CATL(SZ:300750) Shang Hai Zheng Quan Bao·2025-09-17 19:28Core Insights - The integration of new energy storage systems with power sources, grids, and loads will be crucial during the 14th Five-Year Plan period, enhancing the development and consumption of large-scale renewable energy [2][5] - The scale of energy storage development is a key indicator of the new power system construction, significantly impacting the quality of renewable energy development and the stability of the power grid [4][5] - The new energy storage industry in China is expected to see substantial growth, with installed capacity projected to exceed 180 million kilowatts by 2027 and 300 million kilowatts by 2035 [5][6] Industry Development - The new energy storage capacity in China has increased nearly 30 times during the 14th Five-Year Plan, with cumulative installed capacity reaching approximately 95 million kilowatts in the first half of the year [4][5] - The energy storage industry is experiencing explosive growth but also faces significant risks, including safety concerns and intense price competition that may compromise quality [6][7] - The industry is urged to build an innovative ecosystem focusing on safety, market credibility, intellectual property protection, and zero-carbon future technologies [8] Global Market Trends - The global demand for energy storage is rising, driven by similar transitions in overseas power grids, with "solar + storage" becoming more competitive against new fossil fuel projects [9][10] - The levelized cost of electricity (LCOE) for utility-scale solar has decreased by 89% from 2010 to 2024, making "solar + 4-hour storage" projects cheaper than new coal or gas projects [9][10] - Key challenges for global energy storage deployment include grid congestion, lack of flexible product definitions, and uncertain revenue frameworks, which are common issues faced by both China and other countries [9][10]