater price arbitrage opportunities [8]. - Countries like Pakistan, Nigeria, and Ukraine continue to show strong demand for solar and storage solutions due to high electricity prices and weak infrastructure [9].

——首航新能首次覆盖 电力设备 报告原因： 证券研究报告 公司研究 / 公司深度 2025 年 09 月 05 日 布局工商储+大储，受益澳洲户储增长 zhupan@ajzq.com 投资要点： 增持（首次评级） | 市场数据： | 2025 年 09 月 04 日 | | --- | --- | | 收盘价（元） | 36.20 | | 一年内最高/最低（元） | 43.44/27 | | 市净率 | 4.8 | | 股息率（分红/股价） | 0.35 | | 流通 A 股市值（百万元） | 1,402 | | 上证指数/深证成指 | 3,766/12,119 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据： | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 7.6 | | 资产负债率% | 35.32 | | 总股本/流通 A 股（百万） | 412/39 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与沪深 300 指数对比走势： 资料来源：聚源数据 相关研究 证券分析师 朱攀 S0820525070001 021-3 ...

Core Viewpoint - The renewable energy sector is experiencing a significant surge, driven by technological advancements, increased demand for energy storage, and supportive policies, leading to a rebound in stock prices and ETF performance [1][2]. Group 1: Market Performance - The Shanghai Composite Index has returned to 3,800 points, with the ChiNext Index rebounding by 6.55%, recovering the previous three-day decline of 6.09% [1]. - Key stocks in the renewable energy sector, such as XianDai Intelligent and Yangguang Electric, saw substantial gains, with XianDai Intelligent hitting the daily limit and Yangguang Electric and Yiwei Lithium Energy rising over 16% [1]. - ETFs with high exposure to renewable energy, including the Huaxia New Energy ETF, surged by 10.9%, while the New Energy Vehicle ETF increased by 8.34% [1]. Group 2: Industry Dynamics - The renewable energy industry is witnessing a positive shift, particularly in the lithium battery sector, with a favorable production outlook for September and a surge in orders for domestic energy storage cell manufacturers due to explosive growth in overseas demand [1][2]. - Solid-state battery technology has seen continuous breakthroughs this year, leading to expectations of increased orders in the market [1][2]. - The "2025-2026 Action Plan for Stable Growth in the Electronic Information Manufacturing Industry" aims to support high-end manufacturing and promote high-quality development in sectors like photovoltaics [2]. Group 3: Financial Projections - The lithium battery sector is projected to see revenue and net profit growth of 13.78% and 28.07%, respectively, in the first half of 2025, indicating an improvement in performance [2]. - The Huaxia New Energy ETF is the first in the market to track the ChiNext New Energy Index, covering the entire renewable energy industry, including batteries, photovoltaics, and semiconductors [2]. - The New Energy Vehicle ETF, with a scale of 4.962 billion yuan, is the largest in its category, featuring key stocks from upstream resource leaders to downstream vehicle manufacturers [2].

Core Viewpoint - The article highlights the significant growth in the domestic energy storage market, with a total of 12.69 GW and 42.65 GWh of projects awarded in August, indicating a robust demand for energy storage solutions in China [1][3]. Group 1: Project Awards - In August, 75 energy storage segments were awarded, comprising 31 energy storage system projects with a total scale of 5.20 GW and 18.07 GWh, and 44 EPC projects with a total scale of 7.49 GW and 24.58 GWh [1][3]. - The largest energy storage system project awarded includes three independent storage projects in Inner Mongolia, with a total procurement demand of 5.2 GWh [3]. Group 2: Major Projects and Bidders - The top bidders for energy storage systems in August included BYD, CRRC Zhuzhou Institute, CATL, Ganfeng Lithium, Shandong Electric, Envision Energy, Zhongtian Storage, Xinjiang Yueshui Electric Storage, and Suzhou Qingt ceramic [5]. - BYD ranked first in August due to multiple large project wins, including the procurement for the independent storage projects in Inner Mongolia [5]. Group 3: Pricing Analysis - The bidding price range for 2-hour energy storage systems was between 0.460 and 0.814 RMB/Wh, with an average winning price of 0.561 RMB/Wh; for 4-hour systems, the range was 0.389 to 0.550 RMB/Wh, with an average of 0.421 RMB/Wh [8]. - The lowest bid for a 2-hour energy storage system was 0.389 RMB/Wh, awarded to Zhongtian Storage for a project in Ulanqab [8]. - For EPC projects, the bidding price range for 2-hour systems was 0.650 to 1.495 RMB/Wh, with an average of 1.032 RMB/Wh; for 4-hour systems, the range was 0.449 to 1.475 RMB/Wh, with an average of 0.884 RMB/Wh [9].

