Zhongtai Securities: A New Level of Global Energy Storage Demand, Wind Power Shuanghai Builds a Core Main Line
The Zhitong Finance App learned that with regard to the large storage market, Zhongtai Securities released a research report saying that with regard to the large storage market, domestic policy drivers are shifting to value driving future demand; for the household storage and commercial storage markets, developed markets are mainly driven by economic improvements, subsidy policies, etc., while emerging markets are driven by rigid demand such as post-war reconstruction, electricity shortages, unstable electricity supply, and replacement of diesel. The trend of prosperity has not changed. In terms of wind power, the fundamentals of the industry were clearly restored in 2025. Looking at the “15th Five-Year Plan,” domestic land wind increased steadily, domestic sea wind expectations were high, and the average annual increase was doubled compared to the “14th Five-Year Plan”. Emerging markets such as overseas land wind Asia, Africa, and Latin America are building new engines for growth. High-value markets such as overseas sea wind Europe, Japan, and South Korea are the main high demand areas.
The main views of Zhongtai Securities are as follows:
Energy storage: demand logic reshaped, global ceiling opened
Demand logic interpretation: (1) For the large storage market: on the domestic side, policy drive is shifting to value drive, policy goals+profit model improvements drive high future demand; on the overseas side, the US is developing high energy consumption, high load density, and high fluctuation trends, opening up space for energy storage. At the same time, driven by factors such as increased penetration of new energy, light storage parity, and diversified revenue models, there is strong demand in Europe, Australia, Middle East Africa, Latin America, India, etc., and the volume of pipeline projects is large. (2) For the household storage & commercial storage market: The developed market is mainly driven by economic improvements and subsidy policies, etc., while emerging markets are driven by rigid demand such as post-war reconstruction, electricity shortages and unstable electricity supply, and replacement of diesel, etc., and the boom trend has not changed.
Recommended direction of focus: (1) integration: leading energy storage integration leader that faces downstream customers and is expected to benefit first; (2) PCS: independent tripartite PCS target with excellent layout and scarce overseas; (3) temperature control: leading enterprise with remodeled oligopoly pattern and data center liquid cooling opening a new curve; (4) household storage &; commercial and commercial storage: channel is king, leading global household storage layout and accelerated expansion of the commercial and commercial storage category.
Wind power: improving the domestic business format, and Shuanghai is building a core main line
The “15th Five-Year Plan” demand is highly deterministic: in 2025, the fundamentals of the industry have clearly recovered. Looking at the “15th Five-Year Plan”, domestic land winds are expected to increase steadily, and the average annual increase is double compared to the “14th Five-Year Plan”. Emerging markets such as overseas land winds, Asia, Africa, and Latin America are the main sources of growth.
Host direction: Domestic onshore fan prices have clearly rebounded since the end of '24. Domestic fan profits entered the repair channel in '25, and the profit improvement was even more obvious in '26. At the same time, the logic of the sharp rise in volume and price was clear under the expectations of sea breezes and domestic mainframes going overseas from 1 to 10.
Gearbox direction: Wind power gearboxes account for a high share of value and have an inflationary logic. The future market space is 40 billion +. At the same time, the pattern is good and profitability is excellent. It is recommended to focus on the core leaders in the industrial chain.
Ocean wind direction: (1) Tower piles: Increased production capacity utilization rate+optimization of new product structure in anticipation of high domestic demand; overseas future supply and demand gaps are significant, and companies that are moving overseas quickly benefit first, focusing on the expected differences brought about by the landing of floating orders and the acceleration of shipbuilding+capacity business. (2) Submarine cables: Domestic ultra-high voltage grade and high-value submarine cables are clearly released, and the pattern is highly concentrated, and the faucet fully benefits; the overseas supply and demand logic is similar to tower piles, so it is recommended to focus on domestic submarine cable faucets.
Risk warning: Domestic and foreign demand falls short of expectations; competition intensifies; overseas expansion falls short of expectations; geopolitical risks; risk of untimely data updates; risk of distorted third-party data; risk of deviations in industry estimates, etc.