智通财经网·2026-02-03 01:24Core Viewpoint - The report from Dongwu Securities highlights the national-level establishment of a new pricing mechanism for independent grid energy storage capacity, which is expected to accelerate the construction of energy storage projects and lead to significant growth in storage capacity in the coming years [1]. Group 1: Pricing Mechanism - The capacity pricing calculation rule is based on local coal power capacity pricing standards (RMB 165-330 per kW per year), adjusted according to peak capacity and other factors [1]. - The new capacity compensation costs will be included in local system operation costs and will be borne by end users [3]. Group 2: Project Management and Acceleration - The implementation of a checklist management system will facilitate the acceleration of energy storage project construction, with specific requirements for project application, assessment, and construction timelines [2]. - The report anticipates that multiple provinces will introduce corresponding energy storage capacity pricing policies, leading to a surge in demand [4]. Group 3: Market Impact and Growth Projections - The report estimates that by 2025, new energy storage capacity will reach 183 GWh, with a projected 50% growth to 275 GWh in 2026 [4]. - The recent decline in lithium carbonate prices is expected to stabilize between RMB 120,000-150,000 per ton, which may lead to the resumption of previously paused projects [4]. Group 4: Investment Recommendations - The report recommends investing in companies such as CATL and Sungrow, as current valuations reflect pessimistic expectations [5]. - It also highlights opportunities in midstream materials, recommending investments in separators, electrolytes, anodes, cathodes, aluminum foil, and copper foil [5].