今日，储能电池ETF易方达(159566)标的指数大涨近3%，成份股申菱环境大涨17%，英维克、科士达涨 停，该标的指数年初至今上涨5.51%。 消息面上： ①国家级收益兜底政策发布后，储能再迎涨价，反映出需求高度景气。近日华电12GWh储能系统开 标，平均报价达到0.55元/Wh，较此前明显上涨，反映出当前供需偏紧的高景气状态！ ②美股液冷服务器龙头Vertiv（维谛技术）在2025财年第四季度财报超预期以及强劲的业绩指引驱动 下，隔夜股价大涨超24%，续创历史新高。 ③2月11日，科士达在投资者互动平台表示，公司与字节跳动、阿里巴巴、京东、快手、万国数据、世 纪互联等头部企业有着深度合作。 2026年刚开篇，储能行业就迎来了一场政策春风——国家发展改革委、国家能源局联合印发《关于完善 发电侧容量电价机制的通知》（以下简称"114号文"），于2月正式对外公布实施。 这是储能行业发展史上里程碑式的政策，文件首次在国家层面将新型储能纳入容量电价体系，为调节性 电源构建了清晰、稳定、可持续的收益框架，标志着储能从 "政策依赖型" 向 "价值驱动型" 转型，打破 了储能行业长期"看天吃饭"的困境。而其中按放电时长折 ...

Investment Rating - The report assigns an "Outperform" rating for the industry [2]. Core Insights - The establishment of a national pricing mechanism for energy storage capacity is expected to stabilize revenue for new energy storage systems, which is a positive development for the industry [2]. - The report highlights a significant increase in the average price of lithium battery storage systems, indicating a trend of rising costs in the energy storage sector [2]. - The report notes a decrease in production for both photovoltaic components and lithium batteries, suggesting a restructuring in supply dynamics within the industry [2][3]. Summary by Sections Production - Photovoltaic component production is projected to decrease by 13.58% month-on-month in December 2025, while lithium battery production is expected to decline by 10.5% month-on-month in February 2026 [2]. - The total production capacity for batteries in China is forecasted at 188 GWh for February 2026, with a global forecast of 195 GWh [2]. Pricing - As of February 4, 2026, the price of polysilicon remains stable at 54.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers has decreased by approximately 7.41% to 1.25 CNY/piece [2]. - The average price for lithium battery storage systems in December 2025 was 0.5882 CNY/Wh, reflecting a month-on-month increase of 2.82% [2]. Domestic Demand - In November 2025, the domestic installation of photovoltaic systems reached 22.02 GW, marking a month-on-month increase of 74.76% [2]. - The cumulative installed capacity for photovoltaic systems in China from January to November 2025 was 274.89 GW, showing a year-on-year growth of 33.25% [2]. Overseas Demand - The export value of photovoltaic components in December 2025 was approximately 2.314 billion USD, representing a year-on-year increase of 18.22% [2]. - The export value of inverters in December 2025 was 839 million USD, which is a year-on-year increase of 26.12% [2].

实行清单制管理、加速储能项目建设进度。项目具体清单由省级能源主管部门会同价格主管部门制定， 管理要求由国家能源局另行明确。我们预计对储能电站的申报、考核、建设周期等明显要求，一定程度 上推动一部分暂停项目的建设进度。 明确容量电价承担方、电费结算与市场参与。1）明确新型储能容量补偿费用，纳入当地系统运行费 用，成为电价构成部分，由终端用户承担。2）充放电：有现货市场的，充放电均按照现货实时价格； 无现货市场时，充电执行工商业用户购电价格，放电价格由省级确定。3）输配电费：充电时需缴纳输 配电费，放电时退减已缴纳费用。4）未来衔接"可靠容量补偿机制"，与煤电、气电等共用同一补偿机 制，实现公平竞争。 影响：后续多省将出台对应储能容量电价政策、需求爆发。1）参考甘肃标准，330元/kw*（1-厂用店率 1.74%）(配储时长/6h）*供需系数（25年为89.5%），对应4h配储的补贴标准193元/kw，若按照电芯价 格0.35元/wh（碳酸锂价格12万/吨），价差0.26元/wh，对应irr是8~9%，满足资金方收益率要求。2）我 们预计后续多省将出台相关补贴，25年新型储能并网183GWh，我们预计26年仍可实 ...

