Minmetals Securities: Domestic energy storage expectations are more optimistic, and future new energy storage may become the main provider of regulating resources.

Minmetals Securities released a research report stating that in 2024, China's newly added and commissioned new energy storage capacity will be 43.7 GW/109.8 GWh, a year-on-year increase of 103%/136%. Some market views believe that the growth rate of China's energy storage capacity in 2025 may significantly decline or even have negative growth, but the exponential growth of the energy storage industry has just begun, and we can be more optimistic about future expectations. From January to June 2025, China's cumulative grid connection/tendered energy storage capacity was 42.4 GWh/176.6 GWh, a year-on-year increase of 166%/281%. According to calculations, the penetration rate of energy storage in China in 2024 was only 4.9%, and the industry is still in the "1-10" stage. In the future, new energy storage capabilities will gradually take on more important roles and become the main providers of flexible system adjustment resources.