According to a research report released by The Pacific Securities Co., Ltd. (SH: 601099), policies across 16 regions in China are resonating to tackle industry chaos, while profit mechanisms have also been improved simultaneously. In August 2026, domestic energy storage procurement and tendering reached 32.0GW/93.2GWh, with the average price of 2-hour systems rising 19.5% month-on-month; in the first half of the year, global energy storage cell shipments totaled 467.84GWh, up 94.76% year-on-year. Policies are expected to form synergy, and expectations for the energy storage industry chain are likely to recover subsequently.

The main viewpoints of Pacific Securities are as follows:

Event 1: Looking at recent policies, Henan strictly prohibits the resale of energy storage project quotas and limits the scale of access in a single region; Hebei publicly announced the disposal results of 85 energy storage projects, with 16 directly cancelled, and 16 regions nationwide are resonating with policies to tackle industry chaos; meanwhile, profit mechanisms have also been improved simultaneously, with Henan including independent energy storage under reliable capacity compensation at 330 yuan/kW·year, and Xinjiang implementing full-chain detailed rules for capacity electricity fees covering "declaration—recognition—assessment—supplementary payment."

Event 2: From the data perspective, domestic energy storage procurement and tendering in August 2026 reached 32.0GW/93.2GWh, with the average price of 2-hour systems rising 19.5% month-on-month; in the first half of the year, global energy storage cell shipments totaled 467.84GWh, up 94.76% year-on-year; the National Energy Administration clearly stated that during the "15th Five-Year Plan" period, approximately 1 billion kilowatts of new wind and solar capacity will be added, and source-storage regulation capacity will increase by more than 40%.

Focus on the synergy of upcoming energy storage policies, expectations may recover

1) Demand-side quality requirements have increased: total industry supply continues to grow rapidly, with global energy storage cell shipments reaching 467.84GWh in the first half of 2026, up 94.76% year-on-year, among which Contemporary Amperex Technology Co., Limited (SZ: 300750) ranked first. At the same time, the quality of industry demand has improved significantly under regulatory impetus. Hebei cancelled 16 projects, and 69 delayed projects must commence substantive construction upon expiration. Henan strictly prohibits quota resale, and policies in 16 regions nationwide are resonating to block speculative paths of "occupying without building," shifting the industry from extensive expansion to high-quality implementation. Industry prices have also stabilized and rebounded simultaneously, with average prices of 2-hour systems rising 19.5% month-on-month in August, while average prices of 4-hour systems have fluctuated within 4% for six consecutive months, solidifying the price bottom.

Demand presents a development trend of "internal and external resonance, mechanism optimization."

Domestic demand in the industry continues to expand, with procurement and tendering in August reaching 32.0GW/93.2GWh, of which independent energy storage accounted for 68%, and centralized procurement by central state-owned enterprises has become the ballast of demand; industry profit mechanisms are accelerating improvement, with Henan including independent energy storage under reliable capacity compensation at 330 yuan/kW·year, and Xinjiang's full-chain detailed rules for capacity electricity fees being implemented and covering existing power stations, significantly enhancing profit expectations and installation willingness for independent energy storage. Overseas demand has become a core growth pillar, with overseas shipments reaching 248.73GWh in the first half of the year, accounting for 53.2%; small-scale energy storage shipments surged 202.57% year-on-year.

Policies are expected to form synergy, and expectations for the energy storage industry chain are likely to recover subsequently.

From the perspective of profit models, policies provide precise support and address industry pain points point-by-point, with subsequent effects depending on policy implementation. Henan has blocked quota resale, 16 regions are resonating with policies, and there are severe crackdowns on legacy false capacity from the past. Meanwhile, capacity compensation and Xinjiang's detailed rules for capacity electricity fee assessment and supplementary payment are also aimed at solving the industry's most fundamental profit problems. At the same time, policy mechanisms are steadily gaining traction, and policies such as capacity compensation and full-chain detailed rules have transformed demand motivation from "building due to policy requirements" to "capital willing to build." This self-driven demand is expected to enable stable growth in future demand for energy storage batteries. From the perspective of industry structure, the residential energy storage segment has higher concentration and a clearer competitive landscape.

Related companies in the industry chain: a) Upstream: Ganfeng Lithium Group Co., Ltd. (SZ: 002460), Tianqi Lithium Corporation (SZ: 002466), Qinghai Salt Lake Industry Co., Ltd. (SZ: 000792), etc.; b) Midstream: Guangzhou Tinci Materials Technology Co., Ltd. (SZ: 002709), Hunan Yuneng New Energy Battery Material Co., Ltd. (SZ: 301358), Yunnan Energy New Material Co., Ltd. (SZ: 002812), etc.; c) Downstream: Contemporary Amperex Technology Co., Limited (SZ: 300750), Sungrow Power Supply Co., Ltd. (SZ: 300274), Ningbo Deye Technology Co., Ltd. (SH: 605117), etc.

Risk warning: Capacity electricity price mechanism implementation falls short of expectations, intensified price competition in the industry, and significant fluctuations in overseas demand and raw material prices.