CICC believes that demand in the energy storage industry is still high in 2026. The main reasons are: 1) the energy storage demand growth logic remains unchanged. On the one hand, the global energy transformation trend continues, and the increase in the proportion of installed capacity requires reliance on power grids and energy storage construction. On the other hand, the AI data center power shortage logic is still there, and it is expected that more AI allocation and storage projects will emerge next year; 2) Major domestic, US, and European markets are still experiencing strong demand for large storage and commercial storage; 3) Demand for household storage and commercial storage is still strong, the logic of power shortage in emerging markets remains unchanged.

CICC believes that demand in the energy storage industry is still high in 2026. The main reasons are: 1) the energy storage demand growth logic remains unchanged. On the one hand, the global energy transformation trend continues, and the increase in the proportion of installed capacity requires reliance on power grids and energy storage construction. On the other hand, the AI data center power shortage logic is still there, and it is expected that more AI allocation and storage projects will emerge next year; 2) Major domestic, US, and European markets are still experiencing strong demand for large storage and commercial storage; 3) Demand for household storage and commercial storage is still strong, the logic of power shortage in emerging markets remains unchanged.