关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ ICC鑫椤储能数据库2025全年共追踪到储能系统、EPC和PC项目招标数据861条，中标数据825条，备案数据13258条。其中从各市场情况来看： 招标市场： 全年总招标规模447.5GWh，同比增长113.2%。非集采项目总招标规模371.7GWh，同比增长179.9%；集采项目总招标规模75.8GWh，同比 下降1.7%。 （一）531并网节点 二季度末是电力项目传统的开工旺季，叠加"十四五"规划收官年各地冲刺指标，大量项目集中在6月开工，对应的招标会提前释放。由于2月136号文取消强 制配储，以6月1日为节点对储能项目进行了存量项目与增量项目的区分。在2025年6月1日前投产的项目机制电价参照当地燃煤基准价，为项目的收益进行兜 底。6月1日后投产的项目的机制电价则通过市场化竞价形成，充分体现市场供需关系。 总的来说，在上半年的时候大家普遍认为增量项目的收益具备不稳定性，若不参与竞价或者竞价失败，项目的收益率都会大打折扣，因此上半年招标及并网 较去年同期有较大幅度增长。 中标市场： 全年总中标规模382.6GWh， ...

文 | 中关村储能产业技术联盟 2025年，储能行业在技术迭代与市场扩容的双重驱动下，迎来了价值重塑的关键期。 从系统集成到EPC总包，从常规储能到构网型技术，从1h储能到4h储能，不同维度的中标价格呈现出显著的结构性分化与理性回归趋势。 CNESA年终盘点， 用数据解读2025储能中标价格轨迹，洞察趋势与转折。 根据CNESA Datalink全球储能数据库的不完全统计，国内新型储能市场2025年中标价格情况如下： 1h储能系统： 2025年全年平均中标价格 714.76元/kWh ，较2024年均 下降32.89%； 2h 储能系统 ： 2025 年全年平均中标价格 553.94 元 /kWh ， 较 2024 年均价下降 16.9% ； 4h储能系统： 2025年全年平均中标价格 478.69元/kWh ， 较2024年下降26.07 % ； 2h 储能 EPC ： 2025 年全年平均中标价格 1043.82 元 /kWh ，较 2024 年均价下降 13.04%； 图1：2024年1月-2025年12月中标项目 2h储能系统和EPC中标均价趋势（单位：元/kWh） 注：所述储能系统均指磷酸铁锂电池储 ...

对外开放步伐持续加快，冬日消费活力十足，产业科技深入融合，多方合力确保群众温暖过冬……12月以来，我国经济保持稳中有进发展态 势，高质量发展取得新成效，经济社会发展信心和动力不断增强。 观察之一：对外开放跃上新阶 冬日时节，海南省儋州伟达化工有限公司厂房内一片繁忙。自动化设备高效运转，缝纫工人指尖翻飞，聚丙烯等原料经多道环节加工成高强度 的重型化工包装袋。 【记者观察】从沿海到内陆，一系列开放新举措，展现出中国经济在更高水平开放中稳中向好的坚实步伐。中国开放的大门会越开越大，发展 机遇会越来越多，为推动全球共同繁荣不断注入新动力。 观察之二：冬日消费动能澎湃 冰光雪影中，第二十七届哈尔滨冰雪大世界正式开园，规模为历届之最；雪场上"作战"，大众雪地足球挑战赛正式开赛……在哈尔滨，诸多冰 雪活动"热"力十足。 黑龙江省社会科学院经济研究所助理研究员栾云霄表示，当前，冬季文旅产业已突破单一观光模式，正加速构建集运动、赛事、娱乐、文化体 验于一体的复合型生态。冰雪的"冷资源"通过创新场景与产业融合，持续转化为消费的"热动能"。 一边是北上赏雪，一边是南下避寒。视线转向南方，冬日消费同样动能澎湃。 18日，海南自由贸易 ...

稳中求进每月看 决胜收官奋力: 12月全国各地经济社会发 对外开放跃上新阶 冬日消费动能澎湃 产业发展升级提速 对外开放步伐持续加快，冬日消费活力十足，产业科技深入融合，多方合力确保群众温暖过冬……12月以来，我国经济保持稳中有进发展态势，高质量发展 取得新成效，经济社会发展信心和动力不断增强。 观察之一：对外开放跃上新阶 冬日时节，海南省儋州伟达化工有限公司厂房内一片繁忙。自动化设备高效运转，缝纫工人指尖翻飞，聚丙烯等原料经多道环节加工成高强度的重型化工包 装袋。 18日，海南自由贸易港正式启动全岛封关。"以前是单家企业加工增值须达30%才能享受货物内销免关税政策；现在是上下游企业一起算，累计增值够30% 就行。"公司董事长梅山旺指着生产线说，公司使用的原料来自附近一家炼油企业，新政策可以让上下游企业共享红利。"政策更活了，合作更紧密了。" 日前召开的中央经济工作会议把"坚持对外开放，推动多领域合作共赢"纳入2026年经济工作重点任务，释放了在扩大开放中推动高质量发展、推进中国式现 代化建设的鲜明信号。 更高水平的开放，正成为促进中国与世界互利合作的"推进器"。时至年尾，各地积极拓展开放的广度和深度，对外开 ...

