According to the CITIC Securities Research Report, the “15th Five-Year Plan” is a critical period for domestic construction of a clean, low-carbon, safe and efficient new energy system. It is expected that new energy will continue to advance quantitatively and qualitatively, gradually resolve the shortcomings of difficult electricity consumption, internal industry volume and mechanical rigidity, and improve multi-level collaborative development with source network storage and zero carbon closed loop. At the same time, in the context of energy transformation, the surge in AIDC and the return of manufacturing industries will exacerbate the tense situation of overseas electricity. The world is expected to begin a supercycle of power construction, and new energy will become a key part of global energy development and structural transformation. Driven by the upgrading of domestic systems and the expansion of overseas demand, and benefiting from the optimization of the supply pattern and global layout, we expect the overall fundamentals of the new energy sector to improve significantly in 2026. We are optimistic about the high growth in the energy storage and wind power industries, the shift to high-quality development of photovoltaics, and new growth opportunities in the green fuel sector.

According to the CITIC Securities Research Report, the “15th Five-Year Plan” is a critical period for domestic construction of a clean, low-carbon, safe and efficient new energy system. It is expected that new energy will continue to advance quantitatively and qualitatively, gradually resolve the shortcomings of difficult electricity consumption, internal industry volume and mechanical rigidity, and improve multi-level collaborative development with source network storage and zero carbon closed loop. At the same time, in the context of energy transformation, the surge in AIDC and the return of manufacturing industries will exacerbate the tense situation of overseas electricity. The world is expected to begin a supercycle of power construction, and new energy will become a key part of global energy development and structural transformation. Driven by the upgrading of domestic systems and the expansion of overseas demand, and benefiting from the optimization of the supply pattern and global layout, we expect the overall fundamentals of the new energy sector to improve significantly in 2026. We are optimistic about the high growth in the energy storage and wind power industries, the shift to high-quality development of photovoltaics, and new growth opportunities in the green fuel sector.