Core Insights - Chinese energy storage companies continue to expand their overseas presence, with 22 companies signing approximately 34 contracts totaling around 44.88 GWh in November [1][3]. Group 1: Market Overview - The overseas expansion of Chinese energy storage companies is characterized by a dual strategy of deepening traditional markets (Europe, North America, Australia) while penetrating emerging markets (Latin America, Asia) [3][5]. - Europe remains the primary battleground for Chinese energy storage firms, with over 15 contracts signed in November, totaling approximately 6.1 GWh [3][4]. Group 2: Regional Performance - Latin America showed significant growth, with two contracts focused on Chile, amounting to 9.6 GWh, making it the largest regional contract size in November [5]. - The Asian market also saw activity, with seven contracts totaling 6.3 GWh, including notable orders from CATL in Japan and projects in Israel and India [5][7]. Group 3: Company Performance - Among 21 companies, Haicheng Energy, Trina Storage, and Far East Energy performed exceptionally well in November, with signed contracts of 11.5 GWh, 7.86 GWh, and 7.59 GWh respectively [7][8]. - Other companies like CATL, EVE Energy, and Sungrow also secured overseas orders exceeding 2 GWh in November [8][9]. Group 4: Notable Contracts - A strategic collaboration among Haicheng Energy, Boda New Energy, and Aton Energy aims to advance no less than 10 GWh of energy storage projects across key markets in the next three years [8][12]. - Significant contracts include a 1.6 GWh project in Germany between Haibo Energy and LEAG Clean Power GmbH, and a 5 GWh memorandum of understanding between Trina Storage and Pacific Green in Australia [4][10].

据交易所数据显示，截至12月15日午后一小时，主力资金流出前20的股票分别为：长盈精密（-12.66亿 元）、立讯精密（-11.14亿元）、航天发展（-9.16亿元）、阳光电源（-8.70亿元）、工业富联（-7.51亿 元）、中科曙光（-6.58亿元）、三花智控（-5.70亿元）、胜宏科技（-5.46亿元）、华工科技（-5.10亿 元）、中兴通讯（-4.97亿元）、特变电工（-4.75亿元）、和而泰（-4.72亿元）、航天动力（-4.60亿 元）、摩尔线程-U（-4.51亿元）、永鼎股份（-4.42亿元）、博纳影业（-4.37亿元）、华友钴业（-4.15 亿元）、长芯博创（-4.15亿元）、剑桥科技（-4.13亿元）、紫金矿业（-3.90亿元）。 ...

| 代码 | 简称 | 今日涨跌 | 今日换手 | 5日均线 | 10日均线 | 5日较10日均线 | 最新价 | 较10日均线乖 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （%） | 率（%） | （元） | （元） | 距离（%） | （元） | 离率（%） | | 300250 | 初灵 | -6.37 | 11.94 | 28.33 | 28.78 | -1.55 | 25.30 | -12.08 | | | 信息 | | | | | | | | | 002474 | 榕基 软件 | -1.83 | 10.53 | 10.81 | 10.96 | -1.40 | 10.21 | -6.83 | | 603950 | 长源 | -1.09 | 0.41 | 29.90 | 30.28 | -1.25 | 29.04 | -4.09 | | | 东谷 | | | | | | | | | 000020 | 深华 发A | -2.80 | 3.25 | 16.01 | 16.19 | -1.12 | 14.90 | -7.9 ...

Group 1: Power Equipment Industry - The demand for power equipment is rapidly increasing in the AI era, driven by the construction of data centers by companies like Google Cloud and OpenAI, leading to explosive growth in power equipment demand [1][29] - Global energy storage demand is expected to surge, with projections indicating that global energy storage installations will reach 404 GWh by 2026, a year-on-year increase of 38% [1][95] - Key companies to watch in the power equipment sector include Jinpan Technology, Xinte Electric, Igor, Hewei Electric, Shenghong Co., and Zhongheng Electric [1] Group 2: Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant price and profit recovery anticipated for most products by 2026 [2] - Solid-state battery technology is accelerating towards commercialization, with expectations for expanded production lines and increased testing by 2026, laying the groundwork for mass application from 2027 to 2030 [2][73] - Key companies in the lithium battery sector include CATL, EVE Energy, and Zhongxin Innovation [2][73] Group 3: Wind Power Industry - The domestic wind power sector is projected to maintain a 10%-20% growth in new installations in 2026, supported by saturated orders and stable pricing [2][58] - The profitability of wind turbine manufacturers is expected to recover, with export growth contributing to performance improvements [2][59] - Key companies to focus on in the wind power sector include Goldwind Technology, Sany Renewable Energy, and Oriental Cable [2][59] Group 4: Photovoltaic Industry - The photovoltaic industry is undergoing supply-side adjustments, with a focus on new technologies such as silver-free paste and perovskite, which are expected to improve cost efficiency [3][85] - The profitability of silicon material is anticipated to recover first, driven by supply-demand improvements [3][85] - Key companies to monitor in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, and Tongwei Co. [3][85] Group 5: Energy Storage Industry - The energy storage market is experiencing significant growth, with domestic system tenders reaching 174.9 GWh from January to November, a year-on-year increase of approximately 165% [95] - In the U.S., large-scale energy storage installations are projected to reach 22.05 GW in 2026, a year-on-year increase of 28% [95][96] - Key companies in the energy storage sector include CATL, EVE Energy, and Sungrow Power Supply [95]