稳中求进每月看 观察之一：对外开放跃上新阶 稳中求进每月看 观察之 对外开放跃上新阶 ITT 从沿海到内陆,一系列开放新举措,展现 出中国经济在更高水平开放中稳中向好的 坚实步伐。中国开放的大门会越开越大, 发展机遇会越来越多,为推动全球共同繁 荣不断注入新动力。 新华社国内部出品 决胜收官奋力冲刺 12月全国各地经济社会发展观察 对外开放跃上新阶 冬日消费动能澎湃 产业发展升级提速 共同筑牢温暖"防线" 新华社国内部出品 新华社北京12月30日电 题：决胜收官奋力冲刺——12月全国各地经济社会发展观察 新华社记者黄韬铭、李杰、向定杰 对外开放步伐持续加快，冬日消费活力十足，产业科技深入融合，多方合力确保群众温暖过冬…… 12月以来，我国经济保持稳中有进发展态势，高质量发展取得新成效，经济社会发展信心和动力不断增 强。 冬日时节，海南省儋州伟达化工有限公司厂房内一片繁忙。自动化设备高效运转，缝纫工人指尖翻 飞，聚丙烯等原料经多道环节加工成高强度的重型化工包装袋。 18日，海南自由贸易港正式启动全岛封关。"以前是单家企业加工增值须达30%才能享受货物内销 免关税政策；现在是上下游企业一起算，累计增值够30%就行 ...

证券研究报告 行业研究 / 行业点评 2025 年 12 月 30 日 行业及产业 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《锂电行业跟踪：动力电池和储能电池需求旺 盛，锂电材料价格回升》2025-12-23 《数据中心供配电设备行业跟踪：AI 与数据中 心景气延续，电力设备需求持续高企》 2025-12-22 《光储行业跟踪：11 月光伏组件出口额同比高 增，海外需求持续旺盛》2025-12-22 《SOFC 行业深度：北美数据中心电力短缺， SOFC 迎来快速增长》2025-12-19 《数据中心供配电设备行业跟踪：AI 及数据中 心维持高景气，电力设备需求旺盛》 2025-12-16 证券分析师 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 联系人 11 月国内光伏装机同比增长，双玻组件 价格小幅上涨 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com ——光储行业跟踪 强于大市 投资要点： 排产：1）光伏组件：据 SMM，2 ...

排产：1）光伏组件：据SMM，2025年11月光伏组件整体产量环比10月下降2.43%。国内方面，12月终 端装机进展不及企业心理预期，同时组件价格的上涨带来下游企业采买的抵触情绪，国内组件库存水平 止降转增；海外方面，终端进入淡季，且出口退税的影响淡化，海外需求开始大幅下降，企业同步下修 排产。2）电芯：据大东时代智库（TD）预测，2025年12月中国市场动力+储能+消费类电池排产量 220GWh，环比增长5.3%，其中储能电芯排产占比约为35.3%；2025年12月全球市场动力+储能+消费类 电池排产量235GWh，环比增长3.1%，动力电池排产阶段性承压，而储能电池则延续高增长态势。 价格：1）光伏：截至2025年12月17日，多晶硅致密料价格较上周持平，报52.00元/kg；183N单晶硅片 主流均价较上周持平，报1.18元/片；TOPCon双玻组件价格持平，报0.69元/W。2）储能：2025年11月， 国内磷酸铁锂电池储能系统（不含工商业储能柜）报价主要集中在0.4452-0.6828元/Wh区间内，平均报 价0.5721元/Wh，中标加权均价0.4912元/Wh，环比-6.4%。其中，2h锂电储 ...

