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 transition is a gradual process that requires balancing reliability and economic viability, with current storage solutions being insufficient for renewable energy sources like solar and wind [2][3]. Group 1: Energy Transition and Storage Challenges - The transition to renewable energy is accelerating globally, with installed capacity for solar and wind energy increasing from 115.2 GW in 2015 to approximately 670 GW in 2024, reflecting a compound annual growth rate of over 19.0% [3]. - The intermittent nature of renewable energy sources poses significant challenges for energy consumption, particularly in regions where grid infrastructure cannot keep pace with renewable deployment [4][5]. - Storage solutions, especially large-scale storage, are seen as critical to overcoming these challenges and ensuring reliable energy supply [4][5]. Group 2: Market Trends and Growth Potential - In Europe, renewable energy generation is projected to account for 47.4% of total electricity generation by 2024, driven by rapid growth in solar and wind energy [5]. - The European market for large-scale storage is expected to grow significantly, with projections indicating a need for total storage capacity to increase from approximately 50 GWh to between 500 GWh and 780 GWh by 2030 [6]. - The U.S. storage market is also experiencing robust growth, with an expected addition of 12.3 GW/37.1 GWh in 2024, representing year-on-year growth of 32.8% in power and 34% in capacity [8]. Group 3: Policy Support and Investment - Governments worldwide are implementing policies to support the development of storage solutions, such as the U.S. Inflation Reduction Act, which allocates $369 billion for energy production investments [17]. - In India, the government is promoting storage market growth through subsidies and procurement obligations, aiming to increase the share of renewable energy in total electricity consumption [18][19]. - China's energy storage market is also expanding rapidly, with significant bidding activity for storage projects, indicating a strong demand for large-scale storage solutions [9][13]. Group 4: Technological Advancements and Competitive Landscape - The competition among battery manufacturers is intensifying, with a focus on developing high-capacity cells that enhance safety, longevity, and cost-effectiveness [38]. - The introduction of larger storage systems, such as those exceeding 5 MWh, is becoming more common, with numerous companies launching new products to meet market demand [44]. - The market is witnessing a shift towards larger capacity batteries, with companies like CATL and BYD leading the charge in developing next-generation storage solutions [39][43].

Core Insights - The Huadian Qiongjie Wind Power Project has officially connected to the grid, making it the highest operational wind power project in the world at an altitude of 5,370 meters [1][4] - The project has a total installed capacity of 60 megawatts, consisting of 11 units of 5.0 megawatts and 1 unit of 6.25 megawatts, along with a supporting energy storage system of 12 megawatts/48 megawatt-hours [1][4] - It is estimated that the project will provide clean electricity to approximately 120,000 households annually, reducing carbon dioxide emissions by 128,700 tons per year [1][4] Project Challenges and Innovations - Constructing a wind farm at altitudes above 5,000 meters presents significant engineering challenges, including low oxygen levels (57% of that at sea level) and temperature fluctuations exceeding 20 degrees Celsius [4] - The construction team implemented various technical innovations, such as optimizing concrete mixtures and using a "film + blanket + colored cloth" gradient insulation method to ensure concrete strength in low temperatures [4] - The project also utilized a single-blade hoisting technique for the first time in ultra-high-altitude areas, which saved approximately 66% of the operational space required compared to traditional methods [4] Environmental and Economic Impact - The project has restored 360,000 square meters of vegetation and laid down 120,000 square meters of protective netting, demonstrating a commitment to ecological protection [4] - Local communities have benefited economically, with direct income increases of over 3.6 million yuan and an additional 11 million yuan generated for local industries through land leasing, participation in construction, and skills training [4][5] - The project embodies the principles of "system-friendly, eco-friendly, and community-friendly," contributing to the reliability of the power grid through a combination of equipment selection, energy storage, and intelligent control systems [5]

