Core Viewpoint - The article emphasizes the need for the development of new energy storage in Shanxi Province to transition from "scale construction" to "high-quality development" in order to support the achievement of carbon neutrality goals and promote the healthy development of new energy storage technology and industry [1][14]. Group 1: Opportunities and Challenges in New Energy Storage Development - **Opportunities**: By 2030, Shanxi Province aims to achieve a renewable energy development target of 178 million kilowatts. The rapid growth of renewable energy installations increases the pressure on the power system for peak regulation and supply assurance, making new energy storage a key component in building a new power system and a solid guarantee for achieving carbon neutrality goals [2][15]. - **Challenges**: There are safety risks such as fire hazards due to thermal runaway when constructing new energy storage projects in densely populated areas with concentrated loads and limited renewable energy grid connections. Additionally, large-scale centralized energy storage may lead to limitations in the provincial 500 kV and 220 kV grid structure, resulting in operational restrictions and difficulties in ensuring project profitability [3][16]. Group 2: Energy Storage Capacity Evaluation System - An initial four-level evaluation system for energy storage capacity has been established based on grid carrying capacity, categorized as "Excellent, Good, Medium, and Poor" [4][17]. - **Excellent**: The current grid can accommodate a certain scale of energy storage without operational restrictions [7]. - **Good**: The grid will meet the connection requirements after the commissioning of planned grid projects, but may experience short-term operational restrictions before commissioning [8]. - **Medium**: Energy storage capacity exceeds the current grid carrying capacity, leading to frequent operational restrictions [8]. - **Poor**: Energy storage projects face long-term and high-frequency operational restrictions during peak load periods, impacting grid stability and project profitability [8]. Group 3: Development Recommendations - Based on the energy storage capacity evaluation system, recommendations for energy storage project connections in various districts and counties of Shanxi Province by 2026 have been proposed [5].

Core Insights - The article highlights the significant growth in China's new energy storage capacity, which reached 144.7 GW/373.68 GWh by the end of 2025, marking an 85% year-on-year increase and 45 times the capacity at the end of the 13th Five-Year Plan period [1] - The article discusses the performance of the ChiNext New Energy ETF (华夏, 159368), which saw a 2.57% decline, while its constituent stocks, such as GCL-Poly Energy and Dongfang Risheng, experienced notable gains [1] Industry Overview - By the end of 2025, China's new energy storage cumulative installed capacity is projected to reach 144.7 GW/373.68 GWh, reflecting an 85% increase year-on-year [1] - The 14th Five-Year Plan period is expected to see commercial and industrial energy storage move towards marketization, with diverse revenue models emerging [1] - By 2030, China's new energy storage cumulative installed capacity is anticipated to exceed 370 million kilowatts, with an increase in the average discharge duration of storage systems [1] Company Insights - The ChiNext New Energy ETF (华夏, 159368) is the largest ETF tracking the ChiNext New Energy Index, covering various sectors within the new energy and electric vehicle industries, including batteries and photovoltaics [1] - The ETF has high elasticity, with a potential price increase of up to 20%, and features the lowest fees, with a total management and custody fee of only 0.2% [1] - As of January 9, 2026, the ETF's scale reached 646 million yuan, with an average daily trading volume of 69.49 million yuan over the past month, and nearly 90% of its holdings are in energy storage and solid-state batteries, aligning with current market trends [1]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [1]. Core Insights - The offshore wind tendering in overseas markets remains robust, with significant capacity awarded in recent auctions, reflecting strong demand [6][11]. - Elon Musk announced a plan to establish 200GW of solar manufacturing capacity in the U.S. within three years, which is expected to boost the solar industry significantly [6][11]. - The global household energy storage market is projected to grow nearly 50% in 2025, with key markets like Germany, the U.S., Australia, and Japan dominating the landscape [7][11]. Summary by Sections Wind Power - Recent overseas offshore wind tenders show high activity, with the UK awarding 8.4GW in its latest auction, marking the largest in Europe [11][26]. - The wind power index increased by 5.16% in the week of January 19-23, outperforming the CSI 300 index by 5.78 percentage