能源政策发不停，储能锂电爆价又爆量，是景气大周期的模样

Core Viewpoint - The energy sector is experiencing significant policy support, with recent guidelines from the National Development and Reform Commission and the National Energy Administration aimed at promoting high-quality development in the renewable energy industry during the 14th Five-Year Plan period. This is expected to create abundant investment opportunities in clean energy sources and new grid construction over the next 3-5 years, driven by global electricity shortages and carbon reduction demands [2]. Energy Storage - The guidelines emphasize the necessity of a capacity electricity price mechanism. Inner Mongolia has set an independent energy storage discharge compensation standard of 0.28 yuan/kWh for 2026, which is better than expected. Haibo has signed a three-year long-term contract for 200GWh with Ningde, indicating strong demand for energy storage and optimistic expectations for battery supply tightness [2][5]. Lithium Battery - According to Xinluo Lithium Battery, global energy storage battery shipments reached 428GWh in the first three quarters of 2025, representing a year-on-year increase of 90.7%. In November, there is a significant supply shortage of VC, leading to a sharp price increase. Leading electrolyte companies have only 10-15 days of VC inventory, which is far below the safety stock level. The high production enthusiasm and price increase expectations continue to support a positive outlook for the entire lithium battery industry chain [1][2]. Wind Power - Inner Mongolia plans to add 150GW of new energy installations over the next five years and has initiated a competitive bidding process for 15GW of wind power in 2025. There is optimism for sustained high levels of wind power bidding in the short term and strong demand in the medium to long term. The pricing policies for offshore wind in Zhejiang and Jiangsu show clear policy support, suggesting that domestic offshore wind is likely to see significant growth during the 14th Five-Year Plan period [3]. Photovoltaics - Perovskite technology is receiving policy support and industrial progress, with ongoing recommendations to focus on equipment and core materials. CSIQ (the parent company of Aters) has released a strong guidance for 2026 energy storage shipment volumes. There is a continued recommendation for bottom-fishing in the photovoltaic sector, including leaders in energy storage, glass, low-cost silicon materials, high-efficiency batteries/modules, and new technologies like perovskite and tandem cells [3]. Hydrogen Energy and Fuel Cells - The national level has continuously issued strategic policy documents to promote the maturity of the green hydrogen and ammonia industry from multiple dimensions, including system positioning and development pathways. The demand for solid oxide fuel cells (SOFC) is strongly determined, and the industry development trend is clear, showing resilience against short-term fluctuations [3]. Electric Grid - The State Grid has opened bidding for three batches of metering equipment, with new standards leading to price increases of over 30% for A-D grade meters, which is expected to significantly enhance profit margins for leading companies. The sixth round of bidding for transmission and transformation projects by the State Grid in 2025 maintains a high volume [4]. New Energy Vehicles - The automotive market entered a negative growth phase in October due to the continuous decline of local subsidies and high base figures from the same period last year. The penetration rate continues to rise, validating the impact of the reduction in purchase tax exemptions. It is expected that Q4 market sales will remain flat year-on-year, with the penetration rate continuing to break new highs, but closer observation of demand in Q1 2026 is necessary [4]. Important Industry Events - The Ministry of Industry and Information Technology has included perovskite in the "Frontier Materials Pilot Platform." Inner Mongolia has clarified the independent energy storage compensation standard for 2026 at 0.28 yuan/kWh. The region has also initiated competitive bidding for 15GW of wind power projects in 2025. Longi Green Energy has acquired Suzhou Jingkong Energy to enter the energy storage industry, and Goldwind Technology has opened a solution factory in South Africa. The State Grid has opened bidding for metering equipment and announced the sixth round of bidding for transmission and transformation projects [5].