Core Viewpoint - Energy storage is identified as one of the fastest-growing and most cost-effective sectors within the new energy industry, despite recent underperformance in the market [1] Industry Analysis - The market anticipates that the rapid release of projects in regions like the Middle East will not be sustainable, and a slowdown in global photovoltaic installation growth this year will also impact energy storage growth [1] - Energy storage has developed its own growth trajectory, which is expected to exceed market expectations as the duration of storage increases and independent storage gains prominence [1] - The competitive landscape in the Middle East is perceived as intense, with no excess profits expected; however, projects like the recent Saudi PCS project are expected to maintain excess profits in advantageous segments [1] Market Trends - The household storage segment is entering a low season, with demand expected to decline in the fourth quarter; however, recent increases in European electricity prices and a recovery in shipments from Asia, Africa, and Latin America are anticipated to support a rebound in the household storage segment post-holiday [1] Investment Recommendations - The global explosion of large-scale storage is expected, with PCS being the most beneficial segment [1] - Leading integrators are maintaining high competitiveness, frequently securing orders [1] - Household storage is expected to recover, with new products like industrial and commercial storage beginning to gain traction [1]

中信建投研报指出，储能是电新行业增速最快、投资性价比最高的板块之一，但近期市场表现一般。我 们认为预期差主要在于：量的方面，市场认为中东等地项目的快速释放无法持续，今年全球光伏装机增 速减缓亦将影响储能增速。而随着时长的增长，以及独立储能的崛起，储能已走出自己的增长曲线，仍 将超预期落地。利的方面，市场认为中东等地竞争激烈，不存在超额利润，而以近期沙特项目PCS为代 表，优势环节仍将具备超额利润。户储板块进入淡季，四季度需求有所下滑，但近期欧洲电价有所上 涨，亚非拉市场出货亦有所回复，看好节后户储板块基本面回暖。总之，从行业空间以及估值来看，储 能是电新行业投资价值最高的板块之一，值得重点关注。投资建议：1、大储全球爆发，PCS成为最受 益环节；2、头部集成商维持高竞争力，订单斩获频频；3、户储有望回暖，工商储等新产品起量。 ...