阳光电源宣布，近日沙特7.8GWh储能项目全容量并网，这是全球最大构网技术应用项目。项目预计每 年放电量22亿度，可满足40万家庭全年用电，助推沙特"2030愿景"实现。 ...

文 | 阳光 光储充 全球最快并网速度,全球最大并网储能项目,全 球最大构网技术应用项目。 近日，沙特7.8 GWh储能项目全容量并网，一举 创下多个全球之最。阳光电源一体化交付，树立 全球超大型构网储能项目标杆。 58天敏捷交货 数字化工厂，高效柔性制造体系，关键工艺90%自 动化，全自动检测项500+，实现全球敏捷交货。 本项目下单生产至出厂发货仅用时58天。 40天极速调试 项目采用1500余套阳光电源PowerTitan 2.0系 统,关键设备全栈自研,出厂前预安装、预调试, 大幅缩短现场装配周期，40天完成现场调试。 200+交付专家一线保障 总部40+交付专家现场坐镇，200+全球顶尖工程 师驻扎一线保交付。全流程完善管理调试备件, 7*24h响应需求，高效保障并网交付。 三电融合+全链仿真,精准构网 多维自同步稳源算法为核，交直流协同系统构网为 基，辅以场站集群电力系统仿真，有效实现GW级 黑启动、全工况频率电压支撑等，精准助力电力系 统稳定。 性能 安全名维领跑 阳光电源 已确认参展第十四届储能国际峰会暨展览会ESIE 2026， 诚邀您共赴ESIE 2026全球储能产业盛会！ 中国储能产业发 ...

有分析认为，近年来，政策支持为电池行业发展注入了强劲动力。国家持续推出新能源汽车鼓励政策，包括以 旧换新、充电基础设施建设及新能源下乡等，进一步释放了消费潜力。同时，"反内卷"政策的逐步落地促使行 业竞争趋于理性，整体盈利环境有望改善。 受盘面影响，电池相关ETF跌超2%。 | 代码 | 名称 | 现价 | 涨跌 涨跌幅 ▲ | | --- | --- | --- | --- | | 561910 | 电池ETF | 0.786 | -0.017 -2.12% | | 561160 | 锂电池ETF | 0.788 | -0.017 -2.11% | | 562880 | 电池ETF嘉实 | 0.803 | -2.07% -0.017 | | 159796 | 电池50ETF | 0.921 | -0.019 -2.02% | 每经记者：叶峰 每经编辑：肖芮冬 电池概念股走低，阳光电源跌超4%，天赐材料跌超3%，宁德时代跌超2%。 每日经济新闻 ...

Investment Rating - The report rates the energy storage industry as "Positive" [3] Core Viewpoints - The global energy storage demand is expected to flourish, with projected new installations reaching 271 GW, 444 GW, and 661 GW from 2025 to 2027, representing year-on-year growth rates of 44%, 64%, and 49% respectively [5][11] - In the domestic market, the energy storage business model is improving, transitioning from policy-driven to market-driven demand, with strong bidding performance in 2023 [5][15] - The North American market is experiencing explosive growth in computing power, driving unexpected demand for electricity and energy storage [24] - In Europe, the demand for large-scale energy storage is surging, with a recovery in household storage shipments and a significant increase in commercial storage [33] Summary by Sections Investment Logic - The report highlights the improvement of domestic large-scale energy storage business models and the upward trend in overseas demand [5] Global Demand - Global energy storage demand is expected to maintain high compound growth rates, with significant increases in new installations across various regions [11][9] Domestic Market - The independent energy storage business model is showing marginal improvements, driving demand beyond expectations [15][14] - The report notes that from January to November 2023, the domestic energy storage bidding scale reached 112 GW/364 GWh, a year-on-year increase of 110%/161% [15] North America - The report emphasizes that the explosive growth in AI data centers is driving unexpected demand for energy storage in the U.S. [24][22] Europe - The report indicates that the demand for large-scale energy storage in Europe is rapidly increasing, with household storage demand returning to normal levels [33][25] Australia - The Australian market is characterized by significant revenue opportunities from energy arbitrage, with government subsidy programs driving household storage demand [34][35] Supply Side - The report discusses the overseas expansion of domestic energy storage companies, with significant contracts signed in various regions [6][49] - It also notes a shift from price competition to value competition, emphasizing the importance of hardware and software capabilities in energy storage systems [57]

