CITIC Securities: High domestic energy storage demand is booming; optimistic about leading related manufacturers

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Source: Zhitong Finance Network

China International Securities Co., Ltd. released a research report stating that ESIE 2026, the 14th International Energy Storage Summit and Exhibition held in Beijing on April 1–3, 2026, attracted more than 800 exhibitors. Exhibition attendance and interest have clearly rebounded. In this exhibition, large-capacity battery cells, sodium-ion batteries, AIDC solutions, and other items became the key highlights for companies to showcase. With the National Development and Reform Commission’s Document No. 136 canceling mandatory energy storage allocation, and Document No. 114 establishing a national-level capacity electricity pricing mechanism, domestic energy storage is set to shift from cost-first to value creation, and the competitive landscape is expected to improve. Key recommendations include leading manufacturers in segments such as energy storage cell manufacturing, PCS, and integration.

Event:

From April 1 to April 3, 2026, the 14th International Energy Storage Summit and Exhibition, ESIE 2026, was held at the Capital International Exhibition Center in Beijing. This energy storage summit is a relatively large industry event, with 6 exhibition halls and around 800 leading enterprises participating. Participation heat has increased compared with 2025. Judging from participating exhibitors, the exhibits cover the entire energy storage industry chain, including multiple stages such as materials, cells, PCS, BMS, thermal management and fire protection, system integration, EPC, operations, and others.

China International Securities’ main viewpoints are as follows:

Energy storage batteries: Large-capacity products will be gradually implemented in 2026, and technologies such as sodium-ion batteries will begin commercialization.

At this exhibition, battery manufacturers actively rolled out new products such as large-capacity cells and sodium-ion batteries, aligning with the latest development trends in the energy storage industry.

1）Large-capacity cells: CATL showcased 587Ah energy storage cells. As of April 2026, the cumulative shipment volume has already exceeded 5GWh, and progress toward commercialization is relatively fast. CALB released the “ZhiJiu” series long-cycle energy storage cells, including three capacity versions: 392/588/661Ah. Envision Energy showcased large-scale mass-produced 790Ah large-capacity energy storage cells, with energy density exceeding 440Wh/L, cycle life surpassing 15,000 cycles, and designed life of up to 30 years. BYD showcased 2710Ah energy storage-dedicated blade batteries, with capacity more than 300% higher than industry-standard batteries;

2）Sodium-ion batteries: CATL launched sodium-ion batteries dedicated to energy storage, using a platform-based design with the same casing as its 587Ah lithium battery, with capacity of 300+Ah, energy efficiency of 97%, and cycle life exceeding 15,000 cycles. These can cover large-scale energy storage and AIDC scenarios for 2–8 hours. Envision Energy released its first sodium-ion cell dedicated to energy storage and announced that it has been taken offline. The sodium-ion cells have a capacity exceeding 180Ah, cycle life not less than 20,000 cycles, and an operating temperature range covering -40℃ to 70℃, enabling stable performance in both extreme cold and high-temperature environments. As lithium carbonate prices gradually continue to rise, the introduction of technologies such as large-capacity cells and sodium-ion batteries is expected to further accelerate.

Energy storage systems: Actively adapting to large-capacity cells and launching new products, shifting from single products to solutions.

On the product side, energy storage manufacturers are actively rolling out energy storage system新品 that are compatible with large-capacity cells. Sungrow was first to globally release the industry’s first all-scenario energy storage inverter conversion platform, and launched a new-generation “1+X” modular PCS built on this platform. HiBot Systems released a GWh-level HyperStation energy storage power station solution, building a whole-life-cycle solution of “hardware + software + services,” and also showcased the HyperBlock IV large-capacity energy storage system, the HyperBlock M modular energy storage system, a high-voltage cascade energy storage system, and an intelligent centralized busbar cabinet that integrates sensing, calculation, and control. Envision Energy released a 12.5MWh AI energy storage system featuring a new-generation AI adaptive PCS, and released 6.X–12.X MW AI adaptive energy storage inverter/step-up integrated units. Kelong Electronics released the Aqua-C3.0 Ultra new large-storage product, equipped with 587Ah large-capacity LFP cells, with a capacity of 5.154MWh. Beyond launching new products, energy storage manufacturers are gradually shifting from single products to application scenarios, and are rolling out solutions for zero-carbon industrial parks, AIDC, and carbon reduction in high-energy-consumption scenarios. Multiple companies, including Trina Storage and Nangde Power, and Envision Energy, have released overall solution offerings for AIDC energy storage systems, aligning with the trend of coordinated power-supply calculation and demand response.

Capacity electricity pricing policies improve the economics of energy storage, and domestic demand for energy storage maintains high growth.

With the implementation of Document No. 114 jointly issued by the National Development and Reform Commission and the National Energy Administration on January 30, the national-level energy storage capacity electricity pricing mechanism has been formally established, significantly boosting domestic owners’ investment confidence in energy storage. According to data from the China Energy Storage Network (CESA), in January–February 2026, domestic energy storage added 160GW/414GWh of new备案 filings. Measured by capacity, this is +141.2% year-on-year, maintaining rapid growth. From the standpoint of installed capacity, in January–February 2026, domestic newly added energy storage installed capacity was 9.51GW/24.18GWh, up +182.07%/+472.06% year-on-year, and monthly installation figures remained at a high level of enthusiasm. The independent energy storage business model in 2025 has been gradually established. Under policy guidance, the independent energy storage business model domestically in 2026 will gradually mature. Owners’ enthusiasm for investing in energy storage has clearly increased, and the outlook remains that domestic energy storage demand will continue to grow at a high pace.

Investment strategy.

Against the backdrop of Document No. 136 canceling mandatory energy storage allocation, the energy storage industry is shifting from cost competition to value creation, and investment value is gradually becoming apparent. With Document No. 114 establishing a national-level capacity electricity pricing mechanism, it will help stabilize expectations for energy storage revenue and stimulate owners’ investment enthusiasm. This is of great significance for the implementation of investment decisions for customers such as state-owned central enterprises and others. With domestic energy storage installed capacity in 2026 expected to grow rapidly, we expect leading companies related to the energy storage industry chain: 1）energy storage system integrators; 2）cell suppliers; 3）PCS suppliers.

Risk factors:

Energy storage industry demand falls short of expectations; domestic and overseas policy changes exceed expectations; as de-globalization intensifies, overseas business expansion falls short of expectations; increased industry competition and the risk of deterioration in the competitive landscape; risk of significant fluctuations in upstream raw material prices.

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责任编辑：郭栩彤