证券日报网讯1月7日，经纬恒润在互动平台回答投资者提问时表示，公司主营业务聚焦于电子产品与智 能运输等领域，并结合客户需求与技术积累开展前瞻研发及专利布局。在储能领域及更广泛的能源行 业，公司目前面向园区微网/源网荷储一体化系统等场景，在多能源系统运行优化与调度策略、负荷及 发电预测等软件与算法能力上有所布局，与既有的BMS等能力协同，形成"设备侧+平台侧"的整体解决 方案能力；已在自有的工厂、研发中心、数据中心进行了部署应用。同时"电池状态评估、能量控制、 安全策略、系统集成"等通用能力，既可用于车端，也可延展到更广的能源场景。如后续涉及重大业务 进展，公司将严格按照法律法规要求披露相关信息，敬请关注公司披露的定期报告。 ...

格隆汇12月19日丨智光电气(002169.SZ)在互动平台表示，公司自行研发及生产除电芯外储能系统中的 PCS、BMS、EMS等核心设备与系统，能适配各种类型电芯以及包括电化学储能在内的不同技术路线储 能系统。考虑到资本开支巨大及当前市场上电芯产能的客观情况，公司暂无自研或收购电芯公司的计 划。 ...

文 | 中关村储能产业技术联盟 11 月招标市场速览： 2 0 2 5年11月，中关村储能产业技术联盟基于各大招采平台发布的公开信息，追踪到储能招标标段2 5 9条（同比- 2 7 . 9%，环比+4 2 . 3%）， 项目涵盖总承包EPC、储能系统、储能电芯、电池Pa c k、PCS、EMS、BMS等全链条环节。11月储能系统标段数量环比小幅减少，EPC标 段数量比1 0月增加近七成。 招标规模（含集采/招采）： GWh级项目放量招标 储能系统招标规模2.8GW/8.8GWh ，同比增加17.5%/下降76.6%，环比下降20.1%/27.8%。 EPC（含PC）招标规模达20.2GW/55.3GWh ， 同比增加98.3%/105.2%，环比95.4%/249.1%。 11月EPC招标规模达创历史新高，主要是由于 11月包含十多个GWh级别的项目 ，特别是乌兰察布压缩空气储能单项目招标规模就超过 6GWh，项目招标范围含地面厂房、附属设施、500kV升压站等，而且多个GWh级别的项目拉高全月的EPC招标能量规模。 • 储能系统招标规模2 . 8GW/ 8 . 8GWh，同比增加1 7 . 5%/下降7 6 ...

