文 | 中关村储能产业技术联盟 2 0 2 5年10月储能政策从国家到地方共有90项发布或征求意见，涉及电价政策、电力市场、 补贴政策、示范项目等方面，中关村储能产业技术联盟对本月储能政策进行了梳理解读，希 望与业界同仁共同交流探讨。 一、政策数据概览 根据CNESA Da t aLi n k全球储能数据库的不完全统计，2025年9月份 共发布储能相关政策 9 0 项 ， 其 中 国 家 层 面 发 布 9 项 。 从 重 要 程 度 来 看 ， 非 常 重 要 类 39 项 ， 其 中 ， 国 家 、 广 东、河北、青海 发布数量居多，从政策类别来看， 电价政策、电力市场政策居多。 二、重要政策概览 【国家层面】 国家商务部、海关总署发布对锂电池和人造石墨负极材料相关物项实施出口管制的决定 ，对锂电池相关物项和正极材料相关物项等实施管制，包括3A0 0 1 重量能量密度大于等 于3 00 Wh/ k g的可充放电锂离子电池、用于制造可充放电锂离子电池的设备等。 国家发展改革委、国家能源局发布《跨省跨区电力应急调度管理办法》 ，提到应急调度 在受入省的落地侧电价，按省间现货市场结算价格上限或南方区域现货市场出 ...

是新能源、特高压高质量发展的题眼，电价多轨制变成单轨制，由标量变为向量(多维风光发电量占 比：15%是系统成本快速上升的临界点，15%是电网景气度提升的时点，20%是灵活性资源需求提升的 时点。 新能源的成长性 首先来源于NDC(国家自主贡献)，其次才是技术进步。 投资建议：(1)电网安全角度：二次设备；(2)灵活性资源角度：核电、煤电改造、燃机、光热、水电改 造、抽蓄、新型储能、用户侧调节(虚拟电厂、V2G、需求响应等)属于同一生态位竞争；(3)电力现货市 场建设角度：计量基础设施必须要完善，不仅是电计量，还包括碳计量。 中邮证券发布研报称，电力现货市场是高质量发展题眼，核电、煤电改造等属于同一生态位竞争。新推 动新能源成长的主要驱动力是NDC(国家自主贡献)，技术进步居于次要地位。 中邮证券主要观点如下： 电改 没有完美模板，形成一种新质生产关系，消纳绿电是主线，安全是底线，系统稀缺性是最佳投资方向， 必须面对"能源不可能三角"问题，水风光都来源于太阳，都需要大范围进行互济消纳，因此需要建立全 国统一电力大市场。 电力现货市场 风险提示：政策不及预期的风险，需求不及预期的风险。 ...

Group 1 - The core viewpoint of the news is that Nanfang Power Storage's stock has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 20.29% [1] - As of November 24, the company's stock price is 12.03 yuan per share, with a market capitalization of 38.448 billion yuan [1] - The company has seen a net outflow of 15.0581 million yuan in principal funds, with significant selling pressure in large orders [1] Group 2 - For the period from January to September 2025, Nanfang Power Storage achieved operating revenue of 5.32 billion yuan, representing a year-on-year growth of 17.72%, and a net profit attributable to shareholders of 1.433 billion yuan, up 37.13% year-on-year [2] - The company has distributed a total of 1.622 billion yuan in dividends since its A-share listing, with 930 million yuan distributed in the last three years [3] - The company primarily engages in pumped storage (66.22% of revenue), peak regulation hydropower (26.73%), and new energy storage (5.38%) [1]

Core Viewpoint - The stock of Southern Power Grid Energy has experienced fluctuations, with a recent decline of 2.05% and a year-to-date increase of 28.89% [1] Group 1: Stock Performance - As of November 20, the stock price is 12.89 CNY per share, with a market capitalization of 41.197 billion CNY [1] - The stock has seen a 7.07% decline over the last five trading days, a 4.46% increase over the last 20 days, and a 27.52% increase over the last 60 days [1] - The net outflow of main funds is 14.3446 million CNY, with significant selling activity [1] Group 2: Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 5.32 billion CNY, a year-on-year increase of 17.72%, and a net profit attributable to shareholders of 1.433 billion CNY, up 37.13% year-on-year [2] Group 3: Business Overview - Southern Power Grid Energy, established on December 29, 1997, focuses on pumped storage, peak regulation hydropower, and independent energy storage business development, investment, construction, and operation [1] - The revenue composition includes pumped storage (66.22%), peak regulation hydropower (26.73%), new energy storage (5.38%), and others [1] - The company is categorized under the public utility sector, specifically in electric power and comprehensive energy services [1] Group 4: Shareholder Information - As of October 20, the number of shareholders is 46,700, a decrease of 3.36%, with an average of 68,371 circulating shares per shareholder, an increase of 3.47% [2] Group 5: Dividend Information - Since its A-share listing, the company has distributed a total of 1.622 billion CNY in dividends, with 930 million CNY distributed over the past three years [3]

