电池及储能行业周报：以旧换新推进顺利，储能低价行持延续

Investment Rating - The report rates the industry as "Bullish" with expectations of a significant increase in the market index over the next six months [51]. Core Insights - The domestic energy storage market is expected to maintain a favorable demand outlook, with a total of 43.74GW/149.71GWh of energy storage procurement completed from January to November [3]. - The report highlights the successful implementation of the vehicle replacement policy, which has positively impacted the industry’s overall sentiment [10]. - The report suggests focusing on companies like CATL and Shunfeng, which are positioned to benefit from the ongoing upgrades in the energy grid and the increasing demand for energy storage solutions [1][15]. Summary by Sections 1. Investment Highlights - The battery sector is experiencing a steady increase in demand, with December's retail sales of new energy vehicles expected to reach 1.4 million units, indicating a penetration rate of approximately 51.9% [21]. - The energy storage sector is seeing a decline in system pricing, with the lowest bid for a 4-hour energy storage system dropping below 0.4 yuan/Wh [3]. - Companies like Shunfeng Electric have achieved a full industry chain layout in energy storage, enhancing their market position [11][15]. 2. Market Performance - The battery sector saw an overall decline of 1.99% in the week of December 16-22, underperforming the CSI 300 index by 1.85 percentage points [34]. - Major inflows were observed in companies such as Kehua Data and Xianlead Intelligent, while significant outflows were noted for CATL and Sungrow [34]. 3. Industry Data Tracking - The average winning bid for energy storage EPC projects was approximately 0.95 yuan/Wh, reflecting a 17.2% decrease week-on-week [28]. - The report indicates that the lithium salt prices are on a downward trend, with industrial-grade lithium carbonate priced at 71,900 yuan/ton, showing a week-on-week decrease of 0.55% [13]. 4. Company News - Envision Energy secured a major storage order in South Africa, providing battery storage systems for three independent projects with a total capacity of 257MW/1028MWh [46]. - The report notes that companies like Dewei and Longyuan Power are actively expanding their energy storage capabilities through new projects and partnerships [48].