以下文章来源于浩海投研 ，作者浩海投研Pro 浩海投研 . 股海无边，浩海领航 导语：熔盐储能头部企业百川畅银换道超车。 最近资本市场大火的 可控核聚变 ，让上游材料 熔盐 走入二级市场投资者的视线。你知道吗，熔 盐不仅可以应用在可控核聚变发电，还能用在 储能 领域。今天，咱们就看看这两年风很大的储 能行业中， 熔盐储能 头部企业 百川畅银 （300614）换道超车，在熔盐储能这一领域，能跑多 远？ 百川畅银对于二级市场来说算是环保赛道上的老兵，在谋求企业转型的过程中，公司立足于沼气 业务的基本盘，又抓住出海机遇，利用海外电价市场化的优势大赚了一把，积极布局 熔盐储能 和光热发电，还把 自研 的移动储能车开到千行百业，帮助B端客户实现 降本增效 。 可以说，碳中和背景下，国家大力推动"光热+储能"基地项目，公司卡位精准。 出海提速，高毛利业务拉动盈利优化 百川畅银成立于2009年，主营业务覆盖沼气利用、移动储能供热及环卫再生资源回收三大板块。 2025年上半年，公司实现营收2.05亿元，其中 沼气业务 收入0.98亿元，占比近48%，仍是当 前收入的"压舱石"。然而，国内沼气发电市场已渐成红海，补贴退坡、电价 ...

Core Viewpoint - The solar thermal power industry in China is rapidly developing, becoming a key player in supporting high proportions of renewable energy integration and ensuring the stability of the power system, particularly in the context of the "dual carbon" goals and the construction of a new power system [1][4][13]. Industry Development - As of September 2025, China's solar thermal power generation capacity reached 157,000 kilowatts, ranking third globally [3][7]. - The average annual compound growth rate of China's solar thermal power industry is 11.7%, significantly higher than the global average of 4.24% [3][7]. - The levelized cost of solar thermal power has decreased from 1.15 yuan per kilowatt-hour to approximately 0.6 yuan per kilowatt-hour, indicating a substantial improvement in economic viability [3][11]. Technological Advancements - China has mastered mainstream solar thermal technologies, including tower, trough, and Fresnel systems, with a domestic equipment localization rate exceeding 95% [3][11]. - The country has developed a comprehensive solar thermal power industry chain and has published over 40 relevant standards covering manufacturing, design, construction, and operation [11][14]. Strategic Importance - Solar thermal power is recognized as a stabilizing force in the energy system, effectively addressing challenges posed by high proportions of renewable energy sources [6][8]. - The National Energy Administration has emphasized the strategic role of solar thermal power in its recent policy documents, advocating for its integration as a regulatory power source [8][14]. Project Highlights - The Golmud 350 MW tower solar thermal project, currently under construction, is set to be the largest single-unit solar thermal project globally, expected to generate approximately 960 million kilowatt-hours of clean electricity annually [6][10]. - The successful operation of the 50 MW solar thermal demonstration project in Delingha has provided valuable experience for future large-scale projects [10][11]. Future Outlook - By 2030, global installed capacity for solar thermal power is projected to reach 22.4 million kilowatts, with about 10% of global electricity supply expected to come from solar thermal by 2050 [13]. - The industry is anticipated to transition from being a supplementary power source to a supportive power source as its economic viability and application scale continue to expand [11][15].

11月23日，中国能建七集纪录片《国之能脉》第五集《炽光铺西域》正式上线，本集聚焦中国光热产业，从追赶到领跑的破局之路。 刷新纪录，全球单期最大"光热储"工程 随着光热产业链的不断完善，中国能建也完成了从"难度系数"向"优势系数"的创造性转变，积极探索光伏发电与光热发电深度融合的一体化开发新模式。 2024年，中国能建在哈密启动全球最大1500兆瓦"光热储"一体化基地建设。 储盐罐地基回填、革新打桩技术、极寒条件下的混凝土冬季施工……项目建设的问题在一个个解决，产业链在一环环补齐。跟跑、提速、超越、领跑，中 国的光热奇迹，在这里，每时每刻都在发生。 从零起步，中国光热的艰难探索 2006年，中国首座自主知识产权光热电站在八达岭破土动工，历时六年建成，点亮了"中国光热的第一缕曙光"。 为加速我国光热发电商业化进程，2016年，我国首批光热示范项目启动，中国能建首个自行投资、设计、建设、运维的光热发电站——哈密淖毛湖50兆瓦 熔盐塔式光热发电项目入选。中国能建建设者在这片被戏称为"掉毛湖"的戈壁滩上，开启了光热产业化征程。 自主创新，打破国外技术封锁 2019年底，哈密淖毛湖50兆瓦光热项目的调试关键阶段受到疫情 ...

