Hong Kong stock market concept tracking | Q1 global energy storage battery shipments increased by 117% year-on-year, industry's "volume and price rise" pattern basically established (including concept stocks)

Institutional statistics show that in the first quarter of 2026, China's energy storage battery shipments reached 209GWh, a year-on-year increase of 115%; global energy storage battery shipments reached 216GWh, a year-on-year increase of 117%. In the first quarter, the demand for battery cells was mainly concentrated in Tesla, Sungrow Power Supply, BYD Company Limited (supplying its own battery cells), and the top three system integrators. The top 10 system integrators accounted for nearly 50% of the market share, indicating that there is still significant room for industry concentration in the future. In terms of news, according to reports, Chile is set to break its long-standing tradition of relying solely on copper as its main economic pillar. At the annual global copper industry conference next week, the country will for the first time host a one-day lithium mining forum, marking its accelerated push towards resource diversification. Meanwhile, due to geopolitical risks in the Middle East raising concerns about oil supply, the price of lithium, a key raw material for electric vehicle batteries, has surged to its highest level in over two years. The first "World Lithium Resources Conference" jointly organized by consulting firm CRU and the International Lithium Association is set to kick off in Santiago on Monday. CRU data shows that the number of active lithium mining projects globally has doubled in the past four years, reaching close to 80 by 2026. However, the supply growth rate is still struggling to match the expanding demand. Martin Jackson, Director of Lithium and Battery Materials at CRU, emphasized that despite a slowdown in the growth of the electric vehicle market, the continued surge in demand for stationary energy storage batteries has effectively offset this weakness. He stressed, "With unparalleled energy density advantages, lithium will remain the most competitive battery technology in the coming years." Macquarie Bank predicts that driven by strong energy storage demand, global lithium demand is expected to maintain an average compound annual growth rate of over 20% by the end of this decade, even as the growth rate of electric vehicles slows down. Asad Farid of J. Safra Sarasin Sustainable Asset Management went further, stating that the current market has entered a state of "inevitable demand exceeding delayed supply," with a strong upward trend in prices. In the domestic market, in the first quarter of 2026, China's new energy storage installation scale nearly doubled year-on-year, with household, large-scale, and industrial and commercial energy storage all seeing significant growth. Combined with factors such as the strong rebound in upstream lithium carbonate prices from the bottom and historical lows in industry chain inventories, the industry has established a pattern of "rising prices and quantities." Further industry data during the same period confirms the high market sentiment. The latest survey from Daxian Times Think Tank shows that in April 2026, production volume in China's lithium battery market (covering energy storage, power, and consumer batteries) is expected to reach 235GWh, a 7.3% increase from the previous month, with energy storage cells accounting for as much as 41.3%. The China Automobile Power Battery Industry Innovation Alliance data shows that in March, the total output of power and energy storage batteries in China was 177.7GWh, an increase of 25.5% month-on-month and 50.2% year-on-year. From January to March, the cumulative production of power and energy storage batteries in China was 487.4GWh, a cumulative year-on-year increase of 49.3%. In March, the sales of power and energy storage batteries in China reached 175.1GWh, a month-on-month increase of 54.7% and a year-on-year increase of 51.6%. Among them, the sales of power batteries were 114.7GWh, accounting for 65.5% of total sales, with a month-on-month increase of 53.9% and a year-on-year increase of 31.1%; the sales of energy storage batteries were 60.4GWh, accounting for 34.5% of total sales, with a month-on-month increase of 56.2% and a year-on-year increase of 115.9%. In addition to the positive news mentioned above, on April 9, the Ministry of Industry and Information Technology, the National Development and Reform Commission, the State Administration for Market Regulation, and the National Energy Administration jointly held a symposium on the power and energy storage battery industry, aiming to regulate industry competition order and provide guidance for the healthy development of the industry. CITIC SEC believes that the global growth in power battery shipments in 2025 will slow down in 2026, while the demand for energy storage batteries is expected to continue to grow, becoming an important driver of battery demand growth. LFP (lithium iron phosphate) is the mainstream system for energy storage batteries, and companies related to the LFP battery industry chain are expected to benefit fully. CITIC SEC also states that the energy storage industry is shifting from cost competition to value creation, with investment value gradually emerging. In 2026, domestic energy storage installations are expected to grow rapidly, and top companies related to the energy storage industry chain are favored: 1) energy storage system integrators; 2) battery cell suppliers; 3) PCS suppliers. Related concept stocks: Contemporary Amperex Technology (CATL): CATL focuses on the research, development, production, and sale of power batteries and energy storage battery systems. Its market share in power and energy storage batteries has consistently ranked first globally for many years. In 2025, its total revenue was 423.7 billion yuan, an increase of 17% year-on-year; net profit was 72.2 billion yuan, an increase of 42%. Ganfeng Lithium Group: In 2025, the company's operating income was approximately 23.082 billion yuan, a year-on-year increase of 22.08%; net profit attributable to shareholders of the listed company was approximately 1.613 billion yuan, turning from a loss to a profit; basic earnings per share were 0.8 yuan, and a cash dividend of 1.5 yuan (tax included) is planned per 10 shares. Tianqi Lithium Corporation: In 2025, the company achieved revenue of 10.322 billion yuan, a year-on-year decrease of 20.78%; the company's equity shareholders had a net profit of 458 million yuan, turning from a loss to a profit; earnings per share were 0.28 yuan. BYD COMPANY: In the field of power batteries, BYD has completed key technological iterations for its second-generation blade batteries, successfully addressing the industry's pain points of fast charging and range anxiety. With optimized after-sales policies such as lifetime warranty for battery cells, the company has further enhanced the user experience of its products.