人民财讯12月11日电，中金认为2026年储能行业需求景气度仍然较高，主要原因为：1)储能需求增长逻 辑不变，一方面是全球能源转型趋势持续，风光装机占比提升需要依赖电网、储能建设，另一方面是 AI数据中心缺电逻辑仍在，预期明年或将涌现更多AI配储项目；2)国内、美国、欧洲三大主要市场大储 招标、计划项目量较大；中东、印度、澳洲、智利市场大储需求涌现；3)户储和工商储需求仍然强劲， 新兴市场缺电逻辑不变。 ...

【今日头条】 美联储如期降息25基点 但内部分歧加剧 美联储宣布了今年的连续第三次利率下调，但仍维持2026年仅一次降息的展望，显示决策层对未来政策 路径的分歧日益突出。联邦公开市场委员会(FOMC)以9比3的投票结果批准将联邦基金利率下调25个基 点至3.5%-3.75%区间，并在声明中微调措辞，暗示对未来降息时点的判断存在更大不确定性。 与此同时，美联储宣布了一项关键的流动性管理措施。自12月12日起，每月购买400亿美元国库券，以 重建在缩表期间大幅下滑的银行体系准备金。声明指出，随着此前缩减资产负债表(QT)的推进，准备金 已下降至"充裕水平的下限"，因此需要通过购买短期美债在未来"持续维持充裕的准备金供给"。 【大势展望】 国际银价续创历史新高 隔夜美股道琼斯工业平均指数比前一交易日上涨497.46点，收于48057.75点，涨幅为1.05%;标准普尔500 种股票指数上涨46.17点，收于6886.68点，涨幅为0.67%;纳斯达克综合指数上涨77.67点，收于23654.16 点，涨幅为0.33%。大型科技股多数上涨，高通涨超3%，特斯拉、亚马逊、博通、谷歌涨超1%。 储 能概念股、基建股涨幅居 ...

中金研究 近期我们梳理储能相关数据，从需求端上游电芯排产、中游PCS和系统装机、下游招投标、计划备案项目等，价格端电池、PCS、系统价格，以及个股 出货情况观察储能行业景气度情况，我们认为短期储能数据反映需求景气度延续。 Abstract 摘要 12月电池排产淡季不淡，短期招标数据反映需求景气度延续。 需求端，12月电池排产淡季不淡，全球12月电池排产达到172.59GWh，我们认为今年国内 招标、海外获批项目量较大，明年装机增长支撑充足： 中国 ：11月储能装机3.21GW/8.82GWh，环比+18%，招标量1-11月已突破400GWh，今年招标量或 将反映明年、后年国内储能装机情况； 北美 ：大储11月、12月有2.8、3.4GW项目计划运行，25年大储新增装机量我们预期达到18GW，同比+61%，叠加 AIDC配储逻辑演绎，明年美国储能需求或迎大幅增长； 欧洲 ：德国、意大利、英国三大主要市场今年大储获批、在建项目充足，支撑明年装机量上行。 新兴市场 ：缺电刚需仍在，部分区域出台补贴支持户储工商储放量，中东、智利大储招标景气度仍然较高。 近期全球储能系统厂商竞争加剧，头部厂商份额被稀释。 储能系统23 ...

"十五五"需求确定性高：2025年行业基本面修复明显，往"十五五"看，国内陆风稳增，国内海风高预 期、年均新增相比"十四五"翻倍，海外陆风亚非拉等新兴市场构造增长新引擎，海外海风欧洲、日韩等 高价值市场为主要需求高地。 主机方向：国内陆风机组价格自24年底回升趋势明显，25年国内风机盈利进入修复通道，26年盈利改善 更加明显；同时，在海风起量、国内主机出海实现从1到10预期下，量价齐升逻辑明晰。 中泰证券（600918）发布研报称，对于大储市场，国内政策驱动转向价值驱动，政策目标托底+盈利模 型改善带动未来需求高增；对于户储和工商储市场，发达市场主要受经济性提升、补贴政策等驱动，新 兴市场则是基于战后重建、用电短缺且供电不稳、替代柴发等刚性需求驱动，景气度趋势不改。风电方 面，2025年行业基本面修复明显，往"十五五"看，国内陆风稳增，国内海风高预期、年均新增相比"十 四五"翻倍，海外陆风亚非拉等新兴市场构造增长新引擎，海外海风欧洲、日韩等高价值市场为主要需 求高地。 中泰证券主要观点如下： 储能：需求逻辑重塑，全球天花板打开 需求逻辑演绎：(1)对于大储市场：国内方面，政策驱动转向价值驱动，政策目标托底+盈 ...

近日，全球最大的光伏组件公司之一晶科能源（SH688223，股价5.42元，市值542.28亿元）披露2024年 火灾事故的进展公告，称已收到预付赔款累计2.2亿元。公司已对本次火灾事故所涉保险赔偿款计提了 坏账损失，收到的预付赔款将对2025年业绩产生一定积极影响。 储能行业正迎来万亿元级规模的爆发式增长，却深陷火灾等安全风险的"成长之痛"。据业内统计，2023 年至今全球已发生逾70起储能安全事故，风险贯穿产业链全环节。 作为风险防控的关键屏障，储能保险本应成为企业的安全后盾，但现实却是专属保险投保率不足30%， 多数项目依赖传统财产险，面临保障错配、覆盖不全的困境。供需两端的矛盾背后，是行业数据稀缺导 致的定价难、企业成本压力下投保意愿弱等多重难题。 市场多方博弈更进一步放大了供需双方的矛盾。中意财险联合复旦大学保险应用创新研究院发布的《储 能保险白皮书》（以下简称白皮书）指出，储能项目方希望获得低成本的保险，但对提供详细的运营数 据持保留态度。保险公司面对高度不确定性，宁愿选择不承保，也不愿承担可能导致巨额亏损的未知风 险。 当下，储能保险如何实现精准定价、提升覆盖率，为行业安全发展筑牢防线？《每日经 ...