智通财经APP获悉，东吴证券发布研报称，国家层面首次明确电网独立新型储能容量电价机制，实行清 单制管理、加速储能项目建设进度。该行预计后续多省将出台相关补贴，25年新型储能并网183GWh， 该行预计26年仍可实现50%增长至275GWh。全国性储能容量电价出台+碳酸锂价格回调，储能需求恢 复，并看好中游材料，推荐隔膜、电解液、负极、正极、铝箔、铜箔等相关产业标的。 东吴证券主要观点如下： 国家层面首次明确电网独立新型储能容量电价机制、战略意义大 1)容量电价计算规则：以当地煤电容量电价标准为基础(165-330元/kw*年)，根据顶峰能力按一定比例折 算(折算比例为满功率连续放电时长除以全年最长净负荷高峰持续时长，最高不超过1)，并考虑电力市 场建设进展、电力系统需求等因素确定。 实行清单制管理、加速储能项目建设进度 项目具体清单由省级能源主管部门会同价格主管部门制定，管理要求由国家能源局另行明确。该行预计 对储能电站的申报、考核、建设周期等明显要求，一定程度上推动一部分暂停项目的建设进度。 明确容量电价承担方、电费结算与市场参与 1)明确新型储能容量补偿费用，纳入当地系统运行费用，成为电价构成部分，由终端 ...

证券研究报告·行业点评报告·电力设备 电力设备行业点评报告 全国性储能容量电价出台，独立储能盈利模 式重构 增持（维持） [Table_Tag] [Table_Summary] 政策内容 2026 年 02 月 02 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 ruanqy@dwzq.com.cn 行业走势 -10% -3% 4% 11% 18% 25% 32% 39% 46% 53% 60% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 电力设备 沪深300 相关研究 免责及评级说明部分 免责声明 东吴证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 本研究报告仅供东吴证券股份有限公司（以下简称"本公司"）的客户使用。本公司不 会因接收人收到本报告而视其为客户。在任何情况下，本报告中的信息或所表述的意见并不 构成对任何人的投资建议，本公司及作者不对任何人因使用本报告中的内容所导致的任何后 果负任何责任。任何形式 ...

国内储能容量电价新政-专家解读 20260131 摘要 国家发改委和能源局推动建立新型储能容量电价机制，114 号文完善容 量电价，明确全国性电网侧独立储能容量电价机制，利好源网侧独立储 能发展，并有效传导成本增加。 甘肃省已执行可靠容量补偿机制，100MW/400MWh 储能电站可获超 1,900 万元年度补偿，但 2025 年补偿约为 138 元/千瓦每年，价格随 调节容量供需关系调整，影响实际容量电价。 储能装机量与供需系数、新能源增速及火电竞争相关。内蒙古规划基于 每年净新增 50GW 以上新能源，对应新增 40GW 至 50GW 以上储能装 机，可作为全国参考。 风光项目配比因有效容量系数不同而异，光伏需更长时长的储能配备。 西部消纳困难地区及绿电直连项目功率配比逐步突破 25%，以满足消纳 和绿电需求。 甘肃储能项目备案量领跑全国，即使无容量电价补贴仍具经济性，因调 频市场规模扩大，已并网电站调频收益高，容量电价补贴弥补收益缺口， EPC 成本增加但收益率仍可观。 Q&A 国家能源局和发改委近日发布的关于完善储能容量电价机制的政策文件有哪些 主要内容？其对行业有何影响？ 该文件是在全行业的期盼下发 ...