Macro and Strategy - The report discusses the global asset management deep research series, focusing on personalized portfolios and tax efficiency, highlighting the advantages of separately managed accounts (SMA) for high-net-worth and institutional clients [7][8] - SMA allows for customized investment strategies based on individual risk preferences and tax optimization techniques, contrasting with model portfolios that lack personalization [7][8] Industry and Company Robotics Industry - Tesla plans to expand its Texas factory to produce 10 million humanoid robots annually, with production expected to start in 2027 [9][10] - The IPO guidance for Yuzhu Technology has been completed, indicating a rapid development in the domestic humanoid robot sector [10][12] - The report emphasizes the long-term investment opportunities in humanoid robots, suggesting a focus on core suppliers and companies with strong market positions [12] AI Infrastructure - Anthropic announced a $50 billion investment in AI data centers in the U.S., reflecting strong demand for AI-driven cloud infrastructure [11][12] - The report highlights the growing investment in AI infrastructure, particularly in energy supply for data centers, recommending companies involved in energy supply and cooling solutions [12][14] Food and Beverage Industry - Luckin Coffee reported a 50.2% year-on-year revenue increase in Q3 2025, but faced profit pressure due to rising delivery costs, which surged by 211.4% [16] - Yum China also saw revenue growth driven by its delivery sales, with a 32% increase in delivery revenue, maintaining a stable operating profit margin [16][17] - The report suggests that the differences in profitability between Luckin Coffee and Yum China stem from their competitive environments and membership channel contributions [16][17] Medical Device Industry - The medical sector outperformed the overall market, with a 3.29% increase in the biopharmaceutical sector, while the medical device multinational corporations (MNCs) reported varied performance across different product categories [18][19] - The report recommends focusing on innovative and export-capable A-share medical device companies, particularly those benefiting from domestic substitution trends [19] Power Equipment and New Energy - The report outlines a positive outlook for the wind power sector, expecting a 10%-20% growth in new installations in 2026, supported by strong order backlogs and price stability [20][21] - The lithium battery industry is anticipated to recover from a downtrend, with new technologies like solid-state batteries expected to accelerate commercialization [20][21] - Recommendations include focusing on companies involved in energy supply for AI data centers and those in the lithium battery supply chain [21][22] Semiconductor Equipment - Tuojing Technology reported a significant revenue increase of 124.15% year-on-year in Q3 2025, driven by the scaling of advanced packaging and storage equipment [23][24] - The company is expected to benefit from the ongoing expansion in the storage wafer market, with a focus on advanced packaging technologies [25][26]

近期，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）公 布，提出"统筹就地消纳和外送，促进清洁能源高质量发展""科学布局抽水蓄能，大力发展新型储 能""推动煤炭和石油消费达峰"等。 煤炭达峰时间会早于煤电 《每日经济新闻》记者发现，目前我国煤炭和石油的产量和消费总量仍在提高，那么"十五五"末能否顺 利实现达峰目标？煤炭与煤电达峰两者之间，谁会率先达峰？强制配储政策取消后，下一步储 NBD：《建议》提出"推动煤炭和石油消费达峰"，但目前我国煤炭和石油产量和消费总量仍在提高。煤 炭、石油能否顺利达峰？2030年前能否实现碳达峰目标？ 能又该如何高质量发展？如何让"负电价"红利传导到居民？ 围绕前述问题，中国能源研究会首席专家、双碳产业合作分会主任黄少中接受了《每日经济新闻》记者 （以下简称NBD）专访。黄少中曾任国家能源局市场监管司副司长、国家能源局西北监管局局长，深 度参与中国两次电力体制改革方案的研究设计及实施推进工作。 黄少中：数据显示，我国煤炭消费占能源消费的比重已经从2000年的68.5%下降到2024年的53.2%，石 油从22%下降到18.2%，但二者之和仍占据我国 ...

