Core Insights - Shanxi province is transforming its electricity market with significant advancements in long-term, spot, and ancillary service trading, leading to a more structured electricity market with 22,000 registered market participants [1] Group 1: Market Development - The introduction of time-segmented long-term trading in July 2021 allows for 24 distinct pricing periods each day, enhancing price discovery and encouraging better supply-demand balance [2] - The establishment of a spot market has revealed discrepancies in pricing, such as solar power prices dropping from 0.33 yuan per kWh in long-term contracts to below 0.2 yuan in the spot market, demonstrating the coupling of long-term and spot market prices [3] - Shanxi has initiated multi-month long-term trading, extending transactions up to six months ahead, which provides more opportunities for market participants to hedge risks and discover future electricity prices [3] Group 2: Renewable Energy Integration - Shanxi's wind and solar resources are projected to support over 150 million kW of installed renewable capacity by 2030, with annual renewable electricity generation exceeding 200 billion kWh [4] - The province's market mechanisms allow for flexible adjustments in thermal power generation to accommodate the variable nature of renewable energy, maintaining a high utilization rate of over 97% for renewables [4] - The introduction of market-driven mechanisms for thermal power to support renewable energy generation has improved the overall efficiency of energy consumption [4] Group 3: Market Mechanisms and Innovations - Shanxi plans to implement a real-time market with a 5-minute rolling clearing mechanism to enhance the granularity of market tracking and reduce frequency deviation [5] - The entry of virtual power plants into the market has aggregated 191 users with a total adjustable capacity of 312.28 MW, demonstrating the potential for improved resource utilization and flexibility in the power system [7] - Independent energy storage systems are being integrated into the frequency regulation market, providing rapid response capabilities that enhance grid stability and operational safety [8]

文 | 中关村储能产业技术联盟 1月2 2日， 中关村储能产业技术联盟编制的《中国独立储能市场机制政策地图2025》， 在"CNESA Da t aLi nk 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"上正式发布。 本期特分享该 报告简版 ， 供行业参考。报告聚焦 全国21个重点省份 ，以"聚焦收益核心、提炼规则重点、简洁实用导向"为原则，梳 理各省 能源结构特征、拆解商业模式构成、挖掘特殊机制亮点、评估收益水平 。 作为 全国首个聚焦独立储能市场机制的"工具书式"报告 ，报告旨在为政府部门、储能企业、投资机构、电力从业者等提供高效便捷的 政策参考，助力快速把握各省市场脉搏、精准测算项目收益、科学制定市场策略，共同推动我国独立储能产业高质量市场化发展。 此外，2月3日，中关村储能产业技术联盟成功举办 《储能市场化容量补偿机制研究》 成果发布会暨政策解读会，该研究 简版报告将于 2月4日在联盟官方微信 公众号首 发 ，敬请关注。 CNESA、中关村储能产业技术联盟 ChinaEnergy Storage Alliance 新型储能参与电力市场系列研究 中关村储能产业技术联盟（CNESA ...

立新能源1月29日公告，预计2025年归母净利润9500万元-1.1亿元，同比增长89.31%-119.20%。报告期 内新增投产的风电及独立储能项目带来上网电量及营业收入增加。公司联营企业新疆华电天山发电有限 公司所属"疆电外送"三通道发电项目年内陆续并网投运，为公司带来的投资收益增加。 ...

每经AI快讯，1月22日，广东建工（002060）在投资者关系活动中表示，截至2025年12月23日，公司累 计已投产发电的清洁能源项目总装机达5094.52MW，其中光伏发电3613.66MW、风力发电800.36MW、 水力发电380.50MW，另有独立储能300MW及制储氢能力600Nm/h。项目主要分布在新疆、甘肃、广 东、湖南和山东等地。目前已建成广东云浮腰古、新疆布尔津独立储能电站，阿克苏阿瓦提县 200MW/800MWh储能项目正在建设中。 ...

