格隆汇1月9日丨中盐化工(600328.SH)在投资者互动平台表示，公司暂未涉及熔盐储能。 ...

Group 1: JD (京东) Analysis - The revenue for Q4 2025 is projected to decline by 0.4% year-on-year to 345.5 billion yuan, with adjusted net profit expected to be 216 million yuan, resulting in a net profit margin of 0.1% [2][12] - JD's retail revenue is anticipated to decrease by 4.7% year-on-year to 292.6 billion yuan in Q4 2025, primarily due to a high base effect from the previous year driven by national subsidies [3][12] - The company is expected to face pressure on growth in the battery-powered category, while the daily necessities category is projected to maintain relatively stable growth [3][12] - JD is actively responding to market changes by increasing subsidies, which may lead to a decline in retail profit margins year-on-year [3][12] - The company is focusing on its food delivery and international business, with expectations of narrowing losses in the food delivery segment in Q4 [12] - JD has launched "JD Review" to innovate the local life service ecosystem, aiming to provide objective consumer references [12] Group 2: Deer Chemical (迪尔化工) Analysis - Deer Chemical is transitioning from a cyclical business model to a growth-oriented one by integrating its nitrate production with molten salt energy storage [4][11] - The company is expected to see a gradual increase in production capacity starting in 2025, which will enhance its sales and overall performance [4][11] - The traditional business is anticipated to recover as the chemical industry stabilizes, with nitrate prices supported by liquid ammonia [11][13] - The demand for molten salt is projected to grow significantly due to its applications in concentrated solar power and flexible coal power generation [13][16] - The company aims to establish a complete product matrix involving potassium nitrate and sodium nitrate, enhancing its competitive edge in the energy storage market [16] Group 3: Unisoc (紫光国微) Analysis - Unisoc is collaborating with Ningde Times to establish a leading platform for automotive-grade chips, enhancing its market competitiveness [15][16] - The establishment of Unisoc Tongxin aims to optimize capital structure and improve performance in the automotive domain [16] - The company is expected to benefit from the growing demand for special integrated circuits driven by national defense and commercial aerospace sectors [16] - Unisoc maintains its profit forecasts for 2025-2027, projecting net profits of 1.723 billion, 2.460 billion, and 3.495 billion yuan respectively, with a strong growth outlook [16]

2025 年 12 月 24 日 环保及公用事业 光热发电政策落地，首提容量电价机制 事件： 国家发改委、国家能源局发布《关于促进光热发电规模化发展的若干 意见》(简称《意见》)提出，积极推进光热发电项目建设，不断拓展 光热发电开发利用新场景，保障光热发电规模化发展。目标到 2030 年，光热发电总装机规模力争达到 1500 万千瓦左右，度电成本与煤 电基本相当；技术实现国际领先并完全自主可控，行业实现自主市场 化、产业化发展，成为新能源领域具有国际竞争优势的新产业。 光热支持政策频出，"十五五"装机规模增量空间广阔。 截至 2025H1，我国光热发电装机达 152 万千瓦，本次《意见》明确 提出，到 2030 年光热发电装机总规模力争达 1500 万千瓦，年均新增 装机近 300 万千瓦，光热发电将迎来快速发展期。此前，国家/地方 层面就光热发电出台多项政策：2024 年，国家能源局印发《关于推动 光热发电规模化发展有关事项的通知》，鼓励大型新能源基地配套建 设一定规模光热电站，并将"积极发展光热发电"写入《中华人民共和 国能源法》。2025 年 11 月，国家发展改革委、国家能源局联合发布 《关于促进新能 ...

