五矿证券：储能行业短期景气度有望延续 对2026年全球储能行业的增长保持乐观

Core Viewpoint - The report from Wenkang Securities indicates that the energy storage industry is expected to maintain short-term prosperity and has significant long-term growth potential, with a focus on five key changes impacting the sector by 2026 [1] Group 1: Key Changes - Change 1: The trend of peak-valley price differences in electricity spot markets across provinces is a forward-looking indicator of market conditions, with significant attention needed in 2026 [2] - Change 2: The progress of capacity compensation mechanisms for energy storage is anticipated to become the second-largest revenue source for independent energy storage stations, with ongoing exploration in provinces like Inner Mongolia, Shandong, and Gansu [3] - Change 3: The progress of AIDC (AI Data Center) storage projects in the U.S. is expected to drive unexpected growth in the market, with potential demand increases of approximately 70 GWh and 74 GWh over the next five years [4] - Change 4: Innovations in large storage mechanisms and project implementations in Europe may position it as the leading overseas market for energy storage, with Italy and the UK introducing mechanisms to support independent storage stations [5] - Change 5: The reciprocal influence between lithium carbonate prices and energy storage demand is crucial, with a focus on the balance point affecting the cost of energy storage [6] Group 2: Market Projections - The company projects that global energy storage installations will reach 388 GWh in 2026, representing a year-on-year growth of 45% [6] - The expected shipment volume of energy storage batteries is projected to be 825 GWh in 2026, with a year-on-year growth of 39% [6]