欧洲能源涨价驱动储能需求上升—— 12W2026 周报 家用电器 投资评级:看好(维持) 最近 12 月市场表现 -12% -6% 1% 8% 15% 22% 家用电器 沪深300 分析师 孙谦 SAC 证书编号：S0160525060001 sunqian@ctsec.com 分析师 于雪娇 SAC 证书编号：S0160525080005 yuxj@ctsec.com 相关报告 1. 《重视红利与全球化》 2026-03-24 2. 《AWE2026：AI 应用深化，家电产品结 构升级——11W2026 周报》 2026-03- 15 3. 《一文读懂卧安机器人：10W2026 周报》 2026-03-09 证券研究报告 行业投资策略周报 / 2026.03.25 核心观点 核心观点 请阅读最后一页的重要声明！ ❖ 周度研究聚焦：欧洲能源涨价驱动储能需求上升 ❖ 需求端：电价压力重现，家用储能经济性提升。受中东局势影响，欧洲天然气 价格大幅上涨，荷兰 TTF 期货自 2 月底以来上涨近 75%，推升发电成本。 电力市场边际定价机制下，终端电价中枢上移，同时峰谷价差显著扩大，以西 班牙为例，峰谷价差扩大约 2 ...

Core Insights - The 2026 CES focuses on how technology can support the increasingly intelligent, electrified, and decentralized energy landscape, moving beyond just showcasing AI models and consumer hardware [1] - The company, Huabao New Energy, is celebrating its tenth anniversary in the consumer-grade energy storage sector and is showcasing three new products that highlight its technological innovations and future vision for home energy self-sufficiency [1][2] Industry Trends - AI technology is reshaping the energy storage industry from both supply and demand sides, creating unprecedented electricity demands from AI-driven consumer electronics and smart devices [1][11] - The company predicts a fundamental transformation in global household energy usage over the next 10-20 years, shifting from centralized, passive, high-carbon models to distributed, automated, and intelligent green energy solutions [2] Product Innovations - At CES 2026, Huabao New Energy introduced three new products: Jackery Explorer 1500 Ultra, Solar Storage Mars Robot, and Jackery Solar Gazebo, each designed to meet diverse household energy needs [4][8] - The Jackery Explorer 1500 Ultra features a 1536 Wh lithium iron phosphate battery, with a rated output of 1800 watts and a peak power of 3600 watts, suitable for extreme outdoor conditions and emergency power needs [6] - The Solar Storage Mars Robot integrates photovoltaic generation, storage, and application into a complete energy loop, featuring an autonomous tracking system to enhance power generation efficiency [7][16] - The Jackery Solar Gazebo can generate 10-15 kWh per day, providing both shading and energy supply, and is positioned as a cost-effective alternative to traditional rooftop energy systems [8][9] Market Potential - The global market for shading systems is projected to grow from $9.59 billion in 2024 to $15.96 billion by 2032, with a compound annual growth rate of approximately 6.6% [8] - North America and Europe are key markets for Huabao New Energy, with these regions accounting for over 60% of the company's revenue in the first half of 2025 [9] AI Integration - The integration of AI technology into the energy storage sector is expected to create a synergistic effect, enhancing both the demand for electricity and the supply capabilities of energy storage products [11][13] - AI's role in optimizing energy management and enhancing the efficiency of photovoltaic systems aligns with the company's strategic focus on consumer-grade energy storage solutions [15][16] - The company is committed to increasing R&D investments in AI and energy storage technology to elevate product intelligence and efficiency [16][17]