新能源板块行业信息点评：利好政策频出，国内大储市场前景广阔

Investment Rating - The report indicates a positive outlook for the domestic large-scale energy storage market, highlighting significant growth potential due to favorable policies and increasing demand for energy storage solutions [4]. Core Insights - The energy storage industry in China experienced a rapid increase in installed capacity, with 2.78 GW added in August alone, representing a year-on-year growth of 34.5% and a month-on-month increase of 12% [4]. - The total installed capacity for energy storage in China reached 18.8 GW by the end of August 2023, with a cumulative energy storage capacity of 47.25 GWh [4]. - The government has set ambitious targets for energy storage, with plans for over 85 GW of installed capacity by 2025, significantly exceeding previous goals [4]. - The report forecasts a compound annual growth rate (CAGR) of 49.3% to 60.3% for the energy storage sector from 2023 to 2027, depending on market scenarios [4][5]. Summary by Sections Installed Capacity and Growth - In August 2023, the newly added installed capacity for energy storage was 2.78 GW, with a total of 18.8 GW installed by the end of August [4]. - The energy storage tendering scale reached 7.22 GW in August, with independent storage accounting for 5.76 GW, representing 78% of the total [4]. Policy Support - The introduction of new policies, including the inclusion of new energy storage in the government work report, has provided strong support for the industry [4]. - The "14th Five-Year Plan" for new energy storage has been revised to target over 40 GW, with 26 provinces setting their own targets totaling 86.6 GW by 2025 [4]. Market Dynamics - The energy storage industry is characterized by high entry barriers, including technological, brand, and scale barriers, which favor established players [5]. - Leading energy storage companies are expected to benefit from economies of scale and improved market positions as the industry matures [5]. - Recommended companies for investment include Yangguang Electric, Shangen Electric, and others, which are positioned to capitalize on the growth in the energy storage market [5].