Core Insights - The article highlights the successful grid connection and trial operation of the 300MW/1200MWh shared energy storage station in Longgang, Xingtai, Hebei, marking a significant milestone in China's energy storage sector [2] Investment and Economic Impact - The total investment for the Xingtai Longgang shared energy storage station is 1.596 billion yuan, located in the Xindu Economic Development Zone of Xingtai, Hebei [2] - Upon operation, the project is expected to generate an annual output value of 238 million yuan and contribute 30 million yuan in annual taxes [2] Technological Innovation - This project is notable for being the first in China to utilize carbon fiber composite material flywheel energy storage combined with lithium iron phosphate technology [2] - It will be the largest single energy storage station in southern Hebei, providing peak shaving and frequency regulation services with millisecond-level response to grid frequency demands [2]

12月16日，自然资源保护协会联合中关村储能产业技术联盟发布的《分布式储能发展商业模式研究》 (下称"报告")提出，为提升分布式储能的利用率及经济性，促进分布式储能的多元化和市场化发展，建 议在2025—2027年，通过合理拉大分时电价峰谷价差、健全安全标准与强化财税支持等方式，保障分布 式储能项目的基本收益与安全运行。 着眼于长远发展，报告建议在2028—2030年，通过完善分时电价动态调整机制、推动分布式储能参与现 货市场、探索兑现分布式储能的容量价值和辅助服务价值，深入挖掘其在绿电、绿证和碳市场等环境价 值方面的潜力，最终构建多元化的收益渠道，全面提升分布式储能的经济性与市场竞争力。 分布式储能是指分散布置在用户侧(家庭、工厂、商场等)、配电网侧或分布式新能源附近的小型储能系 统。分布式储能可就地存储富余电力、平抑出力波动，大幅提升本地新能源自用率与配网消纳能力。 政策层面，近两年国家和地方层面已密集出台多项举措支持分布式储能的发展。其中在地方层面，各省 主要通过拉大峰谷差、规范虚拟电厂准入、完善需求响应补贴等方式引导分布式储能发展，广东、浙 江、江苏等部分省市对分布式储能给予补贴。 在这样的背景下，报 ...

全球最大液态空气储能项目投产：解锁未来能源的"超级充电宝" 在青海格尔木的茫茫戈壁深处，一座占地广阔的储能电站静静矗立。这座全球规模最大的液态空气储能项目，以60兆瓦功率、 600兆瓦时储能容量的"超级体量"，为可再生能源的稳定输出提供了革命性解决方案。它不仅是技术突破的里程碑，更像一 座"能源魔法工厂"——将不稳定的风光电力转化为可随时调用的稳定绿电，为构建新型电力系统注入关键动能。 液态空气储能：让空气成为"能量载体" 液态空气储能（LAES）的核心原理，是将空气通过多级压缩冷却至-196℃，使其液化后储存于常压低温储罐中。当用电高峰来 临时，液态空气经低温泵增压，吸收环境热量或工业余热气化，驱动透平膨胀机发电。这一过程如同"空气版充电宝"：充电时 将电能转化为液态空气的势能储存，放电时再将势能转化为电能，实现能量的时空转移。 规模化放大技术：首次实现从百千瓦级实验平台到60兆瓦级商业项目的跨越，设备模块化设计使扩容成本降低40%。 多能互补耦合系统：与光热电站、磷酸铁锂电池储能协同运行，构建"风光储热"一体化调控平台，使区域新能源消纳能力提升 35%。 该项目还创造了多项"全球首次"：采用全国产化设备打 ...

