智通财经APP获悉，兴业证券发布研报称，复盘2025年并购重组公告披露后个股超额收益居前的典型案例，总结来看，市场倾向于给予以下三类并购重组 案例积极定价：传统产业转型新质生产力：传统行业公司跨界并购新质生产力行业公司，切入高景气赛道，打开第二增长曲线，获得估值重塑。典型案例 如：主营生态环境建设的冠中生态(300948.SZ)收购AI财税公司，转型AI业务;传统电力公司乐山电力(600644.SH)增资乐晟科技，打造新型储能项目。 新质生产力行业强链补链：新质生产力行业通过推进同业并购，进行产业链上下游资源整合，快速获取该领域的技术、资质及市场资源，达到强链补链的 目的。典型案例如：利德曼收购结核筛查诊断公司先声祥瑞，切入结核防控细分赛道;云计算公司品高股份收购国产芯片公司江原科技，补齐算力短板、 加速商业化落地。 ST股"易主"实现困境反转：通过提供"壳价值"，实现价值重估。 兴业证券主要观点如下： 一、规模：创2022年以来新高，下半年进一步提速 政策支持叠加市场回暖下，2025年并购重组市场持续活跃，规模创2022年以来新高。并购重组作为高质量发展下推动资源整合的关键途径，以2024年9月 24日发布 ...

文 | 山西省人民政府 1月4日，山西省人民政府办公厅印发《2026年省级重点工程项目名单》。 名单共涉及629项重大工程项目，其中能源转型类项目174项，涵盖风光发电、先进煤电、灵活储能调节、绿电园区、现代煤化工、能源先进装 备、能源综合解决方案等。其中灵活储能调节类项目占比最大，共计38项。 38个灵活储能调节项目涉及抽水蓄能、新型储能、换电站、特高压等类别，新型储能项目主要分布在：大同市、 忻州市、晋中市、阳泉市、长 治市、晋城市、临汾市、运城市、吕梁市等地。 | 能源转型类 | 174 | | --- | --- | | 风光发电 | 19 | | 先进煤电 | 9 | | 灵活储能调节 | 38 | | 绿电园区 | 15 | | 煤电产供储销 | 22 | | 非常规天然气增储上产 | 12 | | 现代煤化工 | 12 | | 能源先讲装备 | 24 | | 新能源金属 | 7 | | 节能环保 | 13 | | 能源综合解决方案 | 3 | | 序号 | 项目名称 | 建设地点 | | --- | --- | --- | | | (三)灵活储能调节(38项) | | | 29 | 浑源抽水蓄能 ...

经历2025年10月中国新型储能市场阶段性回调，11月新型储能投运规模同比小幅下降，但环比明显回升。同时，市场深层结构较10月有所调 整： 11月新型储能项目整体分析 根据CNESA不完全统计，2025年11月， 国内新增投运新型储能项目装机规模共计3.51GW/11.18GWh，同比-22%/-7%，环比+81%/+180%。 1 1月，月度新增装机规模同比继续下降，但前11个月新增装机规模达到39.5GW，同比增长28%。考虑到"12.30"投运节点前可能出现集中并网，预 计今年新增装机规模有望超过去年。 文 | 中关村储能产业技术联盟 市场回暖，长期向好： 尽管11月装机同比下降，但环比增幅明显。前11个月新增装机近40GW，同比增幅超25%，全年新增装机规模有望 超过去年。 独立储能落地加速： 11月，独立储能占比超70%，新增装机功率和能量规模环比增速超80%/200%。内蒙古独立储能新增投运规模超110 万千瓦，功率和能量规模双第一。 地方能源集团起势： 地方能源集团新增装机占比达45%，首次超过"五大六小"、"第三方企业"，市场投资主体多元化趋势进一步凸显。 多元技术落地加速： 除主流锂电外，压 ...

作为2025深圳全球招商大会的重要分会场之一，新能源与高性能新材料招商主题活动聚焦新能源与高性能新材料产业发展新机遇，汇聚全球领军企业、科研 与投资机构、促成落地合作，华为数字能源携手本地客户及伙伴参与，共同助力深圳打造新能源与高性能新材料产业高地。 根据合作内容，双方合作规划在电厂内携手建设新型储能项目。该项目作为构网型储能和电站数智化典型项目，落成后将成为全球负荷密度最高的城市场景 构网型储能项目之一。 项目投产后，不仅可以支撑高负荷密度的电网调峰调频，还能满足燃煤机组深度调峰的需要，平抑功率波动。通过协同耦合供电，可实现"优势互补、短板 互补"，从发电资源优化配置、系统运行调控、设备全生命周期管理等多维度，显著提升电力保供能力与设备运行安全性。 12月5日， 在2025深圳全球招商大会新能源与高性能新材料招商主题活动上，深圳能源集团股份有限公司（以下简称"深圳能源集团"）与华为数字能源完成 深圳能源妈湾电厂项目签约，旨在共同助力深圳新能源产业高质量发展。深圳妈湾电力有限公司董事长刘猛，华为数字能源广东总经理曾金平代表双方签 约。 南方+记者 郜小平 ...

