数据中心提振效果显现，美国及中东大储需求高增

Core Insights - The report from Huazhong Securities highlights significant growth in energy storage installations in both domestic and international markets, with a focus on new energy storage technologies and upcoming projects in various regions [1][2]. Demand Side - Domestic market: In 2025, new energy storage installations are expected to reach 58.6 GW/175.3 GWh, with a December 2025 tender scale of 22.5 GW/55.8 GWh, showing a year-on-year increase of 75% and a month-on-month increase of 88% [2]. - Indian market: By 2025, energy storage system installations are projected at 0.5 GWh, with tenders for standalone storage at 45 GWh and solar-storage projects at 15.2 GWh. The Indian government mandates the integration of 4 GW/17 GWh of electrochemical storage projects by the 2025-26 fiscal year without delays [1][2]. High ROE Market - Germany: By December 2025, energy storage installations are expected to be 394 MWh, a year-on-year decrease of 20.4%. This includes household storage at 210 MWh, down 26.83% year-on-year [3]. - Italy: In Q2 2025, energy storage installations reached 817 MW/2728 MWh, showing a year-on-year increase of 48% and 75% respectively [3]. - The UK: As of Q3 2025, there are 121.76 GW of energy storage projects awaiting construction, an increase of 21.83 GW from Q2 [3]. Leading Indicators - European wholesale electricity prices are projected to average €111.44/MWh by December 2025, reflecting a 7% increase [4]. - In Australia, the net income from energy storage in Q3 2025 is estimated at $111.9 million, a year-on-year increase of 47% [4]. - The UK plans to integrate over 17 GWh of energy storage projects by 2025 [4]. Medium ROE Market - Middle East: By 2026, large-scale energy storage projects are expected to deliver between 33.8 GWh and 42.2 GWh [5]. - Africa: In 2024, energy storage installations are projected at 1.64 GWh, a year-on-year increase of 945% [5]. - Chile: By early 2025, Chile is expected to have 999 MW of operational energy storage capacity [5]. Supply Side - In December 2025, the average tender price for 2/4-hour energy storage systems in the domestic market is expected to be 0.669/0.455 yuan/Wh, with a month-on-month increase of 12% and a decrease of 3% respectively [6]. - In the first three quarters of 2025, global energy storage cell shipments reached 410.45 GWh, a year-on-year increase of 98.5% [6].