证券研究报告 2025.12.18 主题研究 储能 2026 年展望：储能产业全球化进行时 SAC 执证编号：S0080523060004 SFC CE Ref：BSW232 曲昊源 分析员 李茂正 分析员 季枫 分析员 SAC 执证编号：S0080524100003 maozheng.li@cicc.com.cn SAC 执证编号：S0080523060017 SFC CE Ref：BWD098 feng.ji@cicc.com.cn 观点聚焦 投资建议 我们展望 2026 年全球储能市场，中欧及亚非拉市场需求均有望 迎来高增，同时AIDC配储贡献新增量。 理由 中欧需求高增，亚非拉市场快速起量。2H25 后中国各省陆续出 台容量电价政策，独立储能在"峰谷套利+容量电价+辅助服务" 的收益模式下经济性优异，需求高增，我们预计短期景气度有望 持续；欧洲市场在能源短缺与电网灵活性资源短缺下储能需求向 好，发展重心逐步从户储向大储+工商储全面发展；澳洲电力市 场成熟、大储经济性优异，项目加速落地，户储通过高额补贴强 化经济性，保障中长期需求；美国电网设施老旧大储需求延续增 长，但政策端的限制或推动锂电池产能加速本 ...

智通财经APP获悉，中金发布研报称，2H25后中国各省陆续出台容量电价政策，独立储能在"峰谷套利 +容量电价+辅助服务"的收益模式下经济性优异，需求高增，预计短期景气度有望持续；欧洲市场在能 源短缺与电网灵活性资源短缺下储能需求向好，发展重心逐步从户储向大储+工商储全面发展。展望 2026年全球储能市场，中欧及亚非拉市场需求均有望迎来高增，同时AIDC配储贡献新增量。建议重点 关注非美国海外市场高增长带来的投资机会，包括表前与表后侧储能机会。 中金主要观点如下： 中欧需求高增，亚非拉市场快速起量 2H25后中国各省陆续出台容量电价政策，独立储能在"峰谷套利+容量电价+辅助服务"的收益模式下经 济性优异，需求高增，预计短期景气度有望持续；欧洲市场在能源短缺与电网灵活性资源短缺下储能需 求向好，发展重心逐步从户储向大储+工商储全面发展；澳洲电力市场成熟、大储经济性优异，项目加 速落地，户储通过高额补贴强化经济性，保障中长期需求；美国电网设施老旧大储需求延续增长，但政 策端的限制或推动锂电池产能加速本土化；亚非拉市场受益于光储降本，新能源消纳及电网稳定性诉求 带动大储需求高增，保障供电稳定性及降低电费诉求亦推动分布 ...

12月18日，德业股份盘中下跌2.03%，截至10:42，报87.62元/股，成交2.82亿元，换手率0.35%，总市值 795.39亿元。 德业股份所属申万行业为：电力设备-光伏设备-逆变器。所属概念板块包括：送转填权、高派息、基金 重仓、家用电器、高送转等。 截至9月30日，德业股份股东户数7.34万，较上期增加40.19%；人均流通股12375股，较上期减少 28.40%。2025年1月-9月，德业股份实现营业收入88.46亿元，同比增长10.36%；归母净利润23.47亿元， 同比增长4.79%。 分红方面，德业股份A股上市后累计派现52.42亿元。近三年，累计派现49.01亿元。 机构持仓方面，截止2025年9月30日，德业股份十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股3336.64万股，相比上期增加107.52万股。华泰柏瑞沪深300ETF（510300）位居第六大流 通股东，持股609.34万股，相比上期减少42.41万股。易方达沪深300ETF（510310）位居第九大流通股 东，持股444.66万股，为新进股东。光伏ETF（515790）位居第十大流通股东，持股410.8 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-116 宁波德业科技股份有限公司 一、2022 年股票期权激励计划批准及实施情况 （一）已履行的决策程序和信息披露情况 1、2022 年 7 月 5 日，公司召开第二届董事会第十三次会议，审议通过了《宁 波德业科技股份有限公司 2022 年股票期权激励计划（草案）及其摘要》《宁波 德业科技股份有限公司 2022 年股票期权激励计划实施考核管理办法》《关于提 请股东会授权董事会办理 2022 年股票期权激励计划相关事宜的议案》。公司独 立董事对此发表了独立意见。 股票期权拟行权数量：预留授予部分第三个行权期 54.1904 万份 行权股票来源：向激励对象定向发行本公司 A 股普通股 行权起始日：2025 年 12 月 20 日 同日，公司召开第二届监事会第十三次会议，审议通过了《宁波德业科技股 份有限公司 2022 年股票期权激励计划（草案）及其摘要》《宁波德业科技股份 有限公司 2022 年股票期权激励计划实施考核管理办法》《关于核实<宁波德业科 技股份有限公司 2022 年股票期权激励计划激励对象名单>的议案》。公司监事会 对本激励计划相关事项 ...

