（来源：中国改革报） 转自：中国改革报 广西南宁抽水蓄能电站库区 新华社记者 周华 摄 尤其值得关注的是，114号文首次提出建立电网侧独立新型储能容量电价机制——对服务于电力系统安 全运行、未参与配储的电网侧独立新型储能电站，各地可给予容量电价。对于长期缺乏稳定收益预期的 独立储能行业而言，此番政策"正名"无异于为其发放了一份"保底工资"，彻底破解了行业发展的收益痛 点。 从行业发展态势看，这一制度安排恰逢其时。一方面，独立储能规模已形成产业规模。国家能源局数据 显示，截至2025年底，全国新型储能累计装机达1.36亿千瓦/3.51亿千瓦时，其中独立储能占比为 51.2%，已成为电力系统调节的重要力量。另一方面，独立储能的系统价值已得到验证。2025年，国家 电网经营区新型储能最大放电电力达4453万千瓦，晚高峰平均顶峰时长2.4小时，在电力供需紧张时刻 展现出可靠的支撑能力，其系统调节价值得到充分印证。 尽管发展势头良好，但独立储能仍面临"成长的烦恼"。在《关于深化新能源上网电价市场化改革促进新 能源高质量发展的通知》（以下简称"136号文"）发布前，独立储能的收入包括容量租赁、电能量交 易、辅助服务，以及 ...

韶能股份（000601）(000601.SZ)公告，公司全资子公司韶能集团新丰旭能生物质发电有限公司("新丰旭 能")与元碳(新丰)能源有限公司("元碳公司")签订独立储能电站项目用地及电厂资源合作协议。 元碳公司拟承租新丰旭能北侧堆料场西北侧地块及配电房北侧地块，面积合计约为12,570m2，建设 100MW/200MWh独立储能电站项目。本协议总金额为人民币2200万元，其中电网接入条件、接入间隔 条件及GIS室共用房间等资源费用1000万元，土地租赁费1200万元，租期20年。 ...

元碳公司拟承租新丰旭能北侧堆料场西北侧地块及配电房北侧地块，面积合计约为12,570m，建设 100MW/200MWh独立储能电站项目。本协议总金额为人民币2200万元，其中电网接入条件、接入间隔 条件及GIS室共用房间等资源费用1000万元，土地租赁费1200万元，租期20年。 智通财经APP讯，韶能股份(000601.SZ)公告，公司全资子公司韶能集团新丰旭能生物质发电有限公司 ("新丰旭能")与元碳(新丰)能源有限公司("元碳公司")签订独立储能电站项目用地及电厂资源合作协议。 ...

Core Viewpoint - The independent energy storage sector is poised for significant growth, particularly in 2026, driven by favorable policies and market dynamics [2][10][11]. Group 1: Policy and Market Dynamics - The National Development and Reform Commission and the National Energy Administration have officially included independent energy storage in the generation-side capacity price mechanism, providing a policy framework for future commercial and industrial energy storage participation [2]. - The independent energy storage market is expected to experience explosive growth in 2026, with many industry representatives predicting it to be a "super explosion year" for the sector [2][10]. - The introduction of the capacity price policy and the increasing demand for renewable energy sources are key drivers for the growth of independent energy storage [13][14]. Group 2: Key Opportunities and Trends - Independent energy storage stations are projected to account for 70-80% of the annual bidding and operational volume, indicating a strong market presence [8]. - The integration of energy storage with renewable sources, such as solar and wind, is becoming increasingly important, with a focus on creating comprehensive energy solutions [4][10]. - The shift towards market-based pricing for electricity is expected to create new revenue opportunities for energy storage systems, particularly in commercial and industrial applications [10][36]. Group 3: Industry Insights and Expert Opinions - Industry experts emphasize the need for energy storage companies to enhance their product capabilities and operational efficiency to adapt to market changes and seize opportunities [10][24]. - The focus on "兜底收益+超额分成" (guaranteed returns plus excess sharing) models is emerging as a strategy to promote the scaling of commercial energy storage [19][22]. - Companies are encouraged to adopt a long-term perspective and collaborate across the energy storage ecosystem to improve project conversion rates and overall market performance [24][25]. Group 4: Technological and Operational Capabilities - Companies must prioritize safety and economic efficiency in their energy storage solutions, ensuring high conversion efficiency and effective operational management [48][51]. - The ability to integrate advanced technologies, such as AI, into energy management systems is becoming crucial for optimizing energy storage operations [42]. - A focus on specialized, stable, and professional capabilities is essential for energy storage firms to meet the increasingly complex demands of the market [46][50].

