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关税变化对独立储能与光伏配储项目IRR影响分析
关税变化对独立储能与光伏配储项目IRR影响分析
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海博思创-公司研究报告-把握新能源消纳大机遇出海开启新成长-250602(35页).pdf
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图17、欧洲主要国家户用光伏配储比例
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5年期国债期货合约活跃券IRR
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行业数据
2026-01-14
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国债期货主力合约IRR走势
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行业数据
2026-01-12
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国债期货主力合约IRR走势
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行业数据
2026-01-09
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国债期货主力合约IRR走势
55Sx5LqO5Zu+6KGo5Lit5pyq5qCH5rOo5YW35L2T5pWw5YC877yM5peg5rOV5o+Q5Y+W57K+56Gu5pWw5o2u55Sf5oiQ6KGo5qC844CCICAKCui1hOaWmeadpea6kO+8mmlGaW5k77yM5Zu95rOw5ZCb5a6J5pyf6LSn56CU56m2
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行业数据
2026-01-07
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“海上风电+全额售电”IRR与电价
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行业数据
2026-01-06
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海上风电+不同制氢规模”IRR与氢价
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市场规模
2026-01-06
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国债期货主力合约IRR走势
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行业数据
2025-12-26
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良好市场机制始终是美国储能发展的基石,关税与IRA极端情况下IRR仍有7-9%。得益于美国成熟的电力市场,储能系统在此前高成本下仍保持较高的成长弹性,盈利能力持续良好,根据Wood Mackenzie数据,美国储能EPC价格从22年初的约$2000/kW(4.5元/Wh)下降至24年初的约$1000/kW(2.3元/Wh),25年进一步下降至约1.8元/Wh,在价格大幅下降的背景下储能系统新增规模从22年的15GWh提升至24年的约40GWh,25年考虑关税预期本无降价计划、但系统端仍可通过规模化效应降本,对冲关税影响。我们认为,尽管EPC价格上可能有波动,若叠加各项关税EPC报价或回到24年水平,但良好的市场机制始终是美国储能快速发展的基础、后续应重点关注市场化机制(包括现货市场与辅助服务市场盈利变化)对收益率的积极影响,相较于关税仅限于系统端、IRA对总成本的补贴影响更大。我们测算在0.9元/Wh的FOB报价、40.9%/58.4%的综合税率、IRA补贴比例降为0的情况下,独立储能IRR仍有10.0%/8.7%、新能源配储IRR仍有10.4%/10.0%,相较于此前关税IRR恢复至合理区间。
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海博思创-公司研究报告-把握新能源消纳大机遇出海开启新成长-250602(35页).pdf
非洲各国对储能系统的政策支持
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公司募集资金使用计划
公司历次股权激励情况
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