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Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1] Core Viewpoints - The industry has shown significant developments, including a major order for humanoid robots from a leading AI model company, valued at over 50 million RMB, highlighting the integration of AI and robotics [2] - The Central Economic Work Conference has set the agenda for 2026, focusing on energy independence and green transformation, which will drive the demand for renewable energy solutions [4] - The report emphasizes the importance of optimizing market pricing for centralized renewable energy generation, as outlined by the National Development and Reform Commission and the National Energy Administration [5] Summary by Relevant Sections Stock Recommendations - Recommended stocks include: - Aiyu Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqo New Energy (688303.SH) - Buy - B - Haibo Innovation (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Deye Technology (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A [3][4][7] Price Tracking - The average price of polysilicon remains stable at 52.0 RMB/kg, while the average price of silicon wafers and battery cells has shown signs of stabilization after previous declines [6][8][9] Investment Suggestions - Key recommendations focus on various sectors: - BC new technology: Aiyu Co., Ltd., Longi Green Energy - Supply-side: Daqo New Energy, Fulete - Energy storage: Haibo Innovation, Sungrow Power Supply, Deye Technology - Market-oriented: Langxin Group - Domestic substitution: Quartz Co., Ltd. - Overseas expansion: Hengdian East Magnet, Bowei Alloy [10]

以下文章来源于24潮 ，作者24潮产业研究院 24潮 . 关注全球新能源浪潮，洞见商业与传播价值 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 封面图 | 图虫创意 伴随储能进入 "大航海" 时代，整个产业正在从过去简单粗暴的规模与价格竞争转向 "科技创新、全球化发展与突破、一体化布局与资本实力" 等多 维度的深层较量。 而纵观储能江湖十年沉浮兴衰，无论是企业强势崛起，还是轰然倒塌，多还是人力所致，特别是企业领袖的影响与决策往往事关全局成败，甚至会影 响产业的未来走向。 如今，一群青年领袖正在全面崛起，他们以其敏锐的洞察力、强悍的战略执行力以及更现代化的成长及学习经历，推动产业、资本与科技创新的深度 融合，事实上，他们正在成为行业发展和社会进步的关键力量。 作为新能源领域专注于传播与价值的研究平台，24潮产业研究院 (TTIR) 首次发起 "中国锂电年度十大青年领袖" 评选，试图寻找中国储能产业具有 前瞻性、创新性、深谙资本智道与全球发展趋势的卓越青年领袖 （40岁以下，含40岁） ，事实上，即便深度博弈与竞争的2025年，在他们的带领或 助力下，所属企业 （百亿 ...

2025年12月16日 MACD金叉信号形成，这些股涨势不错！ 标的指数成份股涨幅 TOP20 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 東日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 002083.SZ | 录日股份 | 10.03 | 138.01 | 1.40 | | 2 | 603730.SH | 岱美股份 | 3.58 | 22.61 | 3.44 | | 3 | 002478.SZ | 常宝股份 | 3.24 | 69.53 | 2.62 | | 4 | 600901.SH | 江苏金租 | 3.18 | 26.03 | 6.70 | | 5 | 000928.SZ | 中钢国际 | 2.35 | 7.36 | 4.69 | | 6 | 603515.SH | 欧普照明 | 2.03 | 15.42 | 5.06 | | 7 | 600970.SH | 中材国际 | 1.94 | 4.90 | 4.88 | | ...