Core Viewpoint - The A-share market experienced fluctuations on December 17, with the lithium carbonate futures boosting the electric new energy sector, leading to a rise in the Battery 50 ETF (159796) by 2.75% and attracting over 140 million yuan in investments over two days [1][3]. Group 1: Market Performance - The Battery 50 ETF (159796) saw significant gains, with major component stocks in the index rising, particularly in the electrolyte sector, where Tianqi Lithium surged over 7% and other companies like Sunshine Power and CATL also saw increases [3][4]. - The lithium carbonate futures experienced a strong rally, with intraday gains exceeding 7%, reaching new highs since June 2024, influenced by regulatory actions in lithium mining regions [5]. Group 2: Price Trends and Industry Dynamics - The lithium battery industry is witnessing a price increase driven by rising raw material costs, with electrolyte prices doubling from their lowest point this year, and lithium hexafluorophosphate prices soaring by 252% compared to mid-year lows [7]. - The demand for energy storage is significantly boosting the battery industry, with a shift from oversupply to a more favorable supply-demand balance, driven by unexpected growth in storage needs and supportive policies [12][19]. Group 3: Future Projections - The global demand for lithium batteries is expected to grow by 30% year-on-year, with energy storage batteries projected to increase by 68% by 2026, indicating a robust growth trajectory for the sector [21][22]. - The supply-demand dynamics are expected to improve, particularly in the electrolyte and lithium hexafluorophosphate segments, as the industry adjusts to rising demand and pricing pressures [24][26].

Core Insights - The data center industry has become a core incremental application scenario for the power equipment sector, directly driving demand growth and technological iteration in power equipment [1] - The capital expenditure (CapEx) in the data center industry is characterized by large scale, long investment return cycles, and rapid technological iteration, necessitating the incorporation of AI industry multidimensional indicators for accurate demand forecasting [1] Demand Side - Overseas capital expenditure from major companies reached $99.617 billion in Q3 2025, reflecting an 80.39% year-on-year increase and a 9.54% quarter-on-quarter rise [2] - Domestic capital expenditure showed a slowdown, with Alibaba's CapEx at 31.501 billion yuan, an 80.10% year-on-year increase but a 18.55% quarter-on-quarter decrease, while Tencent's CapEx was 12.983 billion yuan, down 24.05% year-on-year and 32.05% quarter-on-quarter [2] Supply Chain - Nvidia reported a record revenue of 362.571 billion yuan in Q3 2025, with data center products accounting for over 85% of total revenue, marking a 62.49% year-on-year increase [2] - TSMC's revenue in November 2025 reached 343.614 billion New Taiwan dollars, a 24.5% year-on-year increase, despite a 6.5% quarter-on-quarter decline [2] - The CPU price index rose to 98.20 in October 2025, while DRAM spot prices surged over 200% from $12.85 to $38.76 between October and December 2025, indicating strong server demand [2] Application Side - The number of AI models is steadily increasing, with the Token call volume on the OpenRouter platform reaching 5.78 trillion, a 6.62% decrease week-on-week [3] - The release of new models such as Grok4Fast and GPT-5nano led to a more than 50% price drop for Tokens scoring over 40 on the ArtificialAnalysis intelligence index in Q3 2025 [3] Investment Recommendations - The construction of AI data centers is expected to drive demand for SST, with an estimated 14 GW of new data center installations globally in 2024, maintaining high growth rates [3] - Recommended stocks include Sunshine Power (300274.SZ), with additional attention to Kehua Data (002335.SZ), Keda Electronics (002518.SZ), Kelu Electronics (002121.SZ), Magmi Tech (002851.SZ), Jinpan Technology (688676.SH), and Sifang Co. (601126.SH) [3]

花旗发表研究报告指，昨天多只内地公用股的股价下跌，相信是由于国家能源局对明年提出保守指引， 包括审慎制定风电与太阳能新增装机产量目标，及其对水电与核电发展持谨慎态度。根据过往经验，认 为明年风能和太阳能装机产量超过200GW的预测可能过低，并预计十五五规划期间的水电与核电项目 资本开支将会增加，以达成减排目标。此外，该行预计全球储能系统(ESS)的需求将加快扩张。该行重 申对金风科技、通威股份、东方电气及阳光电源的"买入"评级。 ...

