SINOLINK SECURITIES·2025-11-16 07:28Investment Rating - The report maintains a positive outlook on the energy sector, particularly in renewable energy, storage, and hydrogen industries, driven by recent government policies and market demand [1][5][22]. Core Insights - The energy sector is experiencing a significant policy push, with the National Development and Reform Commission and the National Energy Administration releasing key guidelines aimed at promoting high-quality development in the renewable energy sector during the 14th Five-Year Plan period [1][5]. - There is a strong emphasis on the global demand for clean energy and the construction of new power grids over the next 3-5 years, presenting abundant investment opportunities in storage, green hydrogen, and ammonia [1][5]. - The report highlights the robust growth in the energy storage market, with a notable increase in global energy storage battery shipments, which reached 428 GWh in the first three quarters of 2025, marking a year-on-year increase of 90.7% [9][7]. Summary by Sections Energy Storage - The report emphasizes the necessity of a capacity pricing mechanism for energy storage, with Inner Mongolia setting a compensation standard of 0.28 yuan/kWh for 2026, which is better than expected [1][5]. - A long-term agreement between Haibo and Ningde Times for 200 GWh of energy storage batteries reinforces the optimistic outlook for storage demand and battery supply constraints [1][5][8]. Wind Power - Inner Mongolia plans to add 150 GW of new renewable energy capacity over the next five years, with a competitive bidding process for 15 GW of wind power projects in 2025, indicating sustained high demand in the short to medium term [2][15]. - The report notes favorable pricing policies for offshore wind projects in Zhejiang and Jiangsu, suggesting a significant increase in domestic offshore wind capacity during the 14th Five-Year Plan period [2][16]. Photovoltaics - The report suggests a focus on perovskite technology, which is gaining traction due to policy support and industry advancements, recommending investments in equipment and core materials [18][19]. - CSIQ's strong guidance for energy storage shipments in 2026, projected to be between 14-17 GWh, indicates robust growth potential in the solar sector [19][20]. Hydrogen and Fuel Cells - The report outlines a strategic push from the government to develop the green hydrogen and ammonia industry, with policies aimed at enhancing the integration of renewable energy sources [22][24]. - The establishment of a "flexible load" identity for green hydrogen projects is expected to improve their economic viability and support the stability of high-renewable energy grids [23][24]. Electric Grid - The report highlights significant price increases for metering equipment, with A-D grade meters seeing price hikes of over 30%, which is expected to enhance profit margins for leading companies [30]. - The ongoing high volume of bidding for transmission and transformation projects indicates a stable growth trajectory for the electric grid sector [30].