证券日报网12月18日讯西子洁能（002534）在2025年12月18日回答调研者提问时表示，公司未来主要增 量市场方向：(1)海外市场，主要利用自身优势产品(如燃机余热锅炉)打开国际市场，提升产品国际市场 占有率，以及拓展海外OEM市场。(2)新能源及储能市场，主要是依托熔盐储能核心技术，拓展其在光 热发电、用户侧储能、火电灵活性改造、零碳园区等更多能源利用场景开展应用，如用户侧储能模式未 来将是国内工业客户解决蒸汽需求的一种重要解决方案，熔盐储热技术凭借储能容量大、使用寿命长、 安全性高、储热成本低、环境友好、适用范围广等诸多特性与优势具有广阔的应用空间。(3)核电市 场，公司紧抓核电市场机遇，通过在崇贤制造基地升级建设核电专用制造清洁车间，提升公司核电产品 制造承接能力，支撑、推动核电业务快速发展。 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【东方电热四季度熔盐储能获新订单，明年将拓展新客户提升市占率】12月17日，东方电热在互动平台 透露，公司第四季度熔盐储能业务收获新订单。熔盐储能具备储能密度高、寿命长、规模化后成本低、 安全性好等优势，适合大规模长时间储热。公司计划明年继续大力开拓该领域新客户，以提升市场占有 率。 ...

每经AI快讯，12月17日，东方电热（300217）在互动平台表示，公司第四季度熔盐储能有新订单。熔 盐储能具有储能密度高、寿命长、规模化后成本低、安全性好、适用于大规模长时间储热的优势，明年 公司将继续大力开拓该领域新客户，提升市场占有率。 ...

（文章来源：证券日报） 证券日报网讯 12月8日，百川畅银在互动平台回答投资者提问时表示，熔盐储能属于新型储能技术的重 要类别之一，与锂电池、液流电池等技术共同构成多元化的储能体系。 ...

Core Viewpoint - The company has made progress in emerging projects such as pre-plated nickel, molten salt energy storage, and flexible fabric pressure sensors for automotive applications, with some projects already achieving commercialization and securing orders [1]. Group 1: Project Updates - The pre-plated nickel material is currently producing approximately 2,000 tons per month [1]. - As of the third quarter, the molten salt energy storage project has secured orders worth around 120 million yuan [1]. - The flexible fabric pressure sensor for automotive use is ready for mass production [1]. Group 2: Financial Contribution - Both the pre-plated nickel project and the molten salt energy storage project have contributed profits to the company [1].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the industry [5]. Core Insights - Molten salt energy storage is pivotal in transforming coal power from a base-load to a flexible power source, addressing the challenges posed by the increasing share of renewable energy and peak load pressures in the power system [1][16]. - The National Development and Reform Commission and the National Energy Administration have set requirements for coal power efficiency, including reducing minimum output for deep peak shaving to 20% and enhancing load change rates [1][16]. - The molten salt storage technology, particularly steam heating, is currently the mainstream approach due to its high compatibility with thermal power plants and engineering maturity [2][26]. Summary by Sections 1. Special Research - Molten salt energy storage aids in the transition of coal power to a flexible power source, overcoming the "heat determines electricity" dilemma [1][16]. - The technology's core is "thermal-electrical decoupling," allowing for energy storage during low demand and release during peak demand [1][16][22]. - The report highlights the successful operation of the Guoneng Suzhou power plant's molten salt storage project as a replicable model for coal power flexibility transformation [1][25]. 2. Market Information Tracking - Electricity prices in Jiangsu and Guangdong for December 2025 are reported at 339.58 RMB/MWh and 372.33 RMB/MWh, respectively, indicating a decrease in Jiangsu and a slight increase in Guangdong compared to benchmark prices [4][39]. - The average price of thermal coal in the Bohai Rim region is reported at 698 RMB/ton, remaining stable [41]. - The report notes a decline in natural gas prices, with Dutch TTF futures at 29 EUR/TWh and China's LNG at 11 USD/MMBtu [43][45]. 3. Industry Dynamics - The report emphasizes the significant growth in renewable energy installations, with a total capacity of 2.22 billion kW, accounting for nearly 60% of the national total [8]. - The introduction of new pricing mechanisms for electricity transmission and distribution aims to support the efficient utilization of renewable energy and reduce system operation costs [9]. - The ecological environment ministry's carbon emissions trading plan aims to incentivize advanced practices and penalize laggards in key industries [10]. 4. Investment Portfolio and Recommendations - The report suggests focusing on coal power companies with high price elasticity, such as Huaneng International and Huadian International, due to expected improvements in profitability [11]. - For hydropower, the report is optimistic about the fourth quarter outlook, recommending attention to companies like Yangtze Power and Sichuan Investment Energy [11]. - The report also highlights the potential for independent energy storage and virtual power plants under market-driven electricity pricing [12].

