储能行业系列报告：容量电价政策发布，储能有望打开成长空间

Investment Rating - The report maintains an "Outperform" rating for the energy storage industry, indicating expected performance above the market benchmark over the next 6-12 months [2][44]. Core Insights - During the "14th Five-Year Plan" period, China is expected to face increased carbon reduction pressures while experiencing a slowdown in new energy installation growth. The introduction of a national capacity pricing policy in January 2026 is anticipated to open up new installation space for renewable energy and support high-yield investment opportunities for power companies [2][4][12]. - The demand for energy storage is projected to grow significantly, with new energy storage installations expected to reach 66.43 GW and 189.48 GWh in 2025, representing year-on-year increases of 52% in power scale and 73% in energy scale [31][37]. Summary by Sections Investment Recommendations - The report suggests prioritizing investments in leading companies involved in energy storage integration and upstream battery cells, recommending firms such as Sungrow Power Supply, Trina Solar, LONGi Green Energy, JinkoSolar, CATL, and EVE Energy. It also advises monitoring companies like Haibo Technology, Sungrow Electric, Canadian Solar, and Penghui Energy [4][37]. Policy Impact - The national capacity pricing policy aims to stabilize investment returns for energy storage projects, potentially increasing project profitability to over 8% under favorable conditions. This policy is seen as a crucial element for driving investment enthusiasm among state-owned enterprises in the energy sector [4][23][37]. Market Dynamics - The report highlights that the share of energy storage in new energy installations is expected to rise, with energy storage becoming a core investment direction for power state-owned enterprises during the "15th Five-Year Plan" period. The report anticipates a shift in demand for energy storage beyond just the northern regions of China, with central and eastern provinces also likely to see increased demand [22][24][37]. Growth Projections - The energy storage market is expected to experience high growth, with projections indicating that from 2026 to 2027, domestic energy storage installations will maintain a high level of activity. The report emphasizes the importance of energy storage in supporting the stability of renewable energy sources like wind and solar [31][37].