储能为何又成热点？行情至此怎么看？

Core Insights - The energy storage sector has gained significant attention recently, with the largest energy storage battery ETF (159566) increasing over seven times in size since June 30, and a net inflow of 690 million yuan in just five trading days from September 3 to September 9 [1] - The surge in investment is attributed to strong performance, with the energy storage battery ETF rising 4.45% on September 3 and a total increase of 11.78% from September 3 to September 9, amidst a volatile A-share market [1] - The underlying fundamentals are robust, supported by the National Index for New Energy Battery, which features a "triple beta" that has driven the index's strong performance this year [1] Summary by Sections Beta 1: Long-term Prosperity Logic of Energy Storage - The release of Document 136 this year led to a significant market correction in the energy storage sector due to the cancellation of the "mandatory storage" policy, which previously accounted for over 30% of domestic energy storage demand [6] - Despite initial negative reactions, a divergence in market expectations began to form, indicating a potential for recovery [6] - The new policy requires renewable energy to enter the market without preferential pricing, increasing operational pressure on renewable energy producers, making energy storage a viable solution for higher returns [8] Beta 2: Benefiting from AIDC Data Center Development - The rapid development of artificial intelligence has led to increased capital expenditures by major AI firms, driving significant growth in data center construction [11] - The power requirements for AI chips are increasing, necessitating upgrades in power supply systems, which will elevate the value of energy storage solutions [11] Beta 3: Solid-State Battery Developments Exceeding Expectations - The solid-state battery industry has seen rapid advancements, with early pilot lines and successful product launches from leading manufacturers [14] - Solid-state batteries are expected to play a crucial role in future energy supply for low-altitude economies and high-end electric vehicles, indicating vast market potential [14] - The upcoming solid-state battery industry conference plans to showcase small-scale production by 2027, suggesting ongoing positive developments in the supply chain [14] Conclusion - The energy storage industry is entering a high-growth phase, with significant long-term potential and existing market expectations that remain relatively low [14] - The energy storage battery ETF (159566) tracks the National Index for New Energy Battery, focusing on the energy storage supply chain, particularly battery manufacturers and supporting system providers, indicating a favorable outlook for the sector [14]