"储能产业正经历一场深刻的材料革命，技术路线从锂电独秀迈向百花齐放，尤其是长时储能已成为新 型电力系统建设刚需。"在为期三天的SNEC2025国际储能大会上，多位业内高管与专家表示，当前储能 产业正通过技术路线多元化、市场机制完善、多能协同融合等维度，破解长时储能不足、存在安全风 险、全球化程度低等痛点。随着储能与氢能发展窗口期开启，行业将实现从拼价格向拼价值的转变，装 机规模有望大幅增长，从电力系统可选配角升级为核心枢纽，撑起万亿级赛道。 破解长时储能痛点 在新能源占比持续提升、新型电力系统加速建设的背景下，储能产业正告别价格战与技术单一的困境， 迎来关键转型期。 天能控股集团董事长张天任表示，"十五五"期间储能技术将告别单一化，进入"成熟分化、场景融合"的 新阶段。尽管锂电池因建设周期短、部署灵活等优势仍将主导中短期内市场，但铅电池在数据中心、分 布式电源等场景的性价比优势持续凸显，液流电池、空气电池、压缩空气储能等技术在长时储能领域将 加速突破。 针对储能产业目前的内卷问题，尹松建议要进一步强化政策引导、市场引领与技术支持协同发力。同 时，深化国际合作，主动跳出内卷思维，把规模效应转化为政策优势，推动构 ...

Core Insights - The energy storage industry is undergoing a significant material revolution, transitioning from a lithium-dominated landscape to a diversified technological approach, particularly in long-duration energy storage, which is becoming essential for new power system construction [1][2] Group 1: Challenges and Transformations - The energy storage sector is moving away from price wars and technological uniformity, entering a critical transformation phase due to the increasing share of renewable energy and the accelerated construction of new power systems [2] - The core challenge facing the industry is the insufficient duration of energy storage, with a call for long-duration storage as renewable energy generation exceeds 20% of total installed capacity [2][3] - Achieving 6-hour energy storage could effectively alleviate current issues related to renewable energy consumption and grid peak regulation [2] Group 2: Material Innovations - Breakthroughs in long-duration energy storage hinge on material innovations, balancing technical, economic, and safety aspects to enhance storage performance and reduce costs [3] - New methods for producing cathode materials, such as the GCL-PHY method, are emerging, which significantly lower costs and energy consumption while reducing dependency on chemical parks [3] Group 3: Industry Dynamics and Market Mechanisms - The industry consensus acknowledges that low-price competition has led to thin profit margins, hindering technological innovation [4] - The establishment of capacity pricing mechanisms and auxiliary service markets is expected to shift the focus from price competition to value competition, fostering new productive forces [4] - The current wave of homogenized competition in the energy storage sector is exacerbated by project planning, pricing policies, and technical limitations, which prolong investment recovery periods [4] Group 4: Multi-Energy Integration - The core value of energy storage lies in supplementing renewable energy, addressing intermittency issues of wind and solar power, and enhancing capacity support and auxiliary service capabilities [6] - Predictions indicate that by 2030, the installed capacity of energy storage could see nearly a tenfold increase, with the hydrogen industry also entering a phase of explosive growth [6] - The future of the energy storage industry is seen as a multi-trillion-dollar opportunity, emphasizing the need for a collaborative ecosystem that integrates various technologies to meet diverse demands [6]

"储能产业正经历一场深刻的材料革命，技术路线从锂电独秀迈向百花齐放，尤其是长时储能已成为新 型电力系统建设刚需。"在为期三天的SNEC 2025国际储能大会上，多位业内高管与专家表示，当前储 能产业正通过技术路线多元化、市场机制完善、多能协同融合等维度，破解长时储能不足、存在安全风 险、全球化程度低等痛点。随着储能与氢能发展窗口期开启，行业将实现从拼价格向拼价值的转变，装 机规模有望大幅增长，从电力系统可选配角升级为核心枢纽，撑起万亿级赛道。 ● 本报记者 刘杨 破解长时储能痛点 在新能源占比持续提升、新型电力系统加速建设的背景下，储能产业正告别价格战与技术单一的困境， 迎来关键转型期。 天能控股集团董事长张天任表示，"十五五"期间储能技术将告别单一化，进入"成熟分化、场景融合"的 新阶段。尽管锂电池因建设周期短、部署灵活等优势仍将主导中短期内市场，但铅电池在数据中心、分 布式电源等场景的性价比优势持续凸显，液流电池、空气电池、压缩空气储能等技术在长时储能领域将 加速突破。 储能行业当前面临的核心挑战正是储能时长不足。"新型电力系统呼唤长时储能。"协鑫集团董事长朱共 山表示，当发电侧新能源总装机占比超过20% ...