Core Insights - The Huadian Qiongjie Wind Power Project has officially commenced grid-connected power generation, marking it as the highest operational wind power project globally at an altitude of 5,370 meters and the largest single-unit capacity wind power project in Tibet [1][4] Group 1: Project Overview - The wind power project is located in Qiongjie County, Shannan City, Tibet, with a total installed capacity of 60 megawatts, consisting of 11 units of 5.0 megawatts and 1 unit of 6.25 megawatts [1] - The project includes a grid-connected energy storage system with a capacity of 12 megawatts and 48 megawatt-hours, which is designed to stabilize wind power fluctuations and enhance grid reliability [5] Group 2: Environmental and Technical Challenges - Constructing a wind farm at altitudes above 5,000 meters presents significant engineering challenges, including low oxygen levels (57% of that at sea level) and temperature variations exceeding 20 degrees Celsius [4] - The construction team implemented innovative techniques, such as optimizing concrete mixtures and using a "film + cotton + colored cloth" insulation method, ensuring concrete strength and durability in low-temperature conditions [4] - The project utilized a single-blade hoisting technique for the first time in ultra-high-altitude areas, reducing the required operational space by approximately 66% and increasing the effective working wind speed limit to 10 meters per second [4] Group 3: Ecological and Economic Impact - The project has restored 360,000 square meters of vegetation and laid protective netting over 120,000 square meters, demonstrating a commitment to ecological protection alongside construction [4] - Local communities have benefited economically, with direct income increases of over 3.6 million yuan and an additional 11 million yuan generated for local industries through land leasing, participation in construction, and skills training [4]

Core Insights - The Huadian Qiongjie Wind Power Project in Tibet has become the highest operational wind power project globally, with a total installed capacity of 60 megawatts and 12 wind turbines [1][2] - The project is expected to provide clean energy sufficient for approximately 120,000 households annually [1] Group 1: Project Details - The project is located at an altitude of 5,370 meters, where wind energy resources are abundant, with about 30% of Tibet's area having wind speeds above 7 meters per second [1] - The project includes a grid-connected energy storage system to complement the fluctuating output from hydropower and solar energy in the region [1] Group 2: Construction Challenges and Innovations - Building at such high altitudes presents challenges, including reduced oxygen levels (57% of that at sea level) and significant temperature fluctuations [1] - The project team has optimized concrete mixtures and implemented a thermal insulation process to ensure the strength and durability of concrete in low-temperature conditions [1] - Innovative construction techniques, such as single-blade hoisting, have been applied, saving about 60% of the operational space required compared to traditional methods [2] Group 3: Environmental and Economic Impact - High-performance ecological spraying technology has been used for vegetation restoration, demonstrating a commitment to ecological protection [2] - The project has directly generated over 3.6 million yuan in income for local communities and contributed an additional 11 million yuan to local industries through land leasing, participation in construction, and skills training [2]

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 [1] - The project aims to provide clean energy for Chile's mining sector and enhance the resilience of the national grid [1] - The advanced grid-forming control strategy allows the energy storage system to autonomously establish voltage and frequency without external grid support, improving grid stability and reliability [1] Summary by Sections - **Project Details** - The collaboration involves a 233MW/1003MWh energy storage project that integrates photovoltaic and storage systems [1] - The project follows Atlas Renewable Energy's recent $475 million financing, aimed at constructing a large-scale solar plus storage complex [1] - **Technological Features** - The energy storage system employs advanced grid-forming control strategies, enabling functionalities such as black start, virtual inertia support, and damping oscillation suppression [1] - This technology significantly enhances the grid's disturbance resistance and maintains critical load stability during grid failures or outages [1] - **Market Progress** - Trina Storage has made notable advancements in the Chilean, Argentine, and Central American markets, achieving a shipment volume of 1.2GWh by 2025 and surpassing 2.5GWh in signed contracts by 2026 [2]

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 article highlights the advancements in networked energy storage technology by Sungrow Power Supply Co., which has been recognized as internationally leading by a committee of experts, including academicians from the Chinese Academy of Sciences and the Chinese Academy of Engineering [2][10]. Group 1: Technological Advancements - Sungrow's networked technology enhances grid flexibility, facilitates efficient integration of renewable energy, and ensures stable power system operation, making it a focal point in the global energy industry [4]. - The company has developed a multi-dimensional self-synchronizing stable source network, capable of smooth switching between strong and weak grids, and can handle a wide frequency range for oscillation suppression [5][4]. - The innovative wind-solar-storage panoramic network allows for flexible solution selection and economic power distribution, addressing self-stabilization issues in weak grids [5][4]. Group 2: Practical Applications and Global Reach - Sungrow's networked technology has been validated through various projects, including the first networked doubly-fed wind turbine in Zhangjiakou, China, and the highest-altitude photovoltaic power station in Tibet [7][8]. - The company has successfully implemented the world's largest wind-solar-storage hydrogen complementary project in Saudi Arabia and has contributed significantly to grid stability in the UK and Australia [8][7]. Group 3: Industry Context and Strategic Positioning - The article discusses the challenges faced by the solar and energy storage industries, including significant price drops leading to increased operational pressures on companies [10][11]. - Sungrow advocates for a "value over price" approach, emphasizing technological innovation to create long-term value for customers, thus setting a precedent for high-quality industry development [11][10].