老铁们，周末的财经圈可不平静，几条重磅消息接连炸锅，下周的A股剧本恐怕要改写！我是帮主郑重，20年财经老炮，今天就用中长线视角，带你捋清这 些事件背后的机会与风险。 · 防守端：关注低估值高股息品种，比如银行股（净利润前三季度1.9万亿），经济复苏背景下息差企稳，性价比凸显； · 进攻端：瞄准国产替代（半导体设备、储能集成）和消费新场景（智能家居、新能源车），尤其三季报超预期且政策加持的标的； · 避坑提示：警惕解禁高峰（下周解禁市值近千亿）和业绩暴雷股，像合富中国这种停牌核查的题材股，千万别碰。 帮主常说："消息面决定短期波动，产业趋势才是长期收益的根基"。当前市场分化加剧，恰恰是优化持仓的好时机——丢掉讲故事的公司，守住有技术的硬 核资产。 1. AI与算力：华为宣布将发布AI突破性技术，闽浙粤三省加速算力基建，叠加美股芯片巨头被桥水减持，国产算力产业链（光模块、液冷、服务器）的替 代逻辑更坚定了； 2. 储能爆发：新型储能装机量全球第一，政策端连续发力，宁德时代虽遭减持184亿，但储能订单排到明年，行业景气度不改； 3. 脑机接口：首次被列入国家未来产业，技术临床突破加速，这个从0到1的赛道，适合长线埋 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For the stock index, after a continuous rise, the hot sectors are rotating rapidly, with technology growth remaining the market's main line. Policy support for the capital market remains unchanged, and the medium - to long - term strategy is mainly to go long on dips [4]. - For treasury bonds, in the fourth quarter, the supply - demand pattern of the bond market may improve. The market is likely to remain volatile under the background of weak domestic demand recovery and improved inflation expectations, and the bond market is expected to recover in a volatile manner [6]. - For precious metals, in the early stage of the Fed's easing cycle, it is recommended to go long on silver on dips. The gold - silver ratio still has room for further downward repair [7]. - For non - ferrous metals, copper prices are expected to be volatile and slightly stronger in the short term; aluminum prices may rise further; zinc prices are short - term strong but with limited upside in the surplus cycle; lead prices are expected to be strong; nickel prices are recommended to be observed in the short term; tin prices are expected to be strong and volatile; lithium carbonate is in high - level oscillation; alumina is recommended to be observed; stainless steel prices are expected to remain weak; casting aluminum alloy prices are expected to follow aluminum prices [10][12][14][17][18][21][22][24][26][28]. - For black building materials, steel prices are expected to be weak and volatile in the short term but may recover in the future; iron ore prices are expected to be weak in the short term; glass prices are expected to be weak; soda ash prices are expected to be volatile; for manganese silicon and ferrosilicon, the short - term negative impact is a phased release, and it is more cost - effective to look for rebound opportunities; for industrial silicon and polysilicon, industrial silicon prices are expected to be in consolidation, and polysilicon supply - demand may improve marginally [31][33][35][37][39][43][45]. - For energy and chemicals, for rubber, a neutral approach is recommended for short - term trading; for crude oil, a low - buying and high - selling strategy is maintained, and short - term observation is recommended; for methanol, it is recommended to observe; for urea, it is recommended to observe; for pure benzene and styrene, styrene prices may stop falling; for PVC, it is recommended to short on rallies; for ethylene glycol, it is recommended to short on rallies; for PTA, pay attention to the opportunity of PXN rising to drive PTA up; for p - xylene, pay attention to the mid - term valuation increase opportunity; for polyethylene, prices are expected to be in low - level oscillation; for polypropylene, prices may be supported in the first quarter of next year [50][52][53][54][57][59][61][63][65][68][70]. - For agricultural products, for live pigs, the first strategy is to do reverse spreads, and then wait to short on rallies; for eggs, prices are expected to be strong in the short term; for soybean and rapeseed meal, short - term follow - up with import cost increases, and mid - term short on rallies; for oils and fats, take a volatile view and turn to a long - term view if there are signs of production decline; for sugar, wait to short after the rebound weakens; for cotton, prices are expected to be in oscillation [73][76][78][81][83][86]. 