光储逆变器专题报告：光储共生启新元，逆变巧驭电流弦

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry, specifically focusing on the solar storage inverter sector [2]. Core Insights - The synergy of "source-network-load-storage" is identified as the future development direction of the solar storage industry, enhancing the stability of the power system and addressing the inherent volatility of renewable energy sources [6][64]. - China has announced a new round of national contribution targets, significantly promoting the large-scale construction of new energy storage systems, with a target of reaching over 180 million kilowatts of installed capacity by 2027 [6][49]. - The global solar storage market is expected to maintain strong growth momentum, driven by the transition to low-carbon energy systems and the increasing demand for renewable energy [6][86]. Summary by Sections 1. Synergy of "Source-Network-Load-Storage" - Continuous improvement in inverter performance and increasing localization of core components are noted, with the localization rate for power modules expected to reach 50% by 2024 [45]. - The Chinese government is actively supporting the sustainable development of the solar industry through various policies, including pricing, subsidies, and market mechanisms [49][50]. 2. Global Solar Storage Market Trends - The global photovoltaic (PV) installed capacity is projected to reach 630 GW in 2025 and 1,078 GW by 2030, with a significant increase in inverter exports [86][93]. - The domestic inverter export value reached $6.758 billion in the first nine months of 2025, reflecting a year-on-year growth of 6.74% [95]. 3. Investment Strategies and Key Companies - The report suggests focusing on leading domestic inverter companies that have a rich product matrix, a well-established global layout, and strong scale advantages [6].