Investment Rating - The investment rating for the environmental sector is "Positive" [2] Core Viewpoints - The new energy storage action plan has been implemented, with expectations for demand to improve significantly. By 2027, the new energy storage capacity is projected to exceed 180 million kilowatts, driving direct project investments of approximately 250 billion yuan [3][15][21]. - The new energy storage market is experiencing rapid growth, with installed capacity reaching 78.3 GW in 2024, a year-on-year increase of 126.9%. This marks the first time that the cumulative installed capacity of new energy storage has surpassed that of pumped storage [21][24]. - The shift from "policy-driven" to "market-driven" energy storage is underway, with the cancellation of mandatory storage requirements for new energy projects, which is expected to foster long-term market development [16][17]. Summary by Sections Market Performance - As of September 19, the environmental sector has underperformed the broader market, with a decline of 1.42% compared to a 1.30% drop in the Shanghai Composite Index [3][8]. Industry Dynamics - The Ministry of Transport released standards for hydrogen transportation, enhancing safety and promoting the development of the hydrogen transport sector [37]. - A significant milestone was achieved with the delivery of a solid-state hydrogen emergency power supply, marking progress in solid hydrogen storage technology [38]. Investment Recommendations - The report emphasizes the high growth potential in energy conservation, environmental protection, and resource recycling sectors. It recommends focusing on companies like Hanlan Environment, Xingrong Environment, and Hongcheng Environment, while also suggesting attention to companies such as Wangneng Environment and Junxin Co [55].

Company Overview - The company, established in 1955 and listed in 2011, focuses on the manufacturing of waste heat boilers and clean energy generation equipment, providing comprehensive solutions for energy utilization and environmental protection [2] - Its main business segments include waste heat boilers, clean energy equipment, solutions, and spare parts and services [2] Key Projects in Thermal Power Flexibility Transformation - The company participated in the first national "steam extraction and energy storage" molten salt thermal peak-shaving technology demonstration project, which began operation in April 2025 [3][4] - The project enhances the unit's load reduction capability by 100 MW and increases peak capacity by 47 MW, with a thermal exchange efficiency of no less than 98% [3][4] Downstream Enterprises - Major downstream clients include high-energy-consuming industries such as steel, building materials, petrochemicals, cement, and engineering companies [5] Future Market Directions - The company aims to expand into the renewable energy market, focusing on molten salt energy storage technology for applications in solar thermal power, user-side energy storage, and zero-carbon parks [6] - It is also targeting the nuclear power market by upgrading its manufacturing capabilities and establishing a joint venture for nuclear technology [8] Overseas Market Development - The company is increasing its presence in Southeast Asia, South America, and regions along the Belt and Road, with a growing share of overseas orders contributing to its revenue [7] Nuclear Power Sector Development - With over 20 years in the nuclear power sector, the company is enhancing its manufacturing capabilities and actively participating in the supply of nuclear power station equipment [8] Solar Thermal Industry Development - The company has been involved in solar thermal power since 2010 and has participated in 17 demonstration projects, establishing a strong market presence [10] - It aims to secure orders for three 350 MW solar thermal projects, leveraging its early market entry advantages [9][10] User-side Energy Storage Policies and Opportunities - Recent government policies encourage the development of green electricity direct connection projects and zero-carbon parks, which align with the company's initiatives in energy solutions [11][12] Financial Performance - In the first half of 2025, the company reported a revenue of 2.794 billion yuan, a year-on-year decrease of 6.49%, with a net profit of 148 million yuan, down 56.81% [13]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The photothermal power generation technology is becoming an important support for the low - carbon development of large wind and solar bases in China, entering the 3.0 era with the appearance of the "Qinghai Model" [22]. - The company will use its market and technology first - mover advantages to actively seek orders for 3 350MW projects to increase its market share in the photothermal field [23]. - The company has identified growth opportunities in four major business segments and will invest resources to improve its overall order - receiving ability [24]. 3. Summary by Directory 01. Research Basic Situation - The research object is Xizi Jie neng, belonging to the power equipment industry. The reception time was September 11, 2025. The reception staff included the assistant to the chairman, the board secretary, and the investor relations management specialist [16]. 02. Detailed Research Institutions - Participating institutions include Southern Fund, Guojin Securities, China Life Asset Management, China Life Pension, Biaopu Investment, Shanghai Trust, Jiangsu Jinyingu Investment, and General Technology, with relevant personnel specified for each [17]. 03. Research Institution Proportion No information provided. 04. Main Content Data - **Company's Basic Situation and Main Business** - The company was established in 1955, joined Xizi Elevator Group in 2002, went public on the Shenzhen Stock Exchange in 2011, and was renamed in 2022. It has four main business segments: waste heat boilers, clean and environmental - friendly energy equipment, solutions, and spare parts and services [21]. - Waste heat boilers are for high - energy - consuming industries; clean and environmental - friendly energy equipment is used in new energy fields; solutions involve comprehensive projects; spare parts are components, and services include technical and maintenance work [21]. - **Photothermal Industry Development and Company's Plan** - Photothermal power generation has entered the 3.0 era with the "Qinghai Model". The company aims to get orders for 3 350MW projects [22][23]. - **Photothermal Order Participation and Company's Advantages** - The company can participate in the heat absorption, heat exchange, and heat storage links of photothermal power stations, with strong market and technology first - mover advantages [23]. - **2025 Company's Main Order Situation** - In the first half of 2025, the company had new orders worth 2784 million yuan, and the on - hand orders as of June 30, 2025, were 6119 million yuan [24]. - **Company's Future Incremental Market Directions** - The company focuses on the new energy market (using molten salt energy storage technology), the nuclear power market (upgrading manufacturing capacity), and the overseas market (expanding product share) [25][26]. - **Company's Overseas Market Focus and Development** - The company's overseas market is concentrated in Southeast Asia, South America, and "Belt and Road" countries. Since 2024, the proportion of new overseas orders has been increasing [26]. - **Company's Product Delivery Cycle** - Boiler products are customized, with a domestic delivery cycle of 6 - 12 months and a longer cycle for overseas projects. Spare parts are maintained as needed [26]. - **Company's Nuclear Power Field Development** - The company has over 20 years of experience in the nuclear power field, obtained relevant licenses, and is actively involved in nuclear power equipment supply. It plans to upgrade the manufacturing workshop and focus on key nuclear island equipment research and development [27].

