Minsheng Securities Research Reports indicate that in 2024, the overall prices in the Energy Storage Industry Chain are showing a downward trend, which will enhance project ROI, with continuous growth in both domestic and overseas demand. Meanwhile, the current trend of declining prices in the industry chain is gradually slowing down. Looking ahead to 2025, prices in the industry chain are expected to bottom out and rebound, with an overall positive trend. In terms of large energy storage, overseas demand is rapidly increasing, and domestic networking is coming to the forefront. In 2024, large energy storage overseas will show regional growth, especially with large energy storage projects emerging in the Middle East, such as in Saudi Arabia and the UAE. Looking ahead to 2025, demand for large energy storage in the Middle East will continue to be released, the trend for large energy storage in the USA is positive, and the issues related to grid connection delays are gradually being alleviated. At the same time, domestic networking energy storage technology is on the rise, and there is potential for a significant increase in penetration rate in the northwest region. Against the backdrop of positive global large energy storage demand, it is recommended to focus on the PCS segment of large energy storage.