01 12月16日，A股、港股市场回调，全市场1300余只ETF中，仅50余只收涨，其中6只产品涨幅在1%及以 上。金融科技、旅游、汽车等行业ETF表现相对坚挺。跨境ETF中，2只巴西ETF和1只标普消费ETF涨 幅居市场前列。 02 值得注意的是，今日逆势收涨的ETF中，多只产品成交额显著放量。例如，标普消费ETF（159529）换 手率飙升至199.92%，全天成交额逼近20亿元，是昨日成交额的4倍；智能驾驶ETF（516520）成交额更 是大幅放量，约为昨日的7倍；旅游ETF（159766）成交额也较昨日翻倍。 03 资金流向方面，前一交易日（12月15日），面对市场回调，ETF整体逆势净流入约67亿元。其中，宽基 ETF吸金势头较盛，多只挂钩中证A500指数的产品单日净流入额跻身市场前十，且较前几个交易日明显 放量。3只A500ETF产品近5个交易日合计获资金净流入已超过135亿元，资金涌入迹象较为明显。部分 货基ETF资金净流出金额居前。 三大行业主题ETF表现坚挺 12月16日，在ETF市场整体跌多涨少的行情下，金融科技、旅游、汽车三大行业的ETF表现相对具有韧 性，多只产品涨幅跻身市场前十。 今 ...

12月16日，储能产品公司果下科技正式登陆港股市场。果下科技的资本市场首秀可谓极为亮眼，公司股价首日涨幅达到 117.91%，市值达到224亿港元。 | | 43.800 +23.700 +117.91% | | 39.741 (CNY) | | | | 果下科技 立即 2655 交易 | | --- | --- | --- | --- | --- | --- | --- | --- | | HKEX HKD 16:08:32 | | | | | | | 1 . . + | | 委比 | 63.05% 麦克 | | 2.56万 | रेस | 0.00% 120H | | 0.00% | | 型 | 43.960 | - | - ) | 5日 | 0.00% 250日 | | 0.00% | | 卖西 | 43.940 | - | - ) | 20日 | | 0.00% 52周高 | 0.00 | | 英三 | 43.920 | - | - ) | 60日 | | 0.00% 52周低 | 0.00 | | 型 | 43.900 | 100 | 1) | | 2023 | 2024 | 2025H1 | | ...

12月16日，储能产品公司果下科技正式登陆港股市场。果下科技的资本市场首秀可谓极为亮眼，公司股价首日涨幅达到117.91%，市值达到224亿港元。 | 43.800 | | | 39.741 (CNY) | | | 果下科技 立即 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | +23.700 +117.91% | | | | | 2655 交易 | | HKEX HKD 16:08:32 | | | | | | | 1 . . + | | 委比 | 63.05% 委员 | | 2.56万 | रोस | 0.00% 120H | | 0.00% | | 文句 | 43.960 | . | - ) | 5日 | 0.00% 250日 | | 0.00% | | 卖四 | 43.940 | - | - ) | 20日 | | 0.00% 52周高 | 0.00 | | 婆三 | 43.920 | - | - ) | 60日 | | 0.00% 52周低 | 0.00 | | 彩 | 43.900 | 100 | 1) | | 2023 | ...

Core Viewpoint - Guoxia Technology (02655.HK) officially listed on the Hong Kong Stock Exchange on December 16, with a closing increase of 117.91%, achieving a market capitalization of approximately HKD 22.4 billion, highlighting its rapid ascent in the global energy storage system sector within just six years [1][4]. Group 1: Company Background and Development - Guoxia Technology was founded by alumni from Jiangnan University, with key figures including Chairman Feng Lizheng and CEO Zhang Xi, both graduates from the university [1][3]. - The company was established in 2019, focusing on the intelligentization of energy storage systems, a concept that was still emerging at the time [3]. - Initial funding of RMB 5 million was provided by Chen Junde, Chairman of Wuxi Special Steel, which was crucial for the company's early development [3]. Group 2: Business Model and Achievements - Guoxia Technology has developed a complete closed-loop system covering research, production, and delivery, emphasizing a "systematic + intelligent" approach to energy storage [5]. - The company has achieved significant revenue growth, with projected revenues of RMB 1.42 million in 2022, RMB 3.14 million in 2023, and RMB 10.26 million in 2024, alongside profits of RMB 24.27 million, RMB 28.15 million, and RMB 49.12 million respectively [7]. - By 2024, Guoxia Technology is expected to rank as the eighth largest supplier in the global multi-purpose energy storage system market, with an estimated output exceeding RMB 2 billion in 2025 [7]. Group 3: IPO and Future Plans - The global offering consisted of 33.85 million shares at an issue price of HKD 20.1 per share, raising approximately HKD 606 million, reflecting strong market confidence in the company's long-term value in the "AI + energy storage" sector [8]. - The raised funds will be primarily allocated to enhance core technology research, build overseas operations and service networks, and expand product capacity [8]. - Guoxia Technology is also planning to develop specialized AI chips for energy storage systems and AI optimization robots, aiming to lead in innovative energy storage technologies [10].

