Report Industry Investment Rating - Not provided Core View of the Report - The lithium carbonate market is expected to operate in a volatile and upward - trending manner, with a focus on cost and marginal changes in supply and demand [3] Summary by Relevant Catalogs Market Performance - The main contract of lithium carbonate futures fluctuated within a range and closed at 168,780 yuan/ton. The net short position of the main funds continued, the long - short ratio decreased month - on - month, and the warehouse receipts increased slightly by 230 tons to 28,886 tons. The average price of SMM electric carbon was 164,500 yuan/ton [1] Supply - side Situation - Last week, raw material prices increased by over 17% month - on - month, strengthening cost support. This week, the total weekly operating rate of SMM lithium carbonate was 50.99% (-1.7%), and the operating rates of various process routes decreased month - on - month due to maintenance plans. The total production of SMM was 22,217 tons (-388 tons), with a slight decrease in supply [2] Demand - side Situation - There was a significant structural differentiation on the demand side. Last week, the production of SMM iron - lithium and ternary materials decreased slightly month - on - month, and inventory was destocked. The production of SMM power cells decreased slightly. As of January 18, the penetration rate of SMM new - energy vehicle sales rose to 55.6%, and the production schedule of energy - storage cells increased slightly to support demand [2] Inventory Situation - The sample social inventory in four regions of SMM increased by 3.1% (+1,290 tons) month - on - month, the sample weekly inventory was destocked again, decreasing slightly by 0.7% (-783 tons) month - on - month. The total inventory days were 27.8 days, with the upstream and downstream inventory days increasing to 5.1 days and 9.6 days respectively, and the inventory days in other links decreasing to 13.1 days. The inventory structure showed significant differentiation [2] Macro - policy Situation - On the demand side, multiple incentives such as subsidies for car trade - ins and battery export tax rebates stimulate terminal consumption and improve macro - liquidity. On the supply side, on January 15, the National Development and Reform Commission proposed to introduce management measures for the comprehensive utilization of new - energy vehicle power batteries, which will optimize the domestic supply structure and raise the cost support center in the long term. Industrial plans such as the Qinghai Salt Lake Industry Plan, the key points of the "15th Five - Year" plan for energy storage, and a series of deployments in the Central Economic Work Conference form synergistic benefits to support long - term supply - demand balance. The central bank's structural interest rate cuts indirectly strengthen the long - term macro - positive atmosphere [3]

Group 1 - The A-share market opened high on January 23, 2026, with the ChiNext New Energy ETF Huaxia (159368) rising by 3.26% after opening [1] - Notable stocks included Maiwei Co., Ltd. hitting the daily limit, Jiejia Weichuang increasing by 17.84%, Jing Sheng Mechanical and Electrical rising by 13.95%, Zhonglai Co., Ltd. up by 12.05%, and Dier Laser increasing by 8.97% [1] - The ChiNext New Energy ETF Huaxia (159368) has seen significant capital inflow, with a net inflow of 89 million yuan over the past five days and over 135 million yuan in the last ten days [1] Group 2 - The China Energy Storage Industry Technology Alliance (CNESA) reported that by 2025, China will add 66.43 GW/189.48 GWh of new energy storage, representing a year-on-year growth of over 80% [1] - Despite a decrease in the average bidding price for 2h EPC to 1043.82 yuan/kWh, down 13.04% year-on-year, system integrators are improving profit margins through technological optimization and economies of scale [1] - The cancellation of mandatory storage in all 31 provinces has shifted energy storage development towards market-driven models such as spot arbitrage and ancillary services [1] Group 3 - Huayuan Securities indicates that the energy storage industry is at a critical juncture for independent commercialization, with significant beta opportunities for large-scale development emerging [1] - The high proportion of new energy power systems creates urgent demand for resource adjustment, and the domestic spot market and capacity compensation mechanisms are accelerating, driving energy storage from policy-driven to value-driven models [1] - The profitability model is being optimized, and overseas markets are expected to contribute additional growth, leading to sustained improvement in industry prosperity [1] Group 4 - The ChiNext New Energy ETF Huaxia (159368) is the largest ETF fund tracking the ChiNext New Energy Index, covering multiple segments of the new energy and electric vehicle industries, including batteries and photovoltaics [2] - The ETF has high elasticity, with a maximum increase of 20 cm, and the lowest fee rate, with a total management and custody fee of only 0.2% [2] - As of December 30, 2025, the fund's scale reached 676 million yuan, with an average daily trading volume of 70.75 million yuan over the past month, and nearly 90% of its holdings are in energy storage and solid-state batteries, aligning with current market trends [2]

