政策定调，储能迎来产业空间和盈利空间双提升

Investment Rating - The industry investment rating is maintained at "Outperform the Market - A" [6] Core Insights - The report highlights a significant increase in domestic and international energy storage system bidding and shipment volumes, with domestic bidding capacity reaching 47.2 GWh in August 2025, a year-on-year increase of 2158% and a month-on-month increase of 1142% [1][19] - The new energy storage construction plan for 2025-2027 aims for an annual installed capacity of at least 85 GWh, driving direct project investments of approximately 250 billion yuan [2][32] - The establishment of energy storage as an independent market entity is expected to enhance its role in electricity balancing and pricing [35] Summary by Sections 1. Industry Overview - Domestic energy storage system bidding has rapidly increased, with a cumulative bidding volume of 144.1 GWh from January to August 2025, reflecting a year-on-year growth of about 216% [1][19] - Internationally, Chinese companies secured 199 overseas energy storage orders in the first half of 2025, totaling over 160 GWh, marking a year-on-year increase of 220.28% [24][27] 2. Market Information Tracking - In September 2025, the average transaction price for electricity in Jiangsu was 319.48 yuan/MWh, down 18.29% from the benchmark price [51] - The average price of thermal coal in the Bohai Rim region was reported at 675 yuan/ton as of September 10, 2025, reflecting a slight increase [53] 3. Investment Recommendations - The report suggests focusing on new energy storage-related companies such as Xizi Clean Energy, Lin Yang Energy, and Tongli Risen [2] - In the renewable energy sector, companies like Fuhua Energy and Zhongmin Energy are recommended due to improved cash flow from renewable energy subsidies [13] - For gas companies, China Gas is highlighted as a key player due to its significant residential gas consumption [13] 4. Industry Dynamics - The new energy storage construction plan aims for a cumulative installed capacity of over 180 million kW by 2027, with a focus on lithium-ion battery storage technology [32] - The report emphasizes the importance of establishing a reliable capacity compensation mechanism for energy storage to ensure its profitability [35]