（编辑 袁冠琳） 证券日报网讯 中集集团11月24日发布公告，在公司回答调研者提问时表示，集装箱整体订单排产较为 正常，但第四季度通常为集运淡季。储能业务是公司重点发展的新兴战略领域之一，近年来业务持续进 阶壮大，已成为公司高质量发展的重要动能之一。今年以来，受益于储能放量，市场对公司储能箱体及 储能系统集成的需求也有显著增长。公司储能业务立足"制造集成+全链服务"优势，坚持传统客户深化 与新客户拓展并举，出货规模稳步提升，体现出良好的发展势头和韧劲。当前，中集储能装备已广泛交 付至亚洲、北美、欧洲等全球主要市场，储能装备累计出货量超60GWh，处于全球领先地位；同时， 中集储能持续拓展多元化应用场景，推进新技术研发与产品创新，已成功在城市超充、绿色交通、港口 岸电、数据中心、高耗能工业等场景落地示范性项目，产品力与交付力获市场认可。 ...

证券代码：000039、299901 证券简称：中集集团、中集 H 代 中国国际海运集装箱（集团）股份有限公司 储能业务是我们重点发展的新兴战略领域之一，近年来业务持续 进阶壮大，已成为公司高质量发展的重要动能之一。今年以来， 受益于储能放量，市场对公司储能箱体及储能系统集成的需求也 有显著增长。公司储能业务立足"制造集成+全链服务"优势，坚 持传统客户深化与新客户拓展并举，出货规模稳步提升，体现出 良好的发展势头和韧劲。当前，中集储能装备已广泛交付至亚洲、 北美、欧洲等全球主要市场，储能装备累计出货量超 60GWh，处 于全球领先地位；同时，中集储能持续拓展多元化应用场景，推 进新技术研发与产品创新，已成功在城市超充、绿色交通、港口 岸电、数据中心、高耗能工业等场景落地示范性项目，产品力与 交付力获市场认可。感谢您的关注！ 投资者关系活动记录表 编号：2025-16 投 资 者 关 系 活 动类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参 与 单 位 名 称 及人员姓名 投资者网上提问 时间 2025 年 11 月 ...

Core Viewpoint - Rongli Construction (09639) has announced a significant strategic move by entering into a memorandum of understanding with global renewable energy leader CATL (300750) to collaborate in the green energy sector, marking a key milestone in its transformation from a construction contractor to a green technology service provider [1] Group 1: Strategic Partnership - The partnership will focus on engineering design, procurement, and construction of energy storage systems, aiming to build a global network for renewable energy application solutions [1] - Rongqi New Energy, a non-wholly owned subsidiary of Rongli Construction, holds a 70% stake and will serve as a crucial lever for the company to tap into the green energy market [1] Group 2: Market Expectations - The collaboration is expected to leverage CATL's technological and resource advantages, allowing Rongli Construction to quickly establish a leading position in the integrated "new energy + construction" solution sector in Hong Kong and the Greater Bay Area [1] - This strategic initiative opens the door for Rongli Construction to access the trillion-dollar green energy market in the long term [1]

Core Insights - The global energy storage market is experiencing explosive growth, driven by increasing demand as energy storage becomes essential for stabilizing and regulating power systems [3][4][5] - Major companies in the energy storage sector are reporting significant revenue increases, with forecasts predicting a nearly 50% growth in the global energy storage market by 2026 [3][10] Industry Overview - Energy storage is recognized as a core value in the power system, with its role as a "stabilizer" and "regulator" becoming increasingly important [3] - The synergy between renewable energy and energy storage is leading to a "spiral upward" development logic, where increased storage capacity supports further renewable energy growth [3][10] Company Performance - Haibo Sichuang reported a remarkable third-quarter performance in 2025, with revenue of 3.39 billion yuan, a year-on-year increase of 124.42%, and a net profit of 307 million yuan, up 872.24% [4] - Sungrow Power achieved a revenue of 66.4 billion yuan in the first three quarters of 2025, a 33% increase year-on-year, with a net profit of 11.88 billion yuan, up 56% [5] - EVE Energy reported a revenue of 45 billion yuan, a 32.17% increase, with net profit reaching 2.816 billion yuan [5] Market Demand - The demand for energy storage is expected to continue growing, with significant orders reported from overseas markets, particularly in Europe, Australia, and the Middle East [7][10] - The energy storage battery and system integration sectors are seeing a surge in orders, with Chinese companies securing 308 overseas energy storage orders totaling 214.7 GWh in the first nine months of the year, a 131.75% increase year-on-year [7] Future Projections - Analysts predict that the energy storage market will maintain a high growth trajectory into 2026, with a shift in demand structure towards longer-duration storage solutions [9][10] - The market is expected to see a significant increase in demand for AIDC (AI Data Center) energy storage systems, with a transition from "demand explosion" to "scale deployment" anticipated [9] Competitive Landscape - Companies in the solar energy sector, such as Trina Solar and JinkoSolar, are increasingly focusing on energy storage as a new growth point to enhance profitability amid pressures in the solar market [10][11] - Trina Solar has set a target of 8 GWh for energy storage shipments in 2025, with plans to double this figure in 2026 [11][12]

