电力设备及新能源 2025 年 11 月 24 日 行业周报 漂浮式海风企业扩产能，欧洲大储将推行强制构网 强于大市（维持） 行情走势图 -30% -20% -10% 0% 10% 20% 30% 40% 50% 2024-11-21 2025-04-21 2025-09-21 沪深300指数 电力设备及新能源 证券分析师 | 李梦强 | 投资咨询资格编号 | | --- | --- | | | S1060525090001 | | | LIMENGQIANG340@pingan.com.cn | | 皮秀 | 投资咨询资格编号 | | | S1060517070004 | | | PIXIU809@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | | | S1060524070005 | | | ZHANGZHIYAO757@pingan.com.cn | 平安观点： 本周（2025.11.17-2025.11.21）新能源细分板 块行情回顾。风电指数 （866044.WI）下跌 6.88%，跑输沪深 300 指数 3.11 个百分点。截至本 周，风电板块 PE_TTM 估值约 24.1 ...

Core Viewpoint - The energy storage sector is experiencing significant market divergence, with a recent net outflow of nearly 7 billion yuan, indicating short-term profit-taking by some investors. However, the underlying logic supporting energy storage remains strong and is expected to continue in the long term [1][2][3]. Market Dynamics - The current divergence in the energy storage market is primarily due to the balance between short-term trading congestion and the long-term high growth potential. Recent data shows a net outflow of 6.725 billion yuan from the energy storage sector and 5.049 billion yuan from the lithium battery sector on November 19 [2]. - The energy storage sector's congestion is nearing historical highs, suggesting that any market fluctuations could lead to increased volatility [1][2]. Long-term Growth Drivers - Global energy storage demand is projected to remain high, with significant growth rates expected in various regions by 2026: Europe (40%), the US (45%), and the Middle East (100%). The overall global growth rate for large-scale energy storage is anticipated to reach 54% [3]. - In China, the transition towards renewable energy has surpassed traditional coal power generation, leading to increased pressure on energy consumption. This shift indicates a transformation in the power system, where energy storage is becoming a crucial component [3]. Technological Advancements - The development of grid-friendly energy storage technologies is essential for enhancing grid stability and increasing the penetration of renewable energy sources. Configuring a certain proportion of grid-friendly storage systems can improve renewable energy penetration rates by 15% to 20% [4]. - The investment value of Power Conversion Systems (PCS) is highlighted, as they play a critical role in connecting energy storage batteries to the grid and ensuring stable energy management [4]. Investment Opportunities - Companies leading in the PCS market are expected to maintain a dominant position due to their brand and distribution advantages. Notable companies include Sungrow Power Supply, Kehua Data, and Sungrow Electric [4]. - Firms that are well-positioned in the domestic large-scale storage market and can capitalize on independent storage growth opportunities are also highlighted, such as Haibosichuang [4]. - Companies with strong global competitiveness in large-scale storage, particularly those expanding into emerging markets like Europe and the Middle East, are recommended for investment consideration [4].

Core Viewpoint - Envision Technology Group has launched the world's largest AI power system, the Galileo AI Energy Storage System, which provides a "stable foundation" for high-proportion renewable energy power systems through the collaboration of grid and trading intelligent agents [3][5]. Group 1: Technological Breakthroughs - The Galileo AI Energy Storage System integrates grid and trading intelligent agents, supported by the "Envision Tianji" meteorological model and "Envision Tianshu" energy model, enabling millisecond-level responses to maintain stability in independent "renewable energy oases" [5][6]. - The technology, termed "physical artificial intelligence," merges physical laws with data intelligence, aiming to reconstruct future energy systems [5][9]. Group 2: Industry Transformation - The transition from "supporting the grid" to "building the grid" is a significant leap for grid-type energy storage, which is crucial for addressing stability issues and unlocking new spaces for large-scale renewable energy development [6][11]. - The integration of "wind, solar, and hydrogen" in the largest green hydrogen project in Chifeng exemplifies the value of grid-type energy storage, creating a new industrial paradigm [6][11]. Group 3: AI and Economic Impact - The core of the Galileo AI Energy Storage lies in the collaboration between the grid intelligent agent, which provides stability support, and the trading intelligent agent, which facilitates automated electricity trading [7][9]. - Future energy companies will shift their core competitiveness from installed capacity to the depth of "artificial intelligence assets," emphasizing the intelligence of large models and computational power [9]. Group 4: Global Adoption and Future Outlook - Grid-type energy storage technology is rapidly being implemented globally, from Inner Mongolia in China to international markets like Spain and Italy, promoting the large-scale replication of the "wind-solar-hydrogen" integrated model [10][11]. - As the demand for direct green electricity continues to grow, grid-type energy storage will play a critical role in various industrial scenarios, transitioning the energy system from a "guarantee type" to a "value type" [11].

