储能、风电2026年策略报告：全球储能需求新台阶，风电双海高景气-20251210

Group 1: Energy Storage - The demand logic for energy storage is being reshaped, with a global ceiling opening up due to policy shifts from being driven by regulations to being driven by value, leading to high growth in future demand [4][10] - In China, new energy storage installations reached 34.9GW/89.3GWh from January to October 2025, marking a year-on-year increase of 90%/91% [11] - The profitability model for energy storage is improving, with the internal rate of return (IRR) for a hypothetical independent storage project in Gansu estimated at 8.5% for total investment and 14.8% for equity [20][21] Group 2: Wind Power - The domestic wind power market is expected to see stable growth, with offshore wind power projections indicating a doubling of annual new installations compared to the previous five-year plan [6] - The price of domestic onshore wind turbines has shown a clear upward trend since late 2024, with profitability expected to recover significantly by 2026 [6] - The gearbox market for wind power is projected to have a market space exceeding 40 billion, with a focus on leading companies in the industry chain [6] Group 3: International Markets - In the U.S., energy storage installations increased by 11.3GW/34.3GWh from January to October 2025, with a year-on-year growth of 11%/24% [23] - The European market is experiencing a surge in energy storage demand, with the UK and Germany showing significant increases in planned and installed capacities [37][32] - Emerging markets, particularly in the Middle East and India, are seeing substantial growth in energy storage projects driven by favorable policies and abundant solar resources [42][48] Group 4: Investment Recommendations - Key companies to watch in the energy storage integration sector include Haibo Shichuang, Sungrow Power, and Canadian Solar, which are expected to benefit first from the demand surge [6][52] - In the PCS (Power Conversion System) segment, independent third-party companies like Sangfor Electric, Shenghong Co., and Kehua Data are recommended due to their favorable market positioning [56][57] - For temperature control solutions in energy storage, companies like InvoTech and Tongfei Co. are highlighted as leaders benefiting from the evolving market dynamics [61][64]