以下文章来源于浩海投研 ，作者浩海投研Pro 浩海投研 . 股海无边，浩海领航 导语：熔盐储能头部企业百川畅银换道超车。 最近资本市场大火的 可控核聚变 ，让上游材料 熔盐 走入二级市场投资者的视线。你知道吗，熔 盐不仅可以应用在可控核聚变发电，还能用在 储能 领域。今天，咱们就看看这两年风很大的储 能行业中， 熔盐储能 头部企业 百川畅银 （300614）换道超车，在熔盐储能这一领域，能跑多 远？ 百川畅银对于二级市场来说算是环保赛道上的老兵，在谋求企业转型的过程中，公司立足于沼气 业务的基本盘，又抓住出海机遇，利用海外电价市场化的优势大赚了一把，积极布局 熔盐储能 和光热发电，还把 自研 的移动储能车开到千行百业，帮助B端客户实现 降本增效 。 可以说，碳中和背景下，国家大力推动"光热+储能"基地项目，公司卡位精准。 出海提速，高毛利业务拉动盈利优化 百川畅银成立于2009年，主营业务覆盖沼气利用、移动储能供热及环卫再生资源回收三大板块。 2025年上半年，公司实现营收2.05亿元，其中 沼气业务 收入0.98亿元，占比近48%，仍是当 前收入的"压舱石"。然而，国内沼气发电市场已渐成红海，补贴退坡、电价 ...

（原标题：百川畅银：熔盐储能突破！移动供热车已盈利，业绩拐点将至？） 最近资本市场大火的可控核聚变，让上游材料熔盐走入二级市场投资者的视线。你知道吗，熔盐不仅可 以应用在可控核聚变发电，还能用在储能领域。今天，咱们就看看这两年风很大的储能行业中，熔盐储 能头部企业百川畅银(300614)换道超车，在熔盐储能这一领域，能跑多远？ 百川畅银对于二级市场来说算是环保赛道上的老兵，在谋求企业转型的过程中，公司立足于沼气业务的 基本盘，又抓住出海机遇，利用海外电价市场化的优势大赚了一把，积极布局熔盐储能和光热发电，还 把自研的移动储能车开到千行百业，帮助B端客户实现降本增效。 百川畅银成立于2009年，主营业务覆盖沼气利用、移动储能供热及环卫再生资源回收三大板块。 2025年上半年，公司实现营收2.05亿元，其中沼气业务收入0.98亿元，占比近48%，仍是当前收入的"压 舱石"。然而，国内沼气发电市场已渐成红海，补贴退坡、电价锁定、成本攀升，利润空间不断收窄。 业绩承压，百川要破局转型，于是将目光投向海外，借助电价市场化程度高的地区，快速落地沼气与光 伏项目。从哥伦比亚科尔多瓦省的光伏电站，到马来西亚怡保的2MW沼气项 ...

Group 1: New Energy Development Guidelines - The National Energy Administration has issued guidelines to promote the integrated development of new energy, focusing on multi-dimensional development and collaboration with various industries [1][4] - The guidelines emphasize optimizing the power structure and developing solar thermal power and molten salt storage in the Shage Desert new energy base, with a goal of exploring 100% new energy bases in suitable areas [1][4] - The guidelines encourage the construction of green low-carbon new energy equipment manufacturing bases in resource-rich areas, utilizing local green electricity for production [4] Group 2: High-altitude Wind Energy Development - China has successfully tested the world's largest 5000 square meter high-altitude wind energy capturing parachute, marking significant progress in domestic large-scale wind energy projects [7][9] - The high-altitude wind energy system can capture wind energy at heights above 300 meters and convert it into electricity through a ground-based generator [9][11] - The technology is expected to save 95% of land and reduce steel usage by 90%, with a 10 MW system capable of generating 20 million kWh annually, enough to power 10,000 households [13][14] Group 3: Photovoltaic Industry Self-regulation - The photovoltaic industry in China has made progress in self-regulation, addressing supply-demand imbalances and competitive issues, leading to a more stable market environment [14][16] - The average bidding price for photovoltaic components has shown slight increases, indicating a stabilization in product prices [14] - The industry association aims to maintain a healthy and orderly market environment through collaborative efforts [16]

Core Viewpoint - The National Energy Administration has issued guidelines to promote the development of renewable energy in China, focusing on integrated development and collaboration with multiple industries [1] Group 1: Renewable Energy Development - The guidelines emphasize optimizing the power supply structure and controlling the scale of coal power while promoting solar thermal power and molten salt storage as regulatory power sources [3] - There is a goal to explore the establishment of 100% renewable energy bases in suitable areas [3] Group 2: Multi-Industry Collaboration - The guidelines encourage the construction of green and low-carbon renewable equipment manufacturing bases in regions rich in renewable resources, utilizing local green electricity for production [5] - A closed-loop system of "producing green equipment with green energy" is aimed to be established, along with the creation of zero-carbon parks [5] Group 3: Distributed Renewable Energy Development - The guidelines propose deep integration of renewable energy with transportation, construction, and rural energy consumption scenarios to enhance local consumption and alleviate pressure on the large power grid [6] - The aim is to achieve the concept of "electricity coming from nearby" [6] Group 4: Non-Electric Utilization of Renewable Energy - There is an emphasis on increasing non-electric utilization of renewable energy, particularly in areas rich in wind and solar resources, to scale up the green hydrogen, ammonia, and alcohol industries [8] - This approach promotes local consumption and utilization of renewable energy [8]