2025年下半年以来，储能行业需求突飞猛进，而光伏行业去产能困难重重，需求陷入衰退的境地。 在此背景下，不少光伏厂商纷纷开辟"第二增长曲线"，即大力拓展储能业务。比如在光伏厂商普遍亏损 的状态下，"光储一体化"先锋企业阿特斯（SH688472，股价14.82元，市值546.59亿元）却能交出一 份"小而美"的财报。 《每日经济新闻》记者注意到，不仅阿特斯，还有隆基绿能（SH601012，股价17.46元，市值1323.00亿 元）、晶澳科技（SZ002459，股价10.88元，市值4.55亿元）、天合光能（SH688599，股价16.31元，市 值382.07亿元）也陆续出手。隆基绿能通过收购的方式进入储能领域，晶澳科技则选择与电芯厂商楚能 新能源联手。 值得一提的是，不少光伏厂商既没有储能变流器技术积累，也不能自产电芯，贸然进入储能行业或难以 形成竞争力。 通威集团董事局主席刘汉元就曾表示，适当的分工与协同，"大家能在一个能源转型的大舞台上共同献 艺，反而能发展得更好"。 储能需求增长迅猛 2025年初，"136号文"出台后，强制配储取消，行业一度悲观。然而，2025年下半年以来，储能需求反 而增长迅猛。 ...

Core Viewpoint - Guoxia Technology (02655.HK), a supplier of energy storage system solutions, made a strong debut on the Hong Kong Stock Exchange, with its stock price soaring 117.9% on the first day of trading [1][2]. Financial Performance - The company's revenue is projected to grow from 142 million yuan in 2022 to 1.026 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 168.9% [2]. - In the first half of 2025, revenue reached 691 million yuan, a year-on-year increase of approximately 663% [2]. - The company's gross margin has significantly declined from 25.1% in 2022 to 15.1% in 2024, further dropping to 12.5% in the first half of 2025 [2]. - Net profit margin decreased from 17.1% in 2022 to 0.8% in the first half of 2025, indicating a substantial compression of profit margins [2]. Business Structure and Market Position - The revenue structure is shifting from European residential energy storage to a focus on large-scale energy storage systems in the domestic Chinese market, with large-scale storage revenue share increasing from 12.2% in 2022 to 74.2% in the first half of 2025 [3]. - Guoxia Technology has become the eighth largest Chinese energy storage system supplier globally by 2024, according to industry reports [2]. Customer Dependency and Financial Risks - The company faces significant customer dependency risks, with the largest customer, Zhongchuang Innovation, accounting for 41.7% of revenue in the first half of 2025 [3]. - The relationship with Zhongchuang Innovation raises concerns about business independence and pricing fairness due to its role as both a major customer and a shareholder [3]. - Cash flow pressures are evident, with trade receivables increasing from 41.59 million yuan at the end of 2022 to 952 million yuan by June 2025, and accounts receivable turnover days extending from 56.7 days to 198 days [3]. - The company's operating cash flow turned negative in the first half of 2025, with a net outflow of 205 million yuan [3]. Research and Development - Guoxia Technology's R&D expenditure accounted for only 2.4% of total revenue in the first half of 2025, which is significantly lower than the industry median of 5.23% among listed energy storage companies in the A-share market [4]. - The adequacy of current R&D investment to support technological leadership and long-term competitiveness remains to be seen [4].

