文 | 科技日报 宁夏灵武电厂建成了全球首台500kW/125kWh级别的飞轮工程化应用项目，其核心设备国产化 率超过90%， 入选国家能源局第四批能源领域首台（套）重大技术装备名单 ； 8月30日，国家能源集团安徽公司宿州电厂建设的1000MWh 全国最大"煤电+熔盐"储能项目正 式投产 ，该项目创新突破热电联产技术瓶颈，开辟了煤电机组调峰和供热能力提升新路径。截 至 2025 年 8 月 底 ， 国 家 能 源 集 团 累 计 投 运 新 型 储 能 项 目 167 个 ， 总 规 模 6568MW/14798MWh ，在构建新型电力系统中发挥重要调节支撑作用。 国家能源集团坚持创新驱动发展战略，新型储能建设呈现" 新能源配储为主，多场景协同发展 "的规模化、多元化格局。 其中， 新能源配储项目占比接近九成 ，有效提升了可再生能源消纳能力和电网安全稳定水平； 火电配储项目展现较好的经济效益 ，肇庆、台山等电厂火储调频工程累计收益超亿元； 共享与 独立储能项目高效赋能系统调节 ，重庆市最大共享储能项目柏树储能电站成功入选生态环境部 2024年度绿色低碳典型案例名录，开创了" 容量租赁+辅助服务+碳资产开发 ...

Core Viewpoint - The energy sector in China is experiencing significant growth, with total revenue projected to exceed 12 trillion yuan by 2024, driven by both traditional oil and gas and emerging energy sectors [2][4]. Group 1: Revenue Growth - The overall revenue of China's energy industry is expected to rise from 10.27 trillion yuan in 2021 to 12.09 trillion yuan in 2024, reflecting a compound annual growth rate of 5.58% [2]. - The oil and gas sector's revenue is projected to reach 6.81 trillion yuan in 2024, marking an 18.85% increase from 2021 [4]. - The electricity sector's revenue is anticipated to hit 1.94 trillion yuan in 2024, a growth of 21.49% compared to 2021 [10]. Group 2: Sector Performance - The storage sector is experiencing explosive growth, with total revenue increasing from 0.65 trillion yuan in 2021 to 1.67 trillion yuan in 2024, a staggering increase of 156% [10]. - The oil and gas industry is benefiting from enhanced exploration and production efficiency, with significant contributions from companies like China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) [4][6]. Group 3: Technological Advancements - Technological innovations are playing a crucial role in increasing reserves and production, particularly in deep earth, deep water, and unconventional resources [5][6]. - Breakthroughs in drilling technology and the development of unconventional oil and gas resources are expected to boost production significantly, with shale oil production projected to exceed 6 million tons in 2024, a 30% increase year-on-year [6]. Group 4: Energy Transition - The energy structure is shifting towards greener alternatives, with natural gas production's share increasing from 43.68% in 2022 to 44.77% in 2024 [6]. - Companies are actively expanding into new growth areas, such as integrated energy services, with China Petroleum and Chemical Corporation (Sinopec) making strides in developing charging and hydrogen stations [6]. Group 5: Market Dynamics - The energy market is witnessing a transition from policy-driven growth to market-driven dynamics, particularly in the storage sector, which is becoming a key resource for balancing supply and demand [12][13]. - The renewable energy installed capacity is projected to reach 1.89 billion kilowatts by 2024, accounting for 56% of total installed capacity, indicating substantial progress in energy structure transformation [11].

Core Viewpoint - ACWA Power has successfully won the international tender for the NOOR Midelt 2 and NOOR Midelt 3 solar-storage integrated projects in Morocco, with a total installed capacity of 800MW solar and 1.2GWh storage, involving an investment of approximately $3.5 billion (about 25.1 billion RMB) [1] Group 1 - The storage component of the projects will utilize Gotion High-Tech's energy storage solutions, including 314Ah storage cells, a 5MWh liquid-cooled storage system, and a 5.5MW PCS medium-voltage integrated machine [1] - Gotion High-Tech will also provide after-sales maintenance services to ensure stable operation of the projects [1] Group 2 - Gotion High-Tech's factory in Morocco is progressing steadily, aiming for localized production and delivery of batteries and energy storage systems [1] - In June 2024, the Moroccan government and Gotion High-Tech signed a strategic investment agreement to establish a super factory for new energy electric vehicle batteries in Morocco, with an annual production capacity of 20GWh and an investment of 12.8 billion dirhams (approximately 9.3 billion RMB) [1]

