Shang Hai Zheng Quan Bao·2025-11-20 01:12Core Viewpoint - The energy storage sector is experiencing significant market divergence, with a recent net outflow of nearly 7 billion yuan, indicating short-term profit-taking by some investors. However, the underlying logic supporting energy storage remains strong and is expected to continue in the long term [1][2][3]. Market Dynamics - The current divergence in the energy storage market is primarily due to the balance between short-term trading congestion and the long-term high growth potential. Recent data shows a net outflow of 6.725 billion yuan from the energy storage sector and 5.049 billion yuan from the lithium battery sector on November 19 [2]. - The energy storage sector's congestion is nearing historical highs, suggesting that any market fluctuations could lead to increased volatility [1][2]. Long-term Growth Drivers - Global energy storage demand is projected to remain high, with significant growth rates expected in various regions by 2026: Europe (40%), the US (45%), and the Middle East (100%). The overall global growth rate for large-scale energy storage is anticipated to reach 54% [3]. - In China, the transition towards renewable energy has surpassed traditional coal power generation, leading to increased pressure on energy consumption. This shift indicates a transformation in the power system, where energy storage is becoming a crucial component [3]. Technological Advancements - The development of grid-friendly energy storage technologies is essential for enhancing grid stability and increasing the penetration of renewable energy sources. Configuring a certain proportion of grid-friendly storage systems can improve renewable energy penetration rates by 15% to 20% [4]. - The investment value of Power Conversion Systems (PCS) is highlighted, as they play a critical role in connecting energy storage batteries to the grid and ensuring stable energy management [4]. Investment Opportunities - Companies leading in the PCS market are expected to maintain a dominant position due to their brand and distribution advantages. Notable companies include Sungrow Power Supply, Kehua Data, and Sungrow Electric [4]. - Firms that are well-positioned in the domestic large-scale storage market and can capitalize on independent storage growth opportunities are also highlighted, such as Haibosichuang [4]. - Companies with strong global competitiveness in large-scale storage, particularly those expanding into emerging markets like Europe and the Middle East, are recommended for investment consideration [4].