points, with a current PE_TTM of approximately 29.34 times [12][11]. - The report highlights the potential for investment opportunities in the offshore wind supply chain as demand continues to rise [11]. Solar Power - Elon Musk's announcement at the World Economic Forum regarding the 200GW solar capacity plan is expected to create significant market enthusiasm, particularly for suppliers in the solar equipment sector [6][11]. - The solar sector's current PE_TTM is around 51.85 times, with various indices showing substantial weekly gains [4][11]. Energy Storage & Hydrogen - The global household energy storage system shipment is expected to reach approximately 35GWh in 2025, with a year-on-year growth of nearly 50% [7][11]. - The report recommends investments in domestic and international large-scale storage companies and highlights the potential for distributed storage in emerging markets [7][11].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - At the macro - level, geopolitical turmoil keeps the enthusiasm in the non - ferrous sector high, with strong varieties hitting new highs [5]. - At the industrial level, although the subsidy for new energy vehicles is gradually phased out, 62.5 billion in subsidies are advanced, and car companies subsidize 2025 pre - sale orders. Coupled with the reduction in export tax rebates stimulating "rush - to - export", the vehicle sales data from January to February is smoothed. Energy storage orders are scheduled until April - May 2026, but due to battery capacity bottlenecks, they cannot expand rapidly. It is expected that the combined demand for power and energy storage will decline slightly month - on - month. The downstream orders have increased, and institutions have revised up the production plan for January. The domestic demand side in January is not in a typical off - season, with a month - on - month decline of less than 5%. On the supply side, it is reported that a mine in Yichun has stopped production for license renewal, and the market is worried that other mines in Yichun will also be affected. From January to February, smelters conduct maintenance to prepare for peak - season demand. Even if lithium ore imports increase, the production of lithium carbonate may not increase rapidly, and the supply flexibility is limited. The inventory expectation from January to February has changed from inventory accumulation to inventory reduction, which further stimulates downstream purchasing intentions [5]. - At the futures level, the market has raised the target price for lithium prices, and the optimistic sentiment remains high. The new high in prices indicates that the upward trend will continue. However, regulatory risks may still cause significant short - term corrections, and market sentiment changes should be closely monitored [5]. 3. Summary According to Relevant Catalogs 3.1 Demand Analysis 3.1.1 New Energy Vehicles - Off - Season but Better than Expected - The China Association of Automobile Manufacturers (CAAM) shows that in 2025, the production and sales of new energy vehicles are 16.626 million and 16.49 million respectively, with year - on - year increases of 29% and 28.2% respectively, and the penetration rate is 47.9%, 7 percentage points higher than the previous year. It is expected that the sales volume of new energy vehicles in 2026 will be 19 million, a year - on - year increase of 15.2%. According to the Passenger Car Association, from January 1 - 18, the retail sales of new energy vehicles in the national passenger car market were 312,000, a year - on - year decrease of 16% and a 52% decrease compared with the same period last month. The cumulative retail sales this year are 312,000, a year - on - year decrease of 16%. The production of power cells follows the sales trend of new energy vehicles. The cumulative production from January to December increased by 41.9% year - on - year to 1245.5 GWh. In January, the "rush - to - export" driven by the reduction in export tax rebates may smooth the decline in power battery production caused by poor vehicle sales [10]. 3.1.2 New Energy Vehicles - Divergent Electrification Progress in Europe and the United States - CleanTechnica statistics show that from January - November 2025, the cumulative global sales of new energy vehicles increased by 20.1% year - on - year to 18.39 million, compared with a 26.4% year - on - year increase in the same period last year. In Europe, from January - November 2025, the cumulative sales of new energy vehicles increased by 29.2% year - on - year to 3.434 million, compared with a 3.7% year - on - year decrease in the same period last year. In the United States, from January - November 2025, the cumulative sales of new energy vehicles increased by 0.7% year - on - year to 1.39 million, compared with an 11% year - on - year increase in the same period last year. The United States cancelled the IRA new energy vehicle subsidy on October 1, resulting in a small sales peak in advance. Most European countries still offer subsidies for new energy vehicles and have carbon emission requirements, which stimulate sales growth this year. However, they also decide to weaken the 2035 ban on fuel - powered vehicles according to their own situations and instead reduce carbon emissions by 90%. The CAAM statistics show that from January - December 2025, the cumulative exports of new energy vehicles from China were 2.583 million, a year - on - year increase of 103%, compared with an 11% year - on - year increase in the same period last year [15]. 