Core Insights - The new energy storage market in China is experiencing a temporary decline in October 2025 after a peak in September, with new installed capacity dropping significantly year-on-year and month-on-month [1][3][4] - Despite the short-term setback, the cumulative installed capacity for the first ten months of 2025 shows a robust growth of 36%, with a potential for record-high annual installations by year-end [3][4] New Energy Storage Project Analysis - In October 2025, the total newly installed capacity of new energy storage projects reached 1.70 GW/3.52 GWh, representing a year-on-year decrease of 35% and 49%, and a month-on-month decrease of 51% and 66% [1][4] - Independent energy storage projects accounted for over 75% of the new installations, indicating a shift towards independent storage solutions [3][7] - Third-party enterprises surpassed state-owned enterprises for the first time, with over half of the new installations attributed to equipment manufacturers and private energy companies, highlighting a diversification in market participants [3][17] Regional Distribution - The western region of China accounted for over 50% of the new installed capacity in October, with Ningxia and Shanxi leading in new capacity [10][11][12] - Ningxia's new energy storage demand is driven by high renewable energy integration and national infrastructure projects, positioning it as a key area for energy storage development [12][13] Technology Trends - The majority of new installations utilized lithium iron phosphate battery technology, which made up 98.5% of the capacity, while non-lithium technologies like compressed air and flow batteries are gaining traction [20][21] - Multiple projects utilizing non-lithium technologies are in planning and construction phases, indicating a trend towards technological diversification in the energy storage sector [20][21] Market Dynamics - The market is witnessing a significant shift in investment dynamics, with third-party companies increasingly participating in energy storage projects, driven by favorable policies and declining technology costs [17][19] - Despite the rise of third-party enterprises, large energy groups remain crucial players in the market, contributing to 46% of the new installations in September [17][19]

Core Insights - The National Energy Administration reported a significant increase in energy investment in China, with key projects completing investments of 1.97 trillion yuan in the first eight months of the year, representing an 18.2% year-on-year growth [1] Group 1: Investment Growth Characteristics - Nuclear power, power grids, new energy storage, and coal power are major contributors to the growth in energy project investments [1] - New energy storage projects in Xinjiang, Guangdong, Yunnan, Shandong, and Inner Mongolia saw investment growth rates exceeding 100% year-on-year [1] Group 2: Rapid Growth in Specific Sectors - Wind power, modern coal chemical industry, oil and gas reserve facilities, charging and swapping infrastructure, and hydrogen energy investments are experiencing rapid growth [1] - Ongoing projects in Xinjiang and Inner Mongolia for coal-to-oil and coal-to-olefins are progressing steadily, while the Daan green hydrogen ammonia integration demonstration project in Jilin has been completed [1] Group 3: Steady Growth in Other Energy Investments - Solar power generation, integrated source-grid-load-storage projects, oil and gas exploration and development, and pumped storage investments are also growing steadily [1] - Several integrated source-grid-load-storage projects are advancing in Shandong, Shanxi, Gansu, and Guangxi, while major oil fields are steadily increasing reserves and production [1]

Core Viewpoint - The Inner Mongolia Autonomous Region has introduced a management plan for the registration and transfer of new energy storage projects, aiming to standardize the operation of the energy storage market and address issues such as multiple certifications and inefficiencies in project management [1][2] Group 1: Registration and Management - The plan establishes a unified registration and management system for new energy storage projects, requiring a single code and certificate for the entire lifecycle of the projects [1] - A specialized agency will be responsible for the unified registration of energy storage projects, creating a database for property rights and ensuring transparency [1][2] Group 2: Project Registration Process - New energy storage entities must register project information through the designated system to obtain an initial registration code, which is essential for acquiring the energy storage property certificate [2] - The energy storage property certificate will categorize projects into three types: self-built (C1), co-built (C2), and independent storage (C3), covering key information such as land, equipment, and ownership [2] Group 3: Market Participation and Asset Management - The energy storage property certificate will be a prerequisite for participating in the electricity market, ensuring standardized operations in trading and market entry [2] - The specialized agency will draft operational guidelines for asset transfer and establish a process for property rights transactions, providing comprehensive services for energy storage entities [2]

