比亚迪储能及新型电池事业部电力科学研究院院长曹虎发布新一代储能产品"浩瀚"，其单元容量达14.5 兆瓦时，体积容量密度提升51.4%，系统体积利用率高达52.1%，为行业最高。比亚迪以"大道至简"理 念推动储能系统极致简化，为储能电站建设提供更省地、省心、高效与经济性的解决方案。 深圳中广核工程设计有限公司光热技术专家周现荣和浙江可胜技术股份有限公司首席科学家技术助理许 睿飏联合分享全球最大单塔350MW光热技术的创新实践。项目采用三塔一机分布式储热方案，突破超 大规模镜场控制与熔盐储能技术，实现度电成本降至0.55元/度。双方通过产业链协同创新，预计2035 年度电成本进一步降低，加速光热成为平价稳定的绿色基荷电源。 前沿技术集中展示 在现场，多家龙头企业依次发布最新技术成果与解决方案，涵盖智能组网、新型储能、光热创新、超充 网络等多个关键领域。 华为公司副总裁、华为数字能源全球营销服务体系总裁周建军分享了全场景构网技术及全球实践，通过 自研两类基础硬件、双架构及智能算法，解决高比例新能源接入电网的稳定性世界难题。该技术已在沙 特红海全球最大的100%新能源微网、中国四川雅砻江水光互补电站等全球项目中成功验 ...

9月18日，以"深AI能源，数创未来"为主题的2025国际数字能源展在深圳会展中心隆重开幕。这场聚焦 全球能源数字化转型的国际盛会，汇聚了来自50多个国家的2000余家企业，集中展示300余项尖端技 术，通过"源-网-荷-储"全链条视角，打造5万平方米的创新生态平台，为全球能源革命提供"中国方 案"和"深圳范本"。 全球聚焦，共启数字能源新篇章 作为全球首个实现公交车全面电动化的超大城市，深圳已构建起"超充站数量超越传统加油站"的新型能 源基础设施格局，打造了全球密度最高的城市充电网络。更令人瞩目的是，深圳虚拟电厂3.0平台通过 AI智能调度，成功将清洁能源消纳效率提升至行业领先水平，有效破解了高比例可再生能源接入电网 的世界性难题。这些突破性实践不仅彰显了深圳在数字能源领域的创新实力，更为全球高密度城市推进 能源转型提供了可复制、可推广的"深圳方案"。 中国电力企业联合会党委书记、常务副理事长杨昆在致辞中表示，数字技术与能源革命深度融合正成为 全球经济增长新引擎，中国电力行业数字化投入领先全国，通过构建标准体系、打造智库平台，全力支 撑新型电力系统建设与能源安全战略。 展会现场设置电动重卡专区，组织比亚迪、 ...

Core Viewpoint - The article discusses the competitive landscape of energy replenishment methods in the new energy vehicle sector, particularly focusing on the challenges and advancements in battery swapping and ultra-fast charging technologies [3][11]. Group 1: Battery Swapping Technology - CATL has launched a new generation of battery swapping solutions aimed at improving operational efficiency for electric heavy-duty trucks, allowing battery replacement in 5 minutes, with plans to reduce this to under 3 minutes in the future [3][6]. - The new battery swapping system is designed to address the challenges of long charging times and the need for high energy capacity in heavy-duty trucks, which are essential for logistics operations [3][5]. - CATL's battery swapping model significantly lowers the initial purchase costs for operators, as they only need to pay for battery rental and swapping services, avoiding costs related to battery degradation and maintenance [5][6]. Group 2: Market Projections and Strategies - CATL aims to establish a nationwide battery swapping network covering approximately 150,000 kilometers of major highways and provincial roads by 2030, which is expected to serve around 80% of the heavy-duty truck capacity in China [6]. - The penetration rate of new energy heavy-duty trucks has surpassed 20% and is entering a rapid growth phase, with CATL predicting that the market penetration will reach 50% within the next three years [6]. Group 3: Competitive Landscape - Other battery manufacturers, such as Guoxuan High-Tech and Huawei, are also exploring battery swapping solutions, with Guoxuan introducing a rapid swapping system and Huawei developing ultra-fast charging technologies [7][8]. - Huawei's ultra-fast charging technology, capable of delivering up to 1.5 MW of power, poses a significant challenge to the battery swapping model, as it offers a more cost-effective solution for operators [7][10]. - The competition between battery swapping and ultra-fast charging technologies is intensifying, with manufacturers showing a tendency to adopt a hybrid approach that combines both methods [10][11].

