Investment Rating - The report provides a positive investment rating for the new energy sector, particularly highlighting the strong growth potential in the energy storage segment [1][2]. Core Insights - The National Development and Reform Commission and the National Energy Administration have issued a plan targeting over 180GW of new energy storage installations by 2027, with expectations that actual installations could exceed 250GW [2]. - The report emphasizes the importance of integrating energy storage with renewable energy sources to enhance market participation and improve project profitability [2]. - A focus on developing a pricing mechanism for energy storage is noted, with several provinces already implementing capacity pricing and compensation mechanisms [2]. - Despite the end of mandatory energy storage requirements, demand remains robust, driven by increased electricity prices and supportive policies [2]. - The report suggests that the emphasis on product performance in energy storage will benefit leading companies in the sector [2]. Summary by Sections Energy Storage Sector - The cumulative installed capacity target for new energy storage in China is set to exceed 180GW by 2027, with projections indicating actual installations could surpass 250GW [2]. - New energy storage is encouraged to participate in the electricity market as a joint bidding entity, enhancing its role in market transactions [2]. - The report highlights the ongoing strong demand for energy storage, with record bidding achievements in August, driven by large-scale projects and supportive policies [2]. - The profitability of energy storage projects is expected to improve due to new market mechanisms, leading to rapid growth in new installations [2]. Photovoltaic Sector - The report includes a detailed stock rating table for various companies in the photovoltaic sector, with several companies rated as "Buy" indicating strong expected returns [3][4]. - The analysis covers different sub-sectors within photovoltaics, including manufacturers of solar panels, inverters, and other related equipment, providing insights into their market positions and potential growth [3][4].

Core Viewpoint - The article outlines the "New Energy Storage Scale Construction Special Action Plan (2025-2027)" issued by the National Development and Reform Commission and the National Energy Administration, aiming to promote the development of new energy storage systems in China, with a target of achieving an installed capacity of over 180 million kilowatts by 2027, driving direct investment of approximately 250 billion yuan [3][8]. Overall Goals - By 2027, new energy storage will achieve scale and market development, with technology innovation and equipment manufacturing capabilities ranking among the top globally, and a multi-dimensional energy storage system for stable operation of the new power system will be initially established [7][8]. Application Scenarios - The plan emphasizes the expansion of application scenarios for new energy storage, including collaboration with renewable energy sources, grid stability support, and innovative applications in smart microgrids and virtual power plants [9][10]. Utilization Level Improvement - The action plan aims to innovate control methods for new energy storage, enhance the calling level of new energy storage, and improve the adaptability of scheduling to ensure safe and stable operation of the power system [12][13]. Innovation and Integration - The plan promotes technological innovation in new energy storage, supporting key technology breakthroughs and the establishment of a collaborative innovation ecosystem among enterprises [13][14]. Standard System Construction - There is a focus on accelerating the establishment of a standard system for new energy storage, ensuring that standards are aligned with technological advancements and industry needs [15][16]. Market Mechanism Improvement - The plan encourages new energy storage to participate in the energy market comprehensively, promoting integrated participation in energy trading and auxiliary service markets [16][17]. Organizational Assurance - The National Development and Reform Commission and the National Energy Administration will coordinate efforts across provinces to ensure the effective implementation of the action plan, emphasizing safety management and talent development [17][18].