文 | 中关村储能产业技术联盟 储能产融双向对话(项目路演) 2026年4月1日-4月2日 北京 · 首都国际会展中心 160000m² 展览面积 5000+ 产业上下游企业 400+ 演讲嘉宾 200000+ 观众人次 3000000+ 总直播观看人次 活动 管家排 ACTIVITY SCHEDULE · "ESIE 2026"探屏 (免费宙核制) 主办单位 ORGANIZER 第四刻经 | 文章 CNESA #*** 储能产业技术盟 2 融易学 800+ 赞助商/参展商 各环节度相 PROCESS "ESIE 2026"探展 为投融资专业人士提供一次高效、聚焦的深度产业巡礼。 通过带队精准走访技术领先的储能系统集成商、关键部件 供应商及创新解决方案展台,重点剖析不同技术路线的成 熟度、成本结构与应用场景。穿插即时解读,帮助参会人 员洞察设备背后的性能指标、安全设计及长期可靠性等关 键投资考量因素,识别真正具备长期价值与投资潜力的标 的. 为后续的尽调与决策打下坚实的一线认知基础。 储能项目路演 构建一个"资产与资本双向展示、深度对话"的高效平台。 主办方将精选一批具备成熟商业模式与核心技术优势的优 质项目 ...

SES AI Corp (NYSE:SES) shares are trading sharply lower Thursday morning after the lithium-metal battery developer posted mixed fourth-quarter results and issued a 2026 sales outlook that trailed Wall Street expectations. Here’s what investors need to know.SES AI shares are retreating from recent levels. Why is SES stock dropping?Q4 Results Show Earnings Beat, Revenue MissFor the fourth quarter, SES AI reported an adjusted loss of 4 cents per share, beating analysts' forecast for a 5-cent loss and narrowing ...

Core Viewpoint - Eguana Technologies Inc. has partnered with Shadow Power to deploy distributed energy storage systems as part of grid modernization efforts, aiming to enhance energy reliability and optimize grid interactions [1][2]. Company Overview - Eguana Technologies is a provider of high-performance energy storage systems, focusing on flexible and modular solutions to modernize the grid [7][8]. - Shadow Power specializes in developing and operating dynamic fleets of flexible energy resources, offering bi-directional energy-as-a-service to optimize grid interactions [6]. Partnership Details - The partnership will enable Shadow to provide financial solutions for utilities and homeowners, reducing the need for capital investment in asset deployment [2]. - Eguana will supply advanced energy storage systems and utilize its fleet management software to maximize stakeholder value [2][5]. - The initial agreement targets a $75 million investment over the next 18-24 months across various market opportunities in the U.S. and Canada [5]. Market Context - Recent changes to the U.S. Energy Storage investment tax credit (ITC) have shifted focus towards corporate ownership models, which are seen as more effective for grid modernization [3]. - Corporate owners can maximize returns by stacking value streams within advanced battery fleets, enhancing productivity [3]. Leadership Insights - Shadow's CEO highlighted the importance of Eguana's proven solutions in utility environments, emphasizing the need for comprehensive virtual power plant capabilities [4]. - Eguana's CEO noted that Shadow's ownership model simplifies the sales process and addresses market gaps for utilities needing advanced battery capabilities [5].

Summary of Key Points from the Conference Call Industry Overview - **Sector**: Global Alternative Energy - **Outlook**: Improved investor sentiment driven by increased policy certainty in the US and global electricity load growth [2][7] Core Insights - **Load Growth**: - Load growth has been stagnant at approximately 0.5% annually over the past decade, but estimates have recently risen to around 2% or higher for the next five years due to AI-driven data center demand and broader electrification trends [5][6] - This growth is expected to exert upward pressure on power pricing, benefiting baseload power sources such as gas turbines, nuclear, and renewables paired with battery energy storage systems (BESS) [5][6] - **Policy Environment**: - Increased clarity in US renewable energy policy through the passage of significant legislation, though risks remain, including potential investigations and tariff decisions that could impact solar costs [5][6] - The Department of Commerce's investigations and permitting issues for solar and wind projects on federal land present uncertainties [6] Investment Preferences - **Top Picks in Clean Energy**: - **US**: GE Vernova (GEV), Brookfield Renewable (BEP/BEPC), NextPower (NXT), and EVgo (EVGO) [2][12][19] - **Europe**: Siemens Energy (ENR), Vestas (VWS), and Prysmian (PRY) [2][15][17] - **Asia**: Orient Cables (603606 CH), Daqo (DQ), GCL Tech (3800 HK), Arctech (688408 CH), and Sungrow (300274 CH) [2] Market Dynamics - **Solar Market**: - Preference for utility-scale solar over residential due to better positioning regarding policy and economic factors [7] - In China, polysilicon prices have recovered by approximately 50% due to policy interventions, with Daqo and GCL Tech highlighted as strong picks [20] - **Wind Market**: - BNEF forecasts significant growth in global wind installations, with a projected 16% growth in 2026 [17] - Vestas is expected to outperform the European Capital Goods sector due to stable input prices and lower interest rates [17] - **Energy Storage**: - Global energy storage demand exceeded expectations in 2025, with a forecasted 57% increase in battery shipments for 2025 [7] - The forecast for 2026 global ESS installations has been raised by approximately 30% [7] - **Electric Vehicle Charging**: - Sentiment around EV charging remains cautious, with anticipated declines in US EV sales [7] - EVgo is preferred due to its growing customer base and network throughput potential [19] Additional Insights - **Nuclear Fuel Cycle**: - Global nuclear generation is expected to reach record highs, increasing demand for enriched uranium [8] - Centrus Energy (LEU) is noted as a key player, though it faces execution risks [8] - **US Clean Energy Outlook**: - BNEF anticipates a decline in US clean energy build from 2026 to 2028 before returning to modest growth through 2035 [62] - The market is expected to consolidate as larger projects become more complex, favoring tier-1 developers [63] - **Residential Solar Market**: - A projected decline of 15-20% in US residential solar installations in 2026 due to the expiration of certain tax credits [64] - RUN is highlighted as a preferred pick in the residential space due to its visibility in solar lease/PPA qualifications [65] Conclusion - The global alternative energy sector is poised for growth driven by load demand and supportive policies, though challenges remain in the form of regulatory uncertainties and market dynamics. Key investment opportunities exist in diversified companies with strong balance sheets and exposure to emerging technologies.

