储能仍保持高景气度 | 投研报告

Core Viewpoint - The report highlights a slowdown in the growth rate of excavator sales in October 2025, indicating potential fluctuations in domestic demand and external market conditions [1][3]. Group 1: Excavator Sales - In October 2025, China sold 18,096 excavators, representing a year-on-year growth of 7.77%, with domestic sales at 8,468 units, up 2.44%, showing a significant slowdown from September's 21.5% [1][3]. - Export sales reached 9,628 units, marking a year-on-year increase of 12.9%, maintaining a relatively stable growth trend despite some fluctuations [1][3]. - The slowdown in domestic sales is attributed to fluctuations in demand as state-owned enterprises shift focus overseas and adverse weather conditions affecting project commencement in northern China [3]. Group 2: Energy Storage - The domestic energy storage market remains robust, with prices for energy storage cells and systems steadily increasing due to rising overseas orders and significant cost increases in raw materials like lithium carbonate and cathode materials [4]. - The global growth rate for energy storage is expected to remain above 40% in 2026, with domestic independent storage capacity projected to exceed 200 GWh [4]. Group 3: Automotive Market - The retail market for passenger vehicles showed signs of recovery in the fifth week of October, with daily average sales reaching 155,000 units, a 47% increase year-on-year and a 10% increase from the previous month [5]. - Factors contributing to this recovery include changes in subsidy policies and increased promotional efforts from automotive manufacturers, suggesting a positive outlook for future sales growth [5].