Zhong Guo Neng Yuan Wang·2026-02-03 09:51Core Insights - The report highlights the strategic significance of the national-level establishment of a new capacity pricing mechanism for independent energy storage in the power grid [1][2] Policy Content - The capacity pricing calculation rule is based on local coal power capacity pricing standards (165-330 CNY/kW*year), adjusted according to peak capacity and considering factors like market development and system demand [2] - A list management system will be implemented to accelerate the construction of energy storage projects, with specific project lists developed by provincial energy authorities [2] - The compensation for new energy storage capacity will be included in local system operating costs, with end-users bearing the costs [2] Impact - Multiple provinces are expected to introduce corresponding energy storage capacity pricing policies, leading to a surge in demand [3] - Based on Gansu's standards, the subsidy standard for 4-hour energy storage is estimated at 193 CNY/kW, with an internal rate of return (IRR) of 8-9%, meeting funding requirements [3] - The anticipated new energy storage capacity is projected to reach 183 GWh by 2025, with a further 50% growth to 275 GWh in 2026 [3] - A decline in lithium carbonate prices may lead to the resumption of previously paused projects if prices stabilize between 120,000-150,000 CNY/ton [3] Investment Recommendations - The introduction of a national energy storage capacity pricing mechanism and the decline in lithium carbonate prices are expected to restore energy storage demand, favoring companies like CATL and Sungrow, which are currently undervalued [3] - Other recommended companies include EVE Energy and Haibo Innovation, with positive outlooks for Canadian Solar, Zhongxin Innovation, and BYD, while also monitoring Penghui Energy [3] - The midstream materials sector is also favored, with recommendations for separators, electrolytes, anodes, cathodes, aluminum foil, and copper foil [3]