Core Insights - Sigenergy has been ranked as the number one energy storage brand in Australia, Ireland, and South Africa according to SunWiz, an independent solar energy consultancy, reflecting its strong market presence and customer preference in these regions [1][2] - The company has maintained its position as the top battery manufacturer in Australia based on combined capacity since March 2025, achieving this ranking for ten consecutive months, indicating a stable market leadership rather than a short-term spike [2] - Sigenergy was recognized globally by Frost & Sullivan as the leading company in the category of stacked distributed energy storage systems, delivering 475 MWh in 2024 and capturing a 28.6% share of the global market [2] Company Performance - Sigenergy's systems have a total installed capacity ranging from 0 to 1,000 kWh, showcasing widespread adoption among installers and strong customer preferences [2] - The company, founded in 2022, has rapidly become one of the fastest-growing entities in the global energy storage sector, driven by a focus on innovation, product reliability, and design considerations for installers [2]

Company Overview - Generac Holdings is a leading provider of power generation and energy storage solutions, serving residential, commercial, and industrial markets globally [5] - The company has a market capitalization of $9.47 billion and reported revenue of $4.35 billion with a net income of $310.18 million [4] Recent Developments - Matrix Asset Advisors increased its holdings in Generac by 46,101 shares during the fourth quarter, valued at approximately $7.44 million [2] - This purchase raised Generac's stake to 1.38% of Matrix Asset Advisors' total reportable U.S. equity assets, which amount to $1.11 billion as of December 31 [3] Financial Performance - Generac's third-quarter net sales decreased by 5% to $1.1 billion, attributed to softened residential demand, while commercial and industrial revenue grew by 9% year over year [8] - The company maintained a steady adjusted EBITDA margin of 17.3% and generated $96 million in free cash flow during the third quarter [9] Market Position - Generac's stock price was $161.43 as of January 15, with a return of 0.81% over the past year, underperforming the S&P 500 by approximately 16 percentage points [3][9] - The company has a diversified revenue stream, with significant contributions from residential and light commercial standby generators, and is focused on critical infrastructure sectors [7]

Core Insights - Tesla is a multinational automotive and clean energy company focused on electric vehicles, energy storage systems, and solar energy solutions, with a mission towards sustainable energy [1] - Founded in 2003 and led by CEO Elon Musk, Tesla has its headquarters in Austin, Texas, and operates across North America, Europe, and Asia [2] Stock Performance - TSLA stock is trading near its 52-week high of $498.83, showing strong momentum after a dip to a 52-week low in April, with a 43% return over the past six months [3][4] - Over the past 52 weeks, TSLA has increased by 19%, slightly outperforming the S&P 500's 17% gain, despite volatility from delivery cycles and policy changes [4] Q3 Financial Results - In Q3 2025, Tesla reported revenue of $28.1 billion, a 12% year-over-year increase, surpassing analyst expectations of $26.5 billion, driven by record vehicle deliveries of 497,000 units [5] - GAAP EPS was $0.39 and non-GAAP EPS was $0.50, missing estimates of around $0.56 due to compressed automotive margins [5] - Automotive revenue rose 27% sequentially with margins of 15.4% (excluding credits), while energy storage deployments reached a record 12.5 GWh, contributing to a gross profit of $5 billion and operating income of $1.6 billion [6] Cash Flow and Production - Free cash flow hit a record $4 billion, supported by $6.2 billion in operating cash flow, with cash and investments totaling $41.6 billion [6] - Production exceeded 447,000 vehicles, allowing for inventory clearance in anticipation of delivery surges [6] Future Outlook - Tesla did not provide specific Q4 revenue or EPS guidance but indicated a potential demand slowdown following the expiration of the U.S. EV tax credit, with a focus on energy growth, Full Self-Driving software, and upcoming product ramps [7]