每经记者 黄辛旭 每经编辑 孙磊 在国家"双碳"目标下，商用车低碳化成了硬指标。 "随着'双碳'目标时间节点的临近，商用车领域尤其是重卡的碳排放问题亟待解决。作为交通运输领域的重要排放源，重卡的减排工作对实现'双碳'目标具有 关键意义。"在2025上海车展期间，欣旺达动力商用车船事业部副总经理陈小源在接受《每日经济新闻》记者专访时谈到了企业在"双碳"战略下的技术布 局。 从公开资料来看，中国燃油重卡存量约900万辆，每年燃油费用约2.4万亿元，碳排放量约7亿吨，占到公路交通排放的54%。因此，重卡电动化是我国交通 运输领域降碳的重要发力点。 重卡超充补能热度提升 今年一季度，国内新能源重卡市场销量继续"暴增"。 根据北斗入网新增数据，今年一季度，新能源重卡市场累计销量约2.37万辆，同比增长164%。其中，3月新能源重卡销量为1.04万辆，同比增长189%。另据 工信部公布的今年一季度第391批~393批公告，"上榜"的新能源重卡数量为430款，高于2024年同期（第379批~381批）的361款。 "去年，商用车的新能源渗透率刚刚突破拐点，这是一个很好的时机去做相关布局。欣旺达动力在两年前就看到了这样的潜力 ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 一、宁德时代引领新技术突破，骁遥双核+自生成锂/钠负极再次拉开产品代差 宁德时代推出三款颠覆性动力电池产品：钠新电池、骁遥双核电池、第二代神行超充电池。（1）自生成 负极新技术的应用超预期，展现宁德时代领先的研发能力和商业化实力，我们认为得益于金属负极保护层 材料和制备工艺的know-how，使得负极侧颠覆性升级快于预期，相关电解液添加剂和补锂剂环节有望受 益。（2）骁遥双核+自生成锂/钠负极，多元电池的组合适配各种场景，我们认为是在全固态电池商业化量 产之前的窗口期内，又一个拉开代差的产品。（3）钠新电池树立宁德时代钠电池的新品牌，能量密度提 升，突破低温、启停场景，有望带来新的增长曲线。（4）二代神行超充电池实现峰值充电功率12C同时续 航800km ...

Investment Rating - The report maintains a "Buy" rating for the industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [6]. Core Insights - CATL leads in technological breakthroughs with the introduction of three disruptive battery products: sodium batteries, Xiaoyao dual-core batteries, and the second-generation Shenxing ultra-fast charging batteries. The application of self-generating negative electrode technology exceeds expectations, showcasing CATL's advanced R&D capabilities and commercial strength [1]. - Range-extended vehicles are expected to become the mainstay of electrification in the second half of the market. These vehicles combine the driving performance of pure electric vehicles with the range extender to alleviate long-distance range anxiety, making them suitable for global market expansion [2]. - The trend of large-capacity range-extended vehicles is emerging, with new models achieving over 400 km of pure electric range. The development trajectory of battery capacity may involve an initial increase followed by a decrease [3]. - The electrification of commercial vehicles, particularly heavy trucks, is accelerating. In 2024, the penetration rate of new energy commercial vehicles is projected to be 17.9%, with battery companies focusing on this sector to explore the full lifecycle value of batteries [4]. Summary by Sections Section 1: Technological Advancements - CATL's new products include sodium batteries and the Xiaoyao dual-core battery, which adapt to various scenarios and are positioned as a significant advancement before the commercialization of solid-state batteries [1]. - The second-generation Shenxing ultra-fast charging battery achieves a peak charging power of 12C with a range of 800 km, indicating a narrowing gap in fast-charging capabilities among battery brands [1]. Section 2: Market Trends - The sales volume of range-extended vehicles is expected to reach 1.167 million units in 2024, representing a year-on-year growth of 78.7%, outpacing the growth rates of pure electric and plug-in hybrid vehicles [2]. - The market share of range-extended vehicles in China is projected to increase from 3.6% to 9.1% between 2022 and 2024, indicating a growing acceptance of this technology [2]. Section 3: Commercial Vehicle Electrification - The report highlights the significant carbon emissions from commercial vehicles, which account for 56% of transportation emissions, and the need for effective electrification solutions [3]. - Companies like Huawei, BYD, and CATL are developing battery and charging solutions tailored for commercial vehicles, focusing on the entire lifecycle cost [4].