3. Summaries According to Relevant Catalogs 3.1 Macro - financial Category 3.1.1 Stock Index - **Market Information**: The National Energy Administration explores the construction of new water - wind - solar integration bases; the China Photovoltaic Industry Association refutes rumors; Haibo Sichuang signs a cooperation agreement with CATL; Morgan Stanley raises the target prices of Samsung and SK Hynix and predicts a rise in DRAM and NAND prices [2]. - **Strategy**: The market's main line is technology growth. The medium - to long - term strategy is to go long on dips [4]. 3.1.2 Treasury Bonds - **Market Information**: On Wednesday, the main contracts of TL, T, TF, and TS had different changes. The Fed has a growing divergence on December rate cuts, and the US - EU trade tension affects European enterprises. The central bank conducted 1955 billion yuan of 7 - day reverse repurchase operations, with a net investment of 1300 billion yuan [5]. - **Strategy**: The bond market is expected to recover in a volatile manner in the fourth quarter [6]. 3.1.3 Precious Metals - **Market Information**: Shanghai gold and silver prices rose. The retirement of the Atlanta Fed President may bring a dovish tendency. The US government is likely to reopen, which is positive for precious metals [7]. - **Strategy**: Go long on silver on dips, and the gold - silver ratio has room for downward repair [7]. 3.2 Non - ferrous Metals Category 3.2.1 Copper - **Market Information**: Copper prices rose slightly. LME copper inventory was flat, and domestic warehouse receipts increased. The spot import was at a loss, and the refined - scrap price difference declined [9]. - **Strategy**: Copper prices are expected to be volatile and slightly stronger in the short term [10]. 3.2.2 Aluminum - **Market Information**: Aluminum prices were strong but pulled back. The weighted contract positions increased, and the warehouse receipts decreased slightly. Domestic inventories increased slightly, and the spot was at a discount [11]. - **Strategy**: Aluminum prices may rise further [12]. 3.2.3 Zinc - **Market Information**: Zinc prices rose slightly. The domestic social inventory decreased slightly, and the LME inventory and registered warehouse receipts increased slightly [13]. - **Strategy**: Zinc prices are short - term strong but with limited upside in the surplus cycle [14]. 3.2.4 Lead - **Market Information**: Lead prices rose. The domestic social inventory increased slightly, and the LME inventory decreased continuously [16]. - **Strategy**: Lead prices are expected to be strong in the short term [17]. 3.2.5 Nickel - **Market Information**: Nickel prices fell. The spot premium was stable, the nickel ore price was stable, and the nickel iron price fell [18]. - **Strategy**: Observe in the short term, and consider going long if the price drops enough [18]. 3.2.6 Tin - **Market Information**: Tin prices rose. The warehouse receipts decreased, the tin concentrate price rose, and the smelting plant's operating rate rebounded but remained low due to raw material shortages [19]. - **Strategy**: Tin prices are expected to be strong and volatile, and it is recommended to go long on dips [21]. 3.2.7 Lithium Carbonate - **Market Information**: Lithium carbonate prices were in high - level oscillation. The spot index declined slightly, and the futures contract price rose slightly [22]. - **Strategy**: Pay attention to the high - level selling pressure, and focus on December's lithium - battery material production and the equity market atmosphere [22]. 3.2.8 Alumina - **Market Information**: Alumina prices rose slightly. The positions increased, the basis was at a discount, and the overseas price was stable. The futures warehouse receipts were unchanged [23]. - **Strategy**: Observe in the short term, and focus on supply - side policies and other factors [24]. 3.2.9 Stainless Steel - **Market Information**: Stainless steel prices fell. The positions increased, the spot price decreased slightly, and the inventory decreased slightly [25][26]. - **Strategy**: Prices are expected to remain weak in the short term [26]. 