Report Summary 1. Investment Rating The report does not provide an investment rating for the industry. 2. Core Viewpoints - In 2025, driven by the capacity compensation policy and the accelerated construction of the power market, the economy of domestic independent energy storage projects significantly improved, leading to strong growth in overall energy storage demand. The US and European markets continued their steady growth, and emerging markets such as the Middle East and Australia continued to expand. It is estimated that the global new installed capacity in 2025 will reach 271GWh, a year-on-year increase of 45%. The expected good terminal demand prompted enterprises to increase their inventory coefficients, and the annual battery cell shipments are expected to reach 550GWh, a year-on-year increase of 65% [2]. - Looking ahead to 2026, the high returns of independent energy storage are expected to continue, and the large-scale winning bids for domestic projects lay the foundation for demand. Under the neutral scenario, the domestic new installed capacity is expected to be 284GWh, and in the optimistic scenario, it can reach 325GWh, achieving a doubling growth. Overseas, the US may face certain pressure in the short term due to the cost increase brought by the "Big and Beautiful" Act and the unmanifested energy storage demand related to data centers. The new installed capacity is expected to be 50GWh, a year-on-year increase of 4%. Europe will benefit from the profitability improvement brought by grid investment and trading mechanism optimization, and the new installed capacity is expected to reach 43GWh, a year-on-year increase of 39%. Chile, Australia, the Middle East, and India are the main sources of incremental growth in emerging markets, and the total new installed capacity in emerging markets is expected to reach 87GWh, a year-on-year increase of 68%. Overall, in 2026, the global new energy storage installed capacity is expected to reach 505GWh in the optimistic scenario, a year-on-year increase of 86%; 464GWh in the neutral scenario, a year-on-year increase of 71%; and 368GWh in the rigid scenario, a year-on-year increase of 36% [3]. - In the context of high terminal demand, the probability of a significant reduction in the inventory coefficient is low. However, it is necessary to consider the overdrawn demand in some markets. The US has limited additional inventory space in 2026, and Australia faces a similar situation. A total of about 60GWh of additional inventory demand needs to be deducted from the two regions. In 2026, the energy storage battery cell shipments are expected to reach 957GWh in the optimistic scenario, a year-on-year increase of 74%; 833GWh in the neutral scenario, a year-on-year increase of 52%; and 649GWh in the rigid scenario, a year-on-year increase of 18% [4]. 3. Summary by Directory 1. 2025 Energy Storage Market Review - **Domestic Market**: In 2025, from January to October, the new installed capacity of domestic new energy storage continued to grow rapidly. The new installed capacity of new energy storage reached 34.6GW/92.6GWh, a year-on-year increase of 42.6%. The proportion of grid-side energy storage increased to 60%, and the proportions of power source-side and user-side were 31% and 9% respectively. The price of energy storage continued to decline, but the decline has significantly narrowed. It is estimated that the new installed capacity of new energy storage in 2025 will reach 53.1GW/140GWh, a year-on-year increase of 31% [7][9]. - **Overseas Market**: The demand in overseas markets continued to be strong. From January to October 2025, China's energy storage battery cell exports reached 79.5GWh, a year-on-year increase of 86%. The US energy storage market maintained high-speed growth, and it is estimated that the new installed capacity in 2025 will reach 48GWh, a year-on-year increase of nearly 30%. The European energy storage market showed structural differentiation, with different performances in Germany, Italy, and the UK [13][19][26]. 2. Domestic Market: The Resonance of Rigid Demand for Consumption and Economy Opens Up the Upside Space for Installation - **Rigid Demand**: The continuous increase in the penetration rate of new energy has intensified the "duck curve" problem, and the ability of energy storage to regulate has become a rigid demand. The state has issued top-level documents to promote the consumption of new energy, and new energy storage is becoming a key tool to improve the consumption capacity of new energy. It is estimated that from 2026 to 2030, the installed capacity of new energy storage needs to reach 386GW, corresponding to an installed capacity of 1081GWh and an average annual installed capacity of 216GWh [32][34][36]. - **Economic Driving Force**: The driving logic of the domestic energy storage market has changed fundamentally. Independent energy storage has become the core driving force for the development of the domestic energy storage market. The economy of independent energy storage mainly comes from peak-valley spread arbitrage, auxiliary service market revenue, and capacity price compensation. The implementation of the capacity price compensation policy in multiple provinces will significantly improve the revenue level of energy storage projects [37][38][42]. - **Demand Outlook**: The energy storage bidding market has been active this year. It is estimated that the new installed capacity of energy storage in 2026 will be about 284GWh under the neutral scenario and about 325GWh under the optimistic scenario. The market generally expects that a national capacity price compensation policy will be introduced next year, and the compensation standard is expected to be linked to thermal power. Although the long-term demand in 2027 still has policy uncertainties, the trend of marginal improvement in the revenue of energy storage projects is clear [46][51]. 3. Overseas Market: The US is Under Pressure, While Europe and Emerging Markets Continue to Grow at a High Rate - **US**: The incremental installation of energy storage in the US in 2026 is expected to be limited. The "Big and Beautiful" Act may lead to an increase in manufacturing costs, which will suppress the demand in the US energy storage market to a certain extent. The revenue of energy storage projects in the US is facing downward pressure, and the new installed capacity may be slightly affected. The demand for energy storage in data centers has not been fully realized in the short term [54][55][59]. - **Europe**: The large-scale energy storage market in Europe is expected to continue to grow at a high rate in 2026, with the new installed capacity expected to reach 25GWh, a year-on-year increase of 54%. The post-meter energy storage market is showing a warming trend, with the new installed capacity of industrial and commercial energy storage expected to reach 6.9GWh, a year-on-year increase of 48%, and the new installed capacity of household energy storage expected to reach 10.7GWh, a year-on-year increase of 10% [63][67]. - **Emerging Markets**: The demand in emerging markets is booming, and the market increment is significant. The energy storage markets in Chile, Australia, the Middle East, and India are all expected to achieve rapid growth in 2026 [70][72][75]. 4. Demand Outlook: The Resonance of Domestic and Overseas Demand Accelerates the Release of Energy Storage Shipments - In 2025, the domestic demand continued to rise, the US and European markets maintained steady growth, and emerging markets such as the Middle East, Australia, and India continued to expand. It is estimated that the global new energy storage installed capacity in 2025 will reach 271GWh, and the battery cell shipments will reach 550GWh [80]. - In 2026, the domestic demand is expected to be further released, the US market is under short-term pressure, and the high growth rate of Europe and emerging markets is expected to continue. In the optimistic scenario, the global new energy storage installed capacity is expected to reach 505GWh; in the neutral scenario, it is expected to reach 464GWh; and in the rigid scenario, it is expected to reach 368GWh. The battery cell shipments are expected to reach 957GWh in the optimistic scenario, 833GWh in the neutral scenario, and 649GWh in the rigid scenario [80][82].