1. Report Industry Investment Rating - The report gives a "Shock" rating for lithium carbonate [4] 2. Core Viewpoints of the Report - The high - level adjustment of the market and the implementation of the energy storage capacity price mechanism. The price of lithium carbonate is expected to be more likely to rise than fall due to demand support and mining end disturbances. It is advisable to take a bullish approach and look for opportunities to go long at low levels after the trading volume and volatility stabilize [1][2] - The introduction of the national - level policy on the grid - side independent new - type energy storage capacity price mechanism is favorable for the energy storage yield and installed capacity, and may increase the tolerance of energy storage for lithium carbonate prices. However, the rise in lithium carbonate prices may put pressure on the power end [2][14] 3. Summary by Directory 3.1.盘面高位调整，储能容量电价机制落地 - This week (1/23 - 1/30), lithium salt prices dropped significantly. The closing price of LC2605 decreased by 18.4% to 148,200 yuan/ton. The spot average prices of SMM battery - grade and industrial - grade lithium carbonate decreased by 6.1% and 6.3% to 160,500 and 157,000 yuan/ton respectively. The price of lithium hydroxide also fluctuated accordingly [11] - On the supply side, Sigma Lithium's mining restart is on schedule, expected to be completed in January 2026. From late January to February, some lithium salt plants have annual maintenance plans. SMM predicts that the lithium carbonate output in February will be 81,930 tons, a 16% month - on - month decrease [1][12] - On the demand side, the downstream cell production schedule in February decreased month - on - month. In February, the lithium battery production schedule was 172GWh, a 12% month - on - month decrease. Among them, lithium iron phosphate was 139GWh, a 10% month - on - month decrease; ternary was 26.5GWh, a 15% month - on - month decrease; power was 105GWh, a 12% month - on - month decrease; energy storage was 57GWh, a 9% month - on - month decrease [1][12] - This week, the total inventory of the SMM lithium carbonate sample decreased by 1,414 tons month - on - month. It is expected that lithium carbonate will continue to reduce inventory in February. Currently, the upstream inventory is only 5 days, the mid - stream inventory has decreased to 12.7 days, and the downstream inventory has increased to 10.8 days [1][12] - After the sharp drop in the market on Friday, there were many limit - down orders. The pre - holiday stockpiling demand was largely released, and it is expected that the pre - holiday stockpiling demand will moderately weaken [1][12] - On January 30, the National Development and Reform Commission and the Energy Bureau issued a notice to establish a grid - side independent new - type energy storage capacity price mechanism, which will be promoted nationwide. It is estimated that a capacity price of 165 yuan/kilowatt can increase the energy storage IRR by 4 - 5pct, and energy storage demand may be more optimistic [2][13][14] 3.2.周内行业要闻回顾 - The lithium carbonate futures and options of the Guangzhou Futures Exchange will introduce overseas traders, which helps the industry chain enterprises manage risks and promotes the pricing model to shift to the "Chinese price" [16] - India plans to introduce incentives to encourage enterprises to build lithium - nickel processing plants [17] - The rise in lithium prices has brought potential opportunities for Develop's Pioneer Dome project, and the company is evaluating various development plans [17] 3.3.产业链重点高频数据监测 3.3.1.资源端：锂精矿价格随盘面波动 - Lithium concentrate prices fluctuate with the market [19] 3.3.2.锂盐：盘面高位回落，基差波动较大 - The lithium salt market has fallen from a high level, and the basis has fluctuated greatly [22] 3.3.3.下游中间品：成本驱动下游价格上涨 - The prices of downstream intermediate products are rising driven by costs [47] 3.3.4.终端：关注产业链负反馈情况 - Attention should be paid to the negative feedback of the industrial chain at the terminal [58]

