Huatai Securities: Optimistic about the continuous growth of domestic large savings demand and moving towards high-quality development.

Huatai Securities pointed out that after the cancellation of mandatory storage regulations in Document No. 136, the market was pessimistic about the demand for domestic energy storage after the rush to install 531, but actual installation in June and bidding data for June and July were better than expected. This is mainly due to the introduction of supporting policies, especially local supporting policies that improve the independent economic efficiency of energy storage projects, leading to a surge in market demand. At the same time, there may be a lag in the implementation of existing projects from previous planning. In the short term, local support policies are important driving factors, and in the long term, under the market-oriented electricity market, the profit models of domestic energy storage are expected to become clearer, and demand will become more market-oriented. We are optimistic about the continuous growth of domestic large-scale energy storage demand and its move towards high-quality development.