证券日报网讯 2月27日，三维化学在互动平台回答投资者提问时表示，公司在巩固硫磺回收龙头地位的 同时，通过项目实践在氢能、熔盐储能、压缩空气储能等新能源工程领域积累了较为丰富的技术储备和 项目设计、建设、运行全流程的工程化经验，公司通过综合研判政策导向、行业发展趋势、客户资质、 成本收益等要素参与项目建设。后续公司将充分发挥自身优势，支持新能源领域的技术创新、模式创 新，并积极承揽新能源、新材料订单，为相关客户提供优质服务。 （文章来源：证券日报） ...

Core Viewpoint - China Energy Engineering Group Corporation is making significant strides in green transformation, focusing on compressed air energy storage, high-altitude wind energy, and green hydrogen products as it embarks on the "14th Five-Year Plan" [1] Group 1: Company Overview and Achievements - The company has a total order volume of nearly 1.5 trillion yuan, with approximately 360 billion yuan coming from overseas contracts annually [5][6] - Energy and electricity projects account for nearly 70% of the total contract value, including power generation, transmission, and distribution [7] - The company has contributed to the construction of approximately 2.6 billion kilowatts of the national total installed power capacity of 3.8 billion kilowatts, holding a market share of nearly 70% [10] Group 2: Innovative Projects - In Gansu, the company has invested in a large data center with 24,000 standard cabinets, supported by a 200,000-kilowatt renewable energy station, achieving 90% reliance on local renewable energy [12][14] - The world's largest high-altitude wind power generation project has successfully launched, utilizing wind energy from 300 meters above ground, which is an upgrade from traditional 100-meter wind energy systems [20][22] - The "Qing Hydrogen No. 1" project in Jilin has produced its first batch of green ammonia products and signed a contract for the world's first green ammonia marine fuel sales, providing a new path for large-scale renewable energy consumption [26][28] Group 3: Future Outlook and Strategic Goals - By 2030, China aims to establish a new energy system with non-fossil energy consumption accounting for 25% of total energy consumption, with renewable energy becoming the mainstay of power generation [40] - The company is focused on major strategic tasks such as energy security, water resource safety, and new infrastructure construction [40] - The company plans to innovate and transform into a technology-driven enterprise by the end of the "14th Five-Year Plan," emphasizing original, integrated, and open innovation [44][48]

Overview of Energy Storage Development - By the end of November 2025, China's installed capacity of wind and solar power reached 1.76 billion kW, accounting for 45.8% of total installed capacity[11]. - In the first 11 months of 2025, nearly 35 million kW of new renewable energy capacity was added, with wind and solar power growing by 22.4% and 41.9% year-on-year, respectively[11]. Energy Storage Capacity Projections - The new energy storage capacity in China is expected to reach 130 million kW by 2025, with provinces like Xinjiang and Shandong exceeding 10 million kW[15]. - The demand for new energy storage resources is increasing rapidly due to the growth of renewable energy sources[11]. Technological Innovations - Long-duration energy storage technologies, such as compressed air and hydrogen storage, are accelerating in industrialization, with increasing applications in various scenarios[21][22]. - The integration of artificial intelligence across the energy storage industry is enhancing operational efficiency and safety monitoring[25][105]. Market Dynamics and Policies - In 2025, 253 new policies related to energy storage were issued by national and local governments, indicating a strong push for the sector's development[155]. - The market is transitioning from policy-driven to market-driven, with energy storage expected to become an independent market entity[161]. Financial Aspects - Independent energy storage stations can generate revenue through energy trading, capacity compensation, and frequency regulation services, with projected annual earnings of approximately 3 million yuan for a 100,000 kW station[165]. - The capacity compensation rate is set at 0.0705 yuan per kW, reflecting a shift in market dynamics[167].