Summary of XiZi Clean Energy Conference Call Company Overview - **Company**: XiZi Clean Energy - **Industry**: Clean Energy Equipment and Solutions Key Points Financial Performance - Revenue for the first three quarters of 2025 was 4.33 billion RMB, a slight decrease year-on-year due to delays in the Nigeria gas turbine project, impacting revenue by approximately 300 million RMB and gross profit by about 80 million RMB [3][3] - Net profit for the same period was 226 million RMB, with a non-recurring net profit of 180 million RMB, showing significant growth in non-recurring profit compared to the previous year [3][3] - Gross profit margin remained stable at around 19.33%, with a target to exceed 20% for the year [3][3] - Operating cash flow reached 348 million RMB, a year-on-year increase of 129% [4][4] Order Composition and Market Position - New orders totaled 4.054 billion RMB in the first three quarters, with significant contributions from: - Waste heat boilers: 1.2 billion RMB - Clean energy equipment: 1.426 billion RMB - Solutions: 1.94 billion RMB - Spare parts and services: 492 million RMB - Total backlog of orders reached 5.884 billion RMB, expected to exceed 6 billion RMB by year-end [2][5] - The company aims to capture 60-70% of the domestic market share in the gas-fired waste heat boiler sector [5][5] International Market Expansion - XiZi Clean Energy is actively expanding into overseas markets, particularly in Southeast Asia and countries along the Belt and Road Initiative, with overseas orders expected to reach approximately 1.4 billion RMB in 2024, accounting for 23-24% of total orders [2][6] - The company faced challenges during the pandemic but has seen a resurgence in overseas project opportunities since 2023 [6][6] North American Market Dynamics - The development of the North American computing power market has significantly increased equipment demand, with planned gas-fired power project capacity in the U.S. rising from 1.62 GW this year to 3 GW next year [8][8] - XiZi Clean Energy plans to collaborate with major companies like NE and GE, focusing on subcontracting due to increased tariffs from the U.S.-China trade war [9][9][10] - The company can cover 70-80% of the total cost of gas turbine waste heat boiler orders, with core pressure components making up 65-66% of total costs [11][11] Nuclear Power Business Development - Nuclear power has become a key growth area, with plans to achieve 300-500 million RMB in orders in 2026 through partnerships with major players like China National Nuclear Corporation and State Power Investment Corporation [15][16] - The company aims to enhance its supply chain capabilities and expand its market share in the nuclear sector, which has a market size of approximately 5 billion RMB [20][20] Energy Storage Initiatives - XiZi Clean Energy is focusing on molten salt energy storage applications, participating in multiple projects and planning to commercialize new storage technologies in 2026 [22][24] - The company has been involved in various molten salt storage projects since 2018, generating approximately 500 million RMB in new orders annually [22][22] Market Outlook and Strategy - The domestic market for new gas installations is expected to decline, with a cautious outlook for 2026, while overseas markets are projected to grow by over 20% [14][14] - The company is developing new KPIs for the upcoming year to clarify order guidance for 2026 [14][14] Competitive Landscape - In the domestic waste heat boiler market, key competitors include Huaguang Huaneng, Hailu Heavy Industry, and Huagi Energy [7][7] - Globally, Chinese manufacturers are gaining market share, with Chinese waste heat boiler products accounting for about 20% of the global market [7][7] Conclusion - XiZi Clean Energy is strategically positioned to leverage growth opportunities in both domestic and international markets, particularly in the clean energy and nuclear sectors, while navigating challenges posed by trade tariffs and market competition. The focus on innovative energy storage solutions and partnerships will be crucial for future growth.