万联证券：万联晨会-20250102

Core Insights - The energy storage industry is experiencing continuous improvement in fundamentals since 2024, with significant growth in large-scale storage projects and increasing economic viability of independent storage stations and commercial storage projects [13][19][20] Market Overview - On January 2, 2025, the A-share market saw all three major indices decline, with the Shanghai Composite Index down 1.63% to 3,351.76 points, the Shenzhen Component Index down 2.40% to 10,414.61 points, and the ChiNext Index down 2.93% to 2,141.60 points. The total trading volume in the A-share market was 1,345.55 billion RMB, with net purchases of 6.441 billion HKD from southbound funds [3][9][10] Industry Analysis - In China, the cumulative installed capacity of energy storage reached 58.52 GW/128 GWh by the end of September 2024, an increase of approximately 86% compared to the end of 2023. The bidding data for energy storage projects in 2024 showed a total scale of 53.11 GW/139.43 GWh, representing year-on-year growth of 55.61% and 52.75% respectively [19][20] - The U.S. energy storage market is witnessing strong growth, with new installed capacity reaching 8.35 GW/24.96 GWh in the first three quarters of 2024, a year-on-year increase of 83.43% and 82.11%. The grid-side storage capacity is expected to continue its explosive growth [20] - In Europe, large-scale storage is expected to take over from household storage, with predictions of 22.4 GWh of new installed capacity in 2024, a 30.23% increase from 2023. Large-scale storage is projected to contribute 11 GWh of this capacity [20] Future Outlook - The energy storage industry is expected to continue improving in 2025, driven by dual growth trends in domestic and overseas markets. Large-scale storage is anticipated to see a high degree of certainty in growth, while household storage is expected to stabilize and contribute to new increments [13][20] - Emerging markets, particularly in the Middle East, are expected to see significant growth in large-scale storage due to energy consumption structures and renewable energy targets set for 2030 [20]