新型储能热引发抢芯潮

Core Viewpoint - The new energy storage industry in China is experiencing a "mixed expansion" in the second half of 2025, driven by policy benefits and surging demand for new energy installations, while facing challenges such as price fluctuations in the supply chain and unresolved profit models [1]. Group 1: Capital Market Dynamics - The current demand for new energy storage has led to a "chip grabbing" trend, with a critical upgrade period for battery cell capacities from 300+Ah to 500+Ah and beyond, resulting in tight supply for existing products [3]. - The price of battery cells is expected to rise due to tightened supply of raw materials like lithium carbonate, alongside strong demand, which may enhance the annual revenue expectations for battery companies [3]. - Policy changes, such as the new pricing mechanisms for energy storage, are creating significant development opportunities, with capacity pricing and compensation replacing mandatory storage requirements [4]. Group 2: Regional Disparities and Project Viability - There is a stark contrast in project development rights across regions, with some areas like Inner Mongolia seeing high demand for project rights due to favorable local policies, while other regions struggle to attract investment [4]. - A notable case in Inner Mongolia highlights the high compensation standards for independent energy storage projects, which have spurred large-scale development [4]. Group 3: Industry Challenges - Despite rising battery prices, the bidding prices for energy storage projects are declining, creating a challenging business environment due to intense competition in the downstream market [8]. - The operational revenue of energy storage stations is often below expectations, contributing to the industry's struggles, as seen in the case of Hunan Province where independent storage stations reported significant losses [9]. - The lack of a robust standard system for energy storage is hindering the industry's sustainable development, with calls for improved safety, efficiency, and performance standards [10].