每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ （记者 王晓波） 截至发稿，派能科技市值为136亿元。 每经AI快讯，派能科技（SH 688063，收盘价：55.51元）12月16日晚间发布公告称，公司第四届第二次 董事会会议于2025年12月16日以现场结合通讯方式召开。会议审议了《关于2026年度与中兴新通讯有限 公司的日常关联交易预计的议案》等文件。 2024年1至12月份，派能科技的营业收入构成为：储能行业占比97.65%，其他行业占比1.37%，其他业 务占比0.99%。 ...

Group 1 - The report highlights that domestic and international policies are driving significant growth in the energy storage industry, with China's "136" document and various provincial regulations promoting independent energy storage development [1][19]. - In 2025, global energy storage installations are expected to reach 329 GWh, representing a year-on-year increase of 87%, with a compound annual growth rate of 86% projected from 2025 to 2027 [2][40]. - The report identifies two main investment themes: the first focuses on energy storage battery manufacturers like CATL and EVE Energy, while the second emphasizes energy storage system providers such as Sungrow and Canadian Solar [3][18]. Group 2 - The report outlines that various countries are implementing supportive policies for energy storage, with China introducing market-oriented reforms and capacity compensation mechanisms [19][20]. - In the U.S., states are actively promoting energy storage through subsidies and regulatory measures, with California and New York setting ambitious storage installation targets [24][25]. - European countries are also enhancing their energy storage policies, with significant subsidies being introduced to support the integration of renewable energy sources [29][31]. Group 3 - The supply-demand dynamics indicate a tightening supply of upstream battery cells, while leading companies in the energy storage system segment are expected to maintain strong performance [2][33]. - The report notes that as renewable energy installations increase, the demand for energy storage products will grow, driven by the need for energy consumption management [17][40]. - The report emphasizes that the profitability of energy storage battery manufacturers is likely to improve due to rising prices and demand exceeding supply [2][3].

新能源板块今日低开低走，截至收盘，中证上海环交所碳中和指数下跌1.9%，国证新能源电池指数下跌2.2%，中证新能源指数下跌2.4%，中证光伏产业指 数下跌3.0%。资金逆势加仓，储能电池ETF（159566）全天净申购约7000万份。Wind数据显示，截至昨日，该ETF此前一周合计"吸金"超3亿元。 光大证券表示，政策端明确支持储能、氢能的发展，强调市场化调节机制和氢氨醇统筹规模化建设是后续推动储能获得合理收益的重要调节手段；工信部提 出综合整治"内卷式"竞争，产业链整体的盈利水平有望持续修复。展望2026年，国内独立储能招标预计延续2025年高景气水平。 | 令日 | 该指数 | 该指数自20 | | --- | --- | --- | | 该指数涨跌 | 市净率 | 发布以来估( | | -3.0% | 2.5倍 | 49.09 | 每日经济新闻 ...

（原标题：全球首款锂电8小时长时储能系统面世，搭载1300Ah超大电芯） 21世纪经济报道记者费心懿 厦门报道 电动汽车、数据中心等场景电力需求快速增长，全球能源结构不断转型，可再生能源渗透率不断提高。 而新能源发电的间歇性与电力系统所需的稳定灵活之间存在的矛盾仅依靠2至4小时的短时储能已难以满 足系统平衡需求。 在此背景下，能够增强电网稳定性、提升新能源消纳能力的8小时长时储能，正成为储能产业发展的新 方向。在储能技术路线多元并存，技术创新不断迭代涌现的当下，锂电储能系统开始向4小时以上的长 时场景渗透。 12月12日，在海辰储能第三届生态日上，联合创始人、总裁王鹏程在致辞中表示，让绿电从"看天供 应"转向"稳定好用"，关键在于发展能够跨昼夜、跨周期的全天候长时储能。 活动期间，海辰储能发布了全球首个原生8小时长时储能解决方案——∞Power6.9MW/55.2MWh，值得 一提的是，该长时储能系统搭载了海辰储能自主研发的1300Ah储能专用电芯。海辰储能宣布，该8小时 长时储能系统将于2026年四季度实现量产交付。 据悉，作为锂电长时储能赛道的早期布局者，海辰储能长期深耕，已构建起从587Ah、1175A ...