华安电新张志邦：国内储能顶层设计再升级，英美大储节奏超预期

Demand Side - The domestic energy storage bidding scale in August 2025 reached 25.8GW/82.7GWh, with a year-on-year increase of 636% and a month-on-month increase of 201%[17] - In India, the mandatory energy storage policy was released, with over 43GWh of energy storage already bid in 2025[7] - The average bidding price for 2-hour and 4-hour energy storage systems in August 2025 was 0.491 and 0.431 CNY/Wh, respectively, with month-on-month changes of -6.7% and +3.4%[3] Supply Side - In August 2025, the newly installed energy storage capacity in China was 2.84GW/8.19GWh, showing a year-on-year decrease of 1% and a month-on-month decrease of 28%[11] - The cumulative installed energy storage capacity in China reached 73.76GW by the end of 2024, with a target of ≥180GW by 2027, indicating a gap of approximately 110GW[23] - In Germany, the energy storage installation in August 2025 was 346MWh, with a year-on-year decrease of 19.5%[51] Risk Factors - Risks include a decline in renewable energy and energy storage demand in the U.S., intensified industry competition affecting profit margins, and uncertainties in U.S. tariff policies[4] - The average wholesale electricity price in the core nine European countries in August was 78.3 EUR/MWh, down 12.4% month-on-month, which may impact energy storage demand[40]