CITIC Securities: Positive about the investment value of energy storage industry, focusing on recommending leading manufacturers in the energy storage industry chain such as battery cells.

CITIC Securities believes that with the continuous advancement of electricity market reform, the establishment of energy storage capacity and electricity price mechanism will gradually increase the certainty of domestic energy storage project investment, and the installed capacity will continue to maintain rapid growth. At the same time, under the capacity-based electricity price evaluation mechanism, the importance of the stability of energy storage project operation will be further enhanced, which will help improve the owner's requirements for the quality of energy storage cells and systems and promote the optimization of industry competition. It is optimistic about the investment value of the energy storage industry and specifically recommends leading manufacturers in the energy storage industry chain such as energy storage cells, PCS, and system integration.