对比2024年超20GWh的出货量，楚能新能源2025年超额完成此前定下的60 GWh电池出货目标， 实现了350%的飞跃式增长 ，增幅位于市 场领先水平。 01 储能"量变" 年度新增订单超100 GWh 出货量大增的背后，得益于储能业务这 驾 马车的"狂奔"。据观察，2025年楚能新能源在储能市场连续斩单和中标： 3月15日，与特隆美储能签署5GWh储能电芯战略合作协议，为其全球储能项目供应314Ah储能电芯。 5月7日，在欧洲智慧能源博览会上与英国Immersa签署2.5GWh战略合作协议，提供5MWh电池预制舱Cornex M5产品。 行业再现"楚能速度"，同比2024年暴增350%！ 2026年1月1日，元旦佳节当日，楚能新能源官方微信平台发布公司 董事长代德明2026新年寄语。 代德明指出， 2025是楚能发展史上具有里程碑意义的"决胜之年"。在 复杂多变的市场环境和日趋激烈的行业竞争下， 公司实现 发展史上 巨大突破， 全年出货量超过90GWh。 90GWh的规模有多大？在储能市场，占据2025年全球储能电池出货份额14%以上 ；在动力电池市场，按平均每辆车 50kWh电池容量进行 估算，大约可 ...

国内方面，中央经济工作会议将"双碳"引领列为 2026 重点，推动绿色转型 深化；工信部与央行联合发文，推动金融资源精准支持绿色工厂的技术攻关与零碳 转型；国家发改委公布第二轮生态产品价值实现机制试点名单，要求 25 个地区及海 南热带雨林国家公园探索"以碳生金"等市场化路径，以点带面破解制度瓶颈；广东发 布转型金融标准引导 400 亿元授信流向高碳行业。 国际方面，ISSB 定向修订 IFRS S2，放宽金融机构 Scope 3 披露要求；美国联 邦法院撤销风电审批冻结令，但行政部门仍可审查项目；特朗普签署行政令强化代 理投票顾问监管，重点审查 ESG 与 DEI 投票影响；欧盟达成《气候法》修订临时 协议，设立 2040 减排 90%中期目标，并允许碳信用额与碳移除手段应用。 2、市场动向：ESG 指数表现分化，绿色转型资金短期承压 本周国内 ESG 指数分化，SEEE 碳中和指数微跌 0.02%，300 ESG、上证社会 责任与 180 治理指数跌幅在 0.47%-0.68%。海外方面，标普 Kensho 清洁电力指数 近三月涨 23.77%，今年以来累涨 54.94%，持续领涨。 碳市场方面，国内 C ...

Core Viewpoint - XINWANDA's 314Ah energy storage cell has become the first product in the battery industry to receive EPD International environmental product declaration certification, indicating its leadership in lifecycle management and green low-carbon manufacturing [1][4]. Group 1: Product and Certification - The 314Ah energy storage cell is the core product of XINWANDA's energy storage cell family, recognized for its safety, high energy density, and long cycle life, contributing to the company's entry into the top ten global shipments of energy storage cells in China by 2025 [3][6]. - The EPD certification follows strict guidelines from the EPD International system, covering the entire environmental impact of the product from raw material acquisition to end-of-life [3][6]. - This certification serves as a recognition of the product's strength and reflects XINWANDA's commitment to ESG principles [3][6]. Group 2: Future Plans and ESG Commitment - XINWANDA plans to expand the coverage of the EPD system across its energy storage cell product matrix and promote the standardized application of environmental declarations in the industry [4][7]. - The company aims to contribute more value to the global energy transition and clean energy development through higher standards of green innovation and sustainable practices [4][7].

Core Viewpoint - XINWANDA's 314Ah energy storage cell has become the first product in the battery industry to receive EPD International environmental product declaration certification, showcasing its leadership in lifecycle management and green low-carbon manufacturing [2][5]. Group 1: Product and Certification - The 314Ah energy storage cell is a core product in XINWANDA's energy storage cell family, recognized for its safety, high energy density, and long cycle life, aiming to rank among the top ten global shipments of energy storage cells in China by 2025 [4]. - The successful EPD certification confirms XINWANDA's comprehensive competitiveness in technology and green manufacturing, covering the entire lifecycle environmental impact from raw material acquisition to end-of-life [5]. Group 2: ESG Commitment and Future Plans - The certification is not only a recognition of the 314Ah product's strength but also a significant achievement in XINWANDA's commitment to ESG principles, supported by a family of energy storage cells including 102Ah, 280Ah, 314Ah, 588Ah, and 684Ah [5]. - XINWANDA plans to expand the coverage of the EPD system across its energy storage cell product matrix and promote the standardized application of environmental declarations in the industry, contributing to global energy transition and clean energy development [6].

