> 数据图表怎样理解欧美：库存去化已完成，降息驱动新增长2025-8-4欧美：库存去化已完成，降息驱动新增长4欧美：户储需求调整2年，26年将维持稳定◆ 我们预计25年欧洲户储装机达到9.3gwh，同比-11%，其中德国3.4gwh，同比+10%；意大利2.7gwh，同比持平；26年恢复7%增长至10gwh。美国市场较为稳定，持续保持大幅增长，25年达3.8gwh左右。图表：欧美户储需求预测美国户储新增光伏装机（Gw）-增速存量光伏装机（Gw）新增装机配储能（Gw）新增装机配储能（Gwh）存量装机新增配储能（Gw）存量装机新增配储能（Gwh）合计当年新增储能（Gw）合计当年新增储能（Gwh）-增速储能累计装机（Gw）累计装机储能（Gwh）累计光伏装机储能功率配比欧洲户储新增光伏装机（Gw）-增速存量光伏装机（Gw）新增装机配储能（Gw）新增装机配储能（Gwh）存量装机新增配储能（Gw）存量装机新增配储能（Gwh）合计当年新增储能（Gw）合计当年新增储能（Gwh）-容量增速德国-增速意大利-增速其他-增速储能累计装机（Gw）累计装机储能（Gwh）累计光伏装机储能功率配比户储出货量（gwh）-增速欧美合计储能累计装机（Gw）欧美合计装机储能（Gwh）20237.3325%3812.0%1.5 0.10.11.0 1.598%3.0 4.620248.4215%4614.0%2.0 0.10.21.3 2.2844%4.3 6.92025E9.2710%5520.0%3.4 0.20.42.1 3.7564%6.3 10.62026E10.6615%668.0%1.6 0.30.51.1 2.06-45%7.4 12.72027E11.7210%788.0%1.8 0.30.61.3 2.3716%8.7 15.12028E12.8910%918.0%2.0 0.40.71.4 2.7415%10.1 17.82029E14.1810%1058.0%2.2 0.50.91.6 3.1515%11.7 21.07.84%9.27%11.44%11.27%11.19%11.16%11.18%20.3040%816.0 10.5 0.91.56.8 12.06131%4.8153%3.989%3.412.6 21.115.59%10.85 -5%15.625.722.3310%1034.5 8.3 1.12.15.6 10.42-14%3.1-35%2.7-30%4.636%18.2 31.525.6815%1293.3 6.5 1.42.74.7 9.29-11%3.410%2.70%3.1-31%22.9 40.829.5315%1583.2 6.5 1.73.55.0 9.977%4.120%2.0-27%3.923%27.9 50.817.64%17.81%17.63%8.33 -23%22.538.49.29 11%29.251.49.97 7%35.363.531.015%1893.4 6.8 2.44.85.8 11.6116%4.920%2.525%4.28%33.7 62.417.81%12.19 22%42.477.532.565%2223.6 7.2 3.26.36.7 13.4916%5.920%3.125%4.46%40.5 75.918.24%14.17 16%50.693.734.195%2563.8 7.5 4.18.17.8 15.6216%6.510%3.925%5.217%48.3 91.518.85%16.40 16%60112.52030E15.6010%1208.0%2.5 0.61.11.8 3.6315%13.5 24.611.23%35.905%2923.9 7.9 5.110.19.0 18.0015%7.210%4.925%5.914%57.3 109.5 19.62%18.90 15%70.8134.138数据来源：CPIA、中关村储能联盟、储能与电力市场、CNESA、CESA，东吴证券研究所东吴证券综合其他
