本周，港股新股——果下科技(02655)正式启动公开招股。当全球投资者仍在AI算法与算力中寻找标的 时，这家公司以其独创的"AI互联网储能和AI机器人安全"路径，直指智能时代最底层的痛点与确定性需 求：如何让机器人既强大，又绝对可控。 这家AI储能公司的上市，不仅是企业发展的重要节点，也是对未来十年物理智能安全赛道发展方向的 提前锚定与布局。在港股市场中，具备清晰且扎实的"AI机器人安全"战略规划的企业较为罕见。 为何此刻值得重点关注? 果下科技的故事，不止于AI互联网储能蓝图描绘，而是一个关于AI机器人控制权、安全感与可持续发 展的叙事。其招股书中反复强调的AI机器人安全布局，揭示了一个未来超越当前业务范畴的野心。 公司在招股书中表示"我们计划开发专为储能系统设计的具备自主巡检、异常检测、远程协作及边缘智 能决策功能的人工智能优化机器人……为应对机器人自主性潜在风险并确保其安全可控运行，本公司致 力运用创新储能技术从根本上约束机械人行为模式，确保人类保持绝对控制权。"这明确传递出一个信 号：公司正在从"能源设备提供商"向"物理智能安全架构师"进化。其价值内核正在发生质变。 发展战略解码——三层进阶，锁定"终 ...

Core Viewpoint - The report by Shenwan Hongyuan outlines ten key investment opportunities during the "14th Five-Year Plan" period, focusing on future manufacturing, information, materials, energy, space, and health sectors [1][14]. Group 1: Future Manufacturing and Information - The robotics industry in China is transitioning from product definition to commercialization, with "Artificial Intelligence +" expected to empower various industries by 2026 [3][16]. - Quantum technology is highlighted as a critical future industry for forward-looking development [3][16]. Group 2: Aerospace and Low-altitude Economy - The aerospace industry is a key focus for the "14th Five-Year Plan," with the establishment of the Space Administration and a three-year action plan to promote high-quality and safe development in commercial aerospace [3][16]. - The drone and low-altitude economy sectors are rapidly forming a clustered development pattern [3][16]. Group 3: Strategic Resources and Metals - Strategic minor metals are receiving policy support, with a joint work plan from eight departments elevating resource security to a strategic level [7][20]. - A table outlines various metals and their applications across different industries, emphasizing their importance in sectors like defense, aerospace, and renewable energy [8][21]. Group 4: Future Energy - The development of controllable nuclear fusion is emphasized as a priority, with significant energy demand driving investments in nuclear power from major companies [9][22]. - The report notes the strategic cultivation of hydrogen energy within the future industrial framework [9][22]. Group 5: Future Health - China's innovative drug development has established global competitiveness in areas like ADC and cell therapy, achieving breakthroughs in both the quantity and quality of research pipelines [11][24]. - Brain-computer interface technology is advancing in clinical applications, with significant progress in medical rehabilitation as a primary commercialization scenario [13][26].

智通财经APP获悉，本周，港股新股——果下科技(02655)正式启动公开招股。当全球投资者仍在AI算 法与算力中寻找标的时，这家公司以其独创的"AI互联网储能和AI机器人安全"路径，直指智能时代最底 层的痛点与确定性需求：如何让机器人既强大，又绝对可控。 这家AI储能公司的上市，不仅是企业发展的重要节点，也是对未来十年物理智能安全赛道发展方向的 提前锚定与布局。在港股市场中，具备清晰且扎实的"AI机器人安全"战略规划的企业较为罕见。 为何此刻值得重点关注? 果下科技的故事，不止于AI互联网储能蓝图描绘，而是一个关于AI机器人控制权、安全感与可持续发 展的叙事。其招股书中反复强调的AI机器人安全布局，揭示了一个未来超越当前业务范畴的野心。 公司在招股书中表示"我们计划开发专为储能系统设计的具备自主巡检、异常检测、远程协作及边缘智 能决策功能的人工智能优化机器人……为应对机器人自主性潜在风险并确保其安全可控运行，本公司致 力运用创新储能技术从根本上约束机械人行为模式，确保人类保持绝对控制权。"这明确传递出一个信 号：公司正在从"能源设备提供商"向"物理智能安全架构师"进化。其价值内核正在发生质变。 发展战略解码— ...

