Independent Storage Reaches Critical Commercialization Node; Large-Scale Development β May Have Emerged

This securities research report, dated January 9, 2026, focuses on the energy storage sector as part of the power equipment industry. It maintains a bullish rating, highlighting that independent storage has reached a critical commercialization node, potentially signaling the emergence of large-scale development β. The report analyzes demand driven by rising new energy penetration and the increasing importance of regulation resources in high-proportion new energy power systems under dual carbon targets. Domestically, spot and capacity mechanisms are accelerating improvement, ushering in a value-driven era. Overseas, market mechanisms are maturing, with incremental booming markets expected to continue growing. The industry chain analysis prefers sectors with better structure, emphasizing company technology upgrades and transformation α opportunities. Key risks include regulatory changes and market competition. The report underscores the need for flexible regulation resources like electrochemical storage, which offers advantages in controllability, response speed, and cost decline, to ensure grid stability and expand new energy absorption capacity.