Group 1 - The A-share market saw a collective rise on September 5, with over 4,300 stocks increasing in value, led by sectors such as power equipment, communications, and non-ferrous metals, while the banking sector declined [1] - The demand for overseas energy storage is surging, with the ChiNext New Energy ETF (Hua Xia, 159368) rising by 8.22%, and its constituent stocks like Qian Dao Intelligent, Tianhua New Energy, and Yunda Co. all hitting the daily limit up [1] - According to CESA data, from January to June 2025, Chinese energy storage companies secured 199 new overseas orders/partnerships, totaling over 160 GWh, marking a year-on-year increase of 220.28% [1] Group 2 - CITIC Securities believes that with the overseas energy transition and the increase in the share of new energy, the demand for flexible adjustment resources will rise, indicating a potential demand surge in the overseas energy storage market [1] - The domestic energy storage industry chain shows significant advantages, with the global market share of battery cells and energy storage systems continuously increasing [1] - Most overseas energy storage manufacturers are highly dependent on the Chinese industry chain and face operational challenges due to policy uncertainties, highlighting the investment value in the overseas energy storage market at this time [1] Group 3 - The ChiNext New Energy ETF (Hua Xia, 159368) is the first ETF in the market tracking the ChiNext New Energy Index, covering various sectors within the new energy and new energy vehicle industries, including batteries and photovoltaics [2] - The ETF has a management fee rate of 0.15% and a custody fee rate of 0.05%, totaling only 0.2%, making it the lowest fee product in its category, facilitating quick investment opportunities [2] - Investors are encouraged to continuously monitor the future investment opportunities in the new energy sector [2]

格隆汇9月5日丨九洲集团(300040.SZ)于投资者互动平台表示，公司暂未布局机器人储能领域，公司如 有新的发展规划，会依规及时进行信息披露。 ...

