Founder: The resonance of energy storage at home and abroad brings high demand prosperity, and the promotion of photovoltaic anti-curling drives the supply change.

Founder released a research report stating that the demand for energy storage installations continues to be released, and the scale of tenders has reached a new high. Overseas, the demand for energy storage in the United States is driven by AIDC, while in Europe, there is rapid growth in demand for large-scale storage, and emerging markets continue to see growing demand. China's inverter exports to these regions have been increasing year by year. Under the "anti-jamming" policy and the price regulations requiring "selling not lower than the cost price," the prices of the main photovoltaic industry chain have hit bottom and rebounded. BC and perovskite lead the development of new technologies, and with the accelerated deployment of space data centers, the future of space photovoltaics is promising. Founder's main points are as follows: Energy storage: domestic business models are running well, overseas market is on the rise Domestically, local governments are issuing policies to compensate for energy storage capacity, and energy storage business models are gradually improving. The demand for energy storage installations continues to be released, and the scale of tenders has reached a new high. From January to September 2025, the total newly installed capacity of new energy storage in China reached 81.96 GWh, an increase of 61.59% year-on-year. From January to October this year, the cumulative scale of energy storage systems and EPC tenders reached 364.19 GWh, a 161% year-on-year increase, with independent energy storage accounting for 58%. Overseas, the demand is being driven by AIDC in the United States, and demand in Europe and emerging markets continues to grow. The power consumption of data centers in the United States has increased significantly, and it is expected that from 2025 to 2030, the compound annual growth rate of energy storage demand driven by AIDC will reach as high as 85%. In the European market, demand for large-scale storage is growing rapidly, with new energy storage installations expected to reach 118 GWh by 2029, and the share of large-scale storage will increase to 69%; meanwhile, the commercial and industrial storage market is expected to see a surge, with a share of 17% by 2029, becoming the second largest subdivision market. In emerging markets, due to shortages in power supply and imperfect power structures, countries and regions such as India, Southeast Asia, and Africa are seeing an increasing demand for energy storage, and China's inverter exports to these areas are increasing year by year. Photovoltaics: "Anti-jamming" policy drives supply and demand improvement, BC and perovskite lead new technology development Under the "anti-jamming" policy and the price regulations requiring "selling not lower than the cost price," the prices of the main photovoltaic industry chain have hit bottom and rebounded. From the low point in July to December 11th, the cumulative price increases of polysilicon dense material, 182N silicon wafer, 182TOPCon cell, and TOPCon module have reached 49%, 40%, 22%, and 2% respectively. Compared to other types of cells, BC cells and TOPcon, HJT have the highest theoretical efficiency limit (29.10%), with many leading companies making significant investments and the possibility of mass production in 2026. The scale of BC cell component tenders has significantly increased. Since 2024, companies such as China Huaneng and China Huadian have successively issued tenders for BC procurement sections, and many leading photovoltaic component companies have actively expanded production capacity and stabilized production, with the domestic BC cell component capacity expected to exceed 70 GW by the end of 2025, and the market share continuing to increase. Perovskite CECEP Solar Energy has made continuous breakthroughs in cell technology, LONGi Green Energy Technology has created and maintained a world record efficiency of 34.85% for crystalline silicon-perovskite tandem cells. Currently, the industry is transitioning from "technology verification" to "early production" critical stage. By 2025, the industry has built three GW-level production lines, and cross-sector enterprises such as Contemporary Amperex Technology are preparing GW-level production lines, with companies like Renxiao Guangneng expected to follow suit in 2026. With the accelerated deployment of space data centers, the prospects for space photovoltaics are promising. The current mainstream technology solution is gallium arsenide cells, but their high cost (accounting for 15-20% of satellite manufacturing costs) and rigid substrates limit their large-scale applications. In the future, P-type HJT cells and perovskite cells are expected to become mainstream solutions. Risk factors: intensification of industry competition, technology research and development not meeting expectations, downstream demand falling short of expectations, etc.