China (PRC) | Alternative Energy Equity Research Expert Call Key Takeaways: Overseas ESS Outlook We hosted an expert call with Mr. Echo Che from Envision AESC (Unlisted) and discussed the outlook on the overseas ESS market. Key takeaways follow. Demand outlook. The expert expects global ESS installation to be around 360 GWh (125 GWh) in 2026, or +35% YoY. The main drivers of this expansion would be the United States, Australia, and the Middle East, while Europe is projected to grow at a much slower pace, li ...

*免责声明：文章内容仅供参考，不构成投资建议 国投证券表示，从成长逻辑来看，AI算力的指数级增长将带动数据中心电力配套设施的刚性需求，而 高压化、高效化是核心技术发展趋势，800Vdc供电方案有望成为新一代数据中心的标配。招商证券则 指出，800Vdc技术的落地将大幅提升单台设备的能源利用效率，相关核心元器件的用量将随方案普及 实现倍数级增长，市场空间将随AI数据中心的扩张同步扩容。从产业链上下游来看，上游的功率半导 体、高压连接器企业将与下游的电力设备整机厂商同步受益于技术迭代与订单放量，形成从核心部件到 系统方案的全链条机遇。 公司方面，据上市公司互动平台表示， 阳光电源：公司是国内新能源电力设备龙头，已布局800Vdc高压供电相关技术，其数据中心高效供电 系统已通过北美部分客户的前期认证，近期正推进产能扩产以匹配潜在订单需求，在高压电力转换领域 的技术储备与客户资源处于行业领先地位。 科威尔：公司为小市值电力电子测试与电源设备企业，其高压电源产品可适配800Vdc供电方案的测试 与配套需求，目前已与多家国内算力设备厂商达成合作，且正在推进北美市场的产品认证工作。 据市场消息，英伟达将在加州圣克拉拉总部举 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The Central Economic Work Conference emphasizes the application of green electricity and promotes the development of hydrogen, ammonia, methanol, and energy storage, indicating a positive outlook for investment opportunities in green energy sectors in 2026 [3]. - Domestic energy storage saw significant growth in November, with newly installed capacity reaching 4.51GW/13.03GWh, reflecting a month-on-month increase of 57.14% in power and 74.66% in capacity [3][7]. - The report highlights the importance of hydrogen and green fuels as new growth points, with expectations for increased investment in these areas due to supportive policies and market conditions [4]. Summary by Sections Energy Storage - Domestic energy storage is experiencing a boom, with November's new installations showing a 45.95% year-on-year increase in power and a 49.6% increase in capacity [3][7]. - The report anticipates that independent energy storage tenders will maintain a good level in 2026, supported by a complete revenue model through energy markets and auxiliary services [3]. Hydrogen and Green Fuels - The report suggests that hydrogen and methanol will play a crucial role in the non-electric applications of green electricity, with significant investment expected in these areas [4]. - The development of zero-carbon parks and factories is also highlighted as a key initiative for 2026 [3]. Wind Power - The report notes that in 2024, onshore wind power installations are expected to reach 75.8GW, a year-on-year increase of 9.68%, while offshore wind installations are projected to be 4.0GW, a decrease of 40.85% [8]. - The bidding capacity for wind power equipment in 2024 is expected to be 164.1GW, a 90% increase year-on-year [13]. Lithium Battery - The report indicates that the demand for lithium batteries remains strong, with December's retail sales of new energy vehicles expected to show a bright performance despite a year-on-year decline of 17% [19]. - The supply chain for lithium batteries is expected to stabilize, with ongoing negotiations for long-term contracts and price adjustments [22][23].