3.1.3 Energy Storage Market - Hot Orders but Capacity Bottlenecks Limit Production Growth - In December, the National Development and Reform Commission and the National Energy Administration issued a notice on power long - term contract signing and performance in 2026, further promoting electricity price marketization. SMM statistics show that in 2025, the cumulative production of energy storage cells in China was 529.4 GWh, a year - on - year increase of 54%, compared with an 88% increase in the same period last year. The inventory of energy storage cells is at a three - year low, the delivery cycle is extended, and the production of energy storage cells in January increased by 1% month - on - month [16][19]. 3.1.4 "Rush - to - export" Boosts Market Sentiment but with Limited Room - SMM data shows that in December, battery production increased by 3.5% month - on - month, with ternary battery production decreasing by 2.9% and lithium iron phosphate battery production decreasing by 5.6%. Cell production: power cells decreased by 2.8% and energy storage cells increased by 8.6%. Cathode material production: ternary cathode materials decreased by 2.5% and lithium iron phosphate decreased by 2.2%. Electrolyte production increased by 4.0%. In January, battery production is expected to decrease by 5.9% month - on - month, with ternary batteries decreasing by 6.4% and lithium iron phosphate batteries decreasing by 5.6%. Cell production: power cells are expected to decrease by 6.1% and energy storage cells to remain flat. Cathode material production: ternary cathode materials are expected to decrease by 4.4% and lithium iron phosphate by 10%. Electrolyte production is expected to decrease by 6.1%. Affected by the weakening power demand, the off - season continues in January but may be revised up due to the "rush - to - export". It is expected that the month - on - month decline will continue in February [28]. 3.2 Supply Analysis 3.2.1 Stable but Slightly Declining Lithium Carbonate Production - In January, due to maintenance of some smelters, production decreased by 1.2% month - on - month, and more maintenance is expected in February. SMM statistics show that from January - December, the domestic production of lithium carbonate was 970,000 tons, a cumulative year - on - year increase of 44%, compared with a 47% increase in the same period last year. The production plan for January is 98,000 tons. Leading lithium mines are holding firm on prices, and lithium ore prices follow lithium salt prices, exceeding production costs. This week, the production of all raw materials has declined, indicating the start of smelter maintenance [33]. 3.2.2 Monthly Lithium Carbonate Production by Raw Material in China - The report presents the production trends of lithium carbonate from different raw materials such as salt lakes, lithium spodumene, lithium mica, and recycling, with specific data and trends in different months from 2022 - 2025 [35]. 3.2.3 Marginal Decline in Lithium Carbonate Supply in January - In 2025, from January - December, China's lithium carbonate imports were 243,000 tons, a year - on - year increase of 3%. In December, Chile's total lithium carbonate exports were 14,000 tons, and 8071 tons were exported to China, a month - on - month decline. Due to reduced shipments from Australia and Chile in December, it is expected that the imports of lithium concentrate and lithium carbonate in China in January will decline month - on - month [41]. 3.3 Supply - Demand Balance and Inventory 3.3.1 Lithium Carbonate Supply - Demand Balance Forecast (in 10,000 tons of LCE) - The report shows the historical supply - demand balance of lithium carbonate and its relationship with average prices [43]. 3.3.2 Continuous Inventory Reduction in the Lithium Carbonate Off - Season - SMM statistics show that the social inventory decreased by 783 tons this week, and inventory has been continuously reduced for two weeks in January. Among them, smelters and downstream enterprises increased their inventory, while traders reduced their inventory [44]. 3.4 Market Outlook and Strategy Recommendations - **Unilateral trading**: Adopt a low - buying strategy [5]. - **Arbitrage**: Temporarily wait and see [5]. - **Options**: Sell out - of - the - money put options [5].