Core Viewpoint - Zhongcheng Import and Export Co., Ltd. (referred to as "Zhongcheng" or "the Company") announced a restructuring plan to acquire 100% equity of Zhongji Jiangsu Clean Energy Co., Ltd. (referred to as "Zhongji Jiangsu") for 151 million yuan, with an additional fundraising of up to 151 million yuan to support related projects and working capital [1] Group 1: Acquisition Details - The transaction involves Zhongcheng issuing shares to purchase Zhongji Jiangsu from China National Technical Import and Export Corporation (referred to as "China Technical Import and Export"), which is indirectly controlled by the Company's major shareholder, General Technology Group [1] - The acquisition price is set at 151 million yuan, and the Company plans to raise matching funds not exceeding the same amount [1] Group 2: Financial Performance of Zhongji Jiangsu - Zhongji Jiangsu focuses on investment, development, and operation of energy storage projects for commercial users, providing energy management services [2] - The projected revenues for Zhongji Jiangsu are 15.4 million yuan for 2023, 37.9 million yuan for 2024, and 22.4 million yuan for the first half of 2025, with net profits of 1.9 million yuan, 15 million yuan, and 4.9 million yuan respectively [2] Group 3: Performance Commitments - The transaction includes performance commitments, with net profit targets for Zhongji Jiangsu set at no less than 10.2 million yuan, 19.3 million yuan, and 19.0 million yuan for the years 2025 to 2027 [4] - If the transaction is completed in 2026, the profit commitments for 2026 to 2028 are set at 19.3 million yuan, 19.0 million yuan, and 18.7 million yuan [4] Group 4: Customer Dependency - Zhongji Jiangsu has a significant reliance on a major client, CATL (Contemporary Amperex Technology Co., Limited), with revenue contributions of 99.72%, 91.96%, and 85.15% from CATL and its subsidiaries over the specified periods [4] - The Company has established a strong partnership with CATL, which has facilitated the expansion of energy management services to other subsidiaries [4] Group 5: Strategic Intent - The acquisition represents Zhongcheng's strategic move to enter the energy storage sector, aiming to create a second growth curve [7] - Post-acquisition, Zhongji Jiangsu will become a wholly-owned subsidiary, enhancing Zhongcheng's total assets, net assets, and revenue, thereby improving the net profit attributable to the parent company [7] Group 6: Zhongcheng's Financial Performance - Zhongcheng has experienced fluctuating financial performance, with revenues ranging from 1.184 billion yuan in 2019 to 1.226 billion yuan in 2024, and net profits showing significant losses in several years [8] - The Company reported a net loss of 55.5 million yuan in the first half of 2025, continuing a trend of negative performance in recent years [8]

Core Viewpoint - The company, Jingwei Co., Ltd. (301390.SZ), is actively involved in the energy storage sector, providing consulting design, engineering construction, and operation and maintenance services [1]. Group 1 - The company is engaged in multiple aspects of the energy storage industry [1].

Core Viewpoint - The article highlights the significant growth in the energy storage sector in August, with a total of 12.69 GW and 42.65 GWh of projects awarded in China, indicating a robust demand for energy storage solutions [1]. Group 1: Project Awards - In August, 75 energy storage segments were awarded, with 31 projects for energy storage systems totaling 5.20 GW and 18.07 GWh, and 44 EPC projects totaling 7.49 GW and 24.58 GWh [1]. - The largest energy storage system procurement projects were located in Inner Mongolia, specifically in Huade, Dengkou County, and Chifeng City, with a total procurement demand of 5.2 GWh [3]. Group 2: Major Projects and Bidders - The top three independent energy storage projects include: - Huade 500 MW/2 GWh project, awarded to CRRC Zhuzhou Electric Locomotive Co., with a total bid of 792 million yuan, equivalent to 0.3960 yuan/Wh [4]. - Dengkou County 400 MW/1.6 GWh project, awarded to BYD, with a total bid of 628.43 million yuan, equivalent to 0.3928 yuan/Wh [5]. - Chifeng City 400 MW/1.6 GWh project, awarded to Shandong Electric Power, with a total bid of 638.10 million yuan, equivalent to 0.3988 yuan/Wh [6]. Group 3: Market Leaders - Leading companies in the energy storage system bidding for August include BYD, CRRC Zhuzhou, CATL, Ganfeng Lithium, Shandong Electric Power, Envision Energy, Zhongtian Storage, Xinjiang Yueshui Electric Storage, and Suzhou Qingt ceramic [9]. - BYD ranked first in August due to multiple large project wins, including the Inner Mongolia Energy Tupu Independent New Energy Storage Station project and the Dengkou County project [9]. Group 4: Pricing Analysis - The bidding price range for 2-hour energy storage systems was between 0.460 and 0.814 yuan/Wh, with an average bid price of 0.561 yuan/Wh. The lowest bid was 0.389 yuan/Wh for a project awarded to Zhongtian Storage [11]. - For EPC projects, the 2-hour storage EPC bidding price ranged from 0.650 to 1.495 yuan/Wh, with an average of 1.032 yuan/Wh. The lowest bid was 0.449 yuan/Wh for a project awarded to a consortium including Dongfang Electric [11].