（编辑 何成浩） 证券日报网讯 上海能源9月10日在互动平台回答投资者提问时表示，公司新能源项目建设稳步推进，截 至上半年末，光伏发电装机容量428.9MW；新能源二期204MW光伏项目已履行投资决策程序。电网改 造项目共有7个标段，其中6个标段施工完成。电热公司2x50兆瓦机组熔盐储能项目已取得立项批复，电 化学储能项目完成初步方案编制工作。新能源公司首批光伏电量绿证成功核发。 ...

Core Viewpoint - Tower molten salt energy storage solar thermal power generation has become the most mainstream solar thermal power technology due to its high system efficiency and significant cost reduction potential [1][2] Group 1: Technology Overview - Solar thermal power plants generally consist of a collection system, a heat storage and exchange system, and a heat-power-electricity conversion system [2] - The main structure types of the collection system include tower, trough, linear Fresnel, and dish systems, with the tower structure offering a high concentration ratio and greater cost reduction potential [2] Group 2: Market Development - The transition from demonstration projects to marketization is expected to drive continuous cost reductions in solar thermal power generation [3] - In 2016, China initiated solar thermal power demonstration projects with a fixed electricity price policy of 1.15 yuan/kWh, leading to the construction of seven operational projects [3] - After 2021, central government subsidies for new energy generation were discontinued, promoting a multi-energy complementary model of "solar thermal + photovoltaic/wind power" [3] Group 3: Future Market Potential - The domestic market has over 8 GW of solar thermal projects under construction or planned by the end of 2024, with a conservative estimate of 3 GW/year installation during the 14th Five-Year Plan period, leading to a cumulative investment of 210 billion yuan [4] - Internationally, regions like North Africa, Latin America, the Middle East, and Australia have abundant solar resources, with many domestic companies already involved in overseas solar thermal power station projects [4] Group 4: Cost Trends - The cost per kilowatt-hour (kWh) is expected to continue decreasing due to technological advancements and economies of scale, potentially reaching 0.43 yuan/kWh by 2030 [5] - Current estimates suggest that the cost of electricity from tower solar thermal power plants could drop to between 0.5287 and 0.5312 yuan/kWh by 2026 [5] - One case from the first batch of demonstration projects has already achieved a cost of approximately 0.31 yuan/kWh, indicating significant cost reduction potential [5]

