机构：储能行业高景气格局确定性持续凸显

Group 1 - The Guangzhou Municipal Government has issued the "Beautiful Guangzhou Construction Planning Outline (2025-2035)", which emphasizes the acceleration of building a new power system [1] - The plan includes enhancing the flexibility of the power system, managing electricity demand, and gradually integrating flexible resources such as public buildings, electric vehicle charging facilities, new energy storage, and virtual power plants [1] - Huayuan Securities believes that energy storage, as a crucial flexible resource for the new power system, is in a key development stage supported by policies and improving business models, with expected growth in installed capacity driven by improved returns [1] Group 2 - The energy storage industry is experiencing strong supply and demand dynamics, with domestic and international demand resonating, leading to a situation where "one core is hard to find" in new energy storage [1] - Leading battery companies are operating at full capacity, and battery prices continue to rise, indicating that the supply chain has overall price transmission capability [1] - The energy storage demand is rapidly growing globally, driven by policy support, rigid demand, and improved economics, with a forecast of 402 GWh of global energy storage installed capacity by 2026, representing a year-on-year growth rate of approximately 53% [2]