证券日报网讯万里扬11月24日在互动平台回答投资者提问时表示，公司储能业务主要为新型储能电站的 投资、建造、运营和运维等，公司将根据业务需求，结合储能电池的技术、成本等情况，在未来发展中 进行综合判断是否采用固态电池。目前，尚未有相关计划。 （文章来源：证券日报） ...

11月9日，第十五届全国运动会主火炬被点燃。新华社记者 胡虎虎 摄 广州供电局在广东奥体中心旁边建设的新型储能电站，为十五运会开幕式提供保供电方案。新华社发 新华社广州11月24日电（记者胡拿云）在第十五届全国运动会开幕式上，一场融合科技与绿色的点火仪 式惊艳亮相。主火炬塔燃起的并非传统的真实火焰，而是由电光水雾系统所模拟的"科技之火"。记者了 解到，支撑这一视觉盛宴稳定运行的，是一套全球首创的"高可靠市电＋新型储能在线"电力系统。 国新办10日举行的国务院政策例行吹风会上提到，全运会开幕式首次采用"高可靠市电＋新型储能在 线"主供方案，性能优异、运行稳定，不再使用大型柴油机微网主供，为大型赛事保供电开辟新路，是 重大活动对新技术应用的场景。 "以前办大赛主要依靠柴油发电机，现在换成'高可靠市电＋新型储能在线'，不仅实现零排放，响应速 度还能达到毫秒级。"南方电网广东广州供电局十五运会开幕式表演保电专班副组长顾衍璋说。 顾衍璋和团队正在对储能设备开展特巡检查。新华社发 广州供电局依托高可靠网架基础搭建的这套"城市电网+超级充电宝"多保险系统，采用国内先进储能技 术，以"市电与储能主供"的保供电模式，开创国内外 ...

Core Insights - The onset of winter heating in northern China has led to record high electricity loads, increasing pressure on the power grid [1] - New energy storage projects are rapidly scaling up, becoming essential for stabilizing electricity supply during peak demand periods [2][3] Industry Developments - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the development of new energy storage, emphasizing the need for advanced and efficient storage technologies [2] - Storage has transitioned from being an optional component to a necessary one in the energy landscape, driven by policy and market incentives [2] Company Initiatives - Jinko Power Technology Co., Ltd. is expanding its energy storage business, focusing on grid-side storage projects with a total capacity exceeding 10 GWh [2][3] - The company has successfully connected its 100 MW/200 MWh energy storage project in Feidong to the grid, marking a significant milestone in its operations [3] Market Trends - By the end of September 2025, China's new energy storage capacity is expected to exceed 100 million kilowatts, representing a more than 30-fold increase compared to the end of the 13th Five-Year Plan [3] - The independent storage sector is moving towards market-driven operations, with clearer profit pathways emerging from electricity market arbitrage and auxiliary services [4][5] Future Outlook - The role of large-scale energy storage in the power system is expected to grow, with its profitability likely to expand, positioning it as a core asset in the new energy landscape [6] - Companies that integrate energy storage with renewable energy generation and trading will have a competitive edge in the evolving market [6]

Core Viewpoint - The article discusses recent policy developments in China's energy sector, particularly focusing on the promotion of new energy consumption and regulation, highlighting the importance of establishing a capacity pricing mechanism for new energy storage alongside traditional coal and pumped storage power [4][5]. Group 1: Policy Developments - The National Development and Reform Commission and the National Energy Administration released guidelines to enhance the consumption and regulation of new energy [4]. - The guidelines emphasize the need to improve the capacity pricing mechanism for coal power, pumped storage, and new energy storage, indicating that new energy storage may be aligned with coal power in terms of capacity pricing [5]. Group 2: Regional Initiatives - Inner Mongolia will continue to provide compensation for energy storage in 2026, although the compensation standard will decrease by 20% from 2025, remaining at a relatively high level [6]. - The compensation standard for independent new energy storage stations in Inner Mongolia is set at 0.28 yuan/kWh for 2026, down from 0.35 yuan/kWh in 2025, but still offers a favorable economic outlook for projects [6]. Group 3: Market Dynamics - The capacity pricing mechanism is expected to evolve, ensuring the healthy and orderly development of the energy storage industry, with costs being passed on to commercial users [7]. - The profitability of energy storage stations is influenced by the installation of wind and solar power, creating a "seesaw effect" where increased storage capacity can lead to decreased capacity fees and narrowed arbitrage margins [8].

