华安电新，张志邦：国内储能涨价传导顺畅，海外大储订单稳中向好

Demand Side - Domestic energy storage installation in 2025 reached 2.84 GW and 8.19 GWh, with a bidding scale of 11.7 GW and 42.6 GWh in September, showing a year-on-year increase of 161%[5][19] - India's energy storage installation is expected to exceed 1.7 GWh for the entire year, with a bidding capacity of 43.28 GWh for standalone storage projects[5][37] - Germany's energy storage installation in August was 346 MWh, with a year-on-year decrease of 17.7%[5] Supply Side - The average bidding price for 2-hour and 4-hour energy storage systems in September 2025 was 0.641 and 0.464 CNY/Wh, respectively, representing a month-on-month increase of 31% and 8%[4] - The average EPC price for 2-hour and 4-hour energy storage systems was 1.062 and 0.904 CNY/Wh[4] - The cumulative bidding scale for domestic energy storage from January to September 2025 reached 91.6 GW and 342.6 GWh, surpassing the total for 2024[19] Market Trends - The average storage duration in China is expected to reach 3 hours by 2026, with the current average at 2.15 hours in 2023 and 2.39 hours in 2024[13] - The independent energy storage projects are rapidly increasing, with over 85% of the bidding volume post-531 policy being independent storage[23] - The 2027 target for new energy storage installations in China is set at 180 GW, with a current gap of approximately 110 GW[25]