Core Insights - China Power Construction Corporation (CPCC) reported significant growth in new contracts for energy storage projects, with 142 new projects signed and a total contract value of 36.698 billion yuan for the period from January to September 2025 [2][3]. Group 1: Business Performance - The total number of new projects signed in the energy sector reached 4,013, with a contract value of 58.5228 billion yuan, reflecting a year-on-year increase of 12.89% [3]. - Hydropower projects saw 783 new contracts worth 14.9438 billion yuan, marking a substantial year-on-year increase of 68.82% [3]. - Wind power projects accounted for 919 new contracts valued at 18.2874 billion yuan, with a year-on-year growth of 54.67% [3]. - Solar power projects experienced a decline, with 779 new contracts worth 13.7918 billion yuan, down 33.36% year-on-year [3]. - Thermal power projects also faced a decrease, with 389 new contracts valued at 3.3829 billion yuan, down 46.25% year-on-year [3]. - New energy storage projects totaled 142, with a contract value of 36.698 billion yuan, indicating a stable performance [3]. Group 2: Major Contracts - Notable new energy storage projects include: - Hetian Bangjin 500MW/2000MWh independent energy storage project with a total contract value of 1.78 billion yuan [4]. - Uzbekistan Nukus Phase II 200MW+100MWh wind-storage project with a contract value of 1.539 billion yuan [4]. - Dengkou 1 million kW/4 million kWh power-side independent energy storage project with a contract value of 1.295 billion yuan [4]. - Tongliao Wanma New Energy Technology Co., Ltd. 500,000 kW/200,000 kWh grid-side storage project with a contract value of 1.108 billion yuan [4].

Core Viewpoint - The new energy storage market in China is experiencing a decline in installed capacity, with significant year-on-year and month-on-month reductions in new projects, primarily influenced by the "rush to install" new energy systems since 2025 [2][4]. Group 1: New Installed Capacity - In July 2025, the newly installed capacity of new energy storage projects reached 3.24 GW/8.79 GWh, representing a year-on-year decrease of 35% and 26%, respectively, and a month-on-month decrease of 28% and 23% [2]. - The user-side new energy storage projects added 252.3 MW/529.7 MWh in July, showing a year-on-year increase of 9% but a month-on-month decrease of 41% and 49% [4][5]. Group 2: User-side Storage Characteristics - The commercial and industrial sectors dominate the user-side storage market, with new installations of 205.4 MW/435.7 MWh in July, reflecting a year-on-year decrease of 3% and 11% [5][6]. - All newly operational projects utilize electrochemical storage technology, with lithium iron phosphate battery technology accounting for nearly 100% of the installed capacity [6]. Group 3: Regional Market Dynamics - The newly installed projects are primarily concentrated in 15 provinces, with the East China region (including Zhejiang, Jiangsu, and Shandong) holding nearly half of the market share in terms of project numbers [9]. - Sichuan leads in installed capacity, accounting for nearly 30% of the total, while Jiangsu ranks second in the East China region [9]. - The user-side storage market has seen a decline in investment enthusiasm, with a 35% year-on-year decrease in newly registered user-side storage projects in July [11].

Group 1: Energy Investment and Growth - Jiangsu's energy sector completed an investment of approximately 136.6 billion yuan in the first half of the year, representing a year-on-year growth of 29.8%, maintaining a leading position nationwide [1] - Investment in non-fossil energy reached 87.7 billion yuan, showing a remarkable year-on-year increase of 68.1% [1] - Traditional energy sector investment amounted to 19 billion yuan, with a year-on-year growth of 36.4% due to the acceleration of key coal and gas projects [3] Group 2: Renewable Energy and Storage Solutions - Jiangsu's installed capacity of renewable energy has surpassed 100 million kilowatts, accounting for 46% of the province's total power generation capacity, with a growth of 191% since the beginning of the 14th Five-Year Plan [4] - New energy storage projects are emerging to address the volatility of renewable energy, acting as flexible "super batteries" that store energy during low demand and release it during peak times [4] - The world's highest pumped storage power station in Jiangsu has a reservoir capacity of 1.707 million cubic meters, expected to meet the annual electricity needs of approximately 360,000 households [4] Group 3: Innovative Energy Solutions - The underground air bank project in Huai'an utilizes abandoned salt caverns for energy storage, with a total storage capacity of 2,400 megawatt-hours, capable of generating 792 million kilowatt-hours annually [5] - The Jiangsu Fengchu Shared Energy Storage Station is the largest electrochemical storage station in the province, allowing multiple users to share storage capacity, reducing initial investment and operational costs [6] - The integrated project in Rudong combines photovoltaic, wind, storage, and hydrogen energy, showcasing a model of energy synergy [7]