Group 1: Report Summary - The report analyzes the impact of Document No. 114 on the energy storage and lithium carbonate sectors [1] - On January 30, 2026, the National Development and Reform Commission and the National Energy Administration jointly issued the "Notice on Improving the Capacity Tariff Mechanism on the Power Generation Side", aiming to support energy transformation [3][8] - The notice and the 15th Five - Year Plan form policy synergy, and the new energy storage in China has entered a new stage of large - scale development [3] - In the next 5 years, new energy storage will steadily reach 642GW, doubling the 15th Five - Year Plan target, with an average annual growth rate of 4.2%, and will drive the demand for lithium carbonate to increase by nearly 1 million tons [3] Group 2: Hedging Strategy - In the short term, it will continue to support the upward trend of lithium carbonate prices [4] Group 3: Core Content of the Notice - The notice constructs a "classified improvement + unified compensation + supporting optimization" system, filling the gap in the capacity tariff for independent new energy storage on the power grid side [9] - The classified capacity tariff mechanism is established, and a unified compensation mechanism for reliable capacity is set up after the continuous operation of the spot market, covering coal - fired power, gas - fired power, and eligible independent new energy storage on the power grid side [9] - Supporting measures include adjusting the lower limit of the medium - and long - term transaction price of coal - fired power, standardizing the settlement of energy storage charging and discharging electricity fees, and optimizing the cost sharing of regional pumped - storage [9] Group 4: Core Policies for Different Power Sources - For coal - fired and gas - fired power, the proportion of fixed cost recovery by coal - fired power capacity tariff is ≥50%, and gas - fired power can establish a capacity tariff [10] - For pumped - storage, existing projects maintain government pricing, and new projects adopt a "unified capacity tariff + market revenue sharing" model [10] - For independent new energy storage on the power grid side, capacity tariff can be given, calculated according to the coal - fired power capacity tariff standard combined with peak - shaving capacity, and managed by a list system [10] Group 5: Core Impact on the Energy Storage Industry - Policy synergy: The capacity tariff policy in the notice activates the energy storage market, promoting new energy storage to move from a "supplementary role" to a "main support" [11] - Technical orientation: Focus on long - duration energy storage, promoting the transformation of lithium - ion batteries and the large - scale development of non - lithium long - duration energy storage and sodium - ion batteries [11] - Market expansion: The notice helps to achieve the 300GW new energy storage installation target in the 15th Five - Year Plan [11][12] - Industrial linkage: It drives the growth of demand in the energy storage industry chain and upstream raw materials, and promotes the technological iteration of non - lithium energy storage [11] Group 6: New Energy Storage Installation Forecast - From 2026 - 2030, the cumulative new installation of new energy storage will reach nearly 500GW, and the cumulative installation will increase from 144.7GW to over 640GW [12] - From 2026 - 2029, it is a steady promotion period with a gradually slowing growth rate, and in 2030, new installation will decline [12][16] - Sodium - ion batteries and other technologies will penetrate at a moderate pace, and long - duration energy storage will become the mainstream in 2030 [12][16] Group 7: Lithium Carbonate Demand Calculation - Core assumptions include the proportion of different technical routes, consumption standards, and conversion standards [14] - From 2026 - 2030, the cumulative new installation of new energy storage will be close to 500GW, with an average annual growth rate of about 4.2%, and will drive the demand for lithium carbonate to change [14][15][16] - The demand for lithium carbonate will increase from 12.30 million tons in 2025 to 23.43 million tons in 2029, and then drop to 12.66 million tons in 2030 [15]

Core Viewpoint - The new energy storage industry in China has experienced significant growth, with a total installed capacity of 66.43 GW and energy capacity of 189.48 GWh added in 2025, representing year-on-year increases of 52% and 73% respectively. The industry is expected to continue evolving towards longer-duration energy storage solutions and deeper integration with renewable energy sources [3][41][95]. Group 1: Industry Development Overview - In 2025, the cumulative installed capacity of new energy storage in China reached 213.3 GW, a year-on-year increase of 54% [13]. - The average storage duration for new energy storage systems has gradually increased from 2.11 hours in 2021 to 2.58 hours in 2025, with projections indicating it could reach 3.47 hours by 2030 [95]. - The top ten provinces in China accounted for nearly 90% of the total installed capacity, with Inner Mongolia leading in both energy and power capacity, surpassing California to become the world's top province [3][48]. Group 2: Market Trends and Projections - The growth rate of new energy storage installations is expected to slow down, but the large base will still generate significant absolute increments, with projections suggesting a cumulative installed capacity of over 370 million kW by 2030 [4]. - The market is transitioning from policy-driven growth to market-driven high-quality development, with expected annual compound growth rates of 20.7% to 25.5% from 2026 to 2030 [98]. - The penetration rate of new energy storage in wind and solar power generation has increased significantly, from 0.61% at the end of the 13th Five-Year Plan to 6.88% at the end of the 14th Five-Year Plan [17]. Group 3: Technological Advancements - During the 14th Five-Year Plan period, significant technological breakthroughs have been made in energy storage, including increased capacity of lithium battery cells and advancements in flow battery efficiency [9][10]. - The industry is witnessing a shift towards longer-duration storage solutions, with a notable increase in projects exceeding 4 hours of storage duration [45]. - The average available capacity of new energy storage systems has shown high reliability, with peak discharge capabilities reaching 44.53 million kW in 2025 [24]. Group 4: Project and Market Dynamics - The number of newly operational energy storage projects in 2025 was 5,014, with a total power capacity of 328.0 GW, indicating a shift towards larger-scale projects [39]. - The bidding landscape for new energy storage projects is becoming more rational, with a focus on quality over quantity, as the number of projects remains stable or slightly declines [53]. - The market is diversifying, with energy storage systems now participating in various market categories, including long-term, spot, and ancillary services [21].

