人民财讯8月27日电，中信证券研报称，伴随海外能源转型，新能源占比提升带动灵活性调节资源的需 求，以欧美为首的海外储能市场有望迎来需求放量。中信证券认为国产储能产业链具备明显优势，电 芯、储能系统环节全球份额持续提升。从海外储能厂商来看，多数公司对中国产业链依赖程度高，在政 策不确定下面临经营困境。中信证券认为当前时点，海外储能市场投资价值凸现，建议关注布局海外储 能产业链电芯、PCS、系统集成等环节的头部厂商。 ...

Group 1 - The commercial vehicle battery market is emerging as a new growth area for battery manufacturers, with significant increases in battery installation rates, particularly in the battery-swapping heavy truck market, where the penetration rate has reached around 20% [1] - In the first half of the year, the company reported a more than 90% reduction in losses, attributed to a substantial increase in battery shipments, with 50% of shipments concentrated in the energy storage sector and rapid growth in commercial vehicle battery products [1] - The overall power battery installation volume for the company reached 6.59 GWh, with a market share of 7.5% in the new energy heavy truck battery sector and an 809% year-on-year growth in the battery-swapping heavy truck market, ranking second nationally in both segments [1] Group 2 - The penetration rate of charging heavy trucks has increased from less than 1% to 20%-30% monthly, with the ratio of charging to battery-swapping trucks shifting from 80%-90% battery-swapping to 70% charging and 30% battery-swapping [2] - The company highlighted that although the purchase cost of new energy heavy trucks is 200,000 yuan higher than traditional fuel trucks, the operational cost difference is significant, with fuel costs reaching over 100,000 yuan annually compared to only a few thousand yuan for electricity [2] - The current mainstream battery capacity for new energy commercial vehicles is between 400-600 kWh, balancing cargo weight and battery weight, with long-distance logistics favoring battery-swapping due to time constraints [2] Group 3 - The gross margin of the power battery sector remains a focus for capital markets, with the company indicating potential for improvement in gross margins due to its product structure, where battery cells account for over 80% of the product mix [3] - The company plans to increase pack shipments, optimize customer structure, and enhance internal cost control to improve gross margins, as the cost structure of battery cells is relatively simpler compared to packs [3] - The company is focusing on high-quality projects in response to competitive pressures in the passenger vehicle battery market, having secured over 10 new model project designations from major automakers, with plans for mass production in the coming months [3]

储能行业研究框架培训 20250818 摘要 全球储能市场需求差异显著，发达国家如美澳侧重电网调节，拉美、北 非、澳洲则利用风光储能解决能源增量并出口，中东为满足数据中心低 碳需求积极转型。 中国储能市场正从强制配储转向市场化，现货价差和容量电价成主要收 益来源，独立储能增长抵消强配取消的影响，预计维持 20%-30%增长。 欧洲新能源占比高，政策加码支持储能；澳洲装机快速增长；拉美地区 储能需求旺盛；印度光伏+储能模式契合其离散式能源需求。 美国储能市场商业模式稳定，但经济压力和关税政策带来成本压力，加 州、德州数据中心项目成重要增量，预计保持稳定增长但增速放缓。 2025 年储能行业出货量因库存恢复而改善，预计整体维持 30%以上复 合增长率，大型集中式储能占主导，户用分布式储能盈利潜力高。 储能产业链包括电芯、PCS、BMS 等上游环节，构成直流侧储能系统， 加上 P3S、EMS 和变压器形成交流侧储能系统，最后是 EPC 和运营环 节。 电芯成本影响储能系统价格，2025 年价格逐步企稳，国内电芯及集成 价格竞争激烈，美国供应商盈利回归合理水平，欧洲、澳洲、拉美等新 兴市场盈利较高。 Q&A 储能行业 ...