3.2.10 Casting Aluminum Alloy - **Market Information**: Casting aluminum alloy prices rose. The positions increased, the trading volume increased, and the warehouse receipts decreased slightly [27]. - **Strategy**: Prices are expected to follow aluminum prices [28]. 3.3 Black Building Materials Category 3.3.1 Steel - **Market Information**: Rebar and hot - rolled coil prices rose slightly. The registered warehouse receipts decreased, and the positions decreased [30]. - **Strategy**: Prices are expected to be weak and volatile in the short term but may recover in the future [31]. 3.3.2 Iron Ore - **Market Information**: Iron ore prices rose. The positions decreased, and the spot price rose. The Simandou iron ore project was put into production [32]. - **Strategy**: Prices are expected to be weak in the short term, and pay attention to the support at 750 - 760 yuan/ton [33]. 3.3.3 Glass and Soda Ash - **Market Information**: Glass prices fell, and the inventory decreased; soda ash prices fell, and the inventory increased [34][36]. - **Strategy**: Glass prices are expected to be weak; soda ash prices are expected to be volatile [35][37]. 3.3.4 Manganese Silicon and Ferrosilicon - **Market Information**: Manganese silicon prices fell slightly, and ferrosilicon prices rose slightly. Both are in the oscillation range [38]. - **Strategy**: The short - term negative impact is a phased release, and it is more cost - effective to look for rebound opportunities [39]. 3.3.5 Industrial Silicon and Polysilicon - **Market Information**: Industrial silicon prices rose slightly, and polysilicon prices rose. Industrial silicon production increased, and polysilicon production decreased in November [42][44]. - **Strategy**: Industrial silicon prices are expected to be in consolidation; polysilicon supply - demand may improve marginally [43][45]. 3.4 Energy and Chemicals Category 3.4.1 Rubber - **Market Information**: Rubber prices rebounded. The 11 - month warehouse receipts are about to expire, and there are different views on the market [47][48]. - **Strategy**: Adopt a neutral approach for short - term trading, and partially build positions for the RU2601 - RU2609 spread [50]. 3.4.2 Crude Oil - **Market Information**: Crude oil and related refined product prices rose [51]. - **Strategy**: Maintain a low - buying and high - selling strategy, and observe in the short term [52]. 3.4.3 Methanol - **Market Information**: Methanol prices rose. The supply pressure increased, and the demand decreased [53]. - **Strategy**: Observe [53]. 3.4.4 Urea - **Market Information**: Urea prices rose. The supply increased, and the demand was weak [54]. - **Strategy**: Observe [54]. 3.4.5 Pure Benzene and Styrene - **Market Information**: Pure benzene prices were stable, and styrene prices were mixed. The supply pressure increased, and the demand decreased [55]. - **Strategy**: Styrene prices may stop falling [57]. 3.4.6 PVC - **Market Information**: PVC prices rose. The cost was stable, the supply increased, and the demand decreased [58]. - **Strategy**: Short on rallies [59]. 3.4.7 Ethylene Glycol - **Market Information**: Ethylene glycol prices rose. The supply decreased slightly, the demand decreased slightly, and the inventory increased [60]. - **Strategy**: Short on rallies [61]. 3.4.8 PTA - **Market Information**: PTA prices rose. The supply decreased slightly, the demand decreased slightly, and the inventory increased [62]. - **Strategy**: Pay attention to the opportunity of PXN rising to drive PTA up [63]. 3.4.9 p - Xylene - **Market Information**: p - Xylene prices rose. The supply increased, the demand decreased, and the inventory increased [64]. - **Strategy**: Pay attention to the mid - term valuation increase opportunity [65]. 3.4.10 Polyethylene - **Market Information**: Polyethylene prices rose. The supply was stable, the demand decreased slightly, and the inventory decreased [66][67]. - **Strategy**: Prices are expected to be in low - level oscillation [68]. 3.4.11 Polypropylene - **Market Information**: Polypropylene prices rose. The supply was stable, the demand increased slightly, and the inventory increased [69]. - **Strategy**: Prices may be supported in the first quarter of next year [70]. 