（原标题：百川畅银：熔盐储能突破！移动供热车已盈利，业绩拐点将至？） 最近资本市场大火的可控核聚变，让上游材料熔盐走入二级市场投资者的视线。你知道吗，熔盐不仅可 以应用在可控核聚变发电，还能用在储能领域。今天，咱们就看看这两年风很大的储能行业中，熔盐储 能头部企业百川畅银(300614)换道超车，在熔盐储能这一领域，能跑多远？ 百川畅银对于二级市场来说算是环保赛道上的老兵，在谋求企业转型的过程中，公司立足于沼气业务的 基本盘，又抓住出海机遇，利用海外电价市场化的优势大赚了一把，积极布局熔盐储能和光热发电，还 把自研的移动储能车开到千行百业，帮助B端客户实现降本增效。 百川畅银成立于2009年，主营业务覆盖沼气利用、移动储能供热及环卫再生资源回收三大板块。 2025年上半年，公司实现营收2.05亿元，其中沼气业务收入0.98亿元，占比近48%，仍是当前收入的"压 舱石"。然而，国内沼气发电市场已渐成红海，补贴退坡、电价锁定、成本攀升，利润空间不断收窄。 业绩承压，百川要破局转型，于是将目光投向海外，借助电价市场化程度高的地区，快速落地沼气与光 伏项目。从哥伦比亚科尔多瓦省的光伏电站，到马来西亚怡保的2MW沼气项 ...

Core Viewpoint - The solar thermal power industry in China is growing at a rate twice the global average, with a compound annual growth rate of 11.7% compared to the global rate of 4.24% [3][5]. Industry Growth and Capacity - As of September 2025, China has built 21 solar thermal power plants with a total installed capacity of 1.57 million kilowatts, ranking third globally [3]. - There are 30 ongoing projects with a combined capacity of 3.1 million kilowatts, making China a key player in new installations of solar thermal power [3]. Cost Reduction and Technological Advancements - The cost of solar thermal power has decreased significantly, with grid connection prices dropping from 1.15 yuan per kilowatt-hour to around 0.6 yuan per kilowatt-hour [3]. - The industry has achieved over 95% localization in technology and equipment, with advancements in various solar thermal technologies such as tower, trough, and Fresnel systems [3][4]. Role of Leading Enterprises - Leading companies like China General Nuclear Power Group (CGN) are crucial in driving technological independence, developing innovative products that fill domestic gaps [4]. - CGN is constructing a solar thermal molten salt trough test platform, recognized as a key project in the field [4]. Industry Scale and Composition - The solar thermal power industry chain in China comprises approximately 440,000 entities, including 14,000 state-owned enterprises and 421,000 private enterprises [5]. - In 2024, the total installed capacity of solar thermal power in operation surpassed 800,000 kilowatts, with an additional 3.94 million kilowatts planned [5]. Challenges and Future Outlook - Despite the promising outlook, the industry faces challenges such as higher costs compared to photovoltaic and wind power, and a limited number of projects [5]. - The global solar thermal power market is expected to grow significantly, with predictions of reaching 22.4 million kilowatts by 2030 and contributing about 10% to global electricity supply by 2050 [6].

Core Viewpoint - The Chinese solar thermal power industry is growing at a rate significantly higher than the global average, with a compound annual growth rate of 11.7% compared to the global rate of 4.24% [1] Industry Growth and Capacity - By the end of September 2025, China is expected to have built 21 solar thermal power plants with a total installed capacity of 1.57 million kilowatts, ranking third globally [1] - There are currently 30 projects under construction with an additional capacity of 3.1 million kilowatts, making China a major contributor to new installations in the solar thermal sector [1] Cost Reduction and Technological Advancements - The on-grid electricity price for solar thermal power in China has decreased from 1.15 yuan per kilowatt-hour to approximately 0.6 yuan per kilowatt-hour [1] - The industry is expected to see further cost reductions and enhanced competitiveness during the 14th Five-Year Plan period [1] - China has achieved over 95% localization in technology and equipment for solar thermal power, mastering key technologies such as tower, trough, and Fresnel systems [1] Role of Leading Enterprises - Leading companies like China General Nuclear Power Group (CGN) are playing a crucial role in advancing technology independence, having developed innovative products that fill domestic gaps [2] - CGN is constructing a solar thermal molten salt trough test platform, which is the only project in the solar thermal field included in the first batch of the Central Enterprise Technology Achievement Application Expansion Project [2] Industry Scale and Policy Support - The solar thermal power industry chain in China consists of approximately 440,000 entities, including 14,000 state-owned enterprises and 421,000 private enterprises [3] - In 2024, an additional 250,000 kilowatts of solar thermal power capacity is expected to be added, with the total operational capacity exceeding 800,000 kilowatts [3] Future Outlook - The global solar thermal power industry is projected to grow, with installed capacity expected to reach 22.4 million kilowatts by 2030 and about 10% of global electricity supply coming from solar thermal by 2050 [4] - China's theoretical development potential for solar thermal resources exceeds 1 billion kilowatts, primarily located in resource-rich areas such as Xinjiang, Tibet, Inner Mongolia, Qinghai, and Gansu [4]