Core Viewpoint - The article highlights the accelerated construction of the second phase of Yichun Guoxuan Battery Co., Ltd., which is part of a broader strategy to enhance the full industrial chain layout in Yichun, with a total investment of 5.15 billion yuan for the project [1]. Group 1 - The second phase project of Guoxuan Battery commenced construction in January 2024, with a planned capacity of 20GWh for power batteries [1]. - The first phase of the project began production two years prior, indicating a rapid expansion strategy by the company [1]. - The production workshop for 10GWh battery cells has already started operations, while the 10GWh battery pack workshop is still under construction [1]. Group 2 - Upon reaching full production capacity, the annual output value of Guoxuan Battery is expected to reach 11 billion yuan [1]. - The first equipment for the project arrived in March this year, with trial production starting in June and full-scale trial production currently underway [1].

Core Viewpoint - The current state of the new energy industry is marked by significant layoffs, salary reductions, and increased competition among job seekers, particularly affecting mid to high-level management positions [1][2][3]. Group 1: Employment Trends - Many mid to high-level executives in the new energy sector are experiencing prolonged unemployment, with some remaining jobless for over six months [3]. - The industry is undergoing severe restructuring, leading to a high concentration of market share among the top companies, which leaves little room for smaller players [3][4]. - The number of companies in the sector has decreased significantly, resulting in fewer available positions for experienced professionals [10]. Group 2: Salary and Job Market Dynamics - Salary reductions are becoming common, with reports of executives accepting offers significantly lower than their previous earnings [9][10]. - The competition for entry-level positions has intensified, with companies increasingly demanding higher educational qualifications from new graduates [12][14]. - The average salary for fresh graduates in the industry ranges from 10,000 to 20,000 per month, with potential year-end bonuses [12]. Group 3: Industry Challenges - The volatility in raw material prices, particularly lithium carbonate, has severely impacted the financial health of many companies, leading to closures and layoffs [4][10]. - The barriers between different segments of the battery industry, such as power and storage, have become more pronounced, complicating transitions for professionals seeking to switch fields [6][9]. - The trend of long working hours and high performance expectations is prevalent, with many companies adopting a culture similar to that of the tech industry, albeit with lower compensation for overtime [14][15].

Core Viewpoint - The article highlights the significant layoffs and employment challenges in the Chinese renewable energy sector, particularly among mid-to-senior level executives, as the industry undergoes a major restructuring and faces intense competition [6][9][50]. Group 1: Employment Trends - Many mid-to-senior level executives in the renewable energy sector have been unemployed for extended periods, with some not finding work for over six months [5][11]. - The industry is experiencing a "career retreat," similar to trends seen in the internet and finance sectors, with a notable increase in layoffs and job insecurity [9][14]. - The market for power battery companies is highly concentrated, with the top ten companies holding over 90% market share, leaving little room for smaller players [13][14]. Group 2: Financial Challenges - Many companies in the renewable energy sector are facing severe financial difficulties, with some reporting continuous losses and high operational costs [14][32]. - The price of lithium carbonate has dropped significantly from over 500,000 to around 70,000-80,000 per ton, impacting the profitability of many firms [14][32]. - Recent financial reports from numerous renewable energy companies indicate a bleak outlook, with many struggling to maintain operations [15][32]. Group 3: Job Market Dynamics - There is a growing divide between high-level executives and the demand for skilled workers, with companies seeking experienced engineers who can deliver immediate results [28][30]. - Salary reductions are becoming common, with some professionals experiencing significant pay cuts when transitioning to new roles [30][32]. - The influx of fresh graduates into the renewable energy sector has intensified competition, with companies increasingly prioritizing higher educational qualifications [38][40]. Group 4: Coping Strategies - Unemployed executives are exploring alternative career paths, such as self-media, consulting, or forming their own teams to collaborate with smaller companies [21][24]. - Current executives are under pressure to perform within a limited timeframe, often facing rapid turnover if results are not achieved [26][28]. - The industry is characterized by long working hours and high performance expectations, similar to the "996" culture seen in tech companies, but with less compensation for overtime [44][46].