Summary of NEOV Partnership and Energy Storage Development Company and Industry Involved - The partnership involves 隆基股份 (LONGi Green Energy) and its subsidiary 精控能源 (Jingkong Energy) collaborating with NEOV, a small but rapidly growing company listed in the US [1][2] Core Points and Arguments - The joint venture will establish a 2GWh energy storage battery production capacity in North America, expected to reach full production by mid-2026, with a long-term goal of expanding to 8GWh [1] - NEOV has shown impressive revenue growth in recent quarters, with year-over-year increases of 600%, 700%, and 1000% respectively [1] - The production capacity will be allocated with 75% for large-scale storage and 25% for commercial storage [1] - The construction timeline includes equipment arrival in March, site preparation in April, and production ramp-up from May to June, with full production starting on July 1 [1] - Currently, battery cells are sourced from China, with plans to shift to domestic production in the US starting in 2027 [1] Additional Important Content - The joint venture fully complies with the Inflation Reduction Act (IRA) requirements, ensuring eligibility for government subsidies and market access [2] - The company is optimistic about demand post-capacity deployment, citing: - A partnership with Luminia for a 160MWh framework agreement signed in November 2025, which has already driven commercial storage orders [2] - A $1.3 million private placement with IGC, with $700,000 allocated for capacity construction; IGC has a reserve of hundreds of MWh in large storage projects [2] - 精控 will introduce existing projects into the joint venture, while 隆基 is expected to provide some orders to the joint venture until 2027 [2] - Positive cash flow is anticipated upon production commencement [2] - Once the joint venture is established, the company will be among the few that can cover the entire vertical field of residential, commercial, and large-scale energy storage in the US [3] - Historically, the market has been dominated by Chinese enterprises, and the company aims to leverage its US-manufactured joint venture to gain a differentiated advantage [4]

Core Insights - The article emphasizes the strategic importance of the new energy and storage industries in China's "14th Five-Year Plan," highlighting the government's support for these sectors to drive high-quality development [1] Industry Overview - The new energy vehicle (NEV) industry in China is projected to achieve significant growth, with production and sales expected to reach 16.62 million and 16.49 million units respectively by 2025, marking a year-on-year increase of over 20% [2] - By 2040, the market penetration rate of NEVs in China is anticipated to exceed 80%, positioning the country among the world's leading automotive powers [2] Company Positioning - 纳百川 has established itself as a core supplier in the fields of power batteries for electric vehicles, fuel vehicle power systems, and thermal management for storage batteries, maintaining a strong customer strategy [1] - The company has been a strategic partner of 宁德时代 since 2012, supplying products to major automotive brands such as T Company, NIO, Xpeng, and Li Auto [1] Technological Advancements - 纳百川 has developed a comprehensive core technology system that addresses industry challenges, achieving a temperature deviation of less than 3°C in battery module thermal distribution and a flow resistance deviation of under 5% [2][3] - The company has also made breakthroughs in key areas such as new material applications and welding technology, ensuring product reliability under complex conditions [3] Market Growth and Demand - The global energy storage market is expected to grow significantly, with projections estimating a market size of $668.7 billion by 2024 and $5.12 trillion by 2034, reflecting a CAGR of 21.7% from 2025 to 2034 [3] - 纳百川's storage business has seen rapid growth, with its revenue share increasing from less than 5% in 2022 to over 30% in Q1 2025, driven by the booming storage industry [4] Capacity Expansion - The company's production capacity is nearing saturation, with a utilization rate of 88.31% and a sales rate of 97.57% in Q1 2025, indicating a critical constraint in meeting downstream demand [4] - To capitalize on industry opportunities, 纳百川 plans to invest 579 million yuan in a new production project aimed at producing 3.6 million sets of water-cooling plates annually [4][5] Future Outlook - The "14th Five-Year Plan" is expected to deepen the development of new energy industry clusters, with the NEV and storage sectors poised for high-quality growth [5] - As the company continues to expand its production capacity and overcome bottlenecks, it is well-positioned to benefit from the upgrading of the new energy industry and solidify its leading position in thermal management [5]

截至2025年12月底，中国新型储能累计装机规模达到144.7 GW，同比增加85%，历史首次突破100 GW，是"十三五"时期末的45倍。1月22日，中关村储能产业技术联盟(CNESA)DataLink 2025年度储能 数据发布暨储能国际峰会暨展览会2026新闻发布会在北京召开，自现场获悉上述数据。 ...

