（编辑 袁冠琳） 证券日报网讯 曼恩斯特11月25日在互动平台回答投资者提问时表示，公司储能业务已构建以集中式储 能为核心业务、工商业储能及户用储能产品为主力业务的多层次产品矩阵，在电池全生命周期价值评 估、BMS管理技术及智能化电站运营运维等方面已积累多项核心技术，且拥有多条PACK自动化生产 线，目前业务订单相对充足。 ...

此次调整是基于市场环境变化及公司实际情况的审慎评估，旨在提升资源使用效率和有效控制投资风 险。 2025年前三季度，首航新能实现收入17.46亿元，归母净利润1.14亿元。 11月20日，首航新能（301658）发布公告，公司对"首航储能系统建设项目"的投资总额、实施内容和实 施进度进行了调整。项目的投资总额由21.01亿元调整为12.1亿元，项目建设周期由24个月调整至40个 月。 投资构成调整详情如下表所示： 根据调整后的投资总额，项目将调整原规划产能，增加工商业储能和集中式储能等储能系统产能，并将 按规定履行必要的项目备案程序。 ...

Core Viewpoint - Greebo (301260) is actively engaged in the energy storage sector, focusing on portable, mobile, and commercial energy storage solutions, with a commitment to advancing inverter technology towards intelligence and high reliability [1] Group 1: Business Segments - The company currently operates three main business segments in energy storage: portable energy storage, mobile energy storage, and commercial energy storage [1] - In the portable and mobile energy storage segments, the inverters used are at the forefront of the industry [1] Group 2: Future Outlook - The company plans to continue its investment in cutting-edge fields, emphasizing technological iteration and talent acquisition to maintain its leading position in the market [1]

Core Viewpoint - The global commercial and industrial energy storage shipments are projected to reach 40 GWh in the first nine months of 2025, representing a year-on-year growth of 110% [1]. Group 1: Market Overview - The top 10 companies in the global commercial and industrial energy storage market include: Ruipu Lanjun, CATL, EVE Energy, Haicheng Energy, Fudi Battery, Penghui Energy, Guoxuan High-Tech, Chuangneng New Energy, Zhongchu Innovation, and Ganfeng Lithium [1].

Core Insights - The company is actively engaged in three main areas of energy storage: portable storage, mobile storage, and commercial/industrial storage [1] - The inverters used in the portable and mobile storage segments are at the forefront of the industry, indicating a strong technological position [1] - Future developments in inverter technology are expected to focus on intelligence and high reliability, with the company committed to continuous innovation and talent development to maintain its leading position [1] Summary by Categories Energy Storage Projects - The company has established a presence in portable storage, mobile storage, and commercial/industrial storage [1] - The current inverter technology used in portable and mobile storage is considered industry-leading [1] Technological Advancements - The company plans to advance inverter technology towards smarter and more reliable solutions [1] - There is a commitment to ongoing technological iteration and talent acquisition to strengthen the company's competitive edge [1]

来源：新能源产业家 作者：范舒雨 "我被工商业储能，做局了！" 2025年，中国的工商业储能投资商和从业者们，一定都非常郁闷以及困惑一件事：为啥国外工商储红红 火火，国内半死不活？ 整个行业都呈现出一种诡异的割裂状态： 大洋彼岸，从欧洲到亚非拉，工商业储能前所未有地大爆发，资本们拿着钱疯抢项目，资产估值一路飙 升。 反观国内，却显然集体恐慌。江苏、浙江，两大用电大省的分时电价政策调整，让收益生生腰斩。微信 社群里充斥着项目甩卖信息，整个市场一下子蔫了。 政策大棒下，项目数量骤减2/3 工商业储能，作为国内最早市场化的储能赛道，从2022年开始就维持着高增长态势，在2024年中国工商 业储能出货量已经达到10GWh。 2022-2025年中国工商储出货量及预测 数据来源：高工储能 前几个月，一家储能公司的员工和我们吐槽，公司已经一个月没发工资，资金链很紧张，估计要撑不下 去了。结果过了一段时间，他来报喜，公司突然被海外一个几个亿的工商储项目砸中，续上命了。 确实，目前国内工商业储能市场是建立在政策规定的价差上，换句话说，资产实际上是建立在沙滩上的 城堡，轻轻一个变动就会坍塌。 中国的工商业储能，难道真的一夜沦为 ...