Core Insights - The report emphasizes the importance of AI as a driving force in the semiconductor industry, predicting significant capital expenditure growth in the future [4] - It highlights the expanding infrastructure gap in AI, driven by surging demand for training and inference [5] - The report notes that the endpoint AI singularity is approaching, with short-term focus on mobile phones and glasses, and long-term on robotics [5] Summary by Sections AI and Semiconductor Industry - AI has significantly boosted the semiconductor sector over the past two years, with expectations for continued high capital expenditure [4] - The infrastructure gap in AI is widening due to increased demand for training and inference capabilities [5] Market Opportunities - The report identifies key market opportunities in the semiconductor industry, particularly in AI-related applications [4] - It suggests that the upcoming trends in endpoint AI will focus on mobile devices and wearable technology, with a long-term view towards robotics [5]

Investment Rating - The report does not provide specific investment ratings for the sub-industries within the power equipment and new energy sector [2]. Core Insights - The industry is entering a critical layout period, with Longi's announcement indicating a reversal opportunity [3]. - The lithium battery supply chain's price negotiations and the progress of new energy combined with AI are key investment focuses, suggesting that lowered expectations present new layout opportunities [3]. - The new energy vehicle supply chain has entered a new upward cycle, with significant production levels expected [3][4]. Summary by Sections Industry Chain Prices - Recent price increases in lithium battery materials, including a 5% rise in cobalt and electrolyte prices [11][24]. - The overall industry supply-demand balance remains stable, with some products entering a destocking phase [25]. Industry News Tracking - The report highlights the ongoing developments in the new energy and AI sectors, including Tesla's advancements in humanoid robots and Longi's employee stock ownership plan [24][31]. - The report notes that the National Development and Reform Commission has revised pricing mechanisms for new energy storage, promoting market competition [27]. Recommended Companies and Ratings - Longi Green Energy, GCL-Poly Energy, and Aiko Solar are highlighted as companies to watch due to their technological leadership and potential for growth [5][6]. - The report emphasizes the importance of leading companies with pricing power, such as CATL and BYD, in the lithium battery market [3][4].

（文章来源：证券日报） 证券日报网讯 12月10日晚间，武汉天源发布公告称，公司于2025年12月10日召开了第六届董事会第二 十三次会议，审议通过了《关于签署储能项目投资协议暨对外投资的议案》。公司控股子公司武汉天源 能源有限公司（简称"天源能源"）与扬州市江都区小纪镇人民政府拟就投资建设"江都区新纪变电站 200MW/400MWh电网侧储能项目"（简称"新纪储能站项目"）、"太平变电站100MW/200MWh电网侧储 能项目"（简称"太平储能站项目"）（两个项目以下合称"项目"）签署《投资协议》，前述两个项目总 投资约6亿元。根据《投资协议》约定，前述两个项目总投资约6亿元，由天源能源自筹资金投资，分两 期实施，一期为新纪储能站项目，投资金额约4亿元；二期为太平储能站项目，投资金额约2亿元。 ...

每经AI快讯，德宏股份（SH 603701，收盘价：18.54元）12月10日晚间发布公告称，公司本次拟为德弘 电子提供总额不超过6亿元人民币的融资担保额度，担保额度有效期为自公司股东大会审议通过之日起 十二个月。 2024年1至12月份，德宏股份的营业收入构成为：汽车零部件占比94.89%，储能行业占比3.86%，其他 业务占比1.25%。 每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 曾健辉） 截至发稿，德宏股份市值为48亿元。 ...

Core Insights - The energy storage PCS market is entering a phase of "volume and price increase" as multiple provinces reach critical stages of project delivery and grid connection, leading to a trend of price increases due to extended production cycles [2][20] - The role of PCS is transforming from a simple energy conversion device to a key node in the intelligent grid, prompting companies to consider how to innovate and collaborate to become the core hub for value realization in the new power system [2][5] Market Dynamics - The energy storage PCS market is experiencing a significant shift in competition logic, moving from a focus on single device performance to a comprehensive endurance race that includes technological sophistication, system collaboration, supply chain resilience, brand influence, and global layout [20][21] - The industry is witnessing a transition from a policy-driven model to a market-driven value model, necessitating a rapid shift in business models from hardware sales to integrated solutions [23][24] Technological Innovations - Companies are emphasizing the need for hardware innovation and intelligent algorithm upgrades to enhance the interaction between energy storage and the grid, with a focus on achieving millisecond-level response times and multi-objective optimization capabilities [6][10] - The trend towards larger power capacities in energy storage PCS is evident, with centralized PCS power ratings increasing from 1.725MW to 2.5MW, and string PCS moving from 125kW–375kW to over 400kW [14][15] System Integration - The core competitiveness of energy storage PCS products is shifting from individual component performance to system integration capabilities, requiring deep collaboration with battery management systems (BMS) and energy management systems (EMS) [11][12] - Companies are developing customized solutions that leverage a deep understanding of grid scheduling rules and market mechanisms to enhance system performance and reduce integration complexity [11][12][18] Future Trends - The growth of string architecture is expected to dominate large-scale energy storage, with its unique advantages in system management and efficiency [17][18] - The mainstream trends for energy storage PCS technology by 2025 include the large-scale application of grid-constructing technology, increased power capacity, and the integration of AC and DC systems [18][19]