CITIC Securities: Energy storage lock-in trend is rising, continue to be bullish on lithium batteries and energy storage.

According to the research report of CICC, last week, HaiBosi Innovation and Ningde Times signed a 3-year 200GWh large contract, confirming the scarcity of energy storage batteries logic. CICC believes that the excess profits in the downstream investment and operation of energy storage will be passed to materials, batteries, integration and other links through price increases in the midstream and upstream, and the lithium battery industry chain has greater elasticity. CICC continues to be optimistic about the opportunities in materials, especially in 6F, iron lithium, negative electrode, diaphragm, and battery segments. Follow-up focus: 1) The price of materials and energy storage batteries continues to rise due to the demand exceeding supply during the peak season of production. 2) With the guidance of downstream procurement and long-term orders in October/November, the demand for 2026 is becoming clearer. 3) Changes in pricing models.