无论是国家政策的频密出台，还是企业端需求的快速变化，都在说明一个趋势：未来能源系统的核心不 再是单一的大型电源，而是通过分布式能源、储能、智能管理等多种资源形成的"整体协同"。如果说新 能源的大规模发展改变了电源结构，那么分布式能源的兴起，则正在重构整个终端能源使用方式。在过 去二十年里，燃气分布式能源、分布式光伏、分散式风电、多能互补系统、工商业储能、虚拟电厂等技 术路线不断成熟，从零星示范走向深度渗透，从单点应用转向系统集成，其战略意义已经远远超出 了"补充能源"的范畴。而当分布式能源遇上零碳园区建设浪潮，一场从技术创新到产业重构的系统性突 破正在发生——分布式能源正成为零碳园区时代不可或缺的关键引擎。 产业端需求的结构性变化：从"可选"到"必选" 当下的行业情势呈现出一个非常显著的特征：产业端需求发生了结构性变化。传统的"外购电+集中供 热"模式正在难以满足企业绿色化、数字化、低成本、高稳定的综合要求。与此同时，在园区和城市空 间中，新能源消纳、配网承载、负荷波动、极端天气等新的运行矛盾逐渐显现。 这些挑战推动着能源系统必须具备更强的本地化灵活性、更多的自主调节能力、更完善的数字化监测基 础，而这些能力 ...

Core Insights - The global commercial and industrial energy storage shipments are projected to reach 40 GWh from January to September 2025, representing a year-on-year growth of 110% [2]. Company Rankings - The top 10 companies in the energy storage sector include: 1. Ruipu Lanjun 2. CATL (Contemporary Amperex Technology Co., Limited) 3. EVE Energy 4. Hithium 5. Faraday Battery 6. Penghui Energy 7. Guoxuan High-Tech 8. Chuang Neng New Energy 9. CALB (China Aviation Lithium Battery) 10. Ganfeng Lithium [3][6].

Core Viewpoint - The stock price of CATL (宁德时代) has declined following a share reduction by a core member of the founding team, Huang Shilin, leading to a market capitalization loss of over 100 billion yuan [1][2]. Group 1: Share Reduction Details - Huang Shilin plans to transfer 45.63 million shares, representing 1% of the total share capital, due to personal funding needs, with a value exceeding 18.4 billion yuan based on the latest stock price [1][2]. - The transfer will not occur through the secondary market, which is expected to mitigate immediate selling pressure, and the receiving party will be subject to a six-month lock-up period [1][2]. - After the transfer, Huang Shilin's holdings will decrease from 10.21% to approximately 9.21% of the total shares [2]. Group 2: Background on Huang Shilin - Huang Shilin, a core member of CATL's founding team, has held various significant positions within the company and has a current net worth of approximately 188.3 billion yuan [3]. - Prior to this reduction, he had previously sold shares for personal asset planning and has been involved in multiple companies, including those focused on energy storage [3][4]. Group 3: Industry Context - The demand for lithium batteries, particularly in the energy storage sector, has surged due to global policy fluctuations and technological advancements, leading to a "chip shortage" phenomenon [5][6]. - CATL has indicated that it is currently experiencing full production capacity and is accelerating its expansion efforts to meet the growing domestic energy storage product demand [5][6]. - The maturation of the energy storage business model is becoming evident, with increasing domestic and international demand for energy storage solutions [6].

Core Viewpoint - JinkoSolar's stock increased by 1.82% on November 13, with a trading volume of 8.22 billion yuan and a market capitalization of 61.732 billion yuan [1] Group 1: Company Operations - JinkoSolar has mass-produced high-efficiency N-type TOPCon batteries and is actively developing new technologies and processes, including IBC and calcium-titanate batteries [2] - The company has a strong technical reserve in the N-type TOPCon field, with clear paths for efficiency improvement and cost reduction, and plans to increase investment to maintain its leadership position in the "N-type era" [2] - JinkoSolar's main business includes the research, production, and sales of solar photovoltaic modules, battery cells, and silicon wafers, providing high-quality solar products globally [2] Group 2: Financial Performance - As of September 30, JinkoSolar reported a revenue of 47.986 billion yuan for the first nine months of 2025, a year-on-year decrease of 33.14%, and a net profit attributable to shareholders of -3.92 billion yuan, a decrease of 422.67% [6] - The company has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed in the last three years [7] Group 3: Market Activity - The main net inflow of funds today was -15.7419 million yuan, with a continuous reduction in main funds over the past three days [3][4] - The average trading cost of JinkoSolar's shares is 5.94 yuan, with the stock price approaching a resistance level of 6.20 yuan, indicating potential for a price correction if this level is not surpassed [5]