CITIC Securities: Liaoning Province plans to introduce a electricity price based on energy storage capacity, optimistic about the catalytic effect of policy in other provinces in the future.

CITIC Securities research report believes that the draft for soliciting opinions in Liaoning Province this time proposes that the energy storage capacity electricity price is a continuation of the first domestic capacity electricity price mechanism in Gansu Province. With the continued advancement of the power market reform, the energy storage capacity electricity price mechanism will be successively established in various provinces, and even a national-level energy storage capacity electricity price may be introduced. Under the capacity electricity price, the certainty of income for energy storage projects will be greatly enhanced, driving the continued high-speed growth of domestic large-scale energy storage demand. We believe that the energy storage industry is expected to optimize the competitive landscape, and we recommend the leading manufacturers in the energy storage industry chain such as battery cells, PCS, and system integration.