Core Viewpoint - The company, 双登股份, has reported significant growth in its mid-year performance, particularly in its AIDC data center energy storage business, indicating a strategic shift in its business model from traditional communication storage to new AIDC storage solutions [1] Financial Performance - The company achieved a revenue of 2.246 billion yuan in the first half of the year, representing a year-on-year increase of 26.21% [1] - The profit attributable to the company's owners was 161 million yuan during the same period [1] Business Growth - The AIDC data center energy storage business experienced explosive growth, with revenue increasing by 113.1% compared to the same period last year, surpassing the revenue from communication storage for the first time [1] - This growth marks a critical transformation in the company's business structure towards leading in new AIDC storage solutions [1] Market Position - According to publicly available data, the company is a leading player in the energy storage business within the big data and communication sectors, focusing on the design, research, development, manufacturing, and sales of energy storage batteries and systems [1] - The company is projected to rank first in global shipments of communication and data center energy storage batteries in 2024, with a market share of 11% [1] - The company serves five of the world's top ten communication operators and equipment manufacturers, with nearly 30% of the top 100 global communication operators and manufacturers as clients [1] - It also provides services to 80% of China's top ten proprietary data center companies and 90% of the top ten third-party data center companies [1]

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, where the Shanghai Composite Index fell by 1.16%, the Shenzhen Component Index decreased by 0.65%, while the ChiNext Index rose by 0.95% [1] - A total of over 4,500 stocks declined, indicating a broad market weakness [1] Sector Performance - The photovoltaic and energy storage sectors showed strength, with companies like Shangneng Electric hitting the daily limit up [1] - CPO concept stocks saw a partial rebound, with Zhongji Xuchuang reaching a historical high [1] - Innovative drug concept stocks surged, with Baihua Pharmaceutical hitting the daily limit up [1] Stock Performance - Brokerage stocks collectively adjusted, with Guosheng Financial Holdings dropping over 5% [2] - The total trading volume in the Shanghai and Shenzhen markets was 2.36 trillion yuan, a decrease of 510.9 billion yuan compared to the previous trading day [2] - Zhongji Xuchuang led individual stock trading with a transaction volume exceeding 28.7 billion yuan [2] Notable Stocks - Zhongji Xuchuang: +10.99%, trading volume 28.717 billion yuan [3] - New Yisheng: +3.21%, trading volume 26.5394 billion yuan [3] - Dongfang Caifu: -4.38%, trading volume 21.7374 billion yuan [3] - Hanwujing: -5.07%, trading volume 19.901 billion yuan [3] - Ningde Times: +2.02%, trading volume 15.641 billion yuan [3] - Yangguang Electric: +15.30%, trading volume 15.588 billion yuan [3]

中国储能网8月发文称，2024年还在产能过剩的储能电芯市场，最近突然进入了"加价也排不到货"的状 态，这种供需反转的速度超出了所有人的预期。宁德时代（300750）、亿纬锂能（300014）、瑞浦兰 钧、远景储能等企业的产线持续满负荷运转，订单量激增至需排队等候，有企业表示"客户加价也排不 了单"。 多位产业界人士对记者表示，海外订单激增和国内政策变化，是供需扭转的两大主要原因。其中，海外 市场的爆发式增长推动了国内储能企业订单激增，尤以新兴市场更为明显。 经济观察网据证券时报网消息，近日，证券时报记者实地走访海辰储能重庆基地发现，该工厂正在开足 马力生产。海辰储能制造板块负责人对记者表示，今年3月至今，海辰厦门和重庆工厂一直处于满产状 态，目前订单已经排到10月。 ...

Group 1 - The A-share market showed mixed performance on September 3, with the ChiNext New Energy ETF (159368) rising by 3.58%, driven by strong performances from stocks like Neng Electric and Sungrow Power, which saw gains of 20% and over 15% respectively [1] - There has been an explosive growth in overseas energy storage demand this year, leading to a surge in orders for domestic energy storage cell manufacturers, resulting in full production capacity and a situation where some companies report "one cell is hard to find" [1] - According to CITIC Securities, the overseas energy storage market, particularly in Europe and the US, is expected to see a significant increase in demand due to the energy transition and the rising share of renewable energy [1] Group 2 - The ChiNext New Energy ETF (159368) is the first ETF in the market tracking the ChiNext New Energy Index, which covers various sectors including batteries, photovoltaics, and semiconductors, indicating strong growth potential and alignment with "anti-involution" policies [2] - The management fee for the ChiNext New Energy ETF is 0.15%, and the custody fee is 0.05%, totaling 0.2%, making it one of the lowest fee products in its category, facilitating quick investment opportunities in the new energy sector [2]

