Core Insights - The user-side energy storage market shows a year-on-year increase in newly installed capacity, with a notable growth in the number and scale of registered projects compared to the same period last year [2][9][10] - High energy-consuming industries such as metallurgy, chemicals, and textiles account for over 70% of the installed capacity, indicating a strong demand for carbon reduction and supply assurance [5][10] - The peak-valley price difference in certain regions of Guangdong remains above 1 yuan/kWh, providing significant arbitrage opportunities for energy storage [12][16] User-side Energy Storage Data - In September, the newly installed user-side energy storage capacity reached 243.56 MW and 488.22 MWh, representing a year-on-year increase of 38% and 18%, respectively, but a month-on-month decrease of 41% and 46% [4][17] - The commercial application dominates the user-side energy storage market, accounting for over 95% of the installations, with high energy-consuming enterprises driving the demand [5][8] Regional Distribution - The newly installed projects are primarily concentrated in Jiangsu, Zhejiang, and Guangdong, with Jiangsu having the largest installed capacity, accounting for nearly half of the national total [8][10] - Zhejiang leads in the number of newly registered projects, while Guangdong shows significant growth in both project scale and number [9][10] Price and Investment Returns - The peak-valley price difference in 15 provinces exceeds 0.7 yuan/kWh, with seven provinces surpassing 1 yuan, particularly in Guangdong, which has a high potential for price arbitrage [12][16] - Frequent adjustments to time-of-use electricity pricing policies introduce uncertainty regarding investment returns for user-side energy storage projects [3][16] Overall Market Trends - The total newly installed capacity for new energy storage projects in September reached 3.08 GW and 9.08 GWh, with year-on-year increases of 166% and 200%, respectively [17] - The third quarter saw a total of 9.16 GW and 25.52 GWh of newly installed capacity, indicating a robust growth trajectory for the year [17]

Summary of Key Points Core Viewpoint - The article provides an analysis of the new energy storage market in China, focusing on the user-side market for August 2025, highlighting significant growth in installed capacity and the dominance of commercial applications in this sector [2][5]. Group 1: Overall Market Analysis - In August 2025, the total newly commissioned energy storage projects in China reached 2.90 GW and 7.97 GWh, representing a year-on-year increase of 30% and 43%, respectively, but a month-on-month decrease of 11% and 10% [2][4]. - The user-side energy storage market saw a significant increase in installed capacity, with 408.3 MW and 894.3 MWh added, marking a year-on-year growth of 124% and 137%, and a month-on-month increase of 66% and 73% [5][6]. Group 2: User-Side Market Characteristics - The user-side storage market is predominantly driven by commercial applications, accounting for over 90% of the new installations. The commercial sector added 376.63 MW and 828.85 MWh, with year-on-year growth of 115% and 131% [6][9]. - All newly commissioned projects utilized electrochemical storage technology, with lithium iron phosphate battery technology comprising 98.7% of the installed capacity. Additionally, two vanadium redox flow battery projects and one solid lead battery project were completed, with an average storage duration of 4.19 hours [6][9]. Group 3: Regional Distribution - The newly commissioned projects were primarily concentrated in Guangdong, Sichuan, Jiangsu, Anhui, and Zhejiang, with Guangdong accounting for 35% of the total installed capacity. Jiangsu had the highest number of projects, making up over 20% of the national total [9][10]. - In Guangdong, financial incentives were provided for new energy storage projects, including a maximum subsidy of 1 million yuan for virtual power plant connections [9][10]. Group 4: Price Differential and Market Dynamics - The price differential between peak and valley electricity rates exceeded 0.7 yuan/kWh in 21 provinces, with some areas in Guangdong surpassing 1 yuan/kWh. This creates a high potential for "price arbitrage" in user-side storage, making it a key area for investment [10][13]. - However, the current user-side storage projects primarily adopt a contract energy management model, which complicates profit-sharing with industrial users, leading to challenges in charging for electricity savings [10][13].

Group 1: Report Industry Investment Rating - No industry investment rating information provided Group 2: Report's Core View - The prices of ferrosilicon and silicomanganese are expected to be in a weak oscillation state, with the overall trend following the weak performance of the black - series commodities [1] - The spread between the prices of the two types of silicon is expected to widen in the short - term, and one can try to conduct long - spread arbitrage. For silicomanganese on a single - side basis, one can try to go short at high prices and set stop - losses [1] Group 3: Summary by Relevant Catalogs Market Quotes - Yesterday, the main contract of silicomanganese SM2509 closed at 5758, up 2.86% compared to the opening price; the main contract of ferrosilicon SF2506 closed at 5472, up 0.77% compared to the opening price [1] Important Information - In late April 2025, key steel enterprises produced 22.02 million tons of crude steel, with an average daily output of 2.202 million tons, a 1.2% decrease in daily output compared to the previous period; the steel inventory was 15.29 million tons, a decrease of 1.42 million tons (8.5%) compared to the previous ten - day period [1] - This week, the supply of five major steel products was 8741700 tons, a decrease of 95200 tons (1.1%) compared to the previous week; the total inventory was 14.7607 million tons, an increase of 289700 tons (2.0%); the weekly apparent consumption of the five major products was 8463700 tons, a decrease of 12.7% compared to the previous week [1] - South 32 announced the manganese ore quotation for China in June 2025. The price of South African semi - carbonate manganese ore is $3.8 per ton - degree, a decrease of $0.25 per ton - degree compared to the May price [1] Market Logic - Yesterday, the daily trading position of silicomanganese decreased by 25000 lots to 413000 lots, and the warehouse receipts decreased by 2992 to 120174. Although the spot pressure has eased, the absolute value of inventory is still high, limiting the upside space. There is a co - existence of short - position profit - taking and long - position profit - taking [1] - Fundamentally, large southern silicomanganese plants are in a state of shutdown for maintenance, but the cost of the manganese ore end is constantly declining, so the silicomanganese market is still regarded as weak. For ferrosilicon, the settlement electricity price in Ningxia decreased in April, but there is an expectation of an increase in May, and the power cost support is relatively stable. Although the number of production enterprises in the supply side for shutdown and maintenance is increasing, the pattern of loose supply and demand is difficult to change [1] Trading Strategy - Try long - spread arbitrage as the spread between the two types of silicon prices is expected to widen in the short - term. For single - side silicomanganese trading, try to go short at high prices and set stop - losses [1]