储能缺芯潮：需求爆发与产业再平衡

Core Viewpoint - The article discusses the ongoing "chip shortage" in the energy storage battery supply chain, highlighting the challenges and opportunities arising from the supply-demand imbalance in the industry [2][3]. Group 1: Supply and Demand Dynamics - The upstream battery cell supply is tight, with leading manufacturers operating at full capacity and orders extending to 2026, leading to a shortage in production capacity [4]. - Some companies have begun to raise prices due to the tight supply and the recent rebound in lithium carbonate prices, although the increase in storage prices is expected to be limited [5]. - The energy storage demand has surged unexpectedly, which is the direct cause of the chip shortage [7][10]. Group 2: Market Opportunities - The introduction of the 136 document, which promotes market-oriented reforms, has stimulated the economic viability of energy storage, with investment returns potentially reaching 6.67% under favorable conditions [9]. - Domestic energy storage bidding exceeded 210 GWh from January to August 2025, marking a 150% year-on-year increase, indicating a shift from policy-driven to market-driven growth [10]. - Internationally, countries like Saudi Arabia and Chile are making significant investments in energy storage, with Chinese companies winning substantial contracts [12][11]. Group 3: Industry Adjustments - The shortage of energy storage cells is causing a shift in the battery industry supply chain, with leading companies like CATL and EVE Energy experiencing high demand and full order books [14]. - Companies are enhancing supply chain security by signing long-term agreements with key material suppliers to ensure stable supply [21]. - The introduction of innovative cooperation models, such as technology licensing agreements, is helping to stabilize supply chains amid shortages [22][23]. Group 4: Technological Advancements - The rapid growth in demand is raising the technical barriers in the energy storage market, with a significant focus on larger capacity cells (500Ah+) becoming a competitive differentiator [24][25]. - The industry is entering a new phase characterized by a dual competition in scale and technology, with energy storage emerging as a new growth engine in the renewable energy sector [26][27].