Core Viewpoint - The article emphasizes the urgent need for investment in energy storage systems and grid upgrades, as highlighted by the COP30 conference, where multiple countries committed to investing hundreds of billions of dollars to facilitate the transition to clean energy [2][4]. Investment and Market Dynamics - The United Nations Net Zero Emissions Utilities Alliance (UNEZA) raised its annual investment target from $117 billion to $148 billion, with $30 billion allocated for energy storage, aiming to build a $1 trillion renewable energy transmission and storage investment project reserve by 2030 [2]. - The global energy transition is accelerating, with a call from 80 countries at COP30 for a phased-out plan for fossil fuels, emphasizing the critical role of grid and storage capacity [4]. Company Performance and Innovations - Haicheng Energy, a key player in the energy storage sector, reported a revenue of 6.971 billion yuan for the first half of 2025, a year-on-year increase of 224.61%, and a net profit of 212 million yuan, marking a return to profitability [2]. - The company achieved a battery shipment volume of 30 GWh, a 252.9% increase from the previous year, significantly outpacing industry growth [2]. Technological Advancements - Haicheng Energy has filed over 4,300 patents, with more than 2,100 granted, establishing a strong technological barrier [7]. - The company launched the industry’s first 1175Ah energy storage battery, with a cycle life exceeding 11,000 times and energy density surpassing 180 Wh/kg, suitable for long-duration storage applications [7][9]. Global Expansion Strategy - Haicheng Energy is focusing on localized operations as part of its global strategy, establishing production bases in North America and expanding into emerging markets in the Middle East, Africa, and South America [12]. - The company’s overseas revenue surged from 33,000 yuan in 2022 to 1.01 billion yuan in 2023, with projections of 3.7 billion yuan in 2024, indicating a significant growth engine for the company [13]. Financial Performance and Profitability - The overall gross margin for Haicheng Energy reached 13.1% in the first half of 2025, up from 3.6% year-on-year, with the energy storage battery gross margin at 9.7% and the storage system business gross margin increasing to 29.7% [13].

Core Insights - Nandu Power (300068.SZ) has a current production capacity of 4GWh for 314Ah energy storage cells [1] - The company is set to launch an additional 4GWh production capacity for 392Ah energy storage cells, expected to be operational by the end of the year [1]

Core Viewpoint - Chuangneng New Energy has secured a significant contract for a 300MW/1200MWh independent energy storage project, indicating its strong position in the energy storage market and its competitive pricing strategy [2]. Group 1: Contract and Pricing - Chuangneng New Energy won a procurement contract worth 337 million yuan for the energy storage system, providing a total capacity of 1200MWh with a unit price of 0.2809 yuan/Wh, slightly below the average bid of 0.2836 yuan/Wh from competitors [2]. - The company has been a key player in the price war within the energy storage battery sector, with its chairman announcing a price reduction strategy that aims to lower costs to below 0.5 yuan/Wh, representing a 40% year-on-year decrease [2][3]. Group 2: Production Capacity and Strategy - Chuangneng New Energy is rapidly expanding its production capabilities, with four major production bases established in Hubei, aiming for a total planned capacity exceeding 500GWh [4]. - The company’s effective production capacity exceeds 110GWh/year across its three main bases, with a new 80GWh capacity project in Yichang set to focus on the next-generation 588Ah energy storage cells [4]. Group 3: Product Development - The company has developed a comprehensive range of energy storage battery products, including the newly launched 588Ah battery, which boasts high energy density and efficiency, addressing global market demands for higher capacity and safety [5]. - Chuangneng's new generation 6C "Zhu Feng" fast-charging battery can achieve a charging time of 10 minutes for a range of 600 kilometers, set to enter mass production in Q3 2026 [5]. Group 4: Market Demand and Orders - The company has seen a surge in orders this year, with total new orders exceeding 100GWh and a shipment volume of over 9GWh in September, indicating strong market demand and full production capacity across its operational bases [5].

Core Insights - The article discusses the rapid growth and trends in the energy storage industry, highlighting significant revenue increases and the impact of new policies on the sector [2][3][14]. Policy Analysis - In September 2025, the National Development and Reform Commission and the Energy Administration issued a plan aiming for over 180 GW of cumulative installed renewable energy capacity by 2027, with an average annual growth rate of 37% [3]. - The new energy storage projects added 87.5 GWh in the first three quarters of 2025, with 32.7 GWh added in Q3 alone, reflecting a year-on-year growth of 62.97% [10][18]. Market Performance - In the first half of 2025, the combined revenue from energy storage systems, batteries, and PCS reached approximately 1.2 trillion yuan, with a net profit of about 81 billion yuan, showing an overall year-on-year growth rate exceeding 30% [3][14]. - Q3 2025 saw total revenue in the energy storage sector of approximately 282.5 billion yuan, with net profits around 34.1 billion yuan [5]. Profitability Trends - Despite the revenue growth, the average gross margin for energy storage companies declined by about 2 percentage points compared to the previous year, attributed to rising raw material costs and intensified price competition [4][14]. - Notably, some companies reported net profit increases exceeding 900% in Q3, while most companies experienced revenue growth rates between 20% and 75% [6]. Product Pricing - The average price of 314Ah energy storage cells in Q3 was 0.3052 yuan/Wh, which is 8.43% lower year-on-year but shows a slight increase of 0.23% compared to Q2 [8]. - The market price for commercial energy storage cabinets (215 kWh) stabilized around 0.65 yuan/Wh in Q3, with a price range of 0.53-0.75 yuan/Wh [9]. Future Demand Projections - The demand for energy storage batteries in AI data centers is projected to grow approximately 30 times from 10 GWh in 2024 to over 300 GWh by 2030 [12][15]. - The energy storage sector is transitioning from traditional backup power to dynamic energy management platforms, driven by increasing AI computing power and supportive policies [15].

Core Viewpoint - The energy storage market is entering the fourth quarter with price differentiation across the supply chain, where upstream battery cells are experiencing price increases, while downstream energy storage system integration prices continue to decline [2] Price Trends of Lithium Carbonate - The price of battery-grade lithium carbonate showed significant volatility in Q3, with an average price of 73,040 yuan/ton, down 9.59% year-on-year but up 11.89% from Q2 [3] - In September, lithium carbonate prices initially dropped due to the resumption of major lithium mines, but rebounded as demand improved, indicating a potential bottoming out [3] Energy Cell Pricing - The average price of 314Ah energy storage cells in Q3 was 0.3052 yuan/Wh, which is 0.004 yuan/Wh higher than the 280Ah cells, despite an 8.43% year-on-year decrease [6] - The lowest price for 314Ah cells increased from 0.266 yuan/Wh in early July to 0.272 yuan/Wh by the end of September [6] - Prices for energy storage cells are expected to rise in Q4, but significant increases are unlikely [9] PCS Pricing Stability - The price of energy storage PCS remained stable in Q3, with centralized PCS (1725kW) priced between 0.062-0.07 yuan/W, averaging 0.0664 yuan/W, a decrease of about 0.9% from Q2 [11] - String-type PCS (215kW) prices ranged from 0.076-0.098 yuan/W, with an average of 0.0873 yuan/W, showing a slight decline from Q2 [14] Energy Storage System Pricing Trends - Despite rising upstream cell prices, the market price for domestic energy storage systems continues to decline, with Q3 average prices for 2-hour systems down 5.94% from Q2 and 20.41% year-on-year [17] - In August, energy storage system prices fell below 0.5 yuan/Wh, with some large projects priced as low as 0.44 yuan/Wh [18] - The average bid price for 2-hour energy storage systems in September was 0.538 yuan/Wh, down approximately 34.31% from January 2024 [18] Commercial Energy Storage Pricing - The market price for commercial energy storage integrated cabinets (215kWh) stabilized around 0.65 yuan/Wh, with a range of 0.53-0.75 yuan/Wh [20] - The mainstream price for commercial energy storage systems is expected to remain stable between 0.6-0.68 yuan/Wh, with limited upward movement anticipated [20] Future Outlook - The energy storage system price trend is expected to diverge in Q4, with leading companies likely to see slight price increases, while weaker companies may struggle with low pricing or exit the market [22]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - Recent developments include the issuance of the "New Energy Storage Scale Construction Special Action Plan (2025-2027)" by the National Development and Reform Commission and the National Energy Administration [3] - The first batch of 60Ah sulfide all-solid-state batteries is expected to be delivered by Funeng Technology to strategic partners by the end of this year, achieving an energy density of 400Wh/kg [3] Summary by Sections Demand Expectations - The new energy storage development goals for 2025-2027 aim for over 100 million kilowatts of new installed capacity in the next three years, supported by domestic policies [3] - In the first half of 2025, Chinese companies secured 199 overseas energy storage orders/cooperations, totaling over 160GWh, representing a year-on-year increase of 220.28% [3] Price and Demand Trends - Battery prices are stabilizing, with expectations for simultaneous volume and price increases in 2025-2026 due to robust demand from energy storage and commercial vehicle electrification [3] - The mainstream price range for 314Ah energy storage cells is between 0.26 CNY/Wh and 0.32 CNY/Wh, with leading companies likely to eliminate rebates as part of a price increase strategy [3] Solid-State Battery Industry - The solid-state battery industry is transitioning from pilot lines to mass production, with expectations for full-scale production to begin in 2027 [3] - Key technologies include roller pressing, isostatic pressing, and homogenization, with traditional equipment manufacturers having an advantage [3] - Lithium metal anodes are expected to maintain long-term competitiveness over silicon anodes, and soft-pack aluminum-plastic films are favored for packaging [3] Investment Recommendations - Focus on lithium battery leaders such as CATL, Yiwei Lithium Energy, and Xinwangda due to sustained demand from energy storage and commercial vehicles [4] - Material companies to watch include Tianci Materials, Molybdenum, Putailai, Shangtai Technology, and Fulin Precision [4] - For solid-state batteries, companies with high equipment certainty and advantages in production lines and materials include CATL, Xianlead Intelligent, Nakanor, Honggong Technology, Liyuanheng, Haichen Pharmaceutical, Huasheng Lithium Battery, Shanghai Washba, Xiamen Tungsten New Energy, and Zhongyi Technology [4]