中金：AIDC配储贡献新增量 风光储氢醇一体化项目或迎来放量

Group 1 - The global energy storage market is expected to see significant growth in demand from Europe, Asia, Africa, and Latin America by 2026, with AIDC contributing to new capacity [1][2] - In the U.S., AIDC demand is increasing rapidly, with projections suggesting that by 2030, AIDC storage demand could reach 100-200 GWh, driven by the need for enhanced flexibility and self-supply through solar storage [1] - The shipping industry is catalyzing green alcohol demand, with numerous domestic projects in wind, solar, and hydrogen alcohol expected to accelerate construction and drive storage demand [1] Group 2 - China's independent storage market is expected to thrive post-2H25 due to favorable capacity pricing policies, with a strong economic model based on peak-valley arbitrage, capacity pricing, and ancillary services [2] - The European market is experiencing positive storage demand due to energy shortages and a lack of flexible resources, shifting focus from household storage to large-scale and commercial storage [2] - The Australian electricity market is maturing, with large-scale storage projects accelerating and household storage being reinforced by high subsidies, ensuring medium to long-term demand [2] Group 3 - The strong demand for energy storage has led to a tight supply of storage cells since 2H25, with leading companies fully booked until Q1 2026, although relief is expected post-Q2 2026 as production capacity increases [3] - Companies are building competitive barriers through overseas factories and technology licensing in response to local policy trends in Europe and the U.S., capitalizing on high growth in overseas markets [3] - The global surge in storage demand presents investment opportunities, particularly in non-U.S. markets, focusing on both front-of-the-meter and behind-the-meter storage solutions [3]