> 数据图表如何看待储能电池：需求高增，紧缺持续至26H22025-12-6储能电池：需求高增，紧缺持续至26H26电芯涨幅可控，储能电站收益率维持较高水平◆ 甘肃项目，电芯价格0.31元/wh，储能收益率为11%。电芯价格每上涨2分，irr下降1pct。◆ 在电芯成本乐观涨价情况下（碳酸锂15万、6F为20万/吨），储能电芯价格对应3.7-3.8元/wh，IRR预计为5-6%，尚具备投资价值。若电芯价格进一步上涨，则将影响储能需求。图：高端储能电芯成本测算11.07%0.260.270.280.290.30.310.320.330.340.350.360.370.380.390.42709.8%9.1%8.4%7.7%7.1%6.4%5.8%5.2%4.7%4.1%3.6%3.1%2.6%2.1%1.7%28010.7%9.9%9.2%8.5%7.9%7.2%6.6%6.0%5.4%4.9%4.4%3.8%3.3%2.9%2.4%29011.5%10.8%10.0%9.3%8.7%8.0%7.4%6.8%6.2%5.6%5.1%4.6%4.1%3.6%3.1%30012.4%11.6%10.9%10.1%9.4%8.8%8.1%7.5%6.9%6.4%5.8%5.3%4.8%4.3%3.8%31013.2%12.4%11.7%10.9%10.2%9.6%8.9%8.3%7.7%7.1%6.5%6.0%5.5%5.0%4.5%32014.0%13.2%12.5%11.7%11.0%10.3%9.6%9.0%8.4%7.8%7.2%6.7%6.2%5.6%5.1%33014.9%14.0%13.3%12.5%11.8%11.1%10.4%9.7%9.1%8.5%7.9%7.4%6.8%6.3%5.8%70数据来源：Wind，东吴证券研究所测算，市值截至2025年10月28日东吴证券综合其他
