Kaiyuan Securities Power Equipment Weekly: September Energy Storage Tenders Doubled YoY; All-Solid-State Batteries to Scale by 2030 (2026-10-11)
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Kaiyuan Securities' power equipment weekly highlights new battery policy and energy storage momentum. Seven ministries jointly issued the 'New-Type Battery Industry Development Plan for the 15th Five-Year Period,' targeting initial large-scale application of all-solid-state batteries by 2030 and lithium batteries with 15,000-cycle lifespans; BYD's Xixian second-generation Blade Battery base also came on stream with 16 GWh of annual capacity. September domestic energy storage tenders reached 22.0 GW / 73.7 GWh, up 88.0% and 121.3% year over year, although storage system and EPC bid prices have not yet reflected rising component costs. PV chain prices held broadly stable, with some segments supported by output-cut expectations, while wind installations continued recovering, totaling 53.26 GW in January-August. AI data-center power architectures are shifting toward 800V DC, with Q3 2026 a key adoption window that benefits power-equipment suppliers. Weekly tracking: power battery prices flat, lithium carbonate futures down 1.53%, polysilicon stable, wafer prices falling further, module and onshore wind turbine bid prices steady. Lithium chain picks: CATL and Capchem; solid-state battery beneficiaries include Shangshui Intelligent, Naknor, Xiamen Tungsten New Energy, Easpring, Sanxiang New Material, Sinocera, Zhongyi Technology, Dowell Technology, Zijian Electronics and Haopeng; PV-storage picks: Sungrow and CATL, with HyperStrong and EVE Energy as beneficiaries; wind and power equipment: Xinlei Energy and Capchem.
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