2025年储能中期策略：大储延续高景气度，工商储市场爆发

Investment Rating - The report indicates a positive outlook for the energy storage industry, expecting a significant increase in installed capacity in the coming years, particularly driven by market reforms and policy support [4][12][100]. Core Insights - The transition from a policy-driven mandatory storage model to a market-driven approach is anticipated to enhance investment returns in energy storage, leading to rapid growth in installed capacity [4][12]. - The report highlights that companies with core technological advantages, cost control capabilities, and lifecycle service advantages are likely to dominate the market as it becomes more competitive [4][12]. - The introduction of market mechanisms, such as the "mechanism electricity price" and the establishment of a comprehensive electricity spot market by the end of 2025, is expected to further stimulate the energy storage sector [4][5][6]. Summary by Sections Policy Developments - The National Development and Reform Commission and the National Energy Administration issued a notice prohibiting the requirement of energy storage for new renewable energy projects, promoting market competition [5]. - Various provincial policies are being implemented to support energy storage, including financial subsidies and compensation standards for energy storage projects [5][6]. Market Trends - In Q1 2025, the newly installed capacity of energy storage projects in China was 5.03 GW, showing a slight year-on-year decline, but a significant increase is expected as the market adapts to new policies [7][12]. - The report forecasts that China's energy storage capacity will reach 54 GW in 2025, representing a year-on-year growth of 24% [12]. International Developments - In the U.S., the energy storage market is expected to see substantial growth, with new installations projected at 12.3 GW in 2024, driven by strong demand [16][19]. - European energy storage installations are also on the rise, with expectations of 12 GW in 2024, particularly in large-scale storage [33][34]. Investment Opportunities - The report recommends focusing on companies with established advantages in the energy storage sector, such as Sungrow Power Supply, CATL, and Aters, which are well-positioned to benefit from the growing demand in Europe and emerging markets [100].