欧洲市场：新能源带来负电价+电力危机，政府发力大储。 伴随欧洲负电价频发提升现货峰谷价差，多数国家储能项目收益率已提升至10%-15%，且西班牙大停电 后欧洲各国政府加大储能支持力度，2025年有望成为欧洲大储放量拐点。从欧洲需求体量看，中信证券 测算，2030年欧洲新增装机有望达到165GWh，对应2024-2030年复合增速40%，折算市场空间1700亿 元。拆分看，东欧储能项目短期有望快速爆发，西欧&南欧远期体量更大。 智通财经APP获悉，中信证券发布研究报，参考CNESA(中关村储能产业技术联盟)、Wood Mackenzie、 SolarPower Europe、集邦咨询、BNEF等数据，预测2025年全球储能新增装机约为290GWh，远期2030 年有望达到1.17TWh，增长潜力巨大。中信证券认为国产储能产业链具备明显优势，电芯、储能系统环 节全球份额持续提升，建议关注布局海外储能产业链的头部厂商，看好储能系统集成商、电芯供应商及 PCS供应商。 中信证券主要观点如下; 国内需求：政策支持，国内储能迎来市场化加速拐点。 "136 号文"要求新建新能源项目不得强制配储的同时大力推进电力市场化改革， ...

Group 1 - The storage chip market is experiencing a significant price increase, with SanDisk's recent price hike stimulating storage companies. Morgan Stanley has raised the target price for Jiangbolong from RMB 122 to RMB 325 under the base case scenario, and to RMB 435 under an optimistic scenario [1] - The new policy from the National Development and Reform Commission and the National Energy Administration on November 10 aims to promote renewable energy consumption and regulation, indicating a shift towards a more stable pricing mechanism for energy resources [1] - The evolution of policy from "capacity compensation" to "capacity pricing" suggests a clear direction towards establishing a long-term stable mechanism, ensuring effective transmission of market price signals to end users [1] Group 2 - A series of significant policies this year, particularly the "Document No. 136," has shifted energy storage development from mandatory storage to a more sustainable market-driven model, improving the profitability of storage projects through clear economic compensation mechanisms [2] - The continuous support from policies and institutional innovations indicates a spiral upward trend for renewable energy and storage, with confidence in the commitment from central and local governments to invest in energy storage [2] - As of November 11, 2025, the performance of key stocks in the sector shows positive growth, with Jiangbolong up 7.83%, and other major players like CATL and EVE Energy also experiencing gains [2]

中新网上海11月6日电 (谢梦圆)"中国储能技术与供应链体系，能够与海外市场形成良好依托，为全球储 能多元化储能技术路线从示范验证走向规模化、产业化提供助力。"近日，中关村储能产业技术联盟创 始人兼常务副理事长俞振华在第八届中国国际进口博览会期间接受中新网专访时表示，随着中国不断完 善电力市场，储能价值愈加明晰，国内外储能技术落地将更为精准。 电力系统是绿色转型的核心支撑与关键载体，其作用贯穿能源生产、传输、消费全链条。作为构建新型 电力系统的关键技术，目前，中国新型储能已进入规模化快速发展阶段，商业模式逐步完善。"十四 五"以来，中国新型储能直接带动项目投资超2000亿元，带动产业链上下游投资超万亿元。 "储能市场化发展已成必然，未来面对各区域市场不同需求，将促进更多商业模式创新发展。"俞振华 说。 据他介绍，中国储能行业未来5年将迈入全面商业化：届时产业将依托电力市场规则实现价值变现，储 能产品与技术由市场及应用场景引导，通过市场化路径持续迭代，共筑能源转型体系。 俞振华所预测的市场引导技术发展，在本届进博会上已现端倪。拜朗科技亚洲首秀的热能存储技术"Lab to Market"，正是这一趋势的注脚。 此 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the energy storage industry in China, focusing on the impact of policy changes and market dynamics on energy storage demand and profitability. Core Insights and Arguments 1. **Policy and Market Drivers**: The energy storage market is driven by both policy (Document 136) and market forces, with local incentives enhancing investment enthusiasm. For instance, Inner Mongolia and Hebei provide capacity compensation to stimulate investment [1][2][3]. 2. **Diverse Revenue Models**: Different provinces have adopted varied revenue models for energy storage, such as market price differentials in Shandong and auxiliary services in Gansu. This regional differentiation highlights the need for tailored strategies based on local conditions [1][4]. 3. **Shandong's Leading Role**: Shandong is positioned as a leader in independent energy storage development, with a complete system established over five years. The province's market-based revenue from a 100,000 kW storage station is projected to reach approximately 22.6 million yuan in 2025 [1][6]. 4. **Current Market Developments**: The national spot market is rapidly developing, with a goal for full coverage by the end of 2025. This shift will allow energy storage operations to reflect real demand based on spot price signals [1][7][8]. 5. **Capacity Pricing Policy**: The capacity pricing policy is expected to evolve into a unified national framework by the end of the year, incorporating various energy types and calculated based on support duration [1][9][11]. 6. **Investment Opportunities**: Regions with high demand and significant price differentials, such as Shandong and Henan, are attracting investor interest, while areas with lower price differentials, like Jiangsu and Sichuan, may not be suitable for investment [1][10][19]. 7. **Future of Energy Storage**: The energy storage sector is anticipated to grow significantly, driven by cost reductions and supportive policies. However, potential risks include market saturation and competitive pressures that could affect profitability [1][34]. Additional Important Insights 1. **Regional Characteristics**: The economic viability of energy storage projects varies significantly across provinces, influenced by local resource endowments and demand characteristics [1][10][20]. 2. **Wind Power Pricing**: Wind power prices fluctuate significantly, impacting investment decisions. Regions with higher price differentials are more favorable for investment [1][5]. 3. **Challenges in Integration**: Shandong faces challenges in integrating energy sources, networks, and storage due to its strong grid structure and population density [1][26]. 4. **Sustainability of Incentives**: Non-market-based incentives, such as Inner Mongolia's electricity compensation, may not be sustainable long-term, necessitating a shift towards market-driven mechanisms [1][18]. 5. **Future Market Dynamics**: The overall price differentials in the spot market are expected to remain stable or slightly increase by 2030, despite the growth in energy storage capacity [1][32]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future prospects of the energy storage industry in China.