Core Insights - The latest stock price of Funeng Technology is 16.84 yuan, reflecting a 1.14% increase from the previous trading day [1] - The company reached a maximum intraday price of 17.20 yuan and a minimum of 16.52 yuan, with a total transaction amount of 5.01 billion yuan [1] Company Overview - Funeng Technology is a comprehensive energy solutions provider focused on the research, production, and sales of power batteries and battery systems [1] - The main products include battery cells, modules, and battery packs [1] Financial Performance - The company achieved a revenue of 11.68 billion yuan in 2024 and 2.32 billion yuan in the first quarter of 2025 [1] - Funeng Technology has reported losses for five consecutive years from 2020 to 2024, with a total loss amounting to 4.41 billion yuan [1] Shareholder Activity - Shareholder Shenzhen Anyan plans to reduce its holdings by 12.221 million shares, accounting for 1% of the total share capital, with a reduction amount of approximately 206 million yuan between July 25 and August 7, 2025 [1] - Another shareholder, Shanghang Xinyuan, intends to reduce its holdings by up to 24.24 million shares, representing 1.9832% of the total share capital, between August 13 and November 12, 2025 [1]

Group 1 - The focus on the top ten circulating shareholders of A-share listed companies has increased as the mid-year report disclosure period intensifies [1][2] - Eight listed companies have seen the presence of securities firms among their top ten circulating shareholders, with notable increases in holdings by Shenwan Hongyuan Securities and China Merchants Securities in Cangge Mining [1][2] - The securities firms are particularly optimistic about the strategic value of the rare earth industry chain and the performance increment brought by domestic large-scale storage [1][3] Group 2 - Cangge Mining reported a net profit of 1.8 billion yuan for the first half of 2025, marking a year-on-year increase of 38.80% [1] - The top ten circulating shareholders of Cangge Mining include Shenwan Hongyuan Securities and China Merchants Securities, which increased their holdings by 2.9574 million shares and 72,000 shares, respectively [1] - The rare earth sector has seen a significant price increase of 79.10% year-to-date, indicating strong investment opportunities [3] Group 3 - The electric equipment industry is also gaining attention, with analysts predicting that the performance of the energy storage industry chain will improve as market reforms progress [3] - The cumulative increase in the electric equipment sector is expected to benefit from the transition from mandatory storage to market-driven demand, leading to a focus on efficiency and safety in energy conversion products [3]

8月5日，长治高新区管委会与正坤元（北京）科技有限公司举行交流座谈，同期签订年产2万吨第四代磷酸锰铁锂项目合作协议。 年产2万吨第四代磷酸锰铁锂项目总投资3亿元，选址于长治高新区漳泽工业园，规划建设年产2万吨第四代磷酸锰铁锂正极材料智慧生产线， 分两期建设。其中，一期总投资8000万元，使用标准化厂房面积为5000㎡，项目全部投产后预计年产值约10亿元。 （ 来源： 长治国家高新区 ） | | | 02 ｜ 晶科联手亿纬联合开发电芯下线！ 03 ｜ 行业首届户储及便携式储能电池技术论坛9月26日深圳举办！ 04 ｜ 2025首届硫化物全固态电池国际峰会暨展览会定档11月8日广州 举办！ 点击阅读原文，即可报名参会！ 往 期 回 顾 ...