Core Viewpoint - The article discusses the advancements in lithium battery technology, focusing on safety improvements through new materials and processes, as well as the importance of collaboration in innovation within the industry [1][20]. Group 1: Event Overview - The 2025 Lithium Battery Industry Annual Conference and the Lithium Golden Ding Award Ceremony were held in Shenzhen, gathering over 800 attendees to discuss core issues in lithium batteries, materials, and equipment [1]. - The event included a forum on user-side energy storage and battery technology, emphasizing the need for breakthroughs in safety challenges and value chain restructuring [1]. Group 2: Safety Innovations - A roundtable discussion focused on how new materials and processes can enhance the safety of lithium batteries, with industry leaders sharing insights on the topic [2][4]. - Key participants included executives from various companies, discussing the importance of solid-state electrolytes and the need for improved safety measures in battery design [2][4][5]. Group 3: Material and Process Development - The discussion highlighted the significance of electrolyte materials, with a focus on solid-state electrolytes and their potential to improve safety while maintaining performance [5][6]. - The challenges of balancing intrinsic safety and processing characteristics of materials were emphasized, indicating a need for ongoing research and collaboration in the industry [5][6]. Group 4: Industry Challenges and Solutions - Experts pointed out that safety issues often arise from the battery pack design and usage conditions, particularly in consumer applications like electric bicycles [15][19]. - The necessity for a comprehensive approach to battery management systems (BMS) and charging systems was stressed, ensuring that products are matched to their intended use cases [19][20]. Group 5: Future Directions - The article concludes with a call for systematic innovation across materials, processes, and systems to address industry challenges and enhance safety [21]. - Collaboration among industry players is deemed essential for advancing battery technology and ensuring safety standards are met [21].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting a target price of HKD 23 based on a 2026 average valuation of PE=18x and a target market capitalization of HKD 35.6 billion [8]. Core Insights - The company is transitioning from the "Takata integration shadow" to a new phase characterized by "global safety cash cow + intelligent automotive Tier 1 + robotics second curve" [9]. - The automotive safety business is expected to maintain stable revenue growth in the mid-to-high single digits over the next three years, supported by the clearing of historical recall and restructuring costs, alongside increasing orders for new energy vehicles [7]. - The company is positioned as a leading global Tier 1 supplier in automotive safety, electronics, and robotics, with a comprehensive product line and platform-based R&D system [9][27]. Summary by Sections Investment Highlights - The company has become one of the few global suppliers capable of providing a complete set of passive safety systems to multinational automakers through acquisitions of KSS and Takata assets, with safety business revenue stabilizing in the hundreds of billions [7]. - The automotive electronics segment focuses on smart cockpits, connected vehicles, ADAS/domain control, and new energy management systems, forming a complete product line and platform-based R&D system [7]. - The company is advancing into robotics, creating integrated solutions for robotic control and collaborating with leading robotics players, which is expected to generate meaningful revenue in 3-5 years [8]. Financial Projections - Revenue projections for 2025-2027 are estimated at RMB 626 billion, RMB 670 billion, and RMB 719 billion, representing year-on-year growth of 12%, 7%, and 7% respectively. Net profit attributable to shareholders is projected at RMB 16 billion, RMB 18 billion, and RMB 20 billion, with growth rates of 67%, 12%, and 11% respectively [8]. Business Development Stages - The company has undergone several development stages: 1. Foundation Stage (2004-2010): Focused on local component supply and quality system establishment [10]. 2. Internationalization Stage (2011-2018): Transitioned to a global Tier 1 supplier through acquisitions [11]. 3. Optimization Stage (2019-2024): Focused on smart and electric vehicle trends, optimizing global operations [12]. 4. Re-entrepreneurship Stage (2025-present): Aiming for dual pillars of automotive and robotics Tier 1 development [13]. Market Position - The company ranks 41st among the largest automotive parts suppliers globally, with projected revenue of RMB 559 billion in 2024. It holds a 26.1% market share in China and a 22.9% share globally in passive safety [19][30]. - The revenue structure is highly internationalized, with approximately 25.3% from the Chinese market and 74.7% from overseas markets [21]. Competitive Landscape - The global automotive passive safety market is characterized by a high concentration of suppliers, with the top three companies holding over 90% market share. The company ranks second globally and in China, benefiting from increasing industry consolidation [42][43].

Core Viewpoint - The company, Dongfang Risheng, emphasizes its comprehensive energy storage solutions, which include various integrated systems and products, showcasing its achievements in the energy storage sector [1] Group 1: Product Offerings - Dongfang Risheng's energy storage products range from BMS, PCS, EMS, to integrated systems, providing high safety, energy density, and reliability through self-developed solutions [1] - The company has introduced advanced energy storage systems such as the eTron (5MWh storage system) and iCon (100kW/215kWh commercial integrated machine) [1] Group 2: Market Applications - The energy storage solutions are designed to replace traditional power plants, smooth out renewable energy generation, and support applications in grid peak shaving, commercial use, and microgrids [1] Group 3: Project Deployment and Recognition - The company has successfully deployed large-scale energy storage projects primarily in developed countries like Europe and the United States, with hundreds of megawatts of projects globally [1] - Dongfang Risheng maintains a record of zero accidents, which has led to widespread recognition of its product reliability, safety, and service capabilities among domestic and international clients [1]

