现在的储能，像极了2019年的光伏

Core Viewpoint - The global energy storage market is expected to experience significant growth, with predictions of over 50% growth by 2026, and potentially reaching 80% in optimistic scenarios [6]. Group 1: Market Dynamics - In the first half of 2025, the global energy storage market faced overcapacity, but by the second half, production utilization rates surged to full capacity across various segments [8]. - The global lithium battery storage installations reached 170 GWh in the first three quarters of 2025, marking a 68% year-on-year increase, with domestic installations at 82 GWh (up 61%) and overseas at 94 GWh (up 74%) [10]. Group 2: Demand Drivers - The surge in energy storage demand is driven by the increasing pressure to consume renewable energy, as evidenced by the drop in photovoltaic spot prices [11]. - The widening price difference between peak and valley electricity rates has made energy storage economically viable, allowing for "charging during low demand and discharging during high demand" [12]. - The shift from policy-driven to market-driven growth, following the cancellation of mandatory storage requirements, has further stimulated demand [13]. Group 3: Future Projections - By 2026, energy storage is anticipated to achieve a "volume and price increase" year, with a projected doubling of installed capacity by 2027 [19]. - The demand for energy storage is expected to be driven by various provinces, with Inner Mongolia projected to see a doubling of demand in 2026 [20]. Group 4: Industry Winners - Downstream energy storage system integrators are expected to capture a significant share of profits, with leading companies like Sungrow Power and Haibo Technology showing strong financial performance [24]. - Sungrow Power's energy storage revenue reached 28.8 billion yuan in the first three quarters of 2025, a 105% increase year-on-year, while Haibo Technology's revenue grew by 52% [24]. - Upstream lithium mining companies, such as Ganfeng Lithium, are also poised to benefit from increased demand, with predictions of a 30% growth in global lithium carbonate demand by 2026 [26]. Group 5: Industry Outlook - The energy storage industry is entering a golden development period as it transitions from policy support to market demand, with system integrators and material leaders being the core beneficiaries of this growth [28].