Investment Rating - The report rates the energy storage industry as "Positive" [3] Core Viewpoints - The global energy storage demand is expected to flourish, with projected new installations reaching 271 GW, 444 GW, and 661 GW from 2025 to 2027, representing year-on-year growth rates of 44%, 64%, and 49% respectively [5][11] - In the domestic market, the energy storage business model is improving, transitioning from policy-driven to market-driven demand, with strong bidding performance in 2023 [5][15] - The North American market is experiencing explosive growth in computing power, driving unexpected demand for electricity and energy storage [24] - In Europe, the demand for large-scale energy storage is surging, with a recovery in household storage shipments and a significant increase in commercial storage [33] Summary by Sections Investment Logic - The report highlights the improvement of domestic large-scale energy storage business models and the upward trend in overseas demand [5] Global Demand - Global energy storage demand is expected to maintain high compound growth rates, with significant increases in new installations across various regions [11][9] Domestic Market - The independent energy storage business model is showing marginal improvements, driving demand beyond expectations [15][14] - The report notes that from January to November 2023, the domestic energy storage bidding scale reached 112 GW/364 GWh, a year-on-year increase of 110%/161% [15] North America - The report emphasizes that the explosive growth in AI data centers is driving unexpected demand for energy storage in the U.S. [24][22] Europe - The report indicates that the demand for large-scale energy storage in Europe is rapidly increasing, with household storage demand returning to normal levels [33][25] Australia - The Australian market is characterized by significant revenue opportunities from energy arbitrage, with government subsidy programs driving household storage demand [34][35] Supply Side - The report discusses the overseas expansion of domestic energy storage companies, with significant contracts signed in various regions [6][49] - It also notes a shift from price competition to value competition, emphasizing the importance of hardware and software capabilities in energy storage systems [57]

