Core Insights - The article discusses the transition of China's energy market from local "capacity compensation" trials to a nationwide standardized "capacity pricing" mechanism, with recent policies promoting market-oriented revenue mechanisms for energy storage [2] Group 1: Capacity Compensation Policies - Zhejiang Province has announced capacity compensation for 17 new energy storage projects, totaling 1.164 GW, with a first-year compensation amount of 232.8 million yuan [3] - Hubei Province will implement a capacity compensation mechanism starting February 1, 2026, with an annual capacity price set at 165 yuan per kW per year [8] - Gansu Province has established a reliable capacity compensation mechanism with a standard of 330 yuan per kW per year, effective January 1, 2026 [9] Group 2: Project Details - The compensation projects in Zhejiang include various energy storage facilities, such as an 80 MW/160 MWh storage station in Hangzhou and a 200 MW/400 MWh grid-side storage project in Wuyi [6][7] - Yunnan Province has released a list of 8.955 GW/20.36 GWh of energy storage projects, aiming to enhance the integration of renewable energy and storage [11] Group 3: Market Mechanisms - The article highlights the establishment of a market price mechanism for energy storage, with a price range set between 0.04 yuan and 0.5 yuan per kWh, effective January 1, 2026 [10] - Yunnan's plan includes promoting energy storage to participate in the energy market and optimizing mechanisms for frequency regulation and auxiliary services [11]

Group 1 - The solid-state battery sector experienced a strong rally, with the ChiNext New Energy ETF (159368) rising over 2%, and stocks like Xinzhou Bang increasing by over 15% [1] - UBS Securities predicts that the energy storage industry will enter a "prosperity cycle" over the next five years, driven by demand from artificial intelligence data centers, with global energy storage demand potentially increasing by 40% year-on-year by 2026 [1] - Emerging markets in the Middle East, Latin America, Africa, and Southeast Asia may see energy storage demand growth rates of 30% to 50% or higher [1] Group 2 - The ChiNext New Energy ETF (159368) is the largest ETF fund tracking the ChiNext New Energy Index, covering various sectors including batteries and photovoltaics [2] - The ETF has the highest flexibility with a maximum increase of 20%, and the lowest fees, with a combined management and custody fee of only 0.2% [2] - As of October 31, 2025, the ETF's scale reached 829 million, with an average daily trading volume of 90.05 million in the past month, and it has a storage content of 58% and solid-state battery content of 31% [2]

国金证券近日发布公用事业及环保产业行业研究：本周（9.15-9.19）上证综指下降 1.30%，创业板指上涨2.34%。碳中和板块下降0.30%，公用事业板块下降2.29%，环保板块 下降1.15%，煤炭板块上升3.26%。新能源装机大增等因素推动电力供需进入"电量宽松、电 力区域性/时段性偏紧"的新周期。容量电价提升改善火电电价结构，多元化收入增强火电收 益保障 电量电价下行趋势难扭转，容量补偿比例提升改善火电电价结构。新能源装机大增等因 素推动电力供需进入"电量宽松、电力区域性/时段性偏紧"的新周期。容量电价提升改善火 电电价结构，多元化收入增强火电收益保障 根据国家能源局《关于发布2023年煤电规划建设风险预警的通知》，投资回报率分红、 橙、绿三色预警，并明确资本金测算方法：低于当期中长期国债利率的为红色预警；在当期 中长期国债利率至一般项目收益率（电力项目通常为8%）之间的为橙色预警；高于一般项 目收益率的为绿色。 9月16日，四川启动现货试运行中长期衔接交易，进入"分时段组织、D-2连续开市"新模 式，实现"两个全覆盖"。新模式下，市场主体可灵活调整中长期合约，适配清洁能源发电波 动，后续四川能源监 ...

Core Insights - The recent policy expectations for new energy storage have been favorable, with the National Development and Reform Commission and the National Energy Administration announcing a plan for large-scale development by 2027, targeting an installed capacity of over 180 million kilowatts and direct investment of approximately 250 billion yuan [1][2] - As of the end of 2024, China's installed capacity of new energy storage is expected to reach 73.76 million kilowatts, accounting for over 40% of the global total, with a projected doubling of capacity in less than three years [1][3] Policy and Market Mechanisms - The action plan includes measures to accelerate the improvement of market mechanisms to establish reasonable charging and discharging prices for new energy storage, allowing participation in various energy markets for revenue recovery [2][5] - Several provinces have introduced clear capacity compensation and pricing mechanisms, with Inner Mongolia setting a compensation standard of 0.35 yuan/kWh and Hebei proposing a capacity price of 100 yuan/kW [4][5] Industry Demand and Production - There is a significant demand for storage solutions, with many manufacturers reporting full production lines and a surge in orders, particularly from overseas markets, contributing to a 97% year-on-year increase in global storage cell shipments [3][4] - The domestic market has seen a shift in the growth rhythm of new energy storage installations, with a notable decline in the number of projects connected to the grid after the "531" policy [3][4] Economic Viability - The internal rate of return for independent storage projects under the new compensation mechanisms is projected to be 6.2% in Hebei and 14.8% in Inner Mongolia, exceeding the investment return requirements of large state-owned enterprises [4][5] - The action plan emphasizes the need for a reliable capacity compensation mechanism to stabilize investor confidence and ensure adequate system capacity [6][5] Application Scenarios - The action plan aims to expand the application of new energy storage across various sectors, including power generation and grid integration, to enhance system stability and absorb excess production capacity [7][8] - The focus on user-side "new energy + storage" configurations is expected to be a key development area, with several provinces implementing green electricity direct connection plans [8][9] Challenges and Future Directions - The current high system costs of storage may limit the scale of zero-carbon parks and green electricity connections, necessitating supportive pricing mechanisms from both central and local governments [9][8] - Provinces with strong manufacturing bases in new energy storage, such as Guangdong, are encouraged to innovate in pricing policies to stimulate local demand and support the industry [9]