Core Insights - The long-term outlook for global renewable energy installations is positive, with increasing demand for energy storage driven by rising grid instability [1] - The report highlights regional trends in energy storage demand, indicating a recovery in Europe, strong demand in the US, rapid growth in emerging markets, and stable growth in the Middle East [1] Regional Analysis - Europe: The impact of household storage inventory is diminishing, and large-scale storage installations are accelerating, leading to a gradual market recovery [1] - United States: There is significant demand for large-scale storage installations, with an expected acceleration in project grid connections, aided by reduced tariff impacts [1] - Emerging Markets: Regions such as Asia, Africa, South America, and Oceania show substantial potential for household storage growth, contributing to ongoing demand for energy storage [1] - Middle East: Investment in renewable energy is increasing, with accelerated construction of storage projects, particularly in Saudi Arabia and the UAE [1] Inverter Export Data - In September 2025, China's inverter exports amounted to 5.067 billion yuan, reflecting a month-on-month decline of 19.37% but a year-on-year increase of 4.60% [2] - Cumulative inverter exports from January to September 2025 reached 48.322 billion yuan, marking a year-on-year growth of 7.30% [2] Regional Export Performance - Asia: Exports to Asia totaled 1.695 billion yuan in September 2025, with a month-on-month decline of 12.70% and a year-on-year decrease of 3.48% [3] - Europe: Exports to Europe were 1.881 billion yuan, showing a significant month-on-month decline of 30.11% and a year-on-year decrease of 9.51% [4] - North America: Exports to North America were 151 million yuan, continuing a downward trend with a month-on-month decline of 16.9% and a year-on-year decrease of 24.84% [4] - Latin America: Exports to Latin America reached 529 million yuan, with a month-on-month decline of 5.07% but a year-on-year increase of 36.60% [5] - Africa: Exports to Africa totaled 373 million yuan, reflecting a month-on-month decline of 13.42% but a year-on-year increase of 22.69% [6] - Oceania: Exports to Oceania remained high at 456 million yuan, with a month-on-month decline of 7.17% but a year-on-year increase of 288.29% [6] Export Performance by Province - In September 2025, Guangdong, Anhui, Zhejiang, and Jiangsu saw inverter export amounts of 1.825 billion, 464 million, 1.365 billion, and 686 million yuan respectively, with varying month-on-month and year-on-year changes [7]
万联证券：逆变器出口整体环比回调 关注海外布局完善、市场地位领先的龙头
智通财经网·2025-10-28 04:03