随着全球能源转型加速，新能源装机量爆发式增长，电力系统正面临前所未有的挑战：风光发电的间歇性与波动性导致电网稳定性下 降，而AI算力、电动汽车等新兴负荷的崛起则对电力供应的连续性提出更高要求。在此背景下，长时储能（通常指4小时以上储能） 从"补充选项"升级为"刚需技术"，成为支撑新能源大规模并网、构建新型电力系统的核心枢纽。12月12日，海辰储能在" 2025年海辰储 能生态日"上全球首发原生8小时长时储能解决方案、专用电芯及锂钠协同AIDC储能方案，标志着行业技术进入新阶段。 "到2050年，全球将催生超150TWh的海量的储能装机需求。 这将给包括磷酸铁锂储能电池、钠电池等多种储能技术，创造一个超百万 亿规模的超大产业赛道。" 海辰储能创始人、董事长吴祖钰说道。 不容忽视的是，长时储能的规模化落地仍需跨越经济性、安全性与产业链协同等多重关卡。 长时储能迈入发展快车道 当前，全球能源结构正经历深刻变革。我国风光发电装机占比持续攀升，预计2030年将达40%以上，部分地区甚至超过25%。然而， 新能源"看天吃饭"的特性导致电力供需失衡：连续阴雨或无风天气下，短时储能（1—2小时）难以满足跨时段调节需求，而长时 ...

格隆汇12月17日｜有投资者在互动平台向艾罗能源提问：近期澳大利亚户储政策加码，意味着明年5月 前出现抢装潮，公司对此是否调整销售方案和产品方案？从现在开始是否进入战时状态，如何笼络当地 安装商，如何快速订海舱，简化安装调试，最好是傻瓜式安装。同时对于抢装潮后下半年困难时期是否 有预案？ 艾罗能源回复称，公司在澳大利亚设有全资子公司，通过本土化营销和高性能产品，积极拓 展澳大利亚市场，紧抓当地政策带来的机遇。公司电池相关产品采用模块化堆叠式设计，能够简易便捷 安装。未来公司将持续通过本土化运营，强化本地化服务团队，提升产品知名度，在巩固户储的基础 上，积极探索澳大利亚的工商业储能等新场景。 ...

近日，"非洲手机之王"传音控股（688036）向港交所递交招股书。公司将储能业务定位为第二增长曲线，计划投入约20亿元。但在主业尚未企稳之际，这一 高投入、长回报周期的跨界转型，把公司推入一场时间与回报结构并不同步的战略博弈。 这一举动发生在手机主业盈利承压、亟需新增长点的背景下。公司希望通过二次上市补充资金，推动多元化布局，其中储能业务被视为关键一环。港股递 表，使这一"投入—产出"关系从内部战略判断，转变为公开市场持续关注的核心变量。 渠道优势：新兴市场的深厚根基 传音控股多年来深耕非洲、南亚、中东等新兴市场，旗下TECNO、itel和Infinix三大品牌在当地建立了强大影响力。公司构建了覆盖超过10万家零售网点的 分销体系，本地化运营经验已成为其难以复制的核心竞争力。这种网络不仅支撑了手机业务的领先地位，也为跨界新领域提供了进入市场的起点，但并不必 然等同于可复制的商业转化能力。 在储能领域，公司正积极尝试将这些资源延伸开来。例如，在巴基斯坦，户用储能市场份额接近15%，很大程度上得益于手机渠道的分期付款模式和捆绑推 广方式，用户可以借助熟悉的零售点完成购买，但后续安装、维护与系统匹配仍依赖额外的专业 ...

格隆汇12月17日丨领湃科技(300530.SZ)公布，公司全资孙公司湖南领湃建设工程有限公司（简称"领湃 建设"）拟与湖南弘湘绿色能源科技有限责任公司（简称"弘湘绿能"）签署《衡阳视界科技发展有限公 司700kW/1764kWh独立储能电站项目工程建设总承包EPC合同》《衡阳建湘商业街600kW/1512kWh独 立储能电站项目工程建设总承包EPC合同》，对应合同总金额分别为393.12万元、188.40万元。 ...

领湃科技(300530.SZ)公告，公司全资子公司湖南领湃储能科技有限公司(乙方)此前与某客户(甲方)签订 了《100MW/200MWh储能电站项目储能系统设备采购合同》。原协议签订后，因甲方项目地土地审批 手续未通过等原因，项目未如期启动且至今仍处于停顿状态，另因合同签署距今已逾一年，外部市场环 境发生重大变化，储能设备市场价格大幅下跌，如继续履行合同将对甲方造成比目前市场价更重的经济 负担，但与此同时，为响应合同中约定要求，良好履行己方合同义务，乙方在合同签订后，积极购买原 材料投入人力物力生产，按甲方要求备货，以备甲方随时之需，乙方已按甲方要求设计方案备货10台储 能设备，现已形成呆滞，双方均各自投入巨大。经友好协商，甲乙双方签订的原采购合同终止，不再继 续履行。 ...