新华财经上海12月8日电（林郑宏）果下科技在港交所公告，于2025年12月8日-2025年12月11日招股， 拟全球发售3385.29万股，其中香港公开发售占10%，国际发售占90%。每股发售股份20.10港元，一手 认购金额仅2030港币，为今年港交所最便宜新股，预期股份将于2025年12月16日（星期二）上午九时正 开始在联交所买卖。 （文章来源：新华财经） 果下科技成立于2019年，是一家基于平台技术与人工智能驱动的可再生能源解决方案提供商，专注于储 能系统产品的研发、生产与销售。公司业务涵盖电力侧、电网侧、工商业及住宅等多种应用场景，提供 智能储能系统解决方案、EPC服务及其他相关产品销售。本次赴港上市所募资金将主要用于研发能力提 升，包括人工智能算力建设、国内外差异化技术开发；扩大储能系统产能；建设海外运营服务网络，计 划于2026-2027年在欧洲及非洲建立10个运营服务中心；以及补充营运资金。 业务结构方面，智能储能系统解决方案始终是公司核心收入来源，近三年占比均超过90%。其中，大型 储能系统业务增长显著，收入占比从2022年的12.2%提升至2025年上半年的74.2%；同期户用储能系统 业 ...

果下科技在港交所公告，于2025年12月8日-2025年12月11日招股，拟全球发售3385.29万股，其中香港 公开发售占10%，国际发售占90%。每股发售股份20.10港元，每手100股，一手认购金额仅2,030港币， 为今年港股最便宜新股，预期股份将于2025年12月16日（星期二）上午九时正开始在联交所买卖。 ...

Core Viewpoint - Carbon dioxide energy storage is a gas-liquid phase transition and two-state collaborative energy storage technology that utilizes excess electricity during low electricity demand periods to compress carbon dioxide gas into liquid form, storing the heat generated during compression for later use during peak electricity demand periods to drive turbine power generation [1][2][7] Group 1: Overview of Carbon Dioxide Energy Storage - Carbon dioxide energy storage technology involves compressing carbon dioxide gas into liquid during low electricity demand and using the stored heat to convert it back to gas for power generation during peak demand [1][2] - The technology is gaining attention due to its non-toxic, non-flammable, and high safety characteristics, making it a viable option for reducing carbon emissions and addressing global warming [1][7] Group 2: Industry Development Background - In 2024, global carbon dioxide emissions from energy production are projected to reach 35,491.8 million tons, a 1.3% increase year-on-year, with China being the largest emitter at 11,172.8 million tons, accounting for 31.5% of global emissions [7][8] - The development of carbon capture technology allows energy storage systems to connect with carbon capture devices, effectively mitigating CO2 emissions and contributing to climate change solutions [7][8] Group 3: Current Market Status - The carbon dioxide energy storage industry has entered a rapid growth phase since 2020, with China's new energy storage capacity reaching 101.3 GW by mid-2025, a 110% year-on-year increase, marking a 32-fold increase from the end of the 13th Five-Year Plan [9][10] - Several carbon dioxide energy storage projects are operational, including a 10 MW/80 MWh project in Wuhu and a 100 MW project under construction by Huadian [9][10] Group 4: Advantages of Carbon Dioxide Energy Storage - Compared to other energy storage technologies, carbon dioxide energy storage offers significant advantages, including ultra-long storage duration, extreme safety, universal applicability, and environmental friendliness [5][6] Group 5: Future Development Trends - The future of carbon dioxide energy storage is expected to focus on overcoming reliance on high-pressure storage equipment, developing key turbine machinery, and integrating multi-scenario applications [11][12] - The technology is anticipated to complement pumped storage and electrochemical storage, promoting large-scale, efficient, and low-carbon development in the energy storage sector [11][12]

