Shanghai's municipal government office released the "Shanghai 15th Five-Year Plan for Energy Conservation, Carbon Reduction and Circular Economy Development" on October 13.
According to the plan, the city will accelerate the deployment of diversified new-type energy storage applications and continuously improve the energy conversion efficiency of storage devices, aiming to reach a new-type energy storage installed capacity of 3 million kilowatts by 2030.
The plan also calls for innovative development of green power direct connection and smart microgrids, promotion of virtual power plant development at scale, and expanded access for incremental resources such as distributed power sources, adjustable loads, energy storage, and vehicle-to-grid interaction.
The plan further mentions vigorously developing non-fossil energy. It calls for accelerating the Mengdian-to-Shanghai project and deep-sea offshore wind base construction, developing decentralized wind power projects according to local conditions, building "wind-solar co-located" offshore photovoltaic clusters, and continuing to advance "photovoltaic plus" projects, with new photovoltaic installed capacity to exceed 5 million kilowatts during the 15th Five-Year Plan period. It also calls for fully utilizing biomass energy and shallow geothermal energy, developing hydrogen energy and green fuels, and exploring new energy applications such as ocean energy, while promoting the gradual coverage of incremental clean energy generation over society's additional electricity demand.
According to statistics from the National Energy Administration, as of the end of June this year, China's new-type energy storage installed capacity had reached 153 million kilowatts / 396 million kilowatt-hours, with 17 million kilowatts added in the first half of the year and cumulative capacity growing 61% year-on-year. From 3 million kilowatts in the early 14th Five-Year Plan period to 153 million kilowatts today, new-type energy storage has achieved more than 40-fold growth.
Multiple industry experts agree that after years of large-scale construction, China's new-type energy storage industry has completed its phase of scale accumulation, and the industry's development logic is undergoing a transformation. Since 2026, moving away from a purely policy-driven and scale-expansion model, the competitive rules, market demand structure, and project revenue models of the new-type energy storage industry have undergone comprehensive iteration, officially entering a new development stage of market-based selection, value priority, and quality first.
In July this year, the National Development and Reform Commission and the National Energy Administration jointly issued the "15th Five-Year Plan for New-Type Power System Construction," setting clear coordinates for energy storage development over the next five years 鈥?the national new-type energy storage scale will reach 300 million kilowatts during the 15th Five-Year Plan period.
The Zhongguancun Energy Storage Industry Technology Alliance forecasts that China's cumulative new-type energy storage installed capacity from 2026 to 2030 will reach a conservative value of 371.2GW and an ideal value of 450.7GW, corresponding to average annual compound growth rates of 20.7% and 25.5% respectively.
Dongguan Securities noted that as energy transition strategies advance in depth across global regions, the rapid increase in new energy's share, relatively weak grid infrastructure, surging power demand driven by AI data center expansion, and soaring oil and gas prices boosting energy storage demand are jointly driving continued rapid growth in overseas new-type energy storage installations. Driven by policy support, demand explosion, supply-demand structure optimization, and breakthroughs in new technology routes, the energy storage industry's momentum continues to build. Investors are advised to watch leading companies in energy storage cