21世纪经济报道记者 林典驰 雷若馨 深圳报道 新能源产业，正有迎来新的技术周期的迹象。 城市：深圳虚拟电厂最高负荷比率超5.4% 全球大城市能源转型的原因在于，高密度建筑易遭遇城市热岛效应、热浪现象，以及建筑能耗等多重挑战。在城市化快速发 展，需要对多重来源、储存介质的能源予以考量。 该展会上发布的《2025深圳数字能源白皮书》提出深圳建设全球数字能源先锋城市的实施路径。包括"源网荷储数碳"六大方 向。 9月18日，2025国际数字能源展在深圳开幕，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"。 一是，深圳探索数字能源，为全球高密度城市推进能源转型提供可复制、可推广的"深圳方案"，并形成万亿级规模。 二是，AI赋能成为核心焦点。如，华为的"端-边-云"光储智能体将电站运维效率提升50%，中海油的"海能"模型实现设备预测性 维护以减少停产损失。 三是，储能大电芯的技术爆发，则为长时储能提供了新路径。如，比亚迪发布的2710Ah刀片电池构建10MWh储能系统，欣旺达 684Ah ...

Core Viewpoint - The company, Sungrow Power Supply Co., Ltd. (300274.SZ), announced plans to list in Hong Kong to enhance its global strategy, brand image, and diversify financing channels, thereby improving its core competitiveness [2] Group 1: Company Overview - Sungrow was established in 1997 and listed on the Shenzhen Stock Exchange in 2011, focusing on photovoltaic inverters, energy storage systems, new energy investment, wind power conversion, and hydrogen equipment [2] - The company's revenue sources are primarily from photovoltaic inverters (35.21%), energy storage systems (40.89%), and new energy investment (19.29%) [2] Group 2: Market Context - As of August 26, 2023, there has been a surge in Hong Kong listings, with 11 A-share companies successfully listing and 49 more in the queue [4] - Other companies in the renewable energy sector, such as CATL and Junda, have also pursued "A+H" listings, indicating a trend among peers [4] Group 3: Financial Strategy and Developments - The company previously planned to issue Global Depositary Receipts (GDR) and raise up to 4.82 billion yuan for various projects, but progress has been delayed [5] - Due to regulatory delays, the company has shifted its strategy to focus on high-margin overseas projects while reducing domestic low-efficiency projects [5] Group 4: Financial Performance - In the first half of 2023, the company reported a revenue of 43.53 billion yuan, a year-on-year increase of 40.34%, and a net profit of 7.73 billion yuan, up 55.97% [8] - The energy storage business has become the largest revenue source, surpassing inverters for the first time, with a revenue of 17.80 billion yuan, a 127.78% increase [8] - The company's total liabilities were 72.61 billion yuan, with a debt-to-asset ratio of 61.33% as of mid-2023 [6]

Core Viewpoint - The article discusses the rapid development and challenges of large-capacity battery cells in the energy storage industry, emphasizing the need for cost reduction and efficiency improvement as the global energy structure shifts towards renewable sources [2] Group 1: Large Cell Layout - Nearly 20 battery cell companies have launched or planned 500Ah+ large cell products, with the iteration process accelerating significantly [3] - The transition from 280Ah to 300+Ah took about 3 years, while the leap to 500Ah and 600Ah occurred in just 2 years [3] - Companies like CATL and Sungrow are leading the market with innovative designs and high-capacity standards, but market validation of large cells is still needed [3][4] Group 2: Reasons for Large Cells - Large battery cells are crucial as they represent the highest value segment of the energy storage system, directly impacting system configuration and integration [3] - Increasing cell capacity reduces the number of batteries and components needed, thereby lowering overall investment costs for energy storage stations [3][4] Group 3: Technical Challenges of Large Cells - As cell capacity exceeds 500Ah, technical challenges arise, such as increased thickness of electrode sheets and potential safety risks like thermal runaway [6] - Manufacturing challenges include the need for high precision in coating and welding processes, which can affect the consistency and reliability of large cells [6][7] Group 4: Manufacturing Processes - Two main manufacturing processes for 500Ah+ cells are winding and stacking, each with its own advantages and disadvantages [8][9] - Stacking offers higher energy density and better safety but requires more precise equipment, while winding is simpler and cheaper but may compromise performance [8][9] Group 5: Specification Unification vs. Differentiation - The market is moving towards a unified framework for battery specifications while allowing for differentiated innovations [10] - Different market demands are leading to a competitive landscape where various capacities coexist, with 314Ah and 392Ah cells dominating shorter-duration storage and 500Ah+ cells focusing on longer-duration applications [10][11] Group 6: Future Trends - The development of large cells must consider investor acceptance and should focus on reducing Levelized Cost of Storage (LCOS) through technological innovations [12] - The future of large-capacity cells remains uncertain, as the industry must navigate technical limits and market needs to determine which cell types will prevail [12]

Core Viewpoint - The SNEC exhibition reflects a cooling trend in the global renewable energy industry, with reduced attendance, smaller exhibition booths, and fewer new products showcased, indicating a shift in market dynamics and product trends [1][3]. Group 1: Battery Cells - The most discussed battery cells include 314Ah, 392Ah, 587Ah, and 684Ah, each serving different container specifications, with 314Ah being the most widely used for 5MWh systems [4]. - The 314Ah cell is entering mass production in May 2024, with prices dropping to around 0.24 yuan/Wh, achieving a balance of cycle life, safety, and cost [4]. - The 587Ah cell has improved energy density to 434Wh/L, a 10% increase over previous generations, while the 392Ah cell achieves 415Wh/L and 12,000 cycles [5][6]. - The 587Ah cell is expected to become the optimal solution for 6.25MWh systems, similar to the 314Ah cell's role for 5MWh systems [6][7]. Group 2: Energy Storage Systems - Despite various large-scale container announcements (7.8MWh to 20MWh), the 6.25MWh container has not yet become mainstream due to production constraints of the 587Ah cell [8]. - The 6.9MWh container, developed by companies like 中车 and 阳光电源, may compete strongly with the 6.25MWh container by lowering system costs and expanding supplier options [8][9]. - The 6.9MWh container faces challenges in project integration and transportation weight limits, which may require innovative solutions for logistics [9]. Group 3: Industry Collaborations - Major system manufacturers are focusing on integrating resources across the supply chain to promote healthy industry development, as seen in partnerships at the SNEC exhibition [10]. - 海博思创 emerged as a key player with over ten strategic agreements, emphasizing its "Energy Storage + X" strategy across various sectors [11][13]. - The collaboration aims to shift the industry focus from price competition to value creation, highlighting the necessity for innovation and strategic partnerships to navigate market pressures [13].

Core Insights - The SNEC exhibition reflects a cooling trend in the renewable energy sector, with reduced attendance, smaller exhibition booths, and fewer new products showcased compared to previous years [4][6] - The most popular exhibit was the PowerTitan3.0 Plus (12.5MWh) from Sungrow, indicating a focus on larger energy storage solutions [4] Energy Cell Insights - Key energy cells discussed include 314Ah, 392Ah, 587Ah, and 684Ah, each serving different container sizes and applications [7] - The 314Ah cell is set to enter mass production in May 2024, with prices dropping to approximately 0.24 yuan/Wh, making it the most widely used cell in the market [7] - The 587Ah cell, with a 10% increase in energy density to 434Wh/L, is expected to become the optimal solution for 6.25MWh storage systems, while the 392Ah cell offers competitive production costs and efficiency [8][9] System Manufacturer Insights - Despite the introduction of larger systems (7.8MWh to 20MWh), the 6.25MWh container remains the market's mainstream product due to production constraints of the 587Ah cell [12] - The 6.9MWh container, developed by CRRC and Sungrow, may challenge the 6.25MWh container by offering lower system costs and more supplier options, although it faces logistical challenges [13] Industry Collaboration Insights - Major system manufacturers are focusing on integrating resources across the supply chain to promote healthy industry development, as seen in numerous partnerships formed during the exhibition [14][16] - Haibo Shichuang emerged as a leader in signing strategic agreements, emphasizing the importance of a "Storage + X" strategy to drive innovation and collaboration across various sectors [18]