Summary of HeMai Co., Ltd. Conference Call Company Overview - **Company**: HeMai Co., Ltd. (禾迈股份) - **Industry**: Energy Storage and Renewable Energy Solutions Key Points Financial Performance - In 2025, HeMai's revenue from large-scale energy storage (大储) exceeded 300 million RMB with a gross margin of 15% [2] - The company anticipates at least 1 billion RMB in revenue from large-scale energy storage in 2026, with the first quarter potentially achieving half of the annual target [2][5] - HeMai expects to incur a loss of over 100 million RMB in 2026, despite achieving over 600 million RMB in revenue in Q4 2025 [3][28] - The gross margin is projected to reach 30%-40% in 2026 [4][21] Market Strategy - HeMai focuses on developed markets such as Europe, the US, and Australia, as well as emerging markets in the Middle East and Latin America [2][6] - The company employs a differentiated product strategy to enhance market position and profitability [2] - HeMai's large-scale energy storage business is a strategic priority, with plans to strengthen supply chain capabilities to meet future demand [5][7] Product Development and Innovation - HeMai has expanded its R&D team to 200-300 members, focusing on centralized and string inverters, as well as AC coupling systems [8] - The company has successfully launched new product lines in the household energy storage sector, expecting significant growth in 2026 [4][18] - HeMai is transitioning from traditional energy solutions to integrated energy systems, aiming for a comprehensive approach to energy management [8][32] Challenges and Risks - Rising battery cell prices are impacting the large-scale energy storage business, but the company maintains a controlled overall gross margin through risk management and price transmission strategies [10] - The increase in lithium carbonate prices may temporarily affect domestic project demand, but global demand for energy storage remains strong [11] - HeMai faces competition from established players like Sungrow and CATL, necessitating continuous improvement and innovation [14][32] Future Outlook - HeMai expects to see revenue growth in Q1 2027, with a gradual improvement in quarterly performance [29] - The company aims to leverage its technological advancements and market expansion to enhance profitability in the coming years [3][38] - HeMai is committed to becoming a leading player in the energy storage sector, with a focus on product excellence and marketing integration [38] Regional Focus - The Middle East and Europe are identified as key markets for large-scale energy storage, with a focus on affluent customers in these regions [7] - The company acknowledges the high entry barriers in the Australian and US markets, which may limit short-term contributions [6][7] Competitive Position - HeMai's competitive edge lies in its brand reputation and technological capabilities, particularly in safety and reliability for energy storage applications [6] - The company is working to improve its market position against competitors by enhancing product offerings and operational efficiency [14][32] Investment and Resource Allocation - HeMai plans to maintain a stable investment level in R&D and marketing, focusing on optimizing existing resources rather than significant increases [34] - The company currently employs around 600 R&D personnel and over 300 in marketing services, totaling nearly 1,000 employees [35] This summary encapsulates the key insights from HeMai Co., Ltd.'s conference call, highlighting its financial performance, market strategies, product development, challenges, and future outlook.