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoint of the Report Short - term nickel and stainless - steel prices are weakened by market sentiment. The overall fundamentals change little. There is support from nickel - iron and intermediate product prices at the lower end and demand suppression at the upper end, so they still show a volatile trend [4]. 3. Summary According to the Directory 3.1 Price - Monthly changes:沪镍 fell 1.2%, LME nickel fell 2.1%, nickel - iron prices rose, and nickel sulfate prices fell slightly. Stainless - steel spot prices generally increased, and the spot premium rose 220 yuan/ton to 350 yuan/ton [5][57] - Specific price data: For example,沪镍 dropped from 121,220 yuan/ton to 119,770 yuan/ton; LME nickel decreased from 15,340 dollars/ton to 15,020 dollars/ton [6] 3.2 Supply - **Nickel - related supply** - Nickel ore: The price of Indonesian laterite nickel ore 1.2% decreased by 0.2 dollars/wet ton to 24.8 dollars/wet ton, 1.6% remained at 52.1 dollars/wet ton. Indonesian nickel ore premium dropped 1 dollar/wet ton to 24 dollars/wet ton, and Philippine nickel ore 1.5% stayed at 7 dollars/wet ton [4][5][18] - Refined nickel: In August, the production is expected to increase 2% month - on - month to 33,000 tons [4][5] - Nickel - iron: The market was inactive, and the transaction price center shifted slightly upward [4][5][21] - Intermediate products: Spot prices declined slightly, and market activity remained stable [4][5][24] - Nickel sulfate: In August, the production is expected to drop 3% month - on - month to 28,349 nickel tons [4][5][29] - **Stainless - steel supply** - In July 2025, the estimated crude - steel output of 43 domestic stainless - steel plants was 3.2302 million tons, a month - on - month decrease of 61,400 tons (1.87%) and a year - on - year decrease of 2.36%. In August, the planned output is 3.3041 million tons, a month - on - month increase of 2.29% and a year - on - year decrease of 1.64% [4][57][71] 3.3 Demand - **Stainless - steel demand** - Inventory: The warehouse - receipt inventory decreased 429 tons to 103,000 tons month - on - month. The total social inventory of 89 warehouses in the national mainstream stainless - steel market decreased 7,000 tons to 1.111 million tons week - on - week, with the 300 - series increasing 7,000 tons to 677,000 tons [4][57][64] - Consumption: According to the production schedule report of three major white goods released by Industrial Online, the total planned production of air conditioners, refrigerators, and washing machines in August 2025 is 26.97 million units, a 4.9% decrease compared to the actual production in the same period last year [4][57][82] - **New - energy demand** - Ternary precursor: In August, the production is expected to increase 5% month - on - month to 76,160 tons [4][5][41] - Ternary material: In August, the production is expected to increase 3% month - on - month to 70,750 tons, and the weekly inventory decreased 53 tons to 16,499 tons [4][5][43] - Power cells: The weekly cell production decreased 0.5% to 22.57 Wh, with lithium - iron increasing 0.5% to 15.66 GWh and ternary decreasing 2.7% to 6.91 GWh [4][5][46] - New - energy vehicles: From July 1st to 20th, the wholesale volume of new - energy passenger vehicles was 514,000 units, a 25% year - on - year increase and a 12% decrease compared to the previous month; the retail volume was 537,000 units, a 23% year - on - year increase and a 12% decrease compared to the previous month. The retail penetration rate of the new - energy market was 54.9%, and the wholesale penetration rate of new - energy manufacturers was 53.6% [4][5][51] 3.4 Inventory - Nickel inventory: During the week, LME inventory increased 5,160 tons to 209,082 tons;沪镍 inventory decreased 331 tons to 21,374 tons, social inventory decreased 795 tons to 39,486 tons, and bonded - area inventory increased 500 tons to 5,200 tons [5][12][16] - Stainless - steel inventory: As mentioned above, the warehouse - receipt and social inventory of stainless - steel changed as described in the demand section [4][57][64] 3.5 Cost - profit - Stainless - steel: Raw material prices were stable, while finished - product prices fluctuated greatly. The profit margins of stainless - steel smelting, cold - rolling 304, and hot - rolling 304 were also presented in relevant charts [57][80] 3.6 Supply - demand Balance - Nickel: There are charts showing the supply - demand balance of primary nickel and nickel sulfate [53][54][56] - Stainless - steel: There is a chart presenting the supply - demand balance of Chinese stainless - steel [91][92]