市场震荡下，储能为何成资金新宠？

Core Insights - The market is experiencing increased volatility, with the Shanghai Composite Index fluctuating around 4000 points, leading to a shift in investment focus towards sectors like technology, new energy, and pharmaceuticals [1] - Investors are increasingly interested in energy storage, a previously less-known field, as discussions around it have intensified both online and offline [1] Industry Analysis - The "136 Document," released in February, marks a significant policy shift by allowing renewable energy pricing to be determined by market supply and demand, leading to increased price volatility [2] - Energy storage systems benefit from this change by storing electricity when prices are low and discharging it when prices are high, thus capitalizing on the price differences created by renewable energy's intermittent nature [2] - Energy storage is crucial for addressing the consumption issues of renewable energy, enabling the storage of excess electricity generated when the grid cannot accommodate it [3] Economic Viability - New policies, including capacity pricing, provide a stable revenue stream for energy storage systems, enhancing their economic attractiveness and increasing investment interest [4] - The limited availability of suitable locations for energy storage systems, such as proximity to substations and power generation sites, further drives investment enthusiasm [4] Investment Strategy - Investment in energy storage should focus on the entire supply chain, including energy storage cells, power conversion systems, inverters, and thermal control equipment, making it suitable for index-based investments [5] - The performance of battery components has seen significant price increases due to strong demand, but the market remains cautious about the stability of the industry fundamentals [6] - The Energy Storage Battery ETF (159566) tracks a high-purity index focused on battery manufacturing and energy storage systems, avoiding exposure to upstream materials and midstream components, making it a preferred investment tool during market fluctuations [6]