Summary of Airo Energy Conference Call Company Overview - **Company**: Airo Energy - **Industry**: Energy Storage Solutions Key Points Market Impact and Sales Projections - Airo Energy is affected by the adjustment of electricity subsidy policies starting May 1, which has led to increased consumer orders and proactive shipping to overseas warehouses and subsidiaries. The company expects to ship 1,500 units in Q1, nearing last year's total shipments of 2,000 units [2][3] - In 2025, Airo Energy anticipates over 400 million yuan in sales revenue from the Australian market, primarily in the second half of the year, with Europe accounting for approximately 62% of sales. The company is also focusing on Japan, Southeast Asia, and other regions [2][5] Product Development and Market Focus - Airo Energy has been developing large storage projects for the past two to three years, with products set to launch in 2025, targeting microgrid and small user-side projects, particularly in Europe [2][5] - The company's large storage systems are defined as those with a capacity of 5 megawatts or more, primarily used in industrial and commercial sectors. The focus is on smaller projects rather than large-scale bids in China [6][7] Sales Strategy and Customer Base - The primary customers for Airo Energy's large storage systems are financial backers and EPC (Engineering, Procurement, and Construction) companies, with a global sales and technical support team in place [8] - Demand for residential energy storage products in Ukraine is low, with a small order of about 10,000 units received from Eastern Europe, indicating that Ukraine is not a significant growth market for Airo Energy [9] Emerging Market Opportunities - Airo Energy sees significant growth potential in the Asia-Pacific and Latin American regions due to high demand for low-voltage residential storage products driven by living conditions and climate [10] - The company has launched new low-voltage residential storage products in these emerging markets, utilizing 314 model cells to enhance cost-effectiveness [10][16] Production and Pricing Dynamics - For Q1 2026, Airo Energy's production plan is projected at 1.5 billion yuan, with a significant focus on the Australian market due to changes in export tax policies [3][11] - The reduction in export tax may lead to price increases, but the company is working to mitigate these costs through the use of specific battery models [4][12] - Despite rising battery cell prices due to supply constraints, Airo Energy has not significantly passed these costs onto downstream customers [15] Future Outlook - Airo Energy anticipates that the second quarter of 2026 may not see sustained demand, but the industrial and large storage sectors are expected to be key growth areas [13] - The company plans to provide more detailed guidance on orders and product structure on January 28 [14] Battery Technology and Cost Management - Airo Energy is focused on using larger battery cells to reduce costs in the long term, aligning with industry trends to enhance cost efficiency [17][18]

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Viewpoints - The space for space photovoltaic technology is vast, and the potential for solid-state batteries and AIDC (Advanced Intelligent Driving Control) is promising [1] - The energy storage sector is expected to see significant growth, with a projected increase of over 60% in 2026 due to rising demand and supply constraints [3][4] - The report highlights the strong performance of various segments within the power equipment industry, including wind power, nuclear power, and lithium batteries, with notable price increases in lithium carbonate and other materials [3][4] Industry Trends - The energy storage market in China is experiencing rapid growth, with new installations reaching 66.43 GW and 189.48 GWh in 2025 [3] - The report notes that the U.S. energy storage market is also expanding, with a projected installation of 80 GWh in 2026, driven by data center demands and favorable policies [7] - The report indicates that the demand for solid-state batteries is increasing, with major companies accelerating their production lines [4] Company Performance - Companies such as Ningde Times, Sunshine Power, and others are expected to see significant profit growth in 2025, with projected increases ranging from 50% to over 100% [3][4] - The report mentions specific companies like Hunan YN, which anticipates a net profit of 1.15-1.4 billion yuan in 2025, reflecting a year-on-year increase of 93.75%-135.87% [3] - The report also highlights the expected losses for companies like Longi Green Energy and Tongwei Co., with projected net losses of 6-6.5 billion yuan and 9-10 billion yuan, respectively [3] Investment Strategy - The report suggests a focus on energy storage, lithium batteries, and solid-state technologies, with recommendations for leading companies in these sectors [4] - It emphasizes the importance of companies with strong technological advantages and overseas market access, particularly in the AIDC sector [4] - The report also highlights the potential for growth in the wind and solar power sectors, with specific recommendations for companies involved in these areas [4]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 近日，天合储能与爱尔兰可再生能源开发商Aer Soléir正式签署了其在意大利首个大型电池储能项目合 作协议， 双方将共同建设位于都灵地区Rondissone的250MW/1GWh储能电站 。 预订电话：18964001371（微信同） 该项目将成为意大利乃至欧洲目前规模最大的电池储能项目之一，不仅开启了天合储能在意大利规模储 能市场的新篇章，也标志着其在欧洲战略布局中迈出关键一步，巩固了其作为欧洲大规模储能领域可信 赖合作伙伴的地位。 鑫椤报告预售： 2025-2029年全球储能市场运行趋势及竞争策略研究报告 ——The End—— 本文来源： 企业官微 。 本 公众号所发表内容注明来源的，版权归原出处所有（无法查证版权的或未注明 出处的均来源于网络搜集），如有侵权请及时联系删除。转载内容只以信息传播为目的，仅供参考，不代表 本号认同其观点和立场。内容的真实性、准确性和合法性由原作者负责。 鑫椤资讯成立于2010年，主要服务于炭素、锂电、电炉钢3大行业，是中国专业产业研究和顾问公司。鑫椤 资讯以研究为中心，提供数据库 ...