Summary of Key Points from the Conference Call Industry Overview - The global energy storage market is experiencing significant growth, with installed capacity expected to reach 330-350 GWh in 2025, representing a year-on-year increase of 50-60% [1][2][3] - By 2026, the market is projected to grow to over 500 GWh, with a growth rate of 60-70% [1][2][3] - The energy storage battery supply is expected to remain tight until at least Q2 2026, which may sustain high profitability across the industry [2][3] Regional Insights China - The Chinese energy storage market is benefiting from policy support and innovative business models, with a projected 50% year-on-year growth in large-scale storage capacity in 2025 [1][2][3] - By 2026, growth may exceed 60%, with total installed capacity reaching 260-270 GWh [2][3] - The introduction of capacity pricing policies has improved project profitability, with over 20 provinces expected to meet conditions for rapid growth [2][3][7] United States - The U.S. market is driven by the construction of AI data centers, with a projected growth rate of around 50% in 2026 [1][2][3] - The demand for energy storage is expected to increase significantly due to the high electricity demand from AI data centers, which may account for over 20% of total electricity consumption by 2030 [9][10] - The U.S. energy storage market is expected to see a 45% growth rate in 2025, with a backlog of projects due to previous supply chain issues [14][15] Europe - The European energy storage market is expected to double in size by 2025, with significant growth driven by government subsidies and the transition to renewable energy [1][2][3][15] - Countries like Italy, Greece, and Bulgaria are leading the charge, with Italy planning to auction 57 GWh by 2030 [15] - The overall growth rate in Europe is expected to maintain over 30% annually after 2025 [15] Emerging Markets - Emerging markets, including the Middle East, Southeast Asia, and Australia, are also experiencing rapid growth, with Australia expected to see a doubling of energy storage capacity due to strong subsidy policies [1][2][3][16] - The Middle East is set to see significant project launches, with major projects expected to exceed 40 GWh in 2026 [16] Market Dynamics - The energy storage battery cell industry is facing a supply shortage, which is expected to continue into 2026, impacting pricing and availability [21][40] - Companies are increasingly collaborating with battery manufacturers to develop large battery cell models, enhancing integration and cost efficiency [22][40] Investment Opportunities - Key players expected to benefit from the growth in global energy storage demand include CATL, Aiko, and major system integrators like Sungrow and Huawei [24][43] - The investment strategy should focus on large-scale storage and emerging markets, particularly in Australia and Ukraine, where growth potential is significant [45] Conclusion - The energy storage market is poised for substantial growth across various regions, driven by technological advancements, policy support, and increasing demand from sectors like AI and renewable energy. Companies that adapt to these trends and collaborate effectively within the supply chain are likely to thrive in this evolving landscape [1][2][3][45]

海外储能大单频现 海外储能订单爆发，推动逾40家公司上半年境外收入增长。 国轩高科半年报显示，根据ICC鑫椤资讯发布的数据，2025年上半年公司储能电池出货量位居全球第七 位。公司积极开拓国际储能市场，针对不同国家客户的需求，凭借专业的海外业务服务团队，量身定制 多元化的服务方案。目前，公司的储能产品已成功出口至欧洲、非洲、美洲、亚太等多个地区。 市场进入高速发展期 近年来，随着可再生能源比重不断提高，光伏、风电等新能源大规模并网带来的间歇性、波动性特征对 电力系统安全稳定运行构成严峻挑战。储能技术作为促进新能源大规模开发消纳、提高电力系统安全稳 定运行水平的关键技术和基础储备，已成为构建新型电力系统的核心基础设施。 12月16日午间，天合光能发布公告，子公司近日与北美区域的客户签订了合计1.4GWh的储能产品销售 合同。该项目采用Elementa 2 Pro液冷储能系统，搭配市场领先的新一代PCS，构建4小时独立并网型储 能解决方案，并集成北美当地软件供应商提供的全套软硬件EMS，形成完整的AC侧一体化解决方案。 值得注意的是，9月以来，天合光能连续签订G级海外储能订单。其中9月、10月、12月分别签订1个 ...

Investors bet on Chinese companies powering global AI build-out 尽管面临美国关税，像电池制造商 宁德时代 这样的公司仍能从出口销售中获得丰厚的利润。 © Johannes Simon/Getty Images 今年以来，中国电池、变压器和其他对全球人工智能建设至关重要的设备制造商的股价飙升，因 为耗电量巨大的数据中心正在争相寻找替代不堪重负的传统电网的方案。 得益于国内外需求的推动，全球最大的电池制造商宁德时代（CATL）和仅次于 特斯拉 的全球 第二大集成储能系统供应商 阳光电源 （Sungrow）等中国企业的利润大幅飙升。 今年以来，宁德时代(CATL)的股价上涨了45%，阳光电源(Sungrow)的股价上涨了130%。这 两家公司是深圳证券交易所沪深新能源指数中市值最大的两家公司，该指数在2025年已上涨了 38%。 "突然间，人们开始争相抢购这些电力设备，"伯恩斯坦负责全球储能行业的股票研究分析师布莱 恩·何表示。 这两家中国公司均未披露其在美国的销售额，但官方数据显示，中国占美国电池和储能系统进口 的大部分。 "中国不仅在为中国自身提供 ...