GUOTAI HAITONG SECURITIES·2026-01-31 14:14Investment Rating - The report recommends an "Overweight" rating for the energy storage sector [2][3]. Core Insights - The introduction of the first national capacity price policy for energy storage is expected to enhance economic viability across the country, leading to significant growth in the domestic energy storage market over the next few years [3][5]. - The capacity price mechanism is crucial for the economic feasibility of energy storage projects, with examples such as Gansu province providing a capacity price of 330 RMB/kW·year, which supports a capital IRR of 11% [5]. - The impact of the capacity price on end-user electricity prices is minimal, maintaining current pricing structures for residential and agricultural users while balancing costs for commercial users [5]. Summary by Sections - Investment Recommendations: The report suggests that the establishment of a national capacity price will accelerate the development of a new energy system, with expected high growth in domestic energy storage. Key companies mentioned include Haibo Shichuang, Sunshine Power, and CATL among others [5]. - Policy Impact: The national capacity price policy, announced on January 30, aims to create a unified pricing mechanism for energy storage, which previously lacked a national standard. This policy lays a solid foundation for the nationwide promotion of capacity pricing [5]. - Economic Viability: The report emphasizes that the capacity price is essential for making energy storage economically viable, with projections indicating that as the share of renewable energy in the grid increases, the utilization and configuration duration of energy storage will improve [5].