10 December 2025 Equity Research Report China Energy Storage Equities Gaining growth momentum We raise our 2026/27 global ESS installation forecasts to 430/516GWh from 401/487GWh to reflect stronger-than-expected global ESS battery shipments in 3Q25 (up 93% y-o-y per Infolink), which we believe bodes well for ESS installation in 2026. We believe the stronger-than-expected battery shipment in 3Q25 is partly due to: 1) supportive policies in China; and 2) front-loaded installation in the US ahead of the imple ...