Core Viewpoint - Shenzhen-listed Sieyuan Electric is planning a secondary listing in Hong Kong to gain direct access to international capital as it expands into global markets driven by rising demand for grid upgrades, particularly from data centres and artificial intelligence [1]. Group 1: Listing Details - Sieyuan plans to issue new H shares equal to no more than 15% of its total 778 million outstanding shares, but has not disclosed a timetable or fundraising target [2]. - Citibank estimates the listing could occur in the second half of next year, potentially raising up to 20 billion yuan (approximately US$2.84 billion) based on a 5% discount to Sieyuan's A shares and an offer price of about 147 yuan per share [3]. - If realized, this deal would rank as Hong Kong's third-largest initial public offering in the past 12 months, following Contemporary Amperex Technology and Zijin Gold International [4]. Group 2: Financial Performance - Sieyuan's shares have increased by 105% this year, resulting in a market capitalization of 118.4 billion yuan, making it the second largest among mainland-listed grid-equipment makers [5]. - The company's revenue rose nearly 33% year on year to 13.8 billion yuan in the first nine months, while net profit climbed 47% to 2.2 billion yuan [5]. - Offshore sales surged by 89% from the previous year, outpacing domestic revenue growth [5]. Group 3: Global Expansion - Sieyuan has established subsidiaries or invested in over 20 countries and regions, including Brazil, Mexico, Switzerland, and Kenya [6]. - The company has also set up a unit in the United States to address a transformer shortage in the American market [6]. - Sieyuan has supplied grid and gas equipment to railway projects in countries such as Indonesia, Laos, Pakistan, Uzbekistan, and Belarus [7].

Market Overview - The lithium market is experiencing a recovery, currently trading around $13,500 per metric ton, which is a nearly 50% increase from intra-year lows and over 25% year-over-year, although still significantly below the $80,000 peak in 2022 [1] Demand Drivers - Electric vehicles (EVs) continue to be the primary source of lithium demand, but energy storage systems are emerging as the next major growth driver, with large-scale battery installations rapidly expanding [2] - Analysts predict that energy storage will outpace EV growth in 2026, particularly as EV markets in China mature and U.S. growth faces policy uncertainties [3] Energy Storage Systems - Energy storage systems vary from large utility-scale batteries to smaller grids that support homes and buildings, capable of operating independently during outages [4] - Integrated energy storage allows for the saving of excess supply to be utilized during peak demand times [5] Industry Outlook - Chinese lithium producers are optimistic about the emerging demand, with expectations for the global lithium market to reach balance by 2026 and 2027 due to rapid growth in energy storage installations [6] - Bernstein analysts note a bottoming market for lithium, anticipating tightening conditions through 2026 and 2027 [6] Technological Advancements - Direct lithium extraction (DLE) is moving towards commercial production, with Albemarle Corporation achieving recovery rates above 94% and water reuse of up to 85% in its Chilean DLE pilot plant [7] - Albemarle's stock has shown volatility, reflecting market uncertainty and optimism regarding technological advancements in lithium extraction [8] Investment Performance - The Global X Lithium & Battery Tech ETF is up 53.76% year-to-date, indicating strong investor interest in the sector as energy storage demand accelerates [8]

Core Insights - SK On will end its joint venture with Ford Motor in the US to refocus strategies amid a cooling electric vehicle market [1][4] - Each company will independently control parts of their jointly developed production facilities, with Ford taking full ownership of the Kentucky plants and SK On operating the Tennessee facility [1][2] Group 1: Joint Venture and Investment - The joint venture, BlueOval SK, was established in 2022 with a commitment to invest $11.4 billion in US battery manufacturing [2] - The separation is expected to be completed by the first quarter of 2026, pending regulatory approval [2] Group 2: Production and Operations - The timeline for starting production at the Tennessee plant remains flexible and is linked to the ownership transition [3] - The new arrangement aims to streamline SK On's operations, enhancing operational efficiency and responsiveness to market dynamics [5] Group 3: Market Context and Strategy - SK On is adjusting its business strategy due to weaker electric vehicle demand and financial pressures, focusing on strengthening its balance sheet and improving profitability [4] - SK On plans to supply electric vehicle batteries to Ford and other customers, as well as energy storage systems from its Tennessee plant [5] - Ford has expressed caution regarding EV market trends, with CEO Jim Farley warning of a potential 50% decline in electric car sales following the expiration of a federal tax credit [5] Group 4: Customer Base - Beyond Ford, SK On supplies batteries to other automakers including Hyundai Motor, Kia, Volkswagen, Nissan, and US EV startup Slate [6]