Core Insights - The report indicates a mixed performance in the photovoltaic (PV) component production and pricing, with potential for recovery in profits if prices rebound [1][2][3] Production Summary - PV Component Production: As of November 2025, domestic PV component production is expected to be below 44.5 GW, with leading companies showing slight increases while most others are reducing output to clear inventory [1] - Battery Production: In November 2025, the production of power, storage, and consumer batteries in China is projected to reach 209 GWh, a month-on-month increase of 12.4% and a year-on-year increase of 64.6% [1] Pricing Summary - PV Pricing: As of November 21, 2025, the price of polysilicon remains stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers has decreased to 1.28 CNY/piece [1] - Energy Storage Pricing: In October 2025, the average bid price for lithium iron phosphate battery storage systems is 0.5547 CNY/Wh, reflecting a month-on-month increase of 10% [1] Demand Summary - Export Performance: In October 2025, the export value of PV components was approximately $2.258 billion, showing a year-on-year increase of 4.39% but a month-on-month decline of 19.34% [2] - Domestic Installation: In September 2025, the domestic PV installation capacity was 9.7 GW, a month-on-month increase of 31.3% but a year-on-year decrease of 53.8% [2] Investment Recommendations - The report suggests focusing on energy storage-related companies due to the significant year-on-year growth in storage project tenders, recommending companies such as Sungrow Power Supply (300274.SZ) and Nandu Power (300068.SZ) [3]

Investment Rating - The industry is rated as "Outperform" compared to the market [2][37]. Core Insights - The report highlights strong demand for energy storage and power batteries, with a notable recovery in raw material and cell prices [2][5]. - The photovoltaic (PV) component production is expected to be below 44.5 GW in November 2025, with potential for profit recovery leading to increased production [5][9]. - The report suggests focusing on energy storage-related companies due to significant growth in tender capacity for energy storage projects [2][21]. Summary by Sections Production - PV component production has been stable since the second half of 2025, with leading companies slightly increasing production while most others are reducing to clear inventory [5]. - In November 2025, the production of power, storage, and consumer batteries in China is projected to reach 209 GWh, a month-on-month increase of 12.4% and a year-on-year increase of 64.6% [5][9]. Prices - As of November 21, 2025, the price of polysilicon remains stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers has decreased to 1.28 CNY/piece [9][16]. - The average price for lithium iron phosphate battery storage systems is reported at 0.5547 CNY/Wh, with a month-on-month increase of 10% [16][21]. Domestic Demand - In September 2025, the domestic PV installation capacity increased by 31.3% month-on-month to 9.7 GW, but saw a year-on-year decline of 53.8% [20][21]. - The cumulative new PV installation from January to September 2025 reached 240.27 GW, representing a year-on-year growth of 49.3% [20]. Overseas Demand - In October 2025, the export value of PV components was approximately 2.258 billion USD, showing a year-on-year increase of 4.39% but a month-on-month decrease of 19.34% [26][27]. - The cumulative export value from January to October 2025 reached 23.473 billion USD, a year-on-year decrease of 4.89% [26].

Core Viewpoint - The report highlights the growth and stability in the photovoltaic and energy storage sectors, with significant increases in production and demand forecasts for batteries and solar components in China and globally [1][2][3][4]. Production Summary - In November 2025, China's production of power, storage, and consumer batteries is projected to reach 209 GWh, representing a month-on-month increase of 12.4% and a year-on-year increase of 64.6%, with energy storage cells accounting for approximately 33.6% of the total [1]. - Global production for the same category is expected to be 228 GWh, with a month-on-month growth of 11.2% [1]. - Domestic photovoltaic module production is forecasted to be below 44.5 GW in November, with potential for recovery in production levels if prices rebound [1]. Price Summary - In October 2025, the average bid price for lithium iron phosphate battery storage systems ranged from 0.43 to 0.7487 CNY/Wh, with an average of 0.5547 CNY/Wh, reflecting a 10% increase month-on-month [2]. - The average price for 4-hour lithium iron phosphate battery storage systems increased by 23.23% month-on-month, while the 2-hour systems saw a decrease of 5.5% [2]. - The price of polysilicon dense material was reported at 52.00 CNY/kg, with a decline in the average price of 183N monocrystalline silicon wafers [2]. Demand Summary - In September 2025, China's newly installed photovoltaic capacity was 9.7 GW, a month-on-month increase of 31.3% but a year-on-year decrease of 53.8% [3]. - The cumulative newly installed photovoltaic capacity from January to September 2025 reached 240.27 GW, a year-on-year increase of 49.3% [3]. - In September 2025, the export value of photovoltaic components was 2.8 billion USD, a year-on-year increase of 39.0% [3]. Industry Dynamics - The National Energy Administration issued guidelines on promoting the integrated development of renewable energy on November 12, 2025 [4]. - The World Power Battery Conference was held in Yibin, Sichuan, on November 12-13, 2025 [4]. - A strategic cooperation agreement was signed between Haibo Si Chuang and CATL to deepen collaboration in the energy storage sector [4]. Investment Recommendations - The report suggests focusing on photovoltaic and energy storage-related companies, highlighting significant growth in installed capacity and export values [4]. Recommended companies include: - Sunshine Power (300274.SZ) - Nandu Power (300068.SZ) - Tongrun Equipment (002150.SZ) - Huashengchang (002980.SZ) - Shouhang New Energy (301658.SZ) [4].