◎记者 张琼斯 范子萌 支持新质生产力做"加法"，降低融资成本做"减法"；提升金融服务质效做"加法"，防范化解金融风险 做"减法"；推动高水平金融开放做"加法"，降低外资准入门槛做"减法"……2025年，金融系统以一套精 准的"加减法"组合拳，交出了一份呵护微观主体、稳定宏观大盘的亮眼答卷。 从赋能科技企业突破创新瓶颈，到护航金融市场顶住外围压力，再到深化自身改革、推进高水平开放， 金融活水的精准滴灌，为经济向新向优注入强劲动能。 精准滴灌做"加法" 债券市场"科技板"横空出世，拓宽了科技创新企业的多元融资渠道；5000亿元服务消费与养老再贷款工 具"上新"，"四两拨千斤"撬动金融资源向养老产业和服务消费领域倾斜…… 金融活水持续流入重点领域。截至9月末，金融"五篇大文章"领域贷款余额107.5万亿元，占各项贷款的 比重近四成；从增量看，今年前三季度，金融"五篇大文章"领域贷款增量占各项贷款增量的比重超七 成。 力挺经济向新向优 作为新能源充电领域的科技企业，特来电今年启动了充电网络拓产计划：新增500座智能充电站、2万台 直流充电桩。 扩张计划的背后，存在着现实的资金缺口。特来电总经理郭永光直言，充电桩从投 ...

Core Insights - The rapid development of charging infrastructure in China has led to a significant increase in public charging stations, with a utilization rate of public charging stations being three times that of private ones, indicating a growing disparity in charging station operations [1][15] - By September 2025, the total number of public charging stations is expected to reach 4.476 million, with a monthly increase of 160,000 stations, while private charging stations are projected to reach 13.587 million, reflecting a robust growth trend in both sectors [2][3] - The average monthly charging per public station has improved to 1,716 kWh in September 2025, up from 1,514 kWh in the previous year, showcasing enhanced efficiency in charging operations [3][4] Charging Infrastructure Overview - As of September 2025, the total number of electric vehicle charging infrastructure in China has reached 18.063 million, a year-on-year increase of 54.5%, with public charging facilities accounting for 4.476 million and private facilities for 13.587 million [2][3] - The total rated power of public charging stations has reached 199 million kW, with an average power of approximately 44.36 kW per station [2][3] - The growth rate of public charging stations has shown fluctuations, with a notable increase of 30% in 2023 and a projected 15% increase in 2024 [2][4] Monthly Growth Trends - Public charging stations saw a monthly increase of 160,000 in September 2025, while private charging stations increased by 555,000 in the same month, indicating a strong upward trend in both categories [3][4] - The monthly growth rates for public and private charging stations have varied, with public stations experiencing a decrease in growth rate in 2024 compared to 2023, while private stations have shown consistent growth [4][5] Regional Characteristics - Major provinces such as Guangdong, Zhejiang, and Jiangsu are leading in the number of public charging stations, with Guangdong alone contributing 23,775 new stations in 2023 [7] - The distribution of charging stations is heavily concentrated in economically developed regions, with significant growth observed in populous provinces [7] Operator Characteristics - Charging operators in China can be categorized into four main types: integrated manufacturers and operators, state-owned grid companies, large automotive groups, and third-party operators, each employing different business models and strategies [8][10] - The market is experiencing a "Matthew Effect," where leading operators are gaining a larger market share, highlighting the competitive landscape of the charging infrastructure industry [10] Charging Station Utilization - The utilization rate of public charging stations is significantly higher than that of private stations, with public stations serving approximately three times the number of vehicles compared to private ones [15] - The demand for private slow charging stations is expected to grow, as they are projected to account for over 90% of the charging infrastructure in the future [15]

Core Viewpoint - The company is actively expanding its infrastructure for electric vehicle (EV) charging stations in response to increasing demand driven by national support for new energy vehicles [1] Company Summary - Longzhou Co., Ltd. has established and put into operation 19 electric vehicle charging stations through its wholly-owned subsidiary, Longyan Tianyuan Information Technology Co., Ltd. [1] - The company has installed a total of 117 DC charging piles and 68 AC charging piles, with a combined power capacity of 14,576 KW [1] - The charging infrastructure covers the central urban area of Longyan City and extends to various counties and districts [1]