Core Viewpoint - The company held a successful Q3 2025 earnings presentation, engaging with investors and addressing 17 questions with a 100% response rate, indicating strong investor relations and transparency [1] Group 1: Company Strategy and Operations - The company is currently constructing 10 pumped storage power stations with a total installed capacity of 12 million kilowatts, expected to be operational by the 14th Five-Year Plan or early in the 15th Five-Year Plan [4] - The company is focusing on both pumped storage and new energy storage projects to diversify its business and enhance funding for its main operations [2][3] - The company has invested in three pumped storage projects in Inner Mongolia, indicating a strategic focus on regions with significant renewable energy resources [5] Group 2: Market Position and Competitive Advantage - Pumped storage is recognized as the most mature and widely used long-duration energy storage solution, with the lowest lifecycle costs, making it essential for large-scale grid regulation [3] - The company aims to optimize project site selection, control project costs, and improve operational efficiency to enhance the competitiveness of its pumped storage business [9] - The company is actively monitoring market conditions and adjusting its pricing strategies for energy storage to remain competitive amid increasing market dynamics [6][9] Group 3: Financial Performance and Projections - The pumped storage business accounted for 62.14% of the company's revenue in the first three quarters, highlighting its significance as a primary income source [4] - The company is tracking the performance of its projects, including the profitability of the Shenzhen pumped storage station, which is reported to be operating well [7] - The company has not disclosed specific financial impacts from the upcoming projects but emphasizes that future earnings will depend on government-approved capacity pricing and market conditions [12]

Core Insights - Yongzhen Technology Co., Ltd. reported a revenue of 9.049 billion yuan and a net profit of 2.1906 million yuan for the first three quarters of 2025, indicating a decline in net profit due to multiple industry factors [1] - As a leading manufacturer of photovoltaic frames globally, Yongzhen continues to capture market share and solidify its leadership position through advantages in cost, capital, and capacity layout [1] - The company has set ambitious shipment targets for its frame products, aiming for no less than 600,000 tons, 800,000 tons, and 1 million tons from 2025 to 2027 [1] Business Expansion - Yongzhen has entered the liquid cooling technology sector through the acquisition of Zhejiang Jienowei Automotive Lightweight Technology Co., Ltd., marking the beginning of a second growth curve [1] - Jienowei's "flat extrusion" technology allows for the production of liquid cooling plates with higher internal flow channel precision, meeting the cooling needs of high power density battery cells, validated by major companies like BYD and Huawei [1] - Jienowei aims to achieve a production capacity of 100,000 tons by the end of 2026, with some production lines expected to commence in October to November of this year, and projected shipments of 30,000 to 40,000 tons in 2026 [1] Strategic Initiatives - The energy storage business is a key part of Yongzhen's strategic transformation and is steadily progressing to contribute to performance growth [2] - In June, Yongzhen announced a planned investment of 1.31 billion yuan to construct a 1.8GWh new energy storage power station and a supporting 220KV booster station in Baotou, Inner Mongolia, with the project entering a substantive advancement phase after completing filing in September [2]