Core Viewpoint - The new energy storage industry is at a critical juncture in 2026, transitioning towards market-oriented independence amidst the dissolution of old paradigms and the construction of new models [2]. Group 1: Global Energy Storage Market - The global new energy storage installed capacity is expected to reach 123.87GW/392.76GWh in 2026, with a growth rate of 42% [4]. - The global commercial and industrial (C&I) storage market is projected to grow significantly, with an expected installed capacity of 30.14GWh in 2026, representing a year-on-year increase of 58.96% [7]. - By 2030, the global new energy storage installed capacity is anticipated to reach 850.5GWh, indicating a robust growth trajectory [6]. Group 2: China's Energy Storage Market - In China, the C&I storage market is expected to achieve an installed capacity of 12.11GWh in 2025, with a growth rate of 61.4% [11]. - The transition from a single peak-valley price profit model to a diversified revenue model is anticipated as the market reforms accelerate [13]. - The capacity price mechanism reform is expected to stimulate independent storage, with various provinces introducing capacity compensation policies [16]. Group 3: Technological Advancements - The integration of AI and digital technologies is becoming a key trend in the evolution of energy storage systems, enhancing operational efficiency and predictive capabilities [29]. - The development of long-duration energy storage solutions is expected to gain momentum, with over 30GWh of new installations projected for 2026 [22]. - The competitive landscape is shifting towards a focus on technological capabilities, project experience, and financial strength among leading firms [35]. Group 4: Market Dynamics and Competition - The energy storage market is experiencing a significant reshaping, with a wave of new entrants leading to a temporary dilution of market concentration [33]. - As the market matures, competition will increasingly focus on understanding electricity market rules, operational capabilities, and customized solutions for specific scenarios [35]. - The emergence of virtual power plants is expected to open new market opportunities for C&I storage, transitioning from a single revenue model to a more diversified approach [27].

Core Insights - The energy storage market is transitioning from policy-driven to economically-driven high-quality development, with 2026 marking a pivotal year for China's new energy storage industry [20][21][22] - Six trends are shaping the landscape of large-scale energy storage (大储) development by 2026, focusing on market, technology, and application scenarios [19][22] Group 1: Independent Energy Storage - The independent energy storage sector is solidifying its leading position due to the cancellation of mandatory storage requirements and the acceleration of the electricity spot market [25] - In 2025, over 126 GWh of new independent energy storage capacity is expected to be connected to the grid, accounting for over 70% of the market [25] - Various provinces are implementing capacity compensation mechanisms, enhancing the economic viability of independent energy storage [25] Group 2: Networked Energy Storage - Networked energy storage is expected to achieve breakthroughs in three areas: power side, grid side, and user side, with a target penetration rate of over 30% by 2026 [27] - The market for networked energy storage is projected to experience explosive growth, with 2.9 GW/9 GWh of new installations in the first three quarters of 2025, surpassing the total for 2024 [26] - Companies like Sungrow, Huawei, and NARI are gaining traction in the global market, particularly as the EU mandates networked capabilities for large-scale storage starting in 2026 [28] Group 3: High-Voltage Cascade Technology - High-voltage cascade technology is becoming a core direction for large-scale energy storage systems due to its advantages in power capacity and ease of control [29] - This technology is expected to penetrate further into the market, with major players accelerating their deployment and focusing on capacity adaptation and integration efficiency [30] - By 2026, high-voltage cascade technology will enter a phase of large-scale application, supported by leading companies validating its reliability and economic viability [31] Group 4: System Integration and Temperature Control - System integration technology is evolving towards modular and integrated designs, with modularization becoming a mainstream approach for energy storage systems [33] - The market will see more integrated energy storage products that simplify installation and reduce compatibility challenges [33] - Temperature control technology is shifting towards intelligent liquid cooling solutions, enhancing safety and lifespan of energy storage systems [35][36] Group 5: Diverse Energy Storage Technologies - Sodium-ion batteries are anticipated to enter a phase of large-scale commercialization, targeting mid-to-low-end applications [36] - Flow batteries and compressed air storage are also expected to make significant advancements, particularly in long-duration storage scenarios [36][37] - The demand for long-duration storage solutions is rapidly increasing, driven by the growth of renewable energy installations [37][38]

Group 1 - The core viewpoint is that after 2H25, China's provinces will successively implement capacity pricing policies, leading to excellent economic viability for independent energy storage under the "peak-valley arbitrage + capacity pricing + ancillary services" revenue model, with high demand expected to continue in the short term [1] - The European market is experiencing positive storage demand due to energy shortages and a lack of grid flexibility resources, with a shift in focus from household storage to large-scale and industrial storage [1] - The Australian electricity market is maturing, with large-scale storage projects accelerating, while household storage is being reinforced by high subsidies, ensuring medium to long-term demand [1] Group 2 - The AIDC (Automated Industrial Data Center) demand in the U.S. is expected to grow significantly, with projections indicating that by 2030, AIDC storage demand could reach 100-200 GWh, driven by the need for enhanced flexibility and interconnectivity [2] - The green methanol sector is seeing increased demand from the shipping industry, which is catalyzing the construction of numerous wind-solar-storage hydrogen-methanol integrated projects in China, thereby boosting storage demand [2] Group 3 - The strong demand for energy storage is leading to a tight supply of storage cells, with major companies experiencing full order books and production schedules extending into Q1 2026; however, relief is expected post-Q2 2026 as production capacity is released [3] - Major companies are building competitive barriers through overseas factories and technology licensing in response to local policy trends in Europe and the U.S., allowing them to benefit from high growth in overseas markets [3] Group 4 - Recommended companies for front-of-the-meter storage include CATL (300750.SZ, 03750), EVE Energy (300014.SZ), and Haibo Technology (688411.SH), while for behind-the-meter storage, recommended companies include Deye Technology (605117.SH), Airo Energy (688717.SH), and Pylon Technologies (688063.SH) [4]