Core Viewpoint - The company plans to globally offer 33.85 million H-shares at a price of HKD 20.1 per share, with 10% allocated for public offering in Hong Kong and 90% for international offering, along with a 15% over-allotment option [1] Group 1: Offering Details - The expected trading start date for the H-shares on the Hong Kong Stock Exchange is December 16, 2025 [1] - The company has entered cornerstone investment agreements with three entities, totaling HKD 74.25 million [1] Group 2: Financial Projections - Assuming the share price of HKD 20.1 and without exercising the over-allotment option, the net proceeds from the global offering are estimated to be approximately HKD 606 million after deducting underwriting commissions and expenses [1] Group 3: Use of Proceeds - Approximately 44% of the net proceeds will be used to enhance the company's R&D capabilities [1] - About 19% will be allocated for building overseas operations and service networks [1] - Approximately 27% will be used to expand the production capacity of large-scale energy storage systems, commercial and industrial energy storage systems, and residential energy storage systems [1] - Around 10% will be designated for working capital and other general corporate purposes [1]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **AIDC (Artificial Intelligence Data Center)** power supply system, **energy**, **solid-state batteries**, **hydrogen energy**, and the **photovoltaic industry**. Key Points and Arguments AIDC Power Supply System - **Energy Importance**: Emphasis on the critical role of energy in AI development, with traditional power grids lagging behind AI computing demands [1][3] - **800V DC Supply**: The 800V direct current supply is expected to become the mainstream technology, benefiting solid-state transformers, circuit breakers, and high-power PSUs [1][4] - **North America**: The region is addressing power shortages through peak shaving, indicating a positive outlook for AIDC power storage [1][5] Energy Storage Market - **Strong Demand**: The global energy storage market is experiencing robust demand, with an estimated installation of 265 GWh in 2025, projected to exceed 400 GWh in 2026, reflecting a compound annual growth rate of 30% over the next five years [1][6] - **Domestic Market**: In China, the tender volume for energy storage is approximately 340 GWh for the first 11 months of 2025, with expectations of 250-300 GWh installations in 2026 [1][11] Hydrogen Energy - **New Economic Growth Point**: Hydrogen energy is identified as a significant growth area, with a focus on green hydrogen production equipment like electrolyzers and chlor-alkali processes [1][7] Solid-State Battery Development - **Accelerated Industrialization**: The solid-state battery sector is witnessing rapid advancements, with the South Korean government investing 280 billion KRW in R&D [1][8] - **Material Focus**: Attention is drawn to new materials such as lithium sulfide and lithium metal anodes, as well as new manufacturing processes [1][8] Photovoltaic Industry - **Challenges and Opportunities**: The photovoltaic industry is at a critical juncture with high upstream inventory, but potential price recovery is anticipated if anti-involution measures are implemented [1][9] - **Market Outlook**: The photovoltaic market is expected to see significant growth in 2026, driven by domestic policies and overseas power supply constraints [1][10] Wind Power Industry - **Market Developments**: The wind power supply chain is expected to see price recovery in component bidding, with a focus on both domestic and overseas markets [1][13] Grid Investment - **High Voltage Projects**: Attention is drawn to ultra-high voltage projects, with the Panxi project approved and expected to commence in 2026 [1][14] Investment Recommendations - **Key Focus Areas**: Recommendations include focusing on AIDC, solid-state batteries, photovoltaic anti-involution, energy storage, and hydrogen energy as key investment directions for 2026 [1][15]

Economic Performance - The GDP growth rates for Meishan, Suining, Neijiang, and Zigong in the first three quarters of 2023 were 7.1%, 6.7%, 6.6%, and 6.4% respectively, placing them in the top five in the province [6][8] - Suining's fixed asset investment growth rate is projected to be 8.6% for the first eleven months of 2023, leading the province [4] Project Development - Key projects are crucial for achieving the collective economic target of surpassing 200 billion yuan by 2025, with significant investments in infrastructure and energy projects [4][5] - The "Project Pass" platform in Suining has improved project management efficiency by 48% [5] Business Environment - Local governments are implementing measures to enhance the business environment, including streamlining administrative processes and reducing costs for enterprises [7][8] - Suining has initiated an "efficiency revolution" to improve project processing times, while Zigong has simplified its approval processes [6][7] Future Growth Drivers - The four cities are focusing on upgrading their economic engines by developing new industries such as energy-saving equipment, new materials, and cultural tourism [9][10] - Suining aims to leverage its geographical advantages to boost its service sector, contributing significantly to its economic growth [10]

中信建投研报认为，储能需求爆发的大背景下，制造业环节的盈利能力仍处于历史低位的情况是不合理 和不可持续的。当前终端IRR水平较高，预计可接受10-15分/Wh的利润让渡。我们预计2026年制造业环 节价格将上涨10-15分/Wh，税后对终端电站的成本上涨12分/Wh，这对于下游需求的影响是可控的，但 中游制造业利润将大幅增厚，看好储能需求驱动下，制造业上下游量价齐升、共振受益。 ...