Core Viewpoint - Dongfang Risen (300118.SZ) is focusing on providing integrated energy storage solutions through self-developed products, achieving significant success in various applications, particularly in developed countries [1] Group 1: Product Offerings - The company's energy storage products include BMS, PCS, EMS, DC side integrated systems, and medium voltage integrated systems, offering high safety, energy density, and reliability [1] - Notable products include the new generation eTron (5MWh energy storage system) and iCon (100kW/215kWh commercial integrated machine) [1] Group 2: Market Applications - The energy storage solutions are designed to replace traditional power plants, smooth out renewable energy generation, and support applications in grid peak shaving, commercial use, and microgrids [1] Group 3: Project Deployment and Recognition - The company has successfully deployed large-scale energy storage projects globally, primarily in developed regions such as Europe and the United States, maintaining a record of zero safety incidents [1] - The reliability, safety, delivery, and service capabilities of the products have gained widespread recognition from both domestic and international customers [1]

Core Viewpoint - The company plans to invest 158 million yuan to acquire a 52% stake in Changchun Zhongtuo Molding Technology Co., Ltd., making it a subsidiary and enhancing its capabilities in lightweight automotive components [1] Group 1: Investment Details - The total investment amount is 158 million yuan, which will be used for subscribing to new capital and acquiring equity [1] - After the transaction, Zhongtuo Technology will become a controlling subsidiary of the company and will be included in the consolidated financial statements [1] Group 2: Company Profile of Zhongtuo Technology - Zhongtuo Technology is a high-tech enterprise engaged in the research, production, and sales of automotive parts [1] - The company has established manufacturing bases in Changchun, Chengdu, and Tianjin, along with a service center in Foshan [1] - Its product range includes interior components, seats, lighting, thermal management systems, electric drives, battery modules, and BMS [1] Group 3: Market Position and Strategic Implications - Zhongtuo Technology supplies major automotive manufacturers such as Hongqi, Volkswagen/Audi, BMW, Toyota, Mazda, Geely, Volvo, Great Wall Motors, Xiaomi, Xpeng, and BAIC [1] - The transaction is expected to help the company enter the lightweight component sector, creating new business growth opportunities and enhancing its profitability and overall strength [1]

Core Insights - The article emphasizes India's emergence as a focal point in the global energy storage market due to its vast market potential and supportive policies, aiming for a 50 GW renewable energy generation target by 2030 [2] Group 1: Market Opportunities - India, with a population exceeding 1.4 billion, is experiencing a steady increase in electricity demand, providing significant collaboration opportunities for global energy storage companies [2] - The ESIE 2026 International Business Matching Conference aims to connect Chinese energy storage companies with over 50 countries, including Australia, the USA, Germany, India, Brazil, and regions in the Middle East and Africa [3] Group 2: Buyer Procurement Needs - Various buyers are seeking distributed energy storage systems (BESS) ranging from 100 kWh to 1 MWh for commercial users and microgrid projects [5] - Specific procurement needs include electric vehicle components, battery management systems (BMS), and high-efficiency bidirectional inverters for solar energy storage systems [6] - Buyers are also interested in energy management systems (EMS) for industrial parks and standalone projects, as well as components for distributed energy storage systems suitable for small and medium enterprises [7][13] Group 3: Event Details - The ESIE 2026 conference will focus on popular markets in Europe, America, Australia, the Middle East, and Asia-Pacific, inviting energy authorities, enterprises, and industry associations to participate [11] - The event will provide a comprehensive support chain for Chinese energy storage companies, including demand matching, technical exchanges, and project implementation [11]

Core Viewpoint - The company has a strong technical foundation and extensive project experience in the energy storage sector, having fully developed and produced core control units for energy storage systems such as PCS, BMS, EMS, DC/DC, and O&MS [1] Group 1: Company Overview - The company has achieved comprehensive self-research and production capabilities for core control units in energy storage systems [1] - The company offers complete station solution services in the energy storage field [1] Group 2: Project Development - The initial planned production capacity of the energy storage production base in Indonesia is 3 GWh, with future adjustments based on business development and market expansion needs [1] - The project is currently under construction and is scheduled to commence production in 2026 [1]