Group 1: Core Insights - The report highlights a new growth cycle for energy storage, projecting significant increases in installed capacity and demand in both domestic and international markets [2][5][32] - Domestic energy storage demand is driven by capacity pricing and innovative business models, with a projected installed capacity of 163 GWh in 2025, a 47% year-on-year increase, and 265 GWh in 2026, a 60% increase [2][32] - Internationally, the U.S. is experiencing a surge in demand due to AI data centers, while Europe and emerging markets are also showing strong growth potential [2][34] Group 2: Domestic Market Dynamics - In the domestic market, the introduction of capacity pricing subsidies by local governments has significantly boosted the internal rate of return (IRR) for energy storage projects, with IRR rates ranging from 6% to 12% [2][13] - The report notes that from January to November 2025, domestic energy storage bidding reached 190 GWh, a 138% increase year-on-year, with a total of 175 GWh awarded [2][27] - The cumulative installed capacity of domestic energy storage reached 72 GWh from January to October 2025, marking a 42% increase year-on-year [2][27] Group 3: International Market Trends - The U.S. is expected to see a demand for approximately 53 GWh of new energy storage installations in 2025, driven by AI data centers and peak load shortages [2][34] - In Europe, the energy storage market is projected to grow significantly, with an expected installation of 20 GWh in 2025, a 131% increase year-on-year, and 42 GWh in 2026, a 109% increase [2][34] - Emerging markets, particularly in the Middle East, Australia, Southeast Asia, and South America, are anticipated to contribute to a combined installation of 34 GWh in 2025, a 220% increase year-on-year [2][34] Group 4: Industry Chain and Competitive Landscape - The global demand for energy storage batteries is projected to reach 628 GWh in 2025, a 91% increase, and 663 GWh in 2026, a 61% increase [2][6] - The report indicates that leading companies in the energy storage sector, such as Tesla and BYD, are expected to strengthen their market positions as battery prices stabilize and production capacity increases [2][6] - The integration of large battery cells is expected to reduce system costs by 10-15%, enhancing the competitive advantage of leading firms [2][6] Group 5: Investment Recommendations - The report recommends strong investment in large-scale energy storage companies, including Sungrow Power Supply, CATL, and BYD, as they are positioned to benefit from the anticipated growth in the market [2][6] - It also highlights the potential for growth in residential and commercial energy storage sectors, suggesting companies like DeYe and Airo Energy as promising investment opportunities [2][6]

2025 年 12 月 12 日 ︱证券研究部 叶海燕, CFA, CESGA 电话: +852 2533 3723 电邮: evayip@sbichinacapital.com 储能行业专题报告 储能风光无限，把握行业高景气 核心观点 全球能源转型加速、风光装机大幅增加令电网消纳压力攀升、储能经济性逐 步凸显、海内外支持政策频出，以及人工智能数据中心（AIDC）等新兴领域 崛起等多重驱动因素的共振之下，储能作为支撑构建新型电力系统的关键技 术，需求持续提升，而这一增长趋势有望在未来持续。据 EESA 统计，2019- 2023 年全球新型储能市场平均增速为 93%，2024 年全球储能新增装机约 188.5GWh，同比增长 80%，继续保持较高增速。EESA 预计 2025 年全球 储能市场新增装机将达到 265.1GWh，同比增长 41%。 碳中和承诺加速新能源的发展。"双碳"目标的大背景下，新型储能 2020 年 正式进入商业化阶段，其中以锂电池储能为代表的电化学储能迎来高速增长。 2026 年储能市场或延续高速增长态势。核心的驱动因素包括：（1）能源结 构向低碳转型，全球范围内可再生能源发电占比不断上 ...

证券代码：300274 证券简称：阳光电源 公告编号：2025－091 阳光电源股份有限公司 关于子公司为子公司提供担保的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 近日，阳光电源股份有限公司（以下简称"公司"）合并报表范围内子公司合 肥泰禾智能科技集团股份有限公司（以下简称"泰禾智能"）召开董事会和股东会， 审议通过了《关于增加 2025 年度担保额度预计并增加担保对象的议案》。泰禾智 能基于满足其下属子公司生产经营及业务拓展的资金需要等目的，拟为安徽阳光 优储新能源有限公司（以下简称"阳光优储"）及阳光优储下属子公司提供不超 过人民币 10,000.00 万元的担保额度，担保范围包括但不限于综合授信、贷款、 贸易融资、信用证、委托贷款、保理、保函、票据开立与贴现、融资租赁及供应 链金融等业务，实际担保金额、担保方式及担保期限以最终签订的担保合同为准。 泰禾智能授权管理层签署相关协议及文件，本次担保额度的决议有效期为自泰禾 智能 2025 年第二次临时股东会审议通过之日起至 2026 年 4 月 10 日止。 根据《深圳证券交易所创业 ...