Investment Rating - The report rates the energy storage industry as "Outperform the Market" [1][4][5] Core Insights - The energy storage industry is experiencing rapid growth, with significant demand in emerging markets expected to drive future opportunities [2][3][4] - The domestic market in China is seeing a surge in energy storage system and battery shipments, with 110 GWh of systems and 265 GWh of batteries shipped in the first half of 2025, marking year-on-year increases of 101% and 128% respectively [1][3][56][57] - The U.S. market is also showing growth due to the "Inflation Reduction Act," which is expected to boost energy storage demand in the short term [1][27][29] - Emerging markets, particularly in the Middle East, Southeast Asia, and Africa, are anticipated to become significant export destinations for Chinese energy storage companies due to power shortages and supportive government policies [2][4][54] Summary by Sections Domestic Market Performance - In the first half of 2025, China achieved energy storage tenders of 126.3 GWh and winning bids of 189.8 GWh, reflecting year-on-year increases of 101% and 182% respectively [1][44] - The domestic energy storage system shipment reached 110 GWh, nearing the total for 2024, with expectations of over 200 GWh for the full year [56] - The domestic energy storage battery shipments were 265 GWh, with projections of over 500 GWh for the year, indicating a growth rate of nearly 50% [57] International Market Trends - The U.S. energy storage market is projected to grow, with a 30% year-on-year increase in installed capacity in the first half of 2025 [1][27] - In Europe, energy storage demand is also rising, with Germany showing a 130% increase in front-of-the-meter storage installations in the first half of 2025 [1][36] - Emerging markets are expected to see explosive growth in energy storage installations, with projections of 37 GWh in 2025, a year-on-year increase of 256% [2][51] Investment Recommendations - The report suggests focusing on leading companies in the energy storage supply chain, including Yangguang Electric, Ningde Times, and Yiwei Lithium Energy, as they are well-positioned to benefit from the growing demand in both domestic and international markets [4][5][113]

2025年上半年储能行业需求保持高速增长 2025上半年由于国内市场"抢装"及美国市场抢运，国内储能系统、储能电池出货均实现高速增长，根据 GGII数据，国内储能系统出货量达到110GWh，接近于2024全年，出口大增，储能电池方面2025上半年 出货量265GWh，同比+128%。 分地区储能需求情况来看，1)国内方面，储能需求延续高速增长。国内2025年上半年实现储能招标 126.3GWh，同比+101%，中标189.8GWh，同比+182%；2)美国方面，表前储能平稳增长。根据美国能 源署(EIA)数据，2025上半年表前储能实现装机5.65GW，同比增长30%，"大而美"法案通过，美国地区 储能短期需求有望走强；3)欧洲方面，表前储能需求持续高增。以德国储能装机数据为例，2025年上半 年德国储能新增装机共2.6GWh，同比-10.8%，其中表前储能新增装机0.58GWh，同比+130%。 智通财经APP获悉，国信证券发布研报称，2025上半年由于国内市场"抢装"及美国市场抢运，国内储能 系统、储能电池出货均实现高速增长，根据GGII数据，国内储能系统出货量达到110GWh，接近于2024 全年，出口 ...

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [2][3]. Core Insights - The UK government has restarted subsidies for new energy vehicles and is supporting the construction of charging infrastructure, with a total investment plan of £63 million (approximately 600 million RMB) announced on July 13 [4]. - The GGII data indicates that in the first half of 2025, China's energy storage system and battery shipments are expected to continue to achieve high year-on-year growth, with emerging markets likely becoming significant export destinations for the energy storage industry [2][5]. Summary by Sections New Energy Vehicles - In the first half of 2025, cumulative sales of new energy vehicles in the UK reached 332,000 units, a year-on-year increase of 33%. The cumulative sales in nine European countries reached 1.3544 million units, up 26% year-on-year [4]. - The UK government announced a subsidy policy worth £650 million (approximately 6.2 billion RMB) to support the purchase of vehicles priced below £37,000 (approximately 355,000 RMB), effective from July 16, 2025, until the 2028-2029 fiscal year [4]. Energy Storage - According to GGII data, the shipment volume of energy storage systems is expected to reach 110 GWh in the first half of 2025, nearly matching the total for the entire year of 2024, with a year-on-year increase expected [5][7]. - The shipment volume of energy storage batteries in the first half of 2025 is projected to be 265 GWh, a year-on-year increase of 128%, with an expected total shipment of over 500 GWh for the entire year, reflecting a growth rate of nearly 50% [7][11]. Market Opportunities - Emerging markets are anticipated to become important export destinations for Chinese energy storage companies, with significant growth in energy storage installations expected in regions such as the Middle East, Southeast Asia, and Latin America [15][16]. - GGII forecasts that energy storage installations in Australia will reach 7 GWh in 2025, a year-on-year increase of 192%, while combined installations in the Middle East, Southeast Asia, South Asia, Latin America, and Africa are expected to reach 37 GWh, a year-on-year increase of 256% [16]. Investment Recommendations - Recommended companies in the battery segment include CATL and Yiwei Lithium Energy; in the materials and equipment segment, recommended companies include Keda Li, Zhongwei Co., Rongbai Technology, and Dangsheng Technology; in the charging pile segment, Shenghong Co. is recommended [3].