Core Viewpoint - Bull Group (603195.SH) focuses on liquid cooling technology primarily applied in DC charging piles and commercial energy storage battery cooling, with limited current application in data centers [1] Group 1 - The company's data center business currently accounts for a small proportion of overall revenue [1] - Liquid cooling technology is mainly utilized in direct current charging piles and commercial energy storage battery cooling [1] - There is no current application of this technology in servers or IDC (Internet Data Center) fields [1]

Core Insights - The rapid growth of China's charging infrastructure is highlighted, with public charging piles expected to reach 4.17 million by June 2025, showing a monthly increase of 91,000 and a year-on-year growth of 50% [1][5] - The ratio of public to private charging piles is approaching 1:1, indicating a balanced growth in charging infrastructure relative to electric vehicle sales [1][17] - Despite the growth, challenges remain in the charging infrastructure, including uneven distribution, outdated technology, and service quality issues [1][9] Charging Pile Overview - As of June 2025, there are 4.17 million public charging piles and 10.6 million private charging piles, with public piles showing a monthly increase of 91,000 and private piles increasing by 285,000 [1][5] - The average monthly charging per public pile is 1,608 kWh, up from 1,461 kWh in June of the previous year [1][5] - The charging utilization rate of public piles is three times that of private piles, indicating higher efficiency in public charging infrastructure [1][17] Growth Trends - In 2023, public charging piles increased by 930,000, with a year-on-year growth rate of 43%, while private piles grew by 2.46 million, marking a 27% increase [5] - The growth rate of public charging piles in 2024 is projected to be 850,000, with a slight decline in growth rate compared to 2023 [5] - The first half of 2025 is expected to see a continued increase in both public and private charging infrastructure, maintaining a balanced growth trajectory [1][5] Regional Analysis - Regions such as Guangdong, Jiangsu, and Zhejiang have shown significant growth in public charging infrastructure, while cities like Beijing and Shanghai are experiencing slower growth despite having a large existing base [9][8] - The distribution of charging piles is uneven, with developed cities having a higher concentration, leading to disparities in access and utilization [9] Industry Characteristics - The charging infrastructure industry is characterized by a mix of operators, including manufacturers, state-owned enterprises, and third-party service providers, each adopting different business models [10][11] - The market is becoming increasingly concentrated, with leading operators capturing a larger share of the market due to competitive advantages in funding, location, and technology [12][15] - The trend towards high-power DC charging stations is evident, with a growing demand for faster charging solutions to meet the needs of electric vehicle users [14][15]

Core Viewpoint - The Chinese government aims to promote the construction of high-power charging facilities, targeting over 100,000 units by the end of 2027, to enhance service quality and technological applications in the electric vehicle charging infrastructure [1][3]. Industry Overview - The current charging pile market in China is dominated by slow charging, with insufficient penetration of fast charging. The development of fast charging and ultra-fast charging is seen as the future direction for the charging pile industry to alleviate users' range anxiety [2]. - As of March 2025, the cumulative number of charging infrastructure in China reached 13.749 million units, a year-on-year increase of 47.6%. This includes 3.9 million public charging piles, consisting of 1.785 million DC charging piles and 2.114 million AC charging piles [1]. Policy and Guidelines - The recent notification outlines nine specific guidelines to strengthen the planning and management of high-power charging facilities, including promoting the construction of dedicated charging facilities for buses, logistics, and heavy-duty freight [2]. - The notification emphasizes the need for new energy vehicle companies to open their self-built high-power charging networks to ensure fair access and improve the charging service ecosystem [3]. Company Developments - Several listed companies in A-shares have responded regarding their business layouts in the charging pile sector. For instance, Hangzhou Zhongheng Electric Co., Ltd. is one of the earliest companies engaged in the research and production of electric vehicle charging piles, offering a comprehensive range of DC charging products [3]. - Zhejiang Meishuo Electric Technology Co., Ltd. focuses on the development and production of relay control components and related products, including charging piles [3]. Future Implications - The target of exceeding 100,000 high-power charging facilities by 2027 is expected to alleviate users' mileage anxiety and drive the entire new energy vehicle industry towards greater efficiency and convenience [3]. - The industry is anticipated to benefit from technological iterations and improvements in service quality, which will be crucial for the development of the charging pile sector [3].