Core Viewpoint - The large-scale investment in independent energy storage has officially begun, driven by the recognition of storage capacity value in the national pricing mechanism, marking a significant breakthrough in economic viability and asset securitization for independent storage stations [3][5]. Group 1: Policy Developments - On January 30, 2026, the National Development and Reform Commission and the National Energy Administration issued a notice that includes independent storage in the generation-side capacity pricing mechanism, enhancing the revenue certainty of independent storage assets [3]. - The 136 Document has removed mandatory storage requirements, allowing market-driven decisions regarding storage, and has established independent storage as a market entity capable of generating revenue through multiple channels [4][5]. - The 114 Document further optimizes the capacity pricing mechanism, aligning storage capacity pricing with coal power, thus recognizing independent storage's capacity value for the first time [5]. Group 2: Market Dynamics - In 2025, independent storage installations reached a record high of 62.24 GW/183 GWh, with independent storage accounting for 35.43 GW, or 56.6% of the total new installations, indicating a shift from policy-driven to value-driven growth in the storage industry [4]. - The introduction of capacity pricing and asset securitization is expected to drive large-scale development of independent storage by 2026, as these mechanisms provide a stable revenue foundation and open funding channels [3][6]. Group 3: Asset Securitization - The first asset-backed security (ABS) for independent storage was accepted by the Shanghai Stock Exchange, marking a significant step towards the standardization of independent storage in financial markets [7]. - The successful issuance of this ABS could transform the investment logic and valuation paradigm for storage, shifting from reliance on policy subsidies to a model anchored in long-term operational revenue [7][9]. - The acceleration of asset securitization in the renewable energy sector, including independent storage, is seen as a solution to the industry's challenges related to heavy assets and long investment cycles [8]. Group 4: Global Investment Trends - Global capital is increasingly seeking stable, tangible assets, with independent storage being likened to real estate in the AI era due to its strong demand and revenue certainty [10][12]. - Major investment firms are ramping up their investments in renewable energy projects, with a focus on energy, grid, and infrastructure assets, as these are viewed as low-risk and high-return opportunities [11][13]. - The trend of capital influx into independent storage is expected to accelerate in 2026, driven by both domestic and international investments, further solidifying its status as an income-generating infrastructure asset [13].

Investment Rating - The report maintains a "stronger than the market" investment rating for the industry [1] Core Views - The report highlights the introduction of a national capacity pricing policy for independent energy storage and anticipates a record high in domestic photovoltaic installations in 2025 [1][6] Wind Power - A significant event occurred on January 26, where nine countries signed the North Sea Offshore Wind Investment Agreement, committing to provide planning and investment guarantees for offshore wind projects, aiming for an annual addition of 15GW of offshore wind capacity from 2031 to 2040 [5][9] - The wind power index fell by 3.01% during the week, underperforming the CSI 300 index by 3.09 percentage points, with a current PE_TTM valuation of approximately 28.16 times [4][10] Photovoltaics - In 2025, the domestic photovoltaic installation is expected to reach a record high of 31.507 million kilowatts, a year-on-year increase of 13.67%, driven by the promotion of the 136 document [5][6] - The report forecasts that the domestic photovoltaic manufacturing industry will face significant supply-demand pressure and profitability challenges in 2026, with expected new installations between 200-250GW [5][6] Energy Storage & Hydrogen Energy - The national capacity pricing policy for independent energy storage has been established, allowing independent storage to earn revenue through a combination of capacity pricing and spot market arbitrage [6] - The report recommends investing in domestic and international large-scale storage companies, highlighting firms like Sungrow Power Supply, Huaneng Renewables, and others as having strong competitive advantages [6] Investment Recommendations - The report suggests focusing on companies with competitive advantages in high-efficiency battery technology and those involved in the emerging markets of distributed storage [6] - Specific recommendations include Ningde Times and Penghui Energy in the battery segment, and companies like Goldwind Technology and Mingyang Smart Energy in the wind power sector [6]

南财智讯1月30日电，智光电气在投资者关系活动中表示，清远二三期、平远二期独立储能电站将加快 相关并网手续进度，争取在今年上半年陆续并网投运。 ...