Core Viewpoint - The article emphasizes the urgent need for long-duration energy storage solutions in China to support the transition to a renewable energy system, highlighting the limitations of current short-duration storage technologies and the growing importance of long-duration storage for stabilizing power supply [2][5]. Group 1: Research Background and Purpose - The research is driven by the global climate change response, with China advancing energy transition and aiming to build a renewable energy-based system. In 2024, renewable energy generation in China reached 3.46 trillion kWh, accounting for approximately 35% of total generation, but the average storage duration of new storage projects was only 2.3 hours, with only 15.4% having a duration of 4 hours or more [2][3]. - Long-duration storage is essential for cross-day, cross-month, and even cross-season energy storage and release, which is crucial for stabilizing the power system amid increasing renewable energy generation [2][5]. Group 2: Policy Promotion - In August 2021, the National Development and Reform Commission and the Energy Administration issued a notice encouraging renewable energy companies to build or purchase peak-shaving capabilities, mandating that new renewable energy projects must have over 4 hours of peak-shaving capacity, thus stimulating market demand for long-duration storage [3]. - The 2024 government work report included new energy storage for the first time, indicating the government's strong emphasis on the storage industry, particularly long-duration storage [3]. Group 3: Technology Development - Pumped storage is currently the most mature technology, known for its large capacity and long discharge time, but it is limited by geographical conditions. New technologies such as flow batteries, compressed air storage, hydrogen storage, and molten salt thermal storage are gaining attention and developing diversely [4]. - As of the end of 2024, the installed capacity of flow battery storage in China reached 1.8 GWh, with future plans exceeding 15 GWh. Compressed air storage projects in Shandong and Hubei have begun operations, with a 300 MW advanced compressed air storage demonstration project completed in Feicheng, Shandong [4]. Group 4: Challenges in Long-Duration Storage - Despite progress, challenges remain, including the need for breakthroughs in key technologies like hydrogen storage, high costs, insufficient project construction experience, and unclear market mechanisms affecting investment returns [5]. - The industry chain is not yet mature, with issues in component supply and equipment manufacturing, leading to high costs and inconsistent quality [5]. Group 5: Blue Paper Overview - The "2025 TrendBank Long-Duration Energy Storage Industry Development Blue Paper" will be released during the 2025 Long-Duration Energy Storage Industry Conference, providing comprehensive analysis and recommendations for enterprises, investors, policymakers, and industry practitioners [2][6].

Core Viewpoint - Shandong Province is implementing the "Eight Major Actions" to enhance the high-level consumption of renewable energy while maintaining the role of coal power as a stabilizing force in the energy system [1] Group 1: Coal Power's Role and Measures - Coal power serves as a "ballast" for ensuring the safe and stable operation of the power system and is crucial for promoting renewable energy consumption [1] - During the 14th Five-Year Plan period, Shandong will introduce action plans for the transformation and upgrading of the coal power industry, including the phased retirement of subcritical units and the enhancement of peak regulation capabilities of coal power plants [1][5] Group 2: New Coal Power Projects - The province is accelerating the planning and construction of clean and efficient coal power units, with new standards for flexibility in operation, requiring new pure condensing and extraction condensing coal power units to have minimum technical outputs of no more than 20% and 30% of rated load, respectively [3] - A total of 8.72 million kilowatts of new coal power capacity is expected to be added through projects like Linyi Hengxin and Huawang Thermal Power [3] Group 3: Upgrading Existing Coal Power Units - The province is fully implementing upgrades for existing large coal power units, with 66 units and 31.895 million kilowatts already modified for flexibility, adding over 7 million kilowatts of regulation capacity [4] - The goal for this year is to complete the "three modifications" for approximately 20 million kilowatts of coal power units [4] Group 4: Support for Thermal-Electric Decoupling - Shandong is promoting thermal-electric decoupling technology, encouraging coal power units to adopt electric boilers and molten salt storage to enhance flexibility [4] - Pilot projects like Jining Huayuan and Datang Linqing Power Plant are being established to improve rapid response capabilities of coal power units [4] Group 5: Future Plans and Standards - The Shandong Energy Bureau will develop implementation plans aligned with national coal power upgrade initiatives, focusing on deep peak regulation, rapid adjustment, strong support, wide load, high resilience, and low emissions [5] - Future coal power projects will be strictly controlled and planned according to new generation coal power standards to enhance peak regulation capabilities and adapt to the needs of the new power system [5]