Core Viewpoint - Longyuan Technology reported a revenue of 362 million yuan for the first half of 2025, marking a year-on-year increase of 1.48%, while net profit attributable to shareholders surged by 135.6% to approximately 28.28 million yuan, indicating strong financial performance amidst industry transformation [1]. Company Strategy - The company is focusing on advanced technology development, including new energy storage systems, ammonia co-firing boilers, and biomass coupling combustion, to create differentiated solutions for comprehensive energy services [2]. - Longyuan Technology aims to enhance its capabilities across the entire project lifecycle, including contracting, design, manufacturing, and construction, by establishing standardized management practices for EPC projects to improve project acquisition and customer satisfaction [2]. - The company is expanding into overseas markets, particularly in countries involved in the Belt and Road Initiative, targeting coal power unit upgrades in regions like South Africa and Indonesia [2]. - Longyuan Technology is also developing a diversified business ecosystem by steadily advancing the commercialization of photovoltaic, wind power, and peak-shaving energy storage projects, thereby enhancing its resilience against risks through moderate related diversification [2].

Core Viewpoint - Donghua Technology's stock price has shown a slight increase, indicating potential investor interest despite recent trends in shareholder numbers and fund flows [1] Group 1: Stock Performance - As of August 11, 2025, Donghua Technology's stock price is reported at 10.51 yuan, reflecting an increase of 0.04 yuan from the previous trading day [1] - The trading volume for the day reached 94,080 hands, with a total transaction amount of 0.98 billion yuan [1] Group 2: Business Overview - Donghua Technology operates in the engineering construction sector, with involvement in various sub-sectors including molten salt energy storage and medical waste treatment [1] Group 3: Shareholder and Institutional Activity - The number of shareholders has decreased for three consecutive periods, with the latest decline recorded at 5.16% [1] - In the past month, two institutions have conducted research on the company [1] Group 4: Fund Flow Analysis - On August 11, the net inflow of main funds was 3.87 million yuan, although the overall trend over the past five days has shown a net outflow totaling 16.40 million yuan [1]

Company Overview - The company was listed on the Shenzhen Stock Exchange in 2022 and was established in 1955, becoming part of the Xizi Elevator Group in 2002 and rebranded as Xizi Clean Energy Equipment Manufacturing Co., Ltd. in 2011 [1] - The main business includes the consulting, R&D, production, sales, installation, and engineering contracting of waste heat boilers and clean energy power generation equipment [1][2] Business Segments - The company operates in four main business areas: waste heat boilers, clean energy equipment, solutions, and spare parts & services [1] - Waste heat boilers include products such as gas turbine waste heat boilers and cement kiln waste heat boilers, serving high-energy-consuming industries like electricity, steel, and cement [2] Future Market Directions - **New Energy Market**: Focus on molten salt energy storage technology to expand applications in solar thermal power, user-side energy storage, and zero-carbon parks [3] - **Nuclear Power Market**: Upgrading manufacturing capabilities for nuclear power products to capture market opportunities [4] - **Overseas Market**: Leveraging leading products like gas turbine waste heat boilers to increase international market share [3] Order Situation - In the first half of 2025, the company secured new orders totaling CNY 2.784 billion, with specific segments as follows: - Waste heat boilers: CNY 703 million - Clean energy equipment: CNY 281 million - Solutions: CNY 1.477 billion - Spare parts & services: CNY 323 million - As of June 30, 2025, the total orders on hand amounted to CNY 6.119 billion [5] Competitive Landscape - The company holds a leading position in the domestic waste heat boiler sector, facing competition from major domestic boiler manufacturers [6] Supply Capability - The company’s subsidiary, Hangzhou Hangguo General Equipment Co., Ltd., has been involved in tunnel boring machine production since 2005, with successful projects in both domestic and international markets [7] Overseas Market Focus - The company targets Southeast Asia, South America, and countries along the "Belt and Road" initiative for overseas expansion [8][9] Shareholder Industries - The controlling shareholder's industries include elevators, boilers, aviation components, and clean energy, with recent contracts in the aviation sector for the C919 aircraft [9]