该项目的储电能力超强，相当于一座中型电厂2小时的发电量，可同时满足约4.6万户家庭一天的用电需 求，也能为5300多台储能约80度的新能源车充满电。项目峰段最大放电功率达10.7万千瓦，持续时长4 小时，储能充放电功率及容量均大幅提高。在实际应用中，该项目效益显著，每年可帮助相关企业节省 电费7000万元；在减碳方面，相当于每年节约标准煤1.97万吨，减少碳排放5.2万吨，同时还能平衡区域 用电高峰和低谷负荷，增强电力系统供电的稳定性。 转自：成都日报锦观 超级"绿色充电宝"上线 刷新省内用户侧储能规模纪录 本报讯 （成都日报锦观新闻记者 杨甦） 1月16日，经过半个月调试的绿色水电铝用户侧储能项目在广 元经济技术开发区正式实现充放电。该项目装机功率107.12兆瓦、容量428.48兆瓦时，刷新了四川省内 用户侧储能规模纪录。 作为储能的三大应用领域之一，用户侧储能直接服务于终端用电需求，广泛应用于工商业园区、高耗能 企业等场景。此次投运的绿色水电铝用户侧储能项目，是安装在水电铝生产企业端的储能设施，采用锂 离子电池等技术，其核心原理是通过"低谷充电、高峰放电"模式运行——在低电价时段（如夜间低谷时 段）充电 ...

Group 1: Production Capacity and Demand - The company's current production capacity for major energy storage products, including 314Ah large cells and 100Ah and 50Ah small cells, is fully utilized [2] - A new production line for 587Ah large capacity cells is planned to be launched in 2026, with the second phase of the Quzhou base already completed [2] - Domestic demand for the 587Ah product is expected this year, while overseas demand is anticipated to pick up in 2027 [2] Group 2: Market Dynamics and Supply Chain - The supply-demand dynamics for small storage products are more favorable than for large storage, driven by multiple regional demands and increased subsidies in Australia and Europe [3] - The company has completed a significant number of overseas large storage orders in 2025, with high customer recognition and expectations for substantial growth in 2026 [3] - The company employs a rolling technology route for the 587Ah cells, focusing on maturity, yield rates, cost control, and production speed [3] Group 3: Raw Material Strategy and Market Trends - The company adapts its raw material procurement strategy based on market conditions and has initiated commodity hedging to mitigate risks from price volatility [3] - Despite rising lithium carbonate prices, the company believes that sodium batteries do not currently offer a competitive advantage over lithium batteries [3] - The National Development and Reform Commission and the National Energy Administration's action plan indicates that by 2027, new energy storage installations in China will exceed 180 million kW, driving direct investments of approximately 250 billion yuan [4] Group 4: Future Outlook - The company expresses confidence in the sustained growth of the large storage market over the next few years, supported by various applications including power-side storage and distributed photovoltaic systems [4] - The demand for large storage is expected to grow due to the deployment of computing centers and the aging power grid in the U.S., as well as energy shortages in Belt and Road countries [4]

Sales Performance - BYD sold 4.6 million vehicles in 2025, maintaining its position as the top-selling automaker in China and globally in the new energy vehicle market [1] - The sales of high-end brands (Denza, Yangwang, and Fangchengbao) reached nearly 400,000 units, with a year-on-year growth of over 100% [1] - Overseas sales exceeded 1 million units for the first time, marking a year-on-year increase of over 140% [1] - New energy buses saw a year-on-year growth of over 18%, continuing to lead in exports for three consecutive years [1] Market Outlook for 2026 - The total automobile sales in China are projected to reach 34.75 million units in 2026, with a year-on-year growth of 1% [2] - New energy vehicle sales are expected to hit 19 million units, reflecting a year-on-year growth of 15.2% [2] - BYD plans to enhance its competitive edge through core technology innovations and product improvements [2] Technological Advancements - BYD's "Heavenly Eye" technology matrix supports over 2.56 million vehicles with advanced driver assistance systems as of December 2025 [3] - The "Heavenly Eye" system generates over 160 million kilometers of data daily, improving safety and driving experience [3] - The activation rates for smart parking and driver assistance features reached 85.97% and 94.13%, respectively, in 2025 [3] Innovation and Brand Development - BYD emphasizes innovation as a core driver, launching original and disruptive technologies to support sustainable development [4] - The company participated in the "China Innovation Technology Gala," showcasing its advancements in intelligent driving technology [4] Energy Storage Initiatives - BYD has delivered over 500 energy storage projects globally, with applications in over 110 countries [5] - The "Haohan" system, featuring a capacity of 14.5MWh, was highlighted at the World Future Energy Summit, showcasing its adaptability in harsh environments [5] - In Saudi Arabia, BYD's energy storage projects are set to contribute significantly to local energy transformation, with a total capacity of 12.5GWh [5]