Core Insights - By the end of 2025, China's new energy storage capacity is expected to grow by 84% compared to the end of 2024, achieving over 40 times the capacity compared to the end of the 13th Five-Year Plan, indicating significant development in the sector [1] Capacity Growth - As of the end of 2025, the average energy storage duration is projected to be 2.58 hours, an increase of 0.30 hours from the end of 2024 [1] - The North China region holds the largest share of installed capacity, accounting for 32.5% of the national total [1] - In the past year, North and Northwest China have been the main growth areas for new energy storage, with newly installed capacities of 21.88 million kilowatts and 19.66 million kilowatts, respectively, representing 35.2% and 31.6% of the national new installations [1] Project Scale - There is a clear trend towards larger-scale projects, with installations of 100,000 kilowatts and above making up 72% of the total by the end of 2025, an increase of approximately 10 percentage points from the end of 2024 [1] - Projects with a storage duration of 4 hours or more are gradually increasing, with their share reaching 27.6%, up by about 12 percentage points from the end of 2024 [1] Technology Dominance - Lithium-ion battery storage remains the dominant technology, accounting for 96.1% of the installed capacity, while compressed air storage, flow battery storage, and flywheel storage make up 3.9% [1]

Core Insights - By the end of 2025, China's new energy storage capacity is expected to grow by 84% compared to the end of 2024, achieving over 40 times the capacity compared to the end of the 13th Five-Year Plan, indicating significant development in the sector [1] - The average energy storage duration has increased by 0.30 hours to 2.58 hours compared to the end of 2024 [1] Group 1: Capacity and Utilization - The equivalent utilization hours of new energy storage nationwide are projected to reach 1195 hours in 2025, an increase of nearly 300 hours from 2024 [2] - The State Grid and Southern Power Grid have equivalent utilization hours of 1175 hours and 1294 hours, respectively [2] Group 2: Regional and Technical Developments - The North China region accounts for the largest share of installed capacity, with 32.5% of the national total, and has seen significant growth in new installations [3] - New installations in North and Northwest China were 21.88 million kW and 19.66 million kW, representing 35.2% and 31.6% of the national total, respectively [3] - Projects with a capacity of over 100,000 kW now account for 72% of total installations, an increase of about 10 percentage points from 2024 [3] - Lithium-ion battery storage remains dominant, comprising 96.1% of installed capacity, while other technologies like compressed air and flow batteries account for 3.9% [3]

