GOLDEN SUN SECURITIES·2025-11-02 12:45Investment Rating - The industry investment rating is "Increase" (Maintain) [4] Core Viewpoints - The global resonance in energy storage is driving high growth in demand, with a projected 85.7% year-on-year increase in global energy storage system shipments in the first half of 2025 [1] - The demand for energy storage materials is experiencing structural tightness, leading to a new round of price increases, as the top battery manufacturers are operating at full capacity [2][8] Summary by Relevant Sections Energy Storage Demand - Energy storage is essential for converting and storing electrical energy, with significant growth driven by reforms in China, the OBBBA Act in the US, and increased installations in Europe and the Middle East [1] - By the first half of 2025, major battery manufacturers are expected to achieve over 80% capacity utilization, with some nearing 90% [1] AIDC and Data Center Storage - NVIDIA's white paper emphasizes the necessity of energy storage as an active component in power architecture, predicting a rise in global data center energy storage demand from 16.5 GWh in 2024 to 209.4 GWh by 2030 [2] - The domestic data center energy storage market is expected to grow from 8 GWh to 101.6 GWh [2] Material Supply and Pricing - The production of lithium hexafluorophosphate has seen a significant price increase, with prices rising to 107,500 CNY/ton, a 114% increase since early August [8] - Phosphate iron production increased by 70.2% year-on-year, indicating a structural tightness in supply due to high demand from energy storage [8] - Major negative electrode manufacturers are operating at full capacity, with demand driving up production rates among smaller manufacturers [8] Key Stocks - Dongyangguang (600673.SH) is rated as "Buy" with projected EPS growth from 0.12 CNY in 2024 to 0.94 CNY in 2027 [7] - Other notable stocks include Jingtai Holdings (02228.HK) and Daoshi Technology (300409.SZ), both rated as "Buy" [7]