Zhongtai Securities(SH:600918) Zhi Tong Cai Jing·2025-12-10 23:32Group 1: Energy Storage Market - The demand logic for the large-scale energy storage market is shifting from policy-driven to value-driven, with domestic policies providing a safety net and improved profit models driving future demand growth [2] - In developed markets, demand for household and commercial storage is driven by economic improvements and subsidy policies, while emerging markets are driven by post-war reconstruction, electricity shortages, and the need to replace diesel generation [2] - Key areas to focus on include energy storage integration leaders, independent third-party PCS companies, temperature control leaders in data center cooling, and global household and commercial storage leaders expanding their channels [2] Group 2: Wind Power Market - The wind power industry is expected to see significant recovery in fundamentals by 2025, with domestic onshore wind showing steady growth and offshore wind expectations doubling compared to the previous five-year plan [3] - The price of domestic onshore wind turbines is expected to rise significantly by the end of 2024, with profitability entering a recovery phase in 2025 and further improvements in 2026 [3] - Key focus areas include the gearbox market, which has a high value share and significant market potential, as well as offshore wind components like towers and cables, where domestic leaders are expected to benefit from high demand and optimized product structures [3]