CATL(SZ:300750) Ge Long Hui A P P·2025-09-15 03:26Group 1 - The battery sector has seen significant growth, with CATL's stock rising by 10%, surpassing its December 2021 high and reaching a historical peak, which has positively impacted the energy storage battery ETF (159566) by 2.3% [1] - The energy storage battery ETF, tracking the National Index of New Energy Batteries, focuses on the energy storage industry chain, achieving a scale of 1.143 billion yuan as of September 12, with a continuous net inflow of funds for 13 days, making it the largest ETF product in the market focused on the energy storage sector [1] - Morgan Stanley's report on September 11 indicates that CATL's industry leadership has not only been maintained but has strengthened, particularly after its breakthroughs in the European electric vehicle battery market, while smaller competitors face profitability challenges in key storage areas [1] Group 2 - The National Development and Reform Commission's significant policy changes have transformed expectations into a policy bottom, allowing renewable energy generation to enter full market trading, leading to a notable decline in renewable energy prices [2] - For renewable energy companies, relying solely on renewable generation has become insufficient for profitability, making energy storage facilities crucial for providing capacity price revenue, peak-valley price arbitrage revenue, and transmission revenue, thus improving project IRR to around 6%-15% [2] - August's energy storage bidding data exceeded market expectations, reaching a historical high, and as the market begins to accept the long-term logic of energy storage, combined with substantial orders and production from leading battery manufacturers, a strong resonance of reality and expectations has formed [2]