3.5 Agricultural Products Category 3.5.1 Live Pigs - **Market Information**: Pig prices fell. The demand was weak, and the supply was high [72]. - **Strategy**: First, do reverse spreads, and then wait to short on rallies [73][74]. 3.5.2 Eggs - **Market Information**: Egg prices were stable with slight declines. The supply was stable, and the demand was average [75]. - **Strategy**: Prices are expected to be strong in the short term [76]. 3.5.3 Soybean and Rapeseed Meal - **Market Information**: CBOT soybeans rose slightly. Domestic soybean inventory increased, and the meal price was stable [77]. - **Strategy**: Short - term follow - up with import cost increases, and mid - term short on rallies [78]. 3.5.4 Oils and Fats - **Market Information**: Palm oil prices were mixed. The production increased, and the export decreased; rapeseed production was stable [79][80]. - **Strategy**: Take a volatile view and turn to a long - term view if there are signs of production decline [81]. 3.5.5 Sugar - **Market Information**: Sugar prices were in oscillation. Brazilian sugar production increased, and the global supply surplus was revised down [82]. - **Strategy**: Wait to short after the rebound weakens [83]. 3.5.6 Cotton - **Market Information**: Cotton prices were in oscillation. The downstream demand was weak, and the domestic production was high [84][85]. - **Strategy**: Prices are expected to be in oscillation [86].

Group 1: Market Overview - The market experienced a slight decline with the Shanghai Composite Index down by 0.07% and the ChiNext Index down by 0.39%, while the total trading volume in the Shanghai and Shenzhen markets was 1.95 trillion, a decrease of 48.6 billion from the previous trading day [1] Group 2: Industry Insights - CITIC Securities highlighted the increasing importance of new energy storage systems within the new energy framework, indicating that the 14th Five-Year Plan period will be a critical transition phase for energy systems, with storage playing a vital role in the reliable replacement of fossil fuels [2] - Huatai Securities identified three key trends in the home appliance sector: leading white goods companies are expected to become core assets due to their scale and profitability; technological innovations are enhancing the smart attributes of appliances; and sectors like automotive thermal management and humanoid robots show significant growth potential [3] - CITIC Jiantou projected a continued bull market for non-ferrous metals, driven by constrained supply and strong demand, with a focus on "new quality productivity" as the demand driver for the upcoming years [1]

Group 1 - The core viewpoint is that new energy storage technology is rapidly developing in China, with installed capacity expected to exceed 100 million kilowatts by September 2025, playing a crucial role in promoting renewable energy consumption and ensuring reliable electricity supply [1] - The development of new energy storage in China is driven by a dual mechanism of "proactive government" and "effective market," which has successfully facilitated the rapid growth of the industry [1] - China's energy storage policies have evolved from early "new energy with storage" to market-oriented incentives such as capacity compensation and spot trading, establishing independent market entities for energy storage and broadening value realization channels [1] Group 2 - The installed capacity of energy storage has seen a significant increase, with system costs dropping by over 50% since 2022 [1] - China is recognized as a global leader in controlling the costs of large wind turbines, battery storage, and nuclear reactor construction, according to Nobel laureate Steven Chu [1] - The technology landscape of China's energy storage industry is diversifying, with lithium-ion batteries remaining dominant while new technologies like sodium-ion batteries, flow batteries, and compressed air storage are accelerating in demonstration applications [2]