Group 1 - The core viewpoint of the news is that Haibo Sichuang (sh688411) has reached its daily limit up, indicating strong market interest and positive sentiment towards the company's future prospects [1][2]. - The company specializes in electrochemical energy storage systems, holding the largest market share in China and ranking among the top three globally, showcasing significant technological barriers [2]. - In the first half of 2025, the company reported a net profit attributable to shareholders of 316 million yuan, a year-on-year increase of 12.05%, with earnings per share of 1.85 yuan, exceeding expectations and indicating a strong order book [2]. Group 2 - The company is actively promoting governance structure reforms, including the cancellation of the supervisory board and the revision of 26 governance systems, which enhances decision-making efficiency [2]. - The energy storage sector is crucial in the renewable energy field, with increasing global demand for clean energy, indicating a promising market outlook for energy storage solutions [2]. - The company has increased its R&D investment to 137 million yuan in the first half of 2025 and holds a total of 500 authorized patents, reflecting enhanced R&D capabilities that support stock price growth [2].

Macro Economic Group - The US manufacturing PMI for August is reported at 48.7, remaining below the 50% threshold for six consecutive months, indicating a contraction in the manufacturing sector [3][4] - The new orders index rose to 51.4, marking the first expansion since the beginning of the year, while the production index fell to 47.8, indicating a return to contraction [3][4] - Employment index remains low at 43.8, the second lowest level since June 2020, while the supplier delivery index improved to 51.3, indicating a return to expansion [4] Industry Comprehensive Group - Gold prices reached a historical high, with COMEX gold futures for December rising by 2.42% to $3601.00 per ounce, indicating strong demand for gold as a hedge against inflation [7] - The domestic energy storage industry is experiencing a significant boost due to the acceleration of market-oriented electricity pricing, with potential annual profits for a 100MW/200MWh storage station reaching 20 million yuan, doubling from 2023 [7] Advanced Manufacturing Group - The wholesale sales of new energy passenger vehicles in China reached 1.3 million units in August, a year-on-year increase of 24%, with a cumulative total of 8.93 million units for the first eight months, up 34% year-on-year [9] - The new energy heavy truck sector saw a remarkable growth of 169% year-on-year in August, with major companies reporting significant sales increases [9] - The introduction of flying cars in California marks a new trend in the automotive industry, with a prototype already in trial operation and 3,300 pre-orders received [9] Consumption Group - iQIYI reported total revenue of 6.63 billion yuan in the first half of 2025, a year-on-year decline of 11%, primarily due to reduced content supply and a decrease in advertising revenue [13] - The application of AI technology has improved advertising click-through rates by 20%, and the company has a reserve of 15,000 short dramas, indicating potential for future growth [13] - International membership revenue has grown by 35% year-on-year, with significant increases in markets such as Brazil, Mexico, and Indonesia [13]

Demand Side - The leading battery manufacturers are projecting a shipment growth of 30-50% for 2026, exceeding the market's expectation of over 20% growth, driven by independent energy storage in China and overseas large-scale storage demand [1] - In China, the cancellation of mandatory distribution in Document No. 136 has led to a significant downward adjustment in market demand expectations, yet from January to July 2025, domestic energy storage bids reached 202 GWh, a year-on-year increase of 146%, indicating a successful commercial model for independent storage [1] - The internal rate of return (IRR) for independent storage in several provinces can reach 6%-10% or more, with expectations for continued demand growth as more provinces improve their policies by 2026 [1] Supply Side - Major battery manufacturers are maintaining tight production capacity, with companies like CATL, EVE, and Haicheng operating at full capacity, while others like Ruipu and AVIC are also significantly increasing their utilization rates [2] - Positive price signals have emerged in the domestic market, with energy storage cells experiencing consecutive price increases in June and July, and the average price for 314/280Ah cells rising to 0.295 yuan/Wh [2] - The price of PCS (Power Conversion System) has also seen an increase, with a rise of 0.005 yuan/W to 0.07 yuan/W in July 2024, indicating a clear trend of price stability in the system segment, which is expected to improve profitability across the industry chain [2] Market Performance - As of September 3, 2025, the ChiNext New Energy Index surged by 3.98%, with significant gains in constituent stocks such as Shangneng Electric (+20.01%) and Sungrow Power (+15.91%) [3] - The ChiNext New Energy ETF closely tracks the performance of the ChiNext New Energy Index, reflecting the operational characteristics of listed companies in the new energy sector [3] - The top ten weighted stocks in the ChiNext New Energy Index account for 64.15% of the total index, with major players including CATL, Sungrow Power, and EVE Energy [3]