Core Viewpoint - Yongzhen Co., Ltd. reported a revenue of 9.049 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 57.81%, although the net profit attributable to shareholders showed a decline due to industry pressures [1] Group 1: Financial Performance - The company achieved a revenue of 9.049 billion yuan in the first three quarters, marking a 57.81% increase year-on-year [1] - Despite strong revenue growth, the net profit attributable to shareholders experienced a decline due to industry challenges [1] Group 2: Business Strategy and Growth - Yongzhen Co., Ltd. is actively diversifying its growth avenues by expanding into liquid cooling, energy storage, and robotics, aiming to build a multi-faceted growth curve [1][2] - The company has set ambitious shipment targets for its photovoltaic frames, aiming for 600,000 tons, 800,000 tons, and 1 million tons from 2025 to 2027, indicating management's confidence in long-term growth [1] Group 3: Liquid Cooling Technology - The acquisition of Zhejiang Jienowei Automotive Lightweight Technology Co., Ltd. allows Yongzhen to enter the liquid cooling technology sector, leveraging advanced "flat extrusion" technology for high-precision cooling plates [2] - The company plans to achieve a production capacity of 100,000 tons for liquid cooling plates by the end of 2026, with initial production lines expected to start in late 2023 [2] Group 4: Energy Storage Initiatives - Yongzhen is investing 1.31 billion yuan to build a 1.8GWh energy storage station in Baotou, Inner Mongolia, which has received policy support and is expected to provide stable returns [3] - A strategic cooperation agreement with BYD will enhance Yongzhen's capabilities in energy storage project development and supply chain integration [3] Group 5: Robotics Sector - The company is establishing a foothold in the humanoid robotics sector, utilizing over 20 years of expertise in aluminum alloy materials to supply critical components [3] - Yongzhen aims to explore the application of lightweight materials in robotics, positioning itself for growth as the industry transitions to mass production [3] Group 6: Overall Business Outlook - Yongzhen has developed a diversified business model that combines its core photovoltaic operations with emerging sectors like liquid cooling, energy storage, and robotics [4] - Despite short-term fluctuations in performance, the company is expected to achieve high-quality long-term growth as industry conditions improve and new business segments mature [4]

Core Insights - The article discusses China's record-breaking electricity consumption during the summer of 2023, highlighting the country's ability to maintain stable power supply despite extreme heat conditions [1][3][18] Electricity Consumption Records - In July 2023, China's monthly electricity consumption exceeded 1 trillion kilowatt-hours for the first time, marking an 8.6% year-on-year increase and setting a world record [3][10] - The peak electricity load reached an unprecedented 1.508 billion kilowatts on July 16, equivalent to lighting approximately 38 billion 40-watt bulbs simultaneously [1][3] Regional Impact and Adaptation - Regions like Northeast China and Chongqing experienced extreme temperatures, with some areas nearing 40°C, leading to a surge in air conditioning sales and usage [4][6] - Industrial electricity consumption remained stable, with companies like a new energy vehicle parts manufacturer reporting significant electricity usage without interruptions due to power restrictions [8][10] Power Supply Stability - China's power supply system successfully managed the high demand without implementing power rationing, a significant improvement compared to previous years when power shortages were common [3][10] - The country has developed a robust power generation capacity, with total installed capacity reaching 3.67 billion kilowatts, equivalent to over 160 Three Gorges Dam installations [10][14] New Energy and Storage Solutions - The share of renewable energy sources, particularly solar and wind, has been increasing, with China leading globally in installed capacity [10][14] - New energy storage technologies, such as lithium battery storage and compressed air storage, have been crucial in balancing supply and demand during peak usage periods [12][14] Cross-Provincial Electricity Trading - Cross-provincial electricity trading has become a vital strategy for managing supply, with significant contributions from regions like Ningxia, Qinghai, and Sichuan to areas with higher demand [14][16] - The establishment of a national electricity market has facilitated real-time trading and adjustments based on demand forecasts, ensuring a reliable power supply [16][18] Economic Implications - The increase in electricity consumption is indicative of China's economic recovery and structural transformation towards advanced manufacturing and digital industries, with a notable 29% increase in electricity usage in the internet and related services sector [18] - The growth in electric vehicle infrastructure, with over 17 million charging stations established, reflects the country's commitment to sustainable energy solutions [18]