Core Viewpoint - The academic evaluation of "Key Technologies and Applications of Networked Wind-Solar-Storage Systems" submitted by Sungrow Power Supply has been recognized as reaching an international leading level, which is expected to set a technical benchmark for the industry and guide healthy development [1][8]. Group 1: Technological Advancements - Networked technology is a key technology for building new power systems, enhancing grid flexibility, and ensuring stable operation of power systems, attracting global industry attention [2]. - Sungrow Power Supply has made significant progress in networked technology, addressing technical bottlenecks such as the limitations of single control mode in grid-connected converters and the adaptability of network algorithms under wide-ranging disturbances [2][3]. - The company has pioneered multi-dimensional self-synchronizing stable source network technology, achieving smooth switching between strong and weak grids and comprehensive support for various oscillation suppression [2][3]. Group 2: Practical Applications - Sungrow Power Supply's networked technology has been validated through multiple projects globally, demonstrating its effectiveness in various grid conditions [6][7]. - The company has successfully integrated its networked systems in significant projects, including the world's highest photovoltaic power station in Tibet and the largest wind-solar-storage hydrogen complementary project in Saudi Arabia [6][7]. - In the UK, Sungrow's systems contributed to stabilizing the grid frequency during critical moments, showcasing their rapid response capabilities [6]. Group 3: Industry Impact and Strategy - The recognition of Sungrow's networked technology is expected to drive upgrades in the renewable energy industry and influence government energy policy [8][9]. - The company emphasizes a strategy of "not competing on price but on technology," focusing on long-term value creation through continuous innovation in networked technology [9]. - The competitive landscape in the photovoltaic and energy storage sectors is marked by significant price declines, which pose risks to product quality and safety, highlighting the importance of technological differentiation [8][9].

Core Insights - Tibet has successfully initiated its first cross-regional green electricity transaction with Shanghai, delivering 7.85 million kilowatt-hours, which is expected to reduce coal consumption by 24,100 tons and cut CO2 emissions by 60,100 tons [1] - The development of renewable energy in Tibet has accelerated, with a target for renewable energy capacity to exceed 50% by the end of 2024, establishing a clean energy system dominated by renewables [1] Renewable Energy Development - Since the 14th Five-Year Plan, Tibet has focused on developing hydropower, solar, and wind energy, effectively alleviating electricity shortages during winter and spring [1] - The Batong Hydropower Station, with a total capacity of 750,000 kilowatts, has an average annual generation of 3.375 billion kilowatt-hours, sufficient to power 1.75 million households for a year [2] - The largest solar-storage power station in Tibet, Huaneng Jiawa Phase I, has a capacity of 250,000 kilowatts and a storage system that can output 200,000 kilowatt-hours for 4 hours at night [2] Wind Power Projects - The Huadian Qusong Duosui Wind Power Project has a total capacity of 40 megawatts and is expected to reduce CO2 emissions by approximately 74,400 tons annually [3] - The Aizhu 100-megawatt wind power project, located at an average altitude of 5,050 meters, aims to meet the electricity needs of about 230,000 people annually [3] Grid Infrastructure and Reliability - The completion of the Ali interconnected project in December 2020 has improved the reliability of electricity supply in Tibet to 99.6% [4] - The 500 kV transmission and transformation project in Lhasa, set to be operational by December 2024, will enhance the high-voltage grid structure [5] - The Qinghai-Tibet DC Phase II expansion has doubled the transmission capacity between Qinghai and Tibet to 1.2 million kilowatts, addressing winter electricity shortages [5] Electricity Consumption Growth - In the first seven months of 2025, Tibet's total electricity consumption reached 9.773 billion kilowatt-hours, marking a year-on-year increase of 13.33%, the highest growth rate in the country [5]