电池及储能行业周报：虚拟电厂调峰落地，构网型储能热度提升

Investment Rating - The industry rating is "Market Weight" indicating a neutral outlook for the next six months [32]. Core Insights - The battery sector experienced an overall decline of 3.53% in the week of June 24-30, underperforming the CSI 300 index by 2.56 percentage points [2][16]. - The demand for electric vehicles (EVs) is recovering, with retail sales of new energy vehicles reaching 534,000 units from June 1-23, 2024, marking a year-on-year increase of 19% and a month-on-month increase of 7% [3][9]. - The total retail sales of new energy vehicles for the year are projected to reach 11.5 million units, a year-on-year increase of 20% [3][11]. - The supply side of the industry is adjusting in an orderly manner, with prices stabilizing across various materials [10][11]. Summary by Sections Battery Sector - Virtual power plants are now operational, with major players like State Grid and Telida participating in power spot trading, contributing a total adjustable capacity of approximately 300 MW [3][9]. - The lithium salt market is experiencing price fluctuations due to ongoing supply-demand negotiations, while the prices of cathode materials, particularly lithium iron phosphate, are at the breakeven point [10][11]. - Notable companies to watch include CATL, which is expected to ship 480 GWh in 2024 with an estimated profit of 46 billion yuan, and Teruid, which is benefiting from structural upgrades in grid investment [11][14]. Energy Storage Sector - A total of 7 new bidding projects were announced, with a total scale of 0.99 GW/7.36 GWh, indicating a slight decline in the energy storage bidding market [12][24]. - The average bidding price for energy storage EPC projects decreased to 1.05 yuan/Wh, reflecting ongoing low-price competition in the industry [13][24]. - Companies like Shangen Electric are highlighted for their comprehensive energy storage business model, which includes upstream inverters and downstream energy stations [14][24].