【Trend Report】Industry News Catalyzes and Leading Company Performance Drives Growth Energy Storage Batteries Are Expected to Reach a Critical Development Turning Point

The three major A-share indices all closed higher today: the Shanghai Composite rose 0.25%, the Shenzhen Component increased 0.78%, and the ChiNext Index gained 1.31%. The combined trading volume of the Shanghai, Shenzhen, and Beijing markets exceeded 2.5 trillion yuan, surpassing yesterday’s volume by over 100 billion yuan. Industry sectors showed mixed performance, with chemical raw materials, batteries, coal mining, chemical fibers, and wind power equipment leading gains, while rare earths, small metals, new metal materials, advertising and marketing, and semiconductors declined. In individual stocks, over 2,000 stocks rose, with more than 60 hitting the daily limit.

Recently, the energy storage industry has experienced a triple boost from “urgent safety needs,” overseas orders surging, and policy dividends. Geopolitical tensions have strengthened countries’ demands for energy independence and control, making distributed solar and storage infrastructure critical; overseas residential storage has seen multiple outbreaks, with orders in emerging markets skyrocketing; at the policy level, “new energy storage” has been included in government work reports for three consecutive years and explicitly designated as a “new pillar industry.” Nine provinces nationwide have implemented independent energy storage capacity pricing policies, providing stable revenue expectations for the industry.

Additionally, leading company CATL released its 2025 performance report: revenue of 423.7 billion yuan, up 17.04% year-on-year; net profit attributable to the parent was 72.2 billion yuan, up 42.28%, with profit growth significantly outpacing revenue. Notably, on March 10, CATL stated at the 2026 International Battery Technology and Innovation Application Summit that currently about 80% of its business is in power and energy storage batteries, with this ratio expected to reach 50%:50% in the next three years; thereafter, energy storage batteries may even surpass power batteries.

Guosen Securities noted that global energy storage demand is being driven by both domestic and overseas factors. The implementation of domestic capacity pricing policies has triggered a surge in market orders; in the U.S., increased data center loads have led to power shortages, accelerating large-scale storage installations. Wansheng Securities pointed out that “developing new energy storage” has been officially included in the government work report, with clear policy direction and improved market mechanisms. As the core carrier, energy storage batteries are entering a critical turning point from policy-driven to supply-and-demand-driven growth.

Guosen Securities: Global Energy Storage Demand is Driven by Both Domestic and Overseas Factors

Global energy storage demand is being fueled by both domestic and international factors: the implementation of domestic capacity pricing policies has sparked a surge in market orders; in the U.S., rising data center loads have caused power shortages, boosting large-scale storage installations; Europe’s unstable grid and high natural gas prices are stimulating residential and industrial storage needs; emerging markets are seeing frequent policy support, with huge installation potential. It is expected that by 2026, global energy storage capacity will reach 455 GWh, a 40% increase year-on-year.

Wansheng Securities: Energy Storage Batteries Are at a Key Turning Point from Policy-Driven to Supply-and-Demand-Driven Growth

Driven by the resonance of downstream new energy vehicle and energy storage demands, the lithium battery industry chain’s utilization rate continues to recover; coupled with the official inclusion of “developing new energy storage” in the government work report, clear policy guidance, and improved market mechanisms, energy storage batteries—being the core component—are at a crucial turning point from policy-driven to supply-and-demand-driven growth.

GF Securities: China’s New Energy Storage Demand Expected to Maintain High Growth in 2026

Following the rollout of a nationwide capacity pricing policy framework, provincial capacity pricing policies are expected to be gradually implemented. Capacity revenue, an important part of energy storage income, will further enhance the certainty of storage profitability, and economic viability is expected to improve. In 2026, China’s new energy storage demand is projected to maintain high growth, potentially boosting profitability across the entire storage industry chain.

Guohai Securities: Significant Rise in Storage Procurement Prices in February

In February, the average price for storage procurement significantly increased. According to the Energy Storage and Power Market, in February 2026, China completed a total of 52.7 GWh of storage orders, including EPC contracts for storage systems and equipment totaling 13.4 GW/36.9 GWh. Additionally, 8.8 GWh of DC-side orders and 7 GWh of energy storage cell procurement orders were finalized. Xinjiang, Ningxia, and Gansu ranked among the top three regions for procurement scale nationwide. Since Q4 2025, Ningxia has maintained high activity in procurement markets, with the issuance of a 40.6 GWh grid-side project list in February and the signing of 3.9 GWh of storage project orders. China General Nuclear, Beijing Janglai Energy, and Huadian Group have also opened bids for large-scale procurement, with capacities of 7.2 GWh, 6 GWh, and 12 GWh respectively. The average prices for all major procurement projects rose above 0.5 yuan/Wh, reaching 0.503, 0.523, and 0.54 yuan/Wh, respectively. Compared to December, when Huaneng Qingneng Institute completed a 2 GWh procurement without differentiated capacity ratios, February prices increased by 10%-18%.

Dongwu Securities: Optimistic About Leading Large-Scale and Residential Storage Companies

At the national level, capacity compensation prices have been introduced, with detailed rules and lists expected from various provinces. U.S. data center storage continues to drive growth, and numerous projects in Europe and the Middle East are in progress, creating strong demand for large-scale storage. Outside of Australia’s residential storage policies, countries like the UK and Poland are increasing subsidies, entering a new growth cycle for residential storage. Commercial and industrial storage continues to grow, with global storage installations expected to increase by over 60% in 2026, and a compound annual growth rate of 30-50% from 2027 to 2029. Continued strong promotion of energy storage makes leading companies in large-scale and residential storage highly attractive.

CITIC Securities: Chinese Battery Companies Will Maintain a Strong Lead in Global Power and Storage Batteries

Four overseas battery companies experienced a significant decline in overall profitability in Q4 2025. Looking ahead to 2026, in the power battery market, Chinese companies are expected to continue losing market share to Japanese and Korean firms, though product validation, capacity expansion, and order fulfillment remain to be observed. Chinese battery companies will still hold a strong global advantage in power and energy storage batteries, with a focus on overseas market share growth, profitability, and valuation advantages among leading domestic firms.

(This article does not constitute investment advice. Investors operate at their own risk. The market carries risks; please invest cautiously.)

(Source: Oriental Fortune Research Center)