Market Performance - A-shares saw collective gains on February 12, with the Shanghai Composite Index rising 0.05% to 4134.02 points, while the Shenzhen Component Index increased by 0.86% to 14283.00 points, and the ChiNext Index rose by 1.32% to 3328.06 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.14 trillion yuan, an increase of 157.5 billion yuan compared to the previous trading day [1] Sector Performance - The computing power industry chain showed strong performance, with companies like Yuke Technology and Capital Online hitting the daily limit of 20% [1] - The CPO concept surged, with Tianfu Communication and Robot Technology reaching historical highs [1] - The electric grid equipment sector also performed well, with companies such as Siyuan Electric and Sifang Co. achieving new highs, while Wangbian Electric and Shun Sodium Co. hit the daily limit [1] - The non-ferrous metals sector continued its upward trend, with companies like Xianglu Tungsten and Zhangyuan Tungsten hitting the daily limit [1] - In contrast, the film and television sector saw declines, with Hengdian Film and Television, Jinyi Film and Television, and Bona Film Group all hitting the daily limit down [1][2] Institutional Insights - According to Jifeng Investment Advisory, the spring market rally has historical patterns and strong driving logic, suggesting that small-cap stocks will continue to perform well [3] - Huatai Securities noted that the recent procurement of 7GWh energy storage cell equipment by State Power Investment Corporation indicates strong downstream demand, with price recovery expected in energy storage capacity [3] - CITIC Securities projected that the animation industry will see accelerated growth by the end of 2025, driven by high-quality content supply and expanding commercialization opportunities [4] Policy Developments - The Chinese government is accelerating the construction of a modern capital metropolitan area, with multiple initiatives to support its implementation, including enhancing collaboration among Beijing, Tianjin, and Hebei [5] Automotive Industry - The China Passenger Car Association reported that in January, exports of new energy passenger vehicles reached 286,000 units, a year-on-year increase of 103.6%, accounting for 49.6% of total passenger car exports [6] - The average payment term for suppliers among major automotive companies has been reduced to 54 days, down approximately 10 days from the previous year, with most companies committing to a maximum of 60 days [7]

Core Viewpoint - The energy storage battery sector is experiencing significant growth, with ETFs such as E Fund and GF rising over 3%, reflecting strong market interest and demand in the energy storage industry [1][2]. Group 1: ETF Performance - E Fund Energy Storage ETF increased by 3.09% year-to-date, with an estimated scale of 46.58 billion [2] - GF Energy Storage ETF rose by 3.33% year-to-date, with an estimated scale of 2.51 billion [2] Group 2: Market Dynamics - Recent bidding for a 12GWh energy storage system by Huadian showed an average price of 0.55 yuan/Wh, indicating a significant increase and a tight supply-demand situation [2] - The State Power Investment Corporation announced a public bidding for 7GWh energy storage cells with prices ranging from 0.325 to 0.355 yuan/Wh, reflecting strong downstream demand [3] Group 3: Policy Developments - A new notification established a unified national compensation logic for independent energy storage capacity pricing, which is expected to enhance revenue stability for energy storage projects [4] - The projected internal rate of return (IRR) for energy storage projects under different capacity pricing scenarios is 5.8% for 2 years, 7.9% for 10 years, and 9.2% for 20 years, indicating a favorable investment environment [4] Group 4: Industry Insights - The demand for lithium mining stocks is expected to rise due to increasing lithium carbonate prices, with potential for upward price adjustments [5] - The solid-state battery technology is anticipated to drive a new wave of capital expenditure in the industry by 2025, highlighting the importance of companies with integrated solid-state battery equipment capabilities [5] - The downstream battery terminal segment is currently viewed as the most stable part of the lithium battery supply chain, offering high win rates and safety [5]

证券研究报告 工业/能源 储能需求向好，低价内卷转向 华泰研究 2026 年 2 月 11 日│中国内地 动态点评 刘俊 研究员 SAC No. S0570523110003 SFC No. AVM464 徐嘉欣* 联系人 SAC No. S0570125070136 xujiaxin@htsc.com 行业走势图 karlliu@htsc.com +(852) 3658 6000 边文姣 研究员 SAC No. S0570518110004 SFC No. BSJ399 王嵩 研究员 SAC No. S0570525110001 SFC No. BLE051 苗雨菲 研究员 miaoyufei@htsc.com +(86) 21 2897 2228 戚腾元 研究员 SAC No. S0570524080002 SFC No. BVU938 +(86) 21 2897 2228 李科毅* 联系人 +(86) 10 6321 1166 SAC No. S0570125030018 likeyi@htsc.com (11) 3 16 30 43 Feb-25 Jun-25 Oct-25 Jan-26 (%) 电力 ...