Fuel cells produce electricity by utilizing the power generated by electrochemical reactions and convert potential chemical energy into electrical and heat energy. They use external sources of chemical energy, such as hydrogen and oxygen, to produce energy. Electrochemical reactions in the fuel cells oxidize hydrogen, which reacts with oxygen to form water, releasing electrons that flow through the external circuit as electric current.

A fuel cell is a device that converts chemical energy to electrical energy in the presence of an electrolyte. It has two electrodes - an anode and a cathode, which facilitate the movement of positively and negatively charged ions to produce water and heat as by-products. Therefore, defense agencies are inclined toward fuel cell technology for their military aircraft (manned and unmanned).

海外电力设备景气度持续向上，发电侧扩容需求、电网侧升级替换需求、用电侧新增需求共振。1）发电侧：全球新能源化带动电力设备配套需求高增。2）电网侧：欧美70%以上输电系统超25年，新能源并网+充电桩建设驱动电网升级改造。3）用电侧：美国制造业回流带动基建支出高增，数据中心、半导体表现最亮眼；新兴国家基建、制造业增长潜力大于发达国家。4）综上，发电侧、电网侧需求已经有各国可再生能源规划、电网资本开支规划支持，一直持续到2030年甚至2035年，用电侧的数据中心随AI发展、CAPEX表现会持续较强，故全球电力设备需求持续性有望超市场预期。

国内12月装机大超预期，盈利承压扩产放缓。国内23年全年新增光伏装机216GW，同增147%，高基数下24年增速将放缓；内蒙古出台相关规定，利好新能源参与电力市场交易发展。需求端，组件招/中标规模同比改善，中标价格仍下降，2024年组件招/中标12.26/15.88GW，24年1月招标N型均价0.95元/W，P型0.88元/W，双玻占比84%，N型占比37%，N型渗透率提升趋势明确。供给端，PERC电池势微，开工率低迷，电池厂商陆续关停老旧产能，考虑到产能过剩&价格低位，部分N型扩产计划放缓。

招中标数据跟踪：1月招标数据环比提升，中标价格维持低位。2023年全年风电整机公开市场招标容量达61.17GW，同比减少39.18%；其中陆上风电整机招标容量达53.02GW，同比减少40.36%；海上风电整机招标容量达8.15GW，同比减少30.19%。2023年5.XMW、6.XMW机型为公开市场招标主力；2024年1月陆上风电裸机公开市场中标平均价格达1423 元/kw，同比下降20.84%，环比下降1.24%；海上风电含塔筒最新中标价达3096元/kw，创历史新低。

A commercial aircraft battery management system is a critical component in aviation that is responsible for managing and monitoring the health and performance of the batteries used in aircraft. These batteries serve various essential functions in commercial aircraft, such as providing backup power, emergency power for critical systems, and powering auxiliary equipment on the ground.

Consumer batteries are portable power sources comprising electrochemical cells, which can be recharged multiple times and discharged into a load. These batteries are produced in different shapes and sizes. They have applications majorly in consumer electronics, such as flashlights, smartphones, and foldable phones.