Core Insights - As of December 2025, China's cumulative installed capacity for energy storage reached 213.3 GW, marking a 54% year-on-year increase [1] - The market share of pumped storage is 31.3%, while new energy storage, represented by lithium batteries, has seen a significant growth, accounting for over two-thirds of the total installed capacity [1] - New energy storage installations reached 144.7 GW, an 85% increase year-on-year, with the cumulative capacity being 45 times that of the end of the 13th Five-Year Plan [1] Installed Capacity and Market Trends - By the end of 2025, new energy storage installations included 66.43 GW and 189.48 GWh, with power and energy scales increasing by 52% and 73% respectively [1] - The top ten provinces in terms of installed capacity each exceeded 5 GWh, collectively accounting for nearly 90% of the total, with western provinces leading the way [1] Bidding and Pricing Dynamics - In 2025, the number of bidding sections for energy storage systems decreased by 10.4% to 690, while EPC bidding sections increased by 4.5% to 1,536 [2] - The bidding scale for energy storage systems reached 121.5 GWh, a 140.1% increase, and EPC bidding scale was 206.3 GWh, up 125.5% [2] - The procurement prices for lithium iron phosphate systems ranged from 391.14 to 913.00 yuan/kWh, with significant price variations based on system duration [2] Policy and Market Reforms - In 2025, 869 new policies related to energy storage were released, a 13% increase year-on-year, indicating a high level of policy activity [3] - The "14th Five-Year" planning goals for new energy storage across provinces exceed 91.6 GW, with most provinces having met their targets [3] - The market is transitioning towards a more market-oriented approach, with commercial energy storage expected to gradually move towards market participation [3] Future Outlook - The commercial energy storage sector is expected to maintain stable growth, with a shift from fixed price arbitrage to a more diversified revenue model [4] - The revenue structure for energy storage is anticipated to transform significantly, with energy arbitrage becoming the dominant revenue source [5] - The average duration of new energy storage installations is projected to increase from 2.58 hours in 2025 to 3.47 hours by 2030, reflecting advancements in technology and market demand [6]

Core Insights - The new energy storage industry in China has shown significant growth, with a cumulative installed capacity of 213.3 GW by the end of 2025, representing a year-on-year increase of 54% [2] - The market share of energy storage technology has diversified, with pumped storage accounting for 31.3% and new energy storage, led by lithium batteries, exceeding two-thirds of the total installed capacity [2] - The installed capacity of new energy storage reached 144.7 GW by the end of 2025, marking an 85% year-on-year increase and a 45-fold increase compared to the end of the 13th Five-Year Plan [2] Market Trends - In 2025, new energy storage added 66.43 GW/189.48 GWh, with power and energy scales growing by 52% and 73% year-on-year, respectively [3] - The top 10 provinces in terms of installed capacity each exceeded 5 GWh, collectively accounting for nearly 90% of the total, with Inner Mongolia leading in both energy and power installations [3] - The number of bidding sections for energy storage systems decreased by 10.4% to 690, while EPC bidding sections increased by 4.5% to 1,536, indicating a shift towards integrated delivery and risk outsourcing [3] Pricing and Procurement - The bidding scale for energy storage systems (excluding collective procurement) reached 121.5 GWh in 2025, a 140.1% increase year-on-year, while EPC bidding scale was 206.3 GWh, up 125.5% [4] - The average bidding price for energy storage systems showed a downward trend, with prices for lithium iron phosphate systems ranging from 391.14 to 913.00 yuan/kWh, and EPC average prices decreasing by 13.04% and 8.19% for 2h and 4h systems, respectively [4] Future Outlook - The new energy storage market is expected to move towards marketization, particularly in commercial and industrial sectors, with anticipated growth in installed capacity to over 30 GW by the end of the 14th Five-Year Plan [5] - The development of new energy storage will be driven by market forces, with a focus on expanding application scenarios and innovative business models during the 14th Five-Year Plan [6] - The average duration of new energy storage installations is projected to increase from 2.58 hours in 2025 to 3.47 hours by 2030, reflecting advancements in technology and growing market demand for long-duration storage [7]