CITIC Securities: It is expected that the fundamentals of the new energy sector will see significant improvement overall in 2026, and we are optimistic about the high prosperity growth of the energy storage and wind power industries.

According to the research report of CITIC Securities, the "15th Five-Year Plan" is a key period for China to build a clean, low-carbon, safe, and efficient new energy system. New energy is expected to continue to make progress in both quantity and quality, gradually solving the problems of power difficulty in absorption, industry competition, and mechanism rigidity, improving the multi-level coordinated development of generation, grid, load, and storage, and achieving a zero-carbon closed-loop system. Meanwhile, against the background of energy transition and the increasing AI-driven data computing, the reflow of manufacturing industry, and other factors aggravating the global shortage of electricity, the world is expected to enter a super-cycle of electricity construction, with new energy becoming a key factor in global energy development and structural transformation. With the systematic upgrading domestically and the surge in overseas demand, benefiting from the optimization of supply layout and global distribution, we expect the fundamentals of the new energy sector to see significant improvement by 2026. We are bullish on the high prosperity growth of energy storage and wind power industries, the transition of photovoltaics towards high-quality development, and new growth opportunities in the green fuel sector.