Huatai Securities: bullish on three major investment themes including accelerating high-quality development of energy storage.

Huatai Securities research report stated that on February 11, the State Council issued a document on the implementation opinions to improve the national unified electricity market system. It proposed that by 2030, the national unified electricity market system will be basically established, with all types of power sources and electricity users other than essential users directly participating in the electricity market. Cross-province and inter-provincial joint trading will be realized, and the spot market will fully transition into formal operation. Huatai Securities believes that the promotion of the national unified electricity market will continuously benefit the new power system construction from multiple dimensions such as profit mechanism, development space, and absorption guarantee. They are optimistic about three major investment themes: accelerated high-quality development of energy storage, continuous construction of main grid infrastructure, and structural growth of new energy demand.