Core Insights - China's solar thermal power industry is experiencing rapid growth, with an annual compound growth rate of 11.7%, significantly higher than the global rate of 4.24% [2][6] - The establishment of the Solar Thermal Subcommittee marks a new phase in the industry's development, aiming to enhance collaboration and innovation among stakeholders [7] Industry Growth - From 2020 to 2024, China's solar thermal power capacity is expected to grow at a compound annual growth rate of 11.7%, while the global rate is only 4.24% [2] - As of September 2025, China has built 21 solar thermal power plants with a total installed capacity of 1.57 million kilowatts, ranking third globally [2] - There are 30 ongoing projects with a combined capacity of 3.1 million kilowatts, making China the leading contributor to new installations in the global solar thermal market [2] Cost Reduction and Competitiveness - The cost of solar thermal power projects in China has decreased significantly, with the grid-connected electricity price dropping from 1.15 yuan per kilowatt-hour to around 0.6 yuan per kilowatt-hour [2] - Further cost reductions are anticipated during the 14th Five-Year Plan period, enhancing the industry's competitiveness [2] Technological Advancements - China's solar thermal power industry has achieved over 95% localization in technology and equipment, with key materials and devices being self-sufficient [3] - Significant breakthroughs have been made in key technologies, such as molten salt and tower-type solar thermal systems, which have effectively reduced project costs and improved system efficiency [5] International Expansion - Successful domestic projects, such as the 50 MW solar thermal demonstration project in Delingha, have provided valuable experience for scaling up future projects [6] - Chinese solar thermal technology has been successfully implemented in international projects, including those in Morocco, South Africa, and Dubai, showcasing China's role in global green development [6] Future Outlook - The solar thermal power industry is poised for unprecedented opportunities under the dual carbon goals, with global installed capacity expected to reach 22.4 million kilowatts by 2030 [7] - By 2050, approximately 10% of global electricity supply is projected to come from solar thermal power [7]

Core Insights - The Tibet Kaitou Group has successfully topped the heat-collecting tower of the world's highest and Tibet's first tower-type solar thermal power station, the Anduo Tushuo 100MW solar thermal + 800MW photovoltaic integrated project, in just 233 days, setting a record for similar projects [1][2][4] Project Overview - The heat-collecting tower stands at 185 meters in the Tanggula high-altitude region, where the average annual temperature is -2.8°C and oxygen levels are only 60% of that at sea level [2] - The project utilizes 15,927 heliostats to focus sunlight onto the tower's top, heating molten salt to 565°C for energy conversion [2][4] Construction Achievements - The construction team overcame extreme cold and low oxygen conditions, achieving a vertical deviation of only 3 millimeters in the tower's structure [2][4] - Innovative techniques such as "layered thermal insulation pouring" and "electric heating" were employed to ensure concrete quality during construction [4] Project Significance - The project is a key energy initiative under Tibet's 14th Five-Year Plan, with a total capacity expected to generate approximately 260 million kWh annually, enough to power around 200,000 households [6] - It is projected to save 60,000 tons of standard coal and reduce carbon dioxide emissions by 165,000 tons each year, contributing to the development of clean energy in high-altitude regions [6]

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the consumption and regulation of renewable energy, emphasizing the need to enhance system adjustment capabilities [1] Group 1: System Adjustment Capabilities - The guidelines call for accelerating the construction of leading reservoir hydropower stations and the expansion and renovation of hydropower capacity [1] - There is a strong push for the construction of pumped storage power stations to effectively utilize peak shaving and valley filling functions [1] Group 2: Advanced Energy Storage - The guidelines advocate for the development of advanced, safe, and efficient new energy storage technologies to tap into the potential of renewable energy integration [1] - The aim is to improve the utilization level of energy storage systems [1] Group 3: Flexible Energy Sources - The guidelines suggest a moderate layout of peak-shaving gas power plants [1] - It encourages the construction of solar thermal power stations based on local conditions [1] Group 4: Coal Power Transition - The guidelines promote the upgrading of the new generation of coal power and the replacement of coal-fired self-supplied power plants with renewable energy sources [1] Group 5: Virtual Power Plants - The guidelines highlight the role of virtual power plants in aggregating load-side adjustment resources and expanding the scale of vehicle-grid interaction applications [1]

Core Insights - The China Energy Construction Hami molten salt tower-type 50MW solar thermal power generation demonstration project has achieved a record of continuous operation for 411.5 hours, setting a new benchmark for the domestic solar thermal power industry [1][3]. Group 1: Project Achievements - The record-breaking continuous operation began on October 19, 2025, following the completion of A-level maintenance and the project's first grid-connected power generation [3]. - The project overcame various challenges such as cloudy weather, strong winds, and haze, demonstrating high efficiency and stability during operation [3]. - This achievement validates the potential of solar thermal power plants as a foundational support source for new energy power systems and highlights the core advantage of molten salt tower-type solar thermal power in providing stable heat supply [3]. Group 2: Technological and Operational Aspects - The project utilizes tower-type molten salt power generation technology and features the world's first pentagonal giant lizard-type heliostat, along with a high-capacity, high-parameter, and high-efficiency integrated thermal storage and heat exchange system, enabling 24-hour continuous power generation [5]. - As the first domestic tower-type solar thermal power plant with control logic configuration completed by a design institute, its successful construction and operation have unlocked core control technologies, facilitating the development of smart solar thermal power plants with reduced staffing requirements [5].