Core Viewpoint - The report from Guosheng Securities forecasts significant growth in the domestic energy storage industry, with expectations of a 111% year-on-year increase in new installations by 2026, reaching 283.63 GWh, and a conservative estimate of an average annual addition of over 200 GWh in domestic large-scale storage [1][4]. Domestic Large-Scale Storage - The domestic large-scale storage market is expected to benefit from policy incentives and increasing independent storage capacity, with a focus on how price transmission affects company performance [2][3]. - The price of lithium carbonate is projected to rise to 92,600 yuan per ton by December 2025, with a 13.4% month-on-month increase in the average bidding price for lithium battery energy storage EPC in November [2]. Overseas Storage Market - The trend of AI-integrated storage is anticipated to drive significant growth in the U.S. energy storage demand, with expected increments of 10 GWh in 2026, 27 GWh in 2027, and 39 GWh in 2028, accounting for 15%, 38%, and 40% of total U.S. storage demand respectively [5]. - The North American energy storage integration market is highly concentrated, with Tesla, Sungrow, and Powin being the top three market share holders [5]. International Household and Commercial Storage - The Australian household storage market is expected to grow significantly due to increased subsidies, with the government raising support to 7.2 billion AUD, while Hungary has initiated a 280 million USD subsidy plan for household storage [6]. - The demand for commercial storage in Europe, Southeast Asia, and Africa is projected to increase due to high electricity costs, with a long-term potential of 146 GWh in these regions [6]. Investment Targets - Key companies to watch in the large-scale storage sector include Sungrow (300274.SZ), Haibo Technology (688411.SH), Canadian Solar (688472.SH), Tongrun Equipment (002150.SZ), and Shuneng Electric (300827.SZ) [7]. - In the household storage segment, notable companies include Deye Technology (605117.SH), Airo Energy (688717.SH), Jinlang Technology (300763.SZ), Goodwe (688390.SH), Kstar (002518.SZ), and Pylon Technologies (688063.SH) [7].