Core Viewpoint - The successful "black start" test of the gas turbine units at Huadian Qingdao Company marks a significant advancement in the integration of energy storage technology with gas turbine systems, enhancing the reliability and stability of the regional power grid [2][4]. Group 1: Project Overview - On November 4, Huadian Qingdao Company completed the "black start" functionality test for two 9F gas turbine units using a semi-solid battery energy storage system with a capacity of 15.6 MW and 31.3 MWh [2]. - The project simulates a large-scale power outage, allowing the gas turbine units to utilize the energy storage system to supply auxiliary power, ensuring stability in voltage and frequency during startup [2][4]. Group 2: Future Developments - Following the completion of the electric boiler project, the two gas-steam combined cycle units will serve as "fire sources" for initiating four additional 300 MW subcritical coal-fired units, establishing Qingdao Power Plant as a black start power base with a total installed capacity of 2281.08 MW [4]. - The project is crucial for enhancing the resilience of the power grid, especially in light of increasing risks of large-scale power outages due to environmental factors and structural vulnerabilities in the power system [4]. Group 3: Industry Context - The project aligns with national and provincial initiatives aimed at strengthening local power grid construction and enhancing the safety and reliability of electricity supply [4]. - The integration of new energy storage technologies is emphasized in the recent guidelines issued by the National Energy Administration and the Shandong Provincial Energy Bureau [4].

Core Insights - The energy storage system bidding scale in October reached 3.2GW/12.6GWh, showing a year-on-year increase of 56.6% in power and 116.8% in energy, but a month-on-month decrease of 39.6% in power and 37.9% in energy [2][4] - The EPC (including PC) bidding scale was 6.0GW/15.1GWh, with a year-on-year increase of 58.4% in power and 43.5% in energy, but a month-on-month decrease of 32.3% in power and 35.5% in energy [2][4] - The decline in bidding scale is attributed to the seasonal adjustment in the bidding market as project construction progresses towards the end of the year [4] Bidding Scale - The energy storage system bidding scale in October continued its downward trend, with a significant year-on-year increase but a month-on-month decline [3] - The total number of bidding segments tracked was 157, which is a decrease of 4.8% year-on-year and 31.4% month-on-month [2] Regional Distribution - Ningxia led the national EPC bidding scale in October with 3.46GWh, primarily due to multiple projects in the Zhongwei area [7] - Xinjiang ranked among the top three in national EPC bidding scale for six consecutive months, with a focus on grid-structured projects [8] - Henan's EPC bidding scale reached 1.8GWh, with over 50% from user-side projects [8] Bidding Prices - The average bidding price for 2-hour energy storage systems was 576.7 yuan/kWh, showing a slight year-on-year decrease of 0.3% and a month-on-month decrease of 2.3% [12] - The average bidding price for 4-hour energy storage systems increased by 45.9% month-on-month, primarily due to several grid-structured projects [12] - The average bidding price for EPC projects was 1061.9 yuan/kWh for 2-hour systems, reflecting a year-on-year increase of 13.3% but a month-on-month decrease of 2.5% [15]

Core Insights - Trina Storage has secured a significant overseas GWh-level energy storage contract, collaborating with Atlas Renewable Energy to develop a 233MW/1003MWh grid-forming energy storage project in Chile [2][5] - The project aims to provide clean energy for Chile's mining sector and enhance the resilience of the national grid [2] Group 1: Project Details - The 233MW/1003MWh storage project utilizes advanced grid-forming control strategies, enabling the storage system to establish voltage and frequency autonomously without external grid support [5] - This system enhances grid disturbance resistance, suppresses wide-frequency oscillations, and maintains stable operation of critical loads during grid failures or outages [5] Group 2: Industry Context - The acceleration of renewable energy integration in Latin America has led to challenges such as decreased system inertia and deteriorating voltage frequency stability, making traditional grid-following storage insufficient for weak grid or high-variability scenarios [4][5] - The collaboration with Atlas Renewable Energy follows their recent $475 million financing, which will be used to construct this large-scale photovoltaic and storage complex [2]

Core Viewpoint - The successful integration of the "Wind-Solar-Storage" green low-carbon energy supply project at Jiangjing Special Steel Company marks a significant step towards achieving China's dual carbon goals, showcasing a strong collaboration between CITIC Pacific Energy and CRRC Zhuzhou Institute [3][5][7]. Group 1: Project Overview - The project features a 120MW/240MWh grid-connected high-voltage direct storage system, which is the first near-zero carbon steelmaking demonstration factory in China [3][5]. - It is expected to provide 0.75 billion kWh of green electricity annually, reducing carbon emissions by 62,400 tons [7][8]. Group 2: Technical Highlights - The high-voltage direct storage system developed by CRRC Zhuzhou Institute achieves an efficiency of over 92%, which is a 6% improvement compared to conventional low-voltage storage systems [10]. - The system can respond within 20ms to stabilize voltage and frequency during high-load operations, ensuring continuous production [11][12]. Group 3: Economic Benefits - The project is projected to generate an additional revenue of approximately 48 million yuan over its lifecycle due to reduced construction and equipment investment [10]. - The integration of the storage system is expected to enhance green electricity consumption by 168 million kWh annually, providing both visible and hidden economic benefits [15]. Group 4: Future Prospects - CRRC Zhuzhou Institute aims to replicate the successful model of Jiangjing Special Steel in more industrial parks, enhancing the capabilities of "park autonomy + multi-energy collaboration + carbon accounting" [16]. - The company plans to deepen the innovation and application of grid-connected storage technology to contribute to energy structure transformation and industrial decarbonization [18].