证书编号：S1080524120001 电话：0755-23838533 邮箱：guoqiang@fcsc.com 风险提示：政策变动风险，市场机制完善不及预期的风险，并网消纳风险，下游 需求不如预期，原材料价格上涨超预期等。 请务必阅读正文后免责条款部分 证券研究报告 行业研究 2025 年 10 月 10 日 储能的结构性需求确立，经济性加速兑现，推动储能 行业景气度继续维持高位 第一创业证券研究所 第 1 页 共 7 页 核心观点： 新能源发电并网比例的迅速提高使储能从"可选项"变为"必选项"。以欧 盟为例，随着新能源发电占比达到 28.5%，出现了一系列问题：电价波动与 "负电价"问题；弃风弃光现象频发；系统惯量与频率质量承压；配电网承 载能力不足等。这些问题的共性根因有：时间错配；空间错配；同步机组退 出现象与系统惯量供给缺口；市场与规制配套不到位等。据 ENTSO-E 测算， 在欧盟层面，如果到 2030 年前额外配置约 56GW 储能，可将系统弃风弃光减 少约 30TWh/年，年度系统成本降低 80 亿欧元，每年减少约 1900 万吨二氧化 碳排放量。 分析师：郭强 电力系统的储能配套建设分为两 ...

海博思创 20251008 Q&A 海博思创公司在储能系统集成领域的核心竞争优势是什么？ 海博思创公司作为国内储能系统集成的龙头企业，其核心竞争优势主要体现在 以下几个方面：首先，公司在国内和海外市场均有显著布局，国内市场受益于 政策驱动和储能装机量的快速增长，预计 2025 年装机目标为 140~150 G 瓦 时，同比增长超过 30%。其次，海外市场尤其是欧洲和美国表现优异，公司 65%的业务集中在欧洲，10%在美国，其余 25%分布在澳大利亚及亚太新兴 市场。海外市场单价和盈利水平较高，为公司营收和利润提供强劲动力。此外， 公司逐季度上修出货指引，预计 2025 年全年出货目标为 30 G 瓦时，并且未 来几年内逐步提升至 70、100、120 G 瓦时。最后，公司具备完整的储能系统 集成生产能力，包括 PCS、EMS、BMS 等核心零部件生产，仅电芯需要外采， 这使得其产品竞争力进一步增强。 公司预计 2025 年国内出货量约 25GWh，海外约 5GWh，毛利率分别 为 16%和 30%，对应利润 9 亿元左右。2026 年预计利润 17 亿元左右， 2027-2028 年归母净利润预计在 25~3 ...

Core Viewpoint - Compressed air energy storage (CAES) is emerging as a significant large-scale physical energy storage technology, with rapid cost reductions and competitive advantages over electrochemical storage, marking a critical phase of technological breakthroughs and large-scale applications in the energy sector [1][4][10]. Group 1: Project Overview - The CAES project in Shandong Feicheng utilizes underground salt caverns for high-pressure air storage, with a total capacity of 900,000 cubic meters, allowing for the absorption of 770,000 kWh of electricity during low-demand periods [4][5]. - The project has a total investment of 3.64 billion yuan, with a design charging duration of 8 hours and a continuous full-power generation duration of 6 hours, expected to generate an average annual grid electricity of 1.188 billion kWh, sufficient for 600,000 households [4][5]. Group 2: Industry Development - The CAES industry is experiencing a surge in investment and construction, with multiple large-scale projects underway in Feicheng, making it a hub for CAES technology in China [7][8]. - The domestic CAES market is expected to see a significant increase in installed capacity, with projections of 42.37 million kW of new installations by 2024, contributing to a total exceeding 73.76 million kW [8]. Group 3: Economic Viability - The unit investment cost for CAES currently ranges from 6,000 to 7,000 yuan per kW, with expectations of further reductions due to increased domestic production of key equipment [10][11]. - The economic model for CAES includes capacity-based, energy-based, and ancillary service revenue streams, enhancing project profitability through participation in electricity markets [10][11]. Group 4: Policy Support - The development of the CAES sector is bolstered by supportive policies from various levels of government, including measures that allow CAES projects to participate in electricity spot markets and receive enhanced compensation for capacity [11]. - By 2027, it is anticipated that the unit investment intensity for CAES will decrease by over 15%, with investment payback periods potentially shortening to 8-10 years, making the sector more attractive for investors [11].

（原标题：废弃盐穴变身"超级充电宝"！这一产业，迎来投资热潮） 近年来，压缩空气储能作为极具发展潜力的大规模物理储能技术，逐渐成为能源领域的研究热点和投资 热点。目前，该行业正迎来技术突破与规模化应用的关键阶段。 "近两年，压缩空气储能成本下降得非常快，全寿命周期成本与电化学储能相比，已具有竞争优势。"中 国电建相关负责人表示。 日前，证券时报记者实探山东肥城盐穴压缩空气储能电站项目了解到，在政策端、应用端的多重助力 下，压缩空气储能的整体性能和经济性持续提升，行业正进入发展新阶段。 废弃矿洞再利用 在山东省肥城市边院镇，中国电建肥城2×300MW（一期）盐穴压缩空气储能电站项目正在紧锣密鼓地 建设中。 记者在现场看到，该项目占地221亩，项目周边被农田环绕。就在距离该厂区西北方向的地下1300米深 处，深藏着两个被改造为高压储气库的总容量90万立方米的地下盐穴，储气库与厂区通过埋在地下的输 气管线连接。 项目现场相关负责人向记者介绍："电网低谷时，电站从电网取电驱动压缩系统，把空气沿着管路压缩 到地下盐穴，每小时可以消纳77万度电，还可将压缩过程中所产生的大量热量存储起来。等到电网用电 高峰，再将地下盐穴中 ...