Core Viewpoint - The energy revolution in China has transitioned from a land-grabbing development model to a systematic reform phase, emphasizing the importance of scenario integration in the renewable energy sector [1] Group 1: Industry Development - The renewable energy industry is currently tasked with ensuring supply, stabilizing the foundation, transitioning, and tackling challenges, with scenario integration being a key focus [1] - The integration of renewable energy, storage, and industrial scenarios is essential for maximizing value through intelligent interaction among sources, networks, loads, and storage [1] - The shift from policy-driven to market-driven dynamics necessitates the use of diversified and creative financial tools to adapt to changing scenarios [1] Group 2: Financing Stages - The financing development of the renewable energy industry can be divided into two stages: 1.0, which relies on subsidy-driven debt financing, and 2.0, which utilizes diversified financial tools for innovative growth [2] - In the 1.0 stage, reliance on subsidies helped lower funding barriers, but the withdrawal of subsidies has led to increased financing costs and project terminations, as seen in the case of Ørsted's offshore wind projects in the U.S. [2] - The 2.0 stage requires financial institutions to become proactive value enablers, utilizing innovative tools like equity-debt linkage to support the scaling of renewable energy projects [2] Group 3: Value Extraction - Project value now extends beyond tangible assets and electricity revenue to include technological advancement, environmental services, and data management [5][6] - Financial institutions must recognize and price the potential of emerging technologies, as demonstrated by the credit approval for a carbon molten salt storage project [5] - The value of environmental services and data management must be identified and leveraged to enhance financing advantages, with examples of successful integration of these values into project assessments [6] Group 4: Risk Management - Financial institutions should address risks related to technology, revenue volatility, and operational safety by transforming uncertainties into manageable financial products [7] - Insurance models can mitigate technology-related risks, with examples of comprehensive insurance products tailored for the renewable energy sector [7][8] - Collaborative risk assessment approaches, such as the "iron triangle" service team model, can enhance project viability by considering technology, market, and industry chain value [8] Group 5: Liquidity Enhancement - The large investment scale and long payback periods in renewable energy necessitate financial institutions to enhance liquidity and facilitate a cycle of investment and reinvestment [10] - Asset securitization is a common method to convert stable future revenue rights into tradable financial products, providing liquidity for operational renewable energy projects [10] - Financing leasing models can offer flexible funding solutions for projects in the construction phase, alleviating short-term financial pressures [10] Group 6: Ecosystem Approach - Financial institutions should shift their evaluation focus from individual enterprises to the entire industrial chain, assessing the stability of trade relationships and receivables [11] - Financing models centered around leading enterprises can extend creditworthiness throughout the supply chain, ensuring financial support for smaller firms [11] - Examples of successful financing collaborations highlight the importance of integrating core enterprises' stability and credit into broader financing strategies [11] Conclusion - In the context of "renewable energy + storage + industrial scenario integration," financial institutions must evolve from mere fund providers to ecosystem builders, leveraging technology, market insights, and data to better serve the real economy [12] - By employing value extraction, risk management, and liquidity enhancement strategies, the financial system can activate the value of multi-dimensional assets and address industry risks [12] - The future of renewable energy finance will depend on the ability to optimize resource allocation and risk-sharing among stakeholders, positioning financial institutions as key players in the energy transition [12]

Core Viewpoint - The project aims to address key bottlenecks in the energy storage industry as it transitions from large-scale to market-oriented development, focusing on economic benefits and carbon emission accounting [4]. Group 1: Project Overview - The project is part of the National Key R&D Program "Strategic Technology Innovation Cooperation" and focuses on value yield and carbon emission assessment technologies for large-scale energy storage [1]. - The project is led by the Zhongguancun Energy Storage Industry Technology Alliance, with participation from various experts and representatives [1][4]. Group 2: Project Progress and Achievements - The project has made significant progress in 2025, completing all assessment indicators on schedule, developing a software platform for cost and carbon footprint accounting, and producing a report on market rules and business models [6]. - Three group standards have been initiated, and three software copyrights have been obtained, alongside active international collaboration [6]. Group 3: Expert Feedback and Future Directions - The project consulting expert group, led by Professor Xia Qing from Tsinghua University, acknowledged the solid work done by the project team and provided constructive feedback on research depth, result focus, and financial norms [10]. - The project team plans to incorporate expert suggestions to enhance collaborative research, deepen scenario studies, and ensure high-quality project completion [12].

Core Viewpoint - The company is engaged in various collaborative projects, including small molecule gas storage and compressed air energy storage, which are structured as equity participation projects, with a focus on reasonable pricing and profit-sharing based on investment ratios [2] Group 1: Project Collaborations - The company collaborates with Guanggang Gas on small molecule gas storage and with Guoxin Group on compressed air energy storage, both structured as equity participation projects [2] - The pricing for leasing its salt caverns is determined based on construction costs and market pricing levels in the domestic salt cavern utilization industry, ensuring fairness and reasonableness [2] - The company will share after-tax profits according to its investment ratio in these collaborative projects [2] Group 2: Gas Storage Projects - The company is involved in the Zhangxing Gas Storage Project, which is implemented by Jiangsu Guoneng Petroleum and Natural Gas Co., holding a 51% stake that is included in the consolidated financial statements [2] - This project is not based on the salt cavern leasing model, and the rights to underground cavern resources have been evaluated and transferred after the establishment of Guoneng Company [2] - The second phase of the Zhangxing Gas Storage Project is being planned, with a proposed capacity of 1 billion cubic meters for natural gas storage, which is not measured in terms of salt cavern space [2]