Core Viewpoint - The Ningxia Shizuishan Pingluo County has announced the cancellation of several new energy storage projects due to overdue filing documents, totaling 800MW/1600MWh in capacity [2][6]. Summary by Relevant Sections Project Cancellations - A total of four energy storage projects have been canceled in Pingluo County, amounting to 800MW/1600MWh, with the reason being overdue filing documents [2][6]. - Previously, on August 22, four additional energy storage projects were also canceled in the Dabaokou District of Shizuishan City, totaling 650MW/1800MWh, with three projects canceled for the same reason and one due to the investment entity's withdrawal [2][6]. Specific Project Details - The canceled projects include: 1. Ningxia Hanguang New Energy Co., Ltd. with a capacity of 200MW/400MWh, investment of 80 million yuan, canceled due to overdue filing [4][8]. 2. Ningxia Kunyin New Energy Technology Co., Ltd. with a capacity of 200MW/400MWh, investment of 80 million yuan, canceled due to overdue filing [4][8]. 3. Shizuishan Jian Sen Energy Technology Co., Ltd. with a capacity of 200MW/400MWh, investment of 60 million yuan, canceled due to overdue filing [4][8]. 4. Beijing Jixing Smart New Energy Co., Ltd. with a capacity of 200MW/400MWh, investment of 60 million yuan, canceled due to overdue filing [4][8]. Regulatory Context - The cancellations align with the requirements outlined in the "Notice on Promoting Healthy Development of Energy Storage" issued by the Ningxia Development and Reform Commission, which states that projects not commenced within two years of filing automatically lose their approval [6].

Core Insights - The recent auction results for renewable energy prices in Shandong Province have raised concerns among investors regarding the profitability of solar and wind projects, with solar prices dropping to 0.225 yuan/kWh and wind prices at 0.319 yuan/kWh, both significantly lower than expected [1][3][4] - The mechanism price is part of a new pricing system aimed at stabilizing revenue for renewable energy projects, but the low auction results indicate a potential shift in investment dynamics within the sector [1][2][3] Group 1: Auction Results and Market Reactions - The auction results revealed a mechanism price of 0.225 yuan/kWh for solar projects, with an 80% mechanism volume ratio, and 0.319 yuan/kWh for wind projects, with a 70% mechanism volume ratio, indicating a significant drop in expected returns [3][4] - Industry reactions to the low prices have been mixed, with some anticipating the price drop due to high competition among bidders, while others express disappointment as they had hoped for prices that would allow for profitability [3][4] - The mechanism price represents a 43% decrease for solar and a 19.2% decrease for wind compared to the benchmark coal price of 0.3949 yuan/kWh, highlighting the impact on new projects' profitability [4] Group 2: Policy Changes and Investment Dynamics - Recent policy changes from the National Development and Reform Commission and the National Energy Administration aim to accelerate the construction of the electricity spot market and promote new energy consumption, indicating a shift in investment models for renewable energy [2][5] - The low mechanism prices signal that the market may not require as many solar investors in the short term, suggesting a strategic shift towards wind energy projects [5] - The competitive landscape is changing, with many investors submitting low bids to secure project approvals, reflecting a challenging environment for maintaining profitability in solar energy investments [4][5] Group 3: Future Outlook and Strategic Adjustments - The current low mechanism prices may not become the norm, as the tight timeline for project approvals and the potential for even lower market prices could lead to greater losses for investors [5][6] - Industry experts suggest that to improve the situation, policies may need to allow for more flexible timelines and encourage companies to withdraw from unprofitable projects, which could fundamentally alter supply and demand dynamics [5][6] - The focus for future market development is expected to shift towards high-quality projects, with cost control becoming increasingly important for profitability in regions with less competitive solar markets [5][6]