Core Viewpoint - The lithium battery, energy storage, and power grid equipment sectors are experiencing a surge in demand, indicating a shift in the supply-demand landscape, with several stocks in the energy storage sector seeing significant gains this year [1] Policy, Market, and Industry Drivers - The energy storage industry is entering a golden development period driven by policy support, market demand, and industrial growth. Key policies include the cancellation of mandatory energy storage requirements for new energy projects by May 2025 and a target of 180 million kilowatts of new energy storage capacity by 2027, with an estimated investment of 250 billion yuan [2] - In the first three quarters of this year, domestic energy storage lithium battery shipments reached 430 GWh, exceeding 30% of the total expected for 2024, with an anticipated annual total of 580 GWh, representing a 67% year-on-year increase [2] - The global energy storage market is experiencing high demand, particularly in Europe and the Middle East, with projections indicating a 50% increase in global energy storage capacity to 300 GWh by 2025 [2] Global Trends and Opportunities - The domestic energy storage market is reaching an economic inflection point, with a current penetration rate of less than 10%. The forecast for new domestic installations in the coming year has been raised to 300 GWh [3] - There is significant export potential for domestic energy storage and grid equipment companies due to overseas power shortages, with new overseas orders totaling 214.7 GWh in the first three quarters of this year, a 131.75% increase year-on-year [3] - The demand for AI computing power is positively impacting the energy storage industry, with global AI capital expenditure expected to reach $4.23 trillion by 2030, growing at a compound annual growth rate of 25% [3] Investment Opportunities - Companies in the energy storage sector are expected to leverage their project experience, cost advantages, and supply chain capabilities to enhance their global market share and leadership [4] - The increase in AI capital expenditure is anticipated to benefit the entire value chain, including electrical equipment, grid infrastructure, and renewable energy, with annual investments projected to reach $3 trillion by 2030 [4] - Specific investment directions include focusing on industry leaders in the energy storage supply chain, companies benefiting from rising battery demand, and advancements in solid-state battery technology [5]
国内外需求共振 储能赛道迎“价值重估”
Shang Hai Zheng Quan Bao·2025-11-19 18:24