Huatai Securities: Focus on new energy operators whose profits are at an inflection point, and maintain a positive outlook on energy storage development.

According to a report from Huatai Securities, the "14th Five-Year Plan" for the construction of a new power system, proposed on August 3, 2026, aims to maintain the nationwide utilization rate of new energy at around 90%. For the first time, it sets regional targets for new energy utilization: regions in the first category should have a utilization rate of no less than 95%, those in the second category no less than 90%, and those in the third category no less than 85%. The market generally believes that there is no turning point for the absorption of wind and solar energy. Huatai Securities, in conjunction with the "14th Five-Year" development plans of various provinces, conducts a quantitative analysis of the paths and trends for new energy consumption. It concludes that 2026 is likely to be the bottom point for wind and solar energy absorption, and advises focusing on new energy operators whose profitability is at a turning point, while continuously being optimistic about the development of energy storage.