Core Insights - The SNEC 11th International Energy Storage and Battery Technology Exhibition is a significant event aimed at reshaping the energy industry, featuring cutting-edge storage technologies and industry leaders [1][2] - The exhibition attracted over 500 leading companies and more than 150,000 professional visitors, emphasizing the growing importance of energy storage in the new energy landscape [2] Group 1: Event Overview - The exhibition theme focuses on building a new energy storage industry chain to empower the next generation of power systems and smart grids [2] - The event includes vertical theme conferences on energy storage and hydrogen energy, along with multiple specialized forums, showcasing a collaborative effort from government, academia, and industry [2][4] Group 2: Industry Trends - As of June this year, China's new energy storage installations exceeded 95 million kilowatts, accounting for over 40% of the global market, indicating a strong position in the industry [3] - The system costs for energy storage have been decreasing, projected to drop below 0.8 yuan/Wh by 2024, which is expected to stimulate capital investment and drive rapid industry growth [3] Group 3: Market Dynamics - New energy storage is transitioning from a "mandatory accessory" to a "system necessity" due to the rapid expansion of renewable energy and declining utilization rates [4] - The relaxation of restrictions on distributed photovoltaic participation in the spot market opens new revenue streams for energy storage, moving beyond traditional peak-valley arbitrage models [4] Group 4: Technological Developments - Various storage technologies are emerging, with lithium-ion batteries continuing to dominate the market, while sodium-ion and flow batteries are also making significant advancements [6] - Hydrogen energy is highlighted as a potential long-duration storage solution, complementing electrochemical storage to create a decarbonized energy system [6] Group 5: Smart Management and Economic Impact - The recent action plan by the National Development and Reform Commission emphasizes the importance of networked energy storage in high renewable energy penetration scenarios [9] - Energy storage systems are evolving into intelligent assets that actively support the grid and participate in market operations, enhancing their economic value [11] Group 6: Future Outlook - The energy storage industry's commercial value is increasingly recognized, with expectations for significant growth and transformation in the energy landscape [16] - The industry anticipates advancements in renewable energy generation, new power systems, and improved trading mechanisms to fulfill carbon peak commitments [16]

Core Viewpoint - The article highlights recent developments in the energy storage sector, particularly focusing on Huawei and Envision Energy securing significant storage orders from GoldenPeaks Capital (GPC) in Europe, indicating a growing trend of Chinese companies expanding into the European energy market [2][8][11]. Group 1: Company Orders - Envision Energy has signed a memorandum of understanding with GPC to supply and deploy a 1GWh energy storage project in Europe, utilizing its next-generation battery energy storage system technology [4][6]. - Huawei has entered into a cooperation memorandum with GPC to deploy a 500MWh grid-forming energy storage project in Central and Eastern Europe, with initial plans covering Poland and Hungary [8][10]. Group 2: Market Trends - The European energy storage market is experiencing significant growth, projected to exceed 28GWh of new installations by 2025, with an expected increase of over 60% in grid-connected capacity [11]. - The EU aims to increase its energy storage capacity from the current 61GWh to between 500GWh and 780GWh by 2030, supporting its renewable energy goals and enhancing grid stability [11]. Group 3: Chinese Companies in Europe - The article notes that Europe is becoming a key strategic destination for Chinese companies, with over 23GWh of storage orders reported for 2025 from various Chinese firms [12]. - A list of Chinese companies and their respective projects in Europe is provided, showcasing a diverse range of collaborations and storage capacities, including projects from companies like EVE Energy, Sungrow, and Trina Solar [15][16].

Core Viewpoint - The forum highlighted the importance of innovation and collaboration in the renewable energy sector, emphasizing that these elements are crucial for sustainable development and overcoming industry cycles [2][4][6]. Group 1: Industry Overview - The renewable energy industry experiences cycles of growth and adjustment, driven by technological breakthroughs and policy support [4]. - The transition to new energy systems presents challenges, particularly with the high penetration of wind and solar energy affecting grid stability [5]. Group 2: Company Insights - The company has 37 years of experience in power electronics and has been focusing on renewable energy, energy storage, and system integration since 2007 [4]. - The company has successfully participated in over 400 microgrid projects and has established itself as a leader in the PCS (Power Conversion System) market for three consecutive years [5]. Group 3: Future Directions - The company plans to continue increasing investment in innovation and R&D, while deepening collaboration with ecosystem partners to address global opportunities and challenges in the renewable energy sector [6].