Core Viewpoint - CITIC Construction Investment has raised the forecast for domestic energy storage installation growth next year to double, indicating the start of a new lithium battery cycle [1] Investment Opportunities - Key investment opportunities exist in energy storage batteries, system integration, and PCS (Power Conversion System) components [1] - The battery segment is currently experiencing a shortage, presenting significant price increase potential, making it a preferred investment area [1] - The integration segment, as a provider in the overall value chain of energy storage systems, is seeing a surge in orders from leading companies, indicating substantial performance elasticity [1]

Summary of Haibo Shichuang's Conference Call Industry Overview - The focus is on the energy storage system integration industry, with Haibo Shichuang being a leading player in this sector. The company is expected to benefit from significant growth in domestic energy storage installations, projected to reach 140-150 GWh in 2025, representing a year-on-year increase of over 30% driven by policy support and market demand growth [2][3][7]. Key Points and Arguments - **Revenue Composition**: In the first half of 2025, revenue from energy storage system integration accounted for 99.77% of total revenue, while other business segments are contracting [2][5]. - **Sales Guidance**: The company has consistently revised its shipment guidance upwards, with a target of 30 GWh for 2025, and plans to gradually increase this to 70, 100, and 120 GWh in subsequent years [2][3]. - **Quarterly Performance**: In Q2 2025, actual shipments were 6.57 GWh, generating a profit of 222 million yuan, slightly exceeding expectations [2][5]. - **International Market Focus**: 65% of the company's business is concentrated in Europe, 10% in the US, and the remainder in Australia and emerging Asia-Pacific markets. The higher pricing and profitability in these regions provide strong revenue and profit support [2][3][16]. - **Operational Capacity**: By the end of 2025, the company expects to participate in operational maintenance capacity exceeding 20 GWh, contributing approximately 120 million yuan in revenue and 60 million yuan in net profit [2][18]. Financial Performance - **Profitability Forecast**: For 2025, domestic shipments are expected to be around 25 GWh with a gross margin of 16%, leading to an estimated profit of 900 million yuan. The company anticipates profits of 1.7 billion yuan in 2026 and 2.5-3.2 billion yuan from 2027 to 2028 [4][21]. - **Cost Control**: The company has demonstrated excellent cost control and supply chain management, enhancing its competitive edge and maintaining high gross margins despite market pressures [4][29]. Competitive Advantages - **Market Position**: As a leading enterprise in energy storage system integration, Haibo Shichuang benefits from significant market presence and a strong brand reputation [3][33]. - **Technological Edge**: The company possesses comprehensive self-research capabilities for core components like PCS, EMS, and BMS, which enhances product competitiveness [2][3][32]. - **Supply Agreements**: The company has secured supply agreements with major manufacturers like CATL, ensuring stable supply and pricing for battery cells [18][20]. Industry Trends - **Policy Impact**: The domestic energy storage industry is significantly influenced by policy initiatives, such as the transition from mandatory energy storage for renewables to independent energy storage systems [7][11]. - **Market Growth**: The energy storage installation market is expected to maintain a compound annual growth rate of over 30% from 2024 to 2027, with optimistic projections for new installations [10][13]. Additional Insights - **Order Book**: The company anticipates approximately 30 GWh in independent energy storage orders for 2025, with a reserve of 30 GWh to meet 2026 delivery targets [22]. - **Operational Experience**: Haibo Shichuang has accumulated significant operational experience with around 40 projects, charging between 15-20 million yuan per GWh, which enhances its hardware development capabilities [24]. This summary encapsulates the key insights from Haibo Shichuang's conference call, highlighting the company's strategic positioning, financial outlook, and competitive advantages within the energy storage industry.