Core Viewpoint - The 2025 TrendBank (Yinchuan) Long-term Energy Storage Industry Conference aimed to build a new ecosystem for long-term energy storage, gathering industry authorities, academic institutions, and enterprises to discuss development directions and strategic layouts for the industry [4][8]. Group 1: Conference Overview - The conference was held on July 15, 2025, in Yinchuan, guided by local government and industry associations, and co-hosted by Shanghai Electric Energy Storage Technology Co., Ltd. [2][4]. - The theme of the conference was "Building a New Ecosystem for Long-term Energy Storage," focusing on creating a high-end, professional, and open communication platform [4]. - The event featured specialized sessions on compressed air, molten salt, hydrogen storage, and flow batteries, highlighting the diverse applications and innovations in long-term energy storage [4][26]. Group 2: Key Discussions and Innovations - Innovations in compressed air energy storage (CAES) were discussed, with expectations for advancements in power ratings from 300MW to 660MW, aiming for higher efficiency and lower costs [10]. - The molten salt storage technology was highlighted for its versatility in various applications, including zero-carbon industrial parks and flexible transformation of thermal power plants [14][16]. - Hydrogen storage was recognized for its potential in large-scale, long-duration energy storage, despite its current lower efficiency compared to other storage methods [18][20]. Group 3: Challenges and Future Directions - The compressed air storage industry faces challenges such as improving system performance, establishing a mature supply chain, and developing stable pricing mechanisms [12]. - The flow battery technology was identified as having significant development potential due to its ability to meet long-duration storage requirements, despite existing challenges in component performance and cost [36][39]. - Discussions included the impact of policy changes on the liquid flow battery industry and strategies for reducing costs and improving energy density [43].

Core Viewpoint - The article discusses the commencement of the 3GW/12.8GWh energy storage project in Gushanliang, Ordos City, Inner Mongolia, highlighting its significance in promoting renewable energy consumption and improving local economic conditions [1][11]. Project Overview - The project is located in Dalateqi, with a total investment of 11.2 billion yuan and covers an area of approximately 1,100 acres. It involves five companies and includes seven sub-projects, aiming for completion by December 30, 2025 [3]. - The project will utilize various technologies, including lithium iron phosphate, molten salt storage, and all-vanadium flow batteries, to deliver 3GW of capacity and 12.8GWh of storage [11]. Individual Projects - **Dalatqi Sheneng New Energy**: This project has a capacity of 200MW/1.6GWh, with an investment of approximately 2 billion yuan, utilizing electric thermal storage technology to achieve 8 hours of long-term storage [5][6]. - **Zhejiang Xingchen New Energy**: This project features a 300MW/1.2GWh system combining lithium iron phosphate batteries and all-vanadium flow batteries, with an estimated investment of 1.5 billion yuan and projected annual output value exceeding 500 million yuan [7]. - **Haibosichuang**: The independent storage project has a capacity of 500MW/2GWh, with a total investment of 1.9 billion yuan, aimed at enhancing local grid stability and economic development [8]. - **China Electric Storage**: This project includes a 1GW/4GWh independent storage station with an investment of about 3 billion yuan, expected to generate an annual discharge of 1.03 billion kWh and sales revenue of 560 million yuan [9]. - **Envision Technology**: This project also has a capacity of 1GW/4GWh, with a total investment of 2.8 billion yuan, recognized as one of the leading large-scale independent storage stations in China [10][11]. Economic and Ecological Impact - Upon completion, the entire project is expected to deliver 3.6 billion kWh of clean energy to the grid annually, generating an estimated annual revenue of 1.8 billion yuan and tax contributions exceeding 250 million yuan, showcasing both economic and ecological benefits [11].