中国储能：新政策推动下节奏加快-China Energy Storage Pace picking up with new policies_ Pace picking up with new policies

Equity Research Report | 22 September 2025 China Energy Storage Equities Pace picking up with new policies We raise our 2026/27 global energy storage system (ESS) installation forecasts from 399/483GWh to 401/487GWh to reflect stronger-than-expected global ESS battery shipments in 1H25 (up 109% y-o-y per PV Infolink), which we believe bodes well for ESS installation in 2H25-2026. New policies issued by NDRC on 12 September 2025 encourage power users to reduce their dependence on the grid for back-up power; ...