2025年12月15日 2025年12月15日 标的指数成份股涨幅 TOP20 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 車日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 002478.SZ | 常宝股份 | 10.04 | 64.21 | 2.89 | | 2 | 605090.SH | 九丰能源 | 9.99 | 38.54 | 3.33 | | 3 | 603408.SH | 建霖家居 | 9.98 | 22.34 | 3.75 | | 4 | 002533.SZ | 金杯电工 | 4.34 | 32.69 | 2.03 | | 5 | 002032.SZ | 苏泊尔 | 3.22 | -4.37 | 5.95 | | 6 | 300628.SZ | 亿联网络 | 3.19 | -2.06 | 5.15 | | 7 | 002532.SZ | 天山铝业 | 2.88 | 79.46 | 3.00 | | 8 | 000 ...

Core Insights - The energy storage industry is transitioning from simple scale and price competition to a multi-dimensional competition focusing on technological innovation, globalization, integrated layout, and capital strength [2] - A new generation of young leaders is emerging in the energy storage sector, driving the integration of industry, capital, and technological innovation [2] - The "Top Ten Young Leaders in China's Lithium Battery Industry" initiative aims to identify outstanding young leaders under 40 who are forward-thinking and innovative [2] Company Achievements - DeYe股份 (605117.SH) has shifted its focus to the photovoltaic and energy storage sectors, achieving a global market share of over 50% in user-side energy storage inverters [6][7] - In 2025, DeYe股份 reported a revenue of 88.46 billion RMB and a profit of 23.47 billion RMB, with a year-on-year growth of 10.36% and 4.79% respectively [6] - The company is pivoting towards the commercial energy storage sector, with a projected annual sales revenue of approximately 48.76 billion RMB from its new production line [7] Market Strategy - DeYe股份 has successfully targeted emerging markets such as South Africa and Brazil, with a 2023 inverter export value of 1.26 billion RMB to South Africa [7] - The company announced a strategic adjustment to focus on commercial energy storage, reallocating 6.51 billion RMB of unused funds towards this initiative [7][8] Global Expansion - DeYe股份 is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global development strategy and brand influence [8] Industry Trends - 天合光能 (688599.SH) is transitioning from a photovoltaic manufacturer to a comprehensive energy solution provider, with a cumulative energy storage system shipment exceeding 10 GWh [11][12] - The company aims to achieve a storage shipment target of 8 GWh in 2025, with expectations to double this figure in 2026 [12][13] Performance Metrics - 瑞浦兰钧 (0666.HK) reported a revenue of 94.91 billion RMB in the first half of 2025, with a year-on-year increase of 24.9% [17] - The company is focusing on high-quality development and has established a strong global presence with subsidiaries in Germany, the USA, and Indonesia [16][17] Financial Growth - 锦浪科技 (300763.SZ) saw a 313.51% year-on-year increase in energy storage revenue, reaching 7.93 billion RMB in the first half of 2025 [21] - The company is expected to achieve a total shipment of 250,000 to 300,000 units in 2025, reflecting a growth of over 180% [21] Technological Innovation - 华宝新能 has developed a new generation of DIY balcony energy storage systems and outdoor power supplies, with a revenue of 29.42 billion RMB in the first three quarters of 2025, marking a 37.95% increase [25] - The company holds 1,939 patents globally, indicating a strong commitment to technological innovation [25] Market Position - 鹏辉能源 (300438.SZ) achieved a significant turnaround in Q3 2025, with a revenue increase of 74.96% and a net profit increase of 977.24% [28] - The company is focusing on high-capacity energy storage cells and has made significant advancements in technology [29] Competitive Landscape - 国轩高科 (002074SZ) ranked seventh globally in power battery installation and eighth in energy storage cell shipments as of 2025 [32] - The company reported a revenue of 295.08 billion RMB in the first three quarters of 2025, with a year-on-year growth of 17.21% [32] Product Development - 禾迈股份 (688032.SH) launched a new series of low-voltage energy storage inverters and achieved a revenue of approximately 3 billion RMB in the first three quarters of 2025, reflecting a 67% increase [36] - The company is targeting significant growth in overseas markets, particularly in Europe, Latin America, and North America [36]