Core Viewpoint - The recent termination of nearly $8 billion in renewable energy projects by the U.S. Department of Energy signals a significant shift in the global renewable energy competition landscape, which may have direct implications for A-share investors [1][6]. Group 1: Impact on the Industry - The terminated projects predominantly involve solar and wind energy, where China holds over 80% of the global production capacity in photovoltaic components and energy storage batteries. This presents an opportunity for Chinese companies with cost and technological advantages to penetrate the global market more rapidly [3]. - Investors are advised to differentiate the impact of U.S. policy changes. The suspension mainly affects large ground-based power plants and grid infrastructure, while companies in the A-share market with high overseas business exposure and strong technological barriers may experience limited effects [4]. - China's ongoing commitment to increasing investments in renewable energy, including steady progress in large-scale wind and solar projects and clear goals for distributed energy installations, serves as a stabilizing factor against external fluctuations [5]. Group 2: Strategic Focus for Investors - A-share investors should concentrate on three areas: companies in the photovoltaic supply chain with technological advantages in materials and equipment; firms in the energy storage sector with project implementation capabilities and international experience; and core suppliers benefiting from domestic large-scale base construction in wind energy and grid upgrades [6][7].

Group 1 - The core point of the article is that Zhiguang Electric plans to fully integrate its energy storage subsidiary, Zhiguang Energy Storage, to enhance control over its core business and maximize benefits from the energy storage sector's growth [1][3] - Zhiguang Electric has signed a framework agreement to purchase all or part of the minority shares of Zhiguang Energy Storage, indicating a strategic move to consolidate resources and improve decision-making efficiency [1][3] - Zhiguang Energy Storage is a key platform for Zhiguang Electric's energy storage strategy, covering a wide range of activities from battery manufacturing to energy service integration, and is involved in renewable energy sectors [3] Group 2 - The acquisition aims to eliminate related party transactions between the parent and subsidiary, streamline management structure, and enhance strategic alignment in resource allocation and business collaboration [3] - The transaction is still in the planning stage, with no formal agreement signed yet, and it requires internal decision-making processes and regulatory approvals before implementation [4]

Company Overview - GCL-Poly Energy Holdings Limited (002506.SZ) is a global energy system solution provider, integrating the theme of green low-carbon era with its long-term focus on renewable energy [2] - The company’s business covers efficient photovoltaic cells, differentiated modules, EPC (Engineering, Procurement, and Construction) for power plants, and energy storage system integration, among other related products and services [2] - In 2024, the company achieved operating revenue of CNY 1,623,978.68 million and employs over 6,000 people [2] Sustainable Development Strategy - Since the establishment of the "NEXT Vision" sustainable development strategy framework in 2023, GCL-Poly has set 25 key commitments and strategic goals based on four pillars: Nature, Equity, Excellence, and Trust [3] - The company aims to lead sustainable development efforts by assessing and addressing climate risks in line with the Paris Agreement and TCFD disclosure framework [3] - In 2024, GCL-Poly utilized self-built photovoltaic systems to generate 49,376.1 MWh of renewable energy for self-consumption and purchased green power certificates amounting to 33,509.4 MWh [3] Carbon Management Initiatives - On June 12, 2024, GCL-Poly launched the "GCL Carbon Chain" management platform, integrating granular silicon technology, blockchain technology, and intelligent digital technology [4] - The platform includes modules for organizational carbon inventory, product carbon footprint management, carbon reduction optimization, and carbon-inclusive culture [4] - By June 2025, GCL-Poly plans to connect with quality suppliers and partners through the GCL Carbon Footprint Data-Tian Gong Data Platform, utilizing AI tools to reduce carbon emissions dynamically [4] Climate Change Management - GCL-Poly has integrated climate risk into its risk management processes, establishing a climate change management system across governance, strategy, risk management, and metrics [5] - The company aims to reduce absolute emissions by 64.7% by 2035 and decrease carbon emissions from purchased goods and services per unit of production by 66.3% [5] - By 2030, the average product carbon footprint is targeted to decrease by 5% annually [5]

Group 1: Business Performance - The synergy effect between photovoltaic and energy storage businesses is expected to significantly improve from 2024 to 2025, effectively addressing challenges in the photovoltaic industry and driving business growth [2][3] - In the first half of 2025, revenue from photovoltaic power station system integration accounted for 96.43%, with household distributed business exceeding 50%, becoming the main growth engine [2][3] - The company achieved an operating income of 867 million yuan in the first half of 2025, a year-on-year increase of 44.45%, with a net profit attributable to shareholders of nearly 30 million yuan, maintaining steady growth [3] Group 2: Market Expansion and Projects - The energy storage system integration has successfully expanded overseas (Europe, Middle East), with significant breakthroughs expected in the second half of the year, projecting revenue in the tens of millions [3][4] - The company has signed a strategic cooperation agreement with Ant Financial for energy + AI projects, focusing on market-based electricity trading and trusted asset blockchain implementation, with significant revenue expected in Q4 [3] - The company has established a sales channel for overseas markets, successfully registered a subsidiary in the Netherlands, and achieved full coverage of mainstream certifications for energy storage products [4]