储能锂电景气延续，风能展指引乐观

Summary of Conference Call Records Industry Overview - Energy Storage Sector: The outlook for the energy storage sector remains optimistic, driven by cost reductions and policy support. Expected growth rates are approximately 50% this year and 45-50% next year. Notable developments include the release of supportive policies in Henan, the addition of about 2 GWh of reserve projects in the U.S. in September, a 145% increase in installed capacity in the UK in Q3, and significant new projects in Chile, indicating sustained global demand growth [1][5]. - Photovoltaic Industry: The photovoltaic sector is facing challenges, with stock prices at low levels within the battery cell segment. Profitability pressures are anticipated in 2026, necessitating close attention to policy impacts. Exports in September and August saw a year-on-year increase of 20-30%, aligning with annual growth expectations, but high base effects are limiting supply-side impacts [1][3][4]. Key Investment Opportunities - Recommended Companies: - Sungrow Power Supply: Noted for its advantages in energy storage and data center support, offering high cost-performance [6]. - Contemporary Amperex Technology Co., Ltd. (CATL): Identified as a top pick in the current market [6]. - Emerging Trends: The potential for data center energy storage solutions in the U.S. is significant, with future orders expected to validate this demand and further drive industry growth [6]. Important Trends and Events to Monitor - Capacity Pricing: Continuous announcements of capacity pricing across domestic regions are crucial, with 313 GWh of tenders recorded from January to September, a year-on-year increase of 186% [7]. - Policy Developments: Monitoring the implementation of relevant domestic and international policies is essential, along with potential price increases expected in Q4 [7]. Sector-Specific Insights - Telecommunications Sector: The telecommunications sector is performing well, particularly in energy storage, lithium batteries, and wind energy. Notable companies to watch include DeYee and Airo in energy storage, and Hunan Youneng and Shengtai in lithium batteries, with significant price increases in lithium hexafluorophosphate [2][8][9]. - Wind Energy: The wind energy sector shows positive developments, with optimism for 2026 highlighted at the wind energy exhibition. Key recommendations include focusing on offshore wind projects and companies like Goldwind Technology and Daikin [10]. - Traditional Power Equipment: The performance of traditional power equipment has been average, but companies like Siyuan have shown good order and performance metrics. Companies related to AI applications, such as Sifang Co. and Jinpan Technology, are also gaining attention [11]. Conclusion - The energy storage and lithium battery sectors are expected to continue their upward trajectory, with a focus on companies that demonstrate dual logic support in the wind energy sector. Close monitoring of AIDC technology advancements and the robotics supply chain is recommended, while traditional sectors should be analyzed based on policy changes and market demand [12].