CITIC Securities: The domestic energy storage industry chain has obvious advantages.

believes, with reference to data from CNESA, Wood Mackenzie, SolarPower Europe, Jibanco Consulting, BNEF, etc., we predict that the global energy storage capacity will increase by approximately 290GWh by 2025, with the potential to reach 1.17TWh by 2030, showing great growth potential. We believe that the domestic energy storage industry chain has obvious advantages, with global market share continuously increasing in the battery cells and energy storage system sectors. We recommend focusing on leading manufacturers in the overseas energy storage industry chain, and are optimistic about energy storage system integrators, battery cell suppliers, and PCS suppliers.