Investment Rating - The investment rating for the industry is "Strongly Recommended" for key companies such as Ningde Times, Yiwei Lithium Energy, and Sungrow Power Supply [1]. Core Insights - The recent release of the national capacity price policy for energy storage marks a significant step towards high-quality development in the energy storage sector. This policy establishes a capacity price mechanism for independent energy storage stations that support the safe operation of the power system [6][7]. - The capacity price will be based on local coal power capacity price standards and adjusted according to peak capacity, which is essential for ensuring stable power supply and promoting investment in energy storage [10][11]. - The demand for long-duration energy storage is expected to increase significantly, with independent energy storage becoming a major contributor to new installations [9][16]. Industry Overview - The industry comprises 308 listed companies with a total market capitalization of 7,610.8 billion [2]. - The energy storage sector is experiencing rapid growth, with cumulative installed capacity expected to reach 136 GW/351 GWh by 2025, reflecting an 80% year-on-year increase in new installations [9][10]. Key Companies and Financial Metrics - **Ningde Times (300750.SZ)**: Market Cap: 1611.1 billion, 2024 EPS: 11.5, 2025 EPS: 14.9, 2025 PE: 23, PB: 5, Investment Rating: Strongly Recommended [1]. - **Yiwei Lithium Energy (300014.SZ)**: Market Cap: 132.3 billion, 2024 EPS: 2.0, 2025 EPS: 2.2, 2025 PE: 28, PB: 3, Investment Rating: Strongly Recommended [1]. - **Sungrow Power Supply (300274.SZ)**: Market Cap: 313.1 billion, 2024 EPS: 5.3, 2025 EPS: 5.9, 2025 PE: 26, PB: 7, Investment Rating: Strongly Recommended [1]. - **Huaibei Technology (688411.SH)**: Market Cap: 43.0 billion, 2024 EPS: 4.9, 2025 EPS: 5.5, 2025 PE: 43, PB: 10, Investment Rating: Not Rated [1]. - **Shenghong Co., Ltd. (300693.SZ)**: Market Cap: 11.9 billion, 2024 EPS: 1.4, 2025 EPS: 1.5, 2025 PE: 25, PB: 6, Investment Rating: Strongly Recommended [1]. - **Kehua Data (002335.SZ)**: Market Cap: 32.2 billion, 2024 EPS: 0.7, 2025 EPS: 1.2, 2025 PE: 53, PB: 5, Investment Rating: Strongly Recommended [1]. Market Performance - The absolute performance of the energy equipment and new energy sector has shown significant growth, with a 12-month increase of 59.4% [4].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report emphasizes the acceleration of provincial planning for energy storage and the importance of establishing capacity compensation mechanisms in various provinces [2][12] - It highlights the expected increase in energy storage capacity in Hubei and Heilongjiang provinces, with Hubei aiming for 8 million kW by 2027 and 17 million kW by 2030, while Heilongjiang targets 6 million kW by 2027 [10][11] - The report notes the maturation of conditions for peak-valley price difference benefits, with Hubei's electricity spot market starting in June 2025 and Heilongjiang's trial run beginning in August 2025 [12] Summary by Sections Energy Storage: Provincial Planning Accelerates - Hubei and Heilongjiang provinces have issued plans for energy storage development, with specific targets for installed capacity and mechanisms for capacity compensation [10][11] - Hubei's plan includes reaching 800,000 kW of new energy storage by 2027 and 1.7 million kW by 2030, while Heilongjiang aims for 600,000 kW by 2027 [10][11] - The establishment of a capacity compensation mechanism is highlighted as crucial for enhancing project profitability and financing capabilities [12] Power Equipment: New Pricing Mechanisms - The National Development and Reform Commission has released new pricing methods for power transmission and distribution, which are expected to benefit ultra-high voltage and green electricity direct connection projects [5][14] - The new pricing allows for a single capacity pricing model for enterprises with high load rates, potentially reducing electricity costs [14] - The report suggests that the new pricing mechanisms will promote the consumption of clean energy and support the development of related projects [15][16]

Group 1 - The core viewpoint of the news highlights the positive performance of the new energy sector, particularly in the context of the upcoming World Energy Storage Conference and recent policy changes that favor the storage industry [2][3] - The Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index (000692) shows mixed performance among its constituent stocks, with notable gains from companies like High Measurement Co., Ltd. (688556) and Jia Yuan Technology (688388) [1] - The recent inflow of funds into the Sci-Tech Innovation New Energy ETF (588830) indicates strong investor interest, with a total net inflow of 39.89 million yuan over three days [1] Group 2 - The World Energy Storage Conference is set to take place on September 17, 2025, in Ningde, Fujian, where significant industry developments are expected to be announced [2] - The National Development and Reform Commission's issuance of Document No. 136 signals a new development model for the energy storage industry, enhancing the profitability of storage projects [2] - The document's removal of mandatory storage requirements shifts the industry focus from cost competition to value creation, potentially optimizing the competitive landscape for leading firms in the energy storage supply chain [2]