Core Viewpoint - The energy storage sector is experiencing significant market fluctuations, with optimistic expectations for demand and supply in the coming year, driven by supportive policies and a clearer business model for independent energy storage [1][2]. Demand Side - The introduction of independent energy storage policies and shared electricity pricing has led to a 2-3 times growth in independent energy storage [1]. - The domestic renewable energy consumption issue must be addressed through energy storage, as current renewable energy installations are close to 40%, but actual generation is only 20%, indicating a high long-term demand for energy storage [2]. - The demand for energy storage is also surging in overseas markets, particularly in the U.S. due to structural electricity shortages driven by AI developments and in Europe due to challenges in renewable energy consumption [2]. Supply Side - The past three years have seen profits in the renewable energy sector not favoring upstream companies, leading to weakened balance sheets and a lack of funds for capacity expansion [2]. - A tight supply situation for upstream materials, including lithium carbonate, is expected, which will help restore the financial health of these companies and enable them to gradually expand capacity to meet future demand [2]. Market Dynamics - The current energy storage market is characterized by a dual impact of demand and supply, with a strong sustainability in the fundamentals, potentially leading to a market explosion similar to that of 2019-2020 [3]. - Recent market fluctuations in lithium carbonate and lithium batteries are primarily driven by funding factors, with concerns about concentrated trading and profit-taking leading to adjustments in the sector [3]. - Despite potential minor adjustments, the probability of a significant downturn is low due to a strong supply-demand balance and a robust demand outlook [3]. Investment Opportunities - The most investment-worthy segments in the energy storage supply chain are those facing the tightest supply, such as lithium hexafluorophosphate, separators, lithium iron phosphate, and lithium carbonate, which are expected to exceed expectations [4]. - The supply chain dynamics indicate that upstream material segments are gaining increasing attention, and the focus should be on the most constrained supply areas [5].

Core Viewpoint - The company is establishing a private equity investment fund focused on advanced energy storage projects, indicating a strategic move into the renewable energy sector [1] Group 1: Investment Details - The company’s subsidiary, Huizhou Nord Shengshi New Energy Co., Ltd., is investing RMB 1 million as a general partner in the fund [1] - Shenzhen Nord Zhihui Xinchang Energy Co., Ltd. is contributing RMB 199 million as a limited partner [1] - The total fund size is set at RMB 400 million, targeting independent energy storage, commercial and industrial energy storage, and zero-carbon park projects [1]

Investment Rating - The report maintains an "Outperform" rating for the energy storage industry, indicating a positive outlook for investment opportunities in this sector [9][7]. Core Insights - The energy storage industry in China is transitioning from a quantity-driven model to an IRR (Internal Rate of Return) driven model, with a focus on economic viability and system performance [2][21]. - The demand for independent energy storage is expected to grow significantly, with projections of new installations reaching 150.9 GWh in 2025, 204.4 GWh in 2026, and 287.0 GWh in 2027, reflecting year-on-year growth rates of 40.4%, 36.8%, and 40.0% respectively [1][2]. - The cumulative installed capacity of electrochemical energy storage in China is projected to reach TWh levels by 2030, with a CAGR of over 30% from 2025 to 2030 [2][51]. Summary by Sections Section 1: Market Dynamics - The independent energy storage market is entering a rapid growth phase, driven by the cancellation of mandatory storage requirements and the introduction of market-driven mechanisms [16][21]. - The revenue model for independent storage includes capacity leasing, peak-valley arbitrage, and auxiliary services, which are becoming more diversified and market-oriented [16][19]. Section 2: Demand and Supply Potential - The current storage-to-renewable energy installation ratio in China is approximately 4%, indicating significant potential for growth compared to the 40-50% ratio in the US [1][2]. - The demand for peak regulation resources is expected to increase, with the overall peak regulation demand in the power system projected to reach 2065 GW by 2030 [51][53]. Section 3: Regional Insights - Certain provinces in China, such as Inner Mongolia and Xinjiang, are leading in independent storage installations due to favorable capacity compensation mechanisms [23][24]. - The report highlights that regions with superior peak-valley price differences are gradually opening their spot markets, which will further stimulate the growth of independent storage [55][56]. Section 4: International Market Trends - The US market is expected to see significant growth, with large-scale storage installations projected to reach 50-60 GWh by the end of 2025, reflecting a year-on-year increase of 35% [3]. - The Middle East and European markets are also experiencing rapid growth, with new installations expected to reach 22-23 GWh and 29.7 GWh in 2025, respectively [3][3].