Investment Rating - The report maintains an "Overweight" rating for the electric equipment sector [5] Core Insights - Elon Musk's companies, SpaceX and Tesla, plan to build a total of 200GW of solar capacity in the U.S. over the next three years, significantly exceeding market expectations [34] - The report highlights the strong growth potential in the lithium battery sector, particularly with the expansion of LMFP production, which is expected to see a 275% year-on-year increase in output by 2025 [17] - The Southern Power Grid Company is set to invest 180 billion yuan in fixed assets in 2026, marking a continuous five-year high, with a focus on new power system construction and strategic emerging industries [25] Summary by Sections Electric Equipment Sector - The report emphasizes the continuous high investment in the electric equipment sector, with a focus on new energy and digital transformation [25] - Key companies to watch include XJ Electric, Pinggao Electric, and China XD Electric, which are expected to benefit from the ongoing investments [25] Lithium Battery Sector - The report notes significant expansions in LMFP production, with companies like Hunan Youneng and Xiamen Tungsten planning substantial increases in capacity [17] - The introduction of favorable policies for equipment updates and financing is expected to stimulate growth in the lithium battery sector [14] Solar Energy Sector - The report tracks the solar industry, noting stable prices for polysilicon and solar cells, while demand remains cautious due to market uncertainties [27][28] - Companies like Junda Co. are actively pursuing funding to enhance their capabilities in space solar energy, aligning with the broader trend of technological advancement in renewable energy [35] Wind Energy Sector - The report highlights upcoming offshore wind power tenders in Turkey and the Netherlands, indicating a growing international focus on wind energy [8] - Domestic wind power installations are projected to maintain high growth rates, with significant opportunities for companies involved in offshore wind projects [8]

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Insights - The report highlights the vast potential of space photovoltaic technology and the promising prospects of solid-state batteries and AIDC (Automated Identification and Data Capture) [1] - The energy storage sector is expected to see significant growth, with a projected increase of over 60% in 2026 due to rising demand and supply constraints [3][4] - The report emphasizes the strong performance of various segments within the power equipment industry, including wind power, nuclear power, and lithium batteries, with notable price increases in lithium carbonate and other materials [3][4] Industry Trends - The energy storage market in China is experiencing rapid growth, with new installations reaching 66.43 GW and 189.48 GWh in 2025 [3] - The report notes that the U.S. energy storage market is also booming, with a projected installation of 80 GWh in 2026, driven by AI and data center demands [7] - The report indicates that the wind power sector is expected to grow significantly, with domestic offshore wind capacity projected to exceed 8 GW in 2025 [4] Company Performance - Companies such as Ningde Times, Sunshine Power, and others are expected to see substantial profit growth in 2025, with Ningde Times projected to achieve a net profit of 11.5-14 billion yuan, representing a year-on-year increase of 93.75%-135.87% [3][4] - The report highlights several companies with strong growth potential, including Ningde Times, Sunshine Power, and others, which are positioned well in the energy storage and electric vehicle markets [4][6] Investment Strategy - The report suggests a focus on energy storage, solid-state batteries, and AIDC technologies, with recommendations for leading companies in these sectors [4][6] - It emphasizes the importance of investing in companies with strong technological advantages and overseas market access, particularly in the context of rising global demand for energy storage solutions [4][6]