海辰储能的快速崛起始终伴随着技术争议。公司宣称在全球申请超4400件专利，但2024年研发费用率仅 4.1%，显著低于宁德时代（5.14%）、比亚迪（6.85%）等头部企业。更关键的是，其核心团队与宁德 时代存在深度交集——创始人吴祖钰及三名执行董事均曾任职宁德时代。 2025年9月25日，厦门海辰储能科技股份有限公司（以下简称"海辰储能"）向港交所递交的H股招股说 明书正式失效。这家成立仅六年、估值一度突破250亿元的储能行业独角兽，在冲刺港股上市的关键节 点遭遇挫折，其全球化战略布局面临不确定性。 招股书失效：6个月期限的"生死线" 根据港交所规定，企业递交的招股书有效期为6个月。海辰储能于2025年3月25日提交申请，但截至失效 日仍未完成证监会备案和港交所聆讯。市场分析指出，此次失效直接源于两大核心障碍：一是尚未解决 的技术专利纠纷，二是高增长背后的"隐忧"。 招股书显示，海辰储能2022-2024年营业收入从36.15亿元跃升至129.17亿元，年复合增长率达89%。然 而，其盈利质量却饱受质疑：2024年虽实现归母净利润2.59亿元，但政府补助高达4.14亿元。更严峻的 是，公司应收款项从2022 ...

Core Viewpoint - Long-duration energy storage, particularly all-vanadium flow batteries, is becoming essential for building resilient urban energy systems amid the acceleration of energy transition and the dual carbon goals [1][2][3] Group 1: Industry Context - The global energy transition is entering a critical phase, with renewable energy sources like wind and solar being integrated at large scales, leading to increased uncertainty and volatility in grid operations [2] - China's new energy storage capacity accounts for over 40% of the global total, but a significant long-duration storage gap remains, necessitating the deployment of up to 46 terawatt-hours of storage capacity by mid-century to achieve carbon neutrality [2][3] Group 2: Technology Advantages - All-vanadium flow batteries are recognized for their advantages, including over 20,000 cycles, a lifespan exceeding 20 years, inherent safety due to water-based electrolytes, and capacity that does not degrade [3][4] - In contrast, lithium-ion batteries, while dominant in short-duration applications, face limitations in long-duration storage due to a typical cycle life of around 2,000 cycles and significant performance degradation after 2-3 years [3] Group 3: Economic and Operational Benefits - A proposed "urban user-side all-vanadium flow battery + transmission network collaborative planning" approach can significantly reduce the need for new transmission lines, with total costs decreasing by 17% even when accounting for storage investments [3][4] - This approach can mitigate the risks of power outages caused by high renewable energy integration and reduce the costs associated with curtailing wind and solar energy by nearly 40% [3][4] Group 4: Future Outlook - The application of all-vanadium flow batteries is expected to transform urban energy systems from passive to active regulation, enhancing grid adaptability and reliability [4] - The integration of AI, big data, and digital twin technologies is anticipated to facilitate the intelligent management of energy systems, thereby providing resilience support for new power systems [7]

Core Viewpoint - Long-duration energy storage is becoming a critical component in the construction of new power systems, driven by the dual carbon goals and accelerated energy transition [1][4]. Group 1: Industry Context - The integration of high proportions of renewable energy into the grid has increased the demands for safety and flexibility in power systems [1]. - China's new energy storage installed capacity accounts for over 40% of the global total, but a significant gap remains in long-duration storage to meet carbon neutrality goals by mid-century [4]. - The current power grid faces challenges due to significant peak-valley differences, leading to resource waste and inefficient investments [4]. Group 2: Technology Insights - Vanadium redox flow batteries (VRFBs) are emerging as an ideal solution for urban energy storage due to their long lifespan, high safety, and capacity stability [3][4]. - VRFBs can achieve over 20,000 cycles and have a lifespan exceeding 20 years, making them suitable for long-duration energy storage [4]. - The integration of AI, big data, and digital twin technologies is expected to enhance the efficiency and reliability of VRFBs, transitioning them from "hardware storage" to "smart storage" [8]. Group 3: Economic Implications - A proposed collaborative planning scheme involving VRFBs and the transmission grid could reduce the need for new transmission lines, resulting in a total cost decrease of 17% even when accounting for storage investments [6]. - This approach can effectively mitigate the risks of power outages caused by high renewable energy integration and reduce the costs associated with curtailing wind and solar energy by nearly 40% [6]. Group 4: Future Outlook - The application of VRFBs is anticipated to shift urban energy systems from passive to active regulation, enhancing grid adaptability and resilience [6]. - The development of a "power bank" concept, capable of storing 5%-10% of annual electricity consumption, could significantly alleviate peak load pressures and reduce outage risks [8]. - The ongoing collaboration between companies and research institutions aims to create a more efficient, safe, and integrated charging and storage infrastructure in China [8].