山西是国家重要的综合能源基地， 已构建起涵盖现货、调频、备用等多层次的电力市场机制， 完善的市场体系为储能产业发展营造了良好环境。大同作为山西省能源转型的前沿阵地，历史底 蕴深厚，具备政策支撑有力、产业基础扎实的发展优势，在新能源储能领域具有独特的资源禀赋 和发展潜力。 自2023年海博思创储能装备产业园落户大同以来，双方合作持续深化，结出累累硕果。 海博思 创大同智能制造基地2025年实现产值跨越式增长，二期建设稳步推进，相关储能电站项目也取 得阶段性重要进展 ，充分体现"大同速度"与"大同服务"的高效与温度。 展望未来，海博思创将充分发挥作为储能行业龙头企业的带动作用，推动更多优质项目、先进技 术与创新模式落地大同。海博思创将与大同市同频共振，携手构建储能产业生态圈，集聚产业链 上下游优质企业协同发展，全力将大同打造成储能产业发展的高地。 文 | 海博思创 1月26日，北京 海博思创 科技股份有限公司与 大同市政府 正式签署合作协 议。双方将围绕 智能制造、独立储能电站 等重点领域，开展全方位、深层次的 合作，共同推动大同市新能源产业结构优化与提升，助力区域能源转型与可持 续发展。 签约仪 式上，大同市委 ...

Core Viewpoint - The company Zhiguang Electric (002169.SZ) is expected to achieve a net profit of 110 million to 160 million yuan in 2025, marking a turnaround from a loss of 326 million yuan in the previous year due to rapid growth in its energy storage business and favorable valuation changes in its semiconductor investments [1]. Group 1: Financial Performance - The projected net profit for 2025 is between 110 million and 160 million yuan, indicating a significant improvement compared to the previous year's loss of 326 million yuan [1]. - The company is expected to turn from a loss to profit year-on-year, showcasing a strong recovery in its financial performance [1]. Group 2: Business Development - The rapid development of the energy storage business has led to a substantial increase in orders and revenue [1]. - The operational efficiency of the independently operated energy storage power stations has contributed positively to the company's financial outlook [1]. Group 3: Valuation Impact - Changes in the valuation of the company's semiconductor investments have resulted in increased fair value changes and gains [1].

1月26日，北京海博思创科技股份有限公司与大同市政府正式签署合作协议。双方将围绕智 能制造、独立储能电站等重点领域，开展全方位、深层次的合作，共同推动大同市新能源 产业结构优化与提升，助力区域能源转型与可持续发展。 自2023年海博思创储能装备产业园落户大同以来，双方合作持续深化，结出累累硕果。 海博思创 大同智能制造基地2025年实现产值跨越式增长，二期建设稳步推进，相关储能电站项目也取得阶 段性重要进展，充分体现"大同速度"与"大同服务"的高效与温度。 展望未来，海博思创将充分发挥作为储能行业龙头企业的带动作用，推动更多优质项目、先进技 展望未来，海博思创将充分发挥作为储能行 龙头企 的带动作用，推动更多优质项目、先进技 术与创新模式落地大同。海博思创将与大同市同频共振，携手构建储能产业生态圈，集聚产业链 上下游优质企业协同发展，全力将大同打造成储能产业发展的高地。 签约仪式上，大同市委副书记、市长刘俊义表示，近年来，大同始终锚定能源赛道，以构建新型 能源体系为目标，以深化项目建设为重要抓手，多措并举扎实推动能源转型。 海博思创项目与大 同市产业发展规划高度契合，希望双方以此次签约为新起点，在制造基地、储 ...