Di Yi Cai Jing·2025-09-29 00:00Core Viewpoint - The report from CITIC Construction Investment expresses optimism about the energy storage and lithium battery sectors, highlighting a significant increase in domestic energy storage demand driven by the expansion of renewable energy and favorable pricing policies [1] Group 1: Energy Storage Sector - Domestic energy storage demand has exceeded expectations this year, primarily driven by the widening price difference between peak and valley electricity due to the full market entry of renewable energy [1] - The introduction of capacity pricing policies has enhanced the internal rate of return (IRR) for energy storage [1] - The driving force behind energy storage demand is shifting from mandatory renewable energy integration to economic incentives [1] Group 2: Overseas Market Dynamics - Outside of the U.S., the demand in overseas markets continues to grow rapidly [1] - The "Inflation Reduction Act" imposes restrictions on project commencement after 2026, but the impact on installed demand is expected to be limited [1] Group 3: Lithium Battery Sector - The sustained increase in energy storage demand is leading to a simultaneous rise in both volume and profit across the industry chain [1] - The current key concern is whether the sustainability of energy storage demand can support an upward revision of the 20% growth forecast for 2026 [1] - Attention is drawn to the upcoming energy storage bidding in the fourth quarter, the expected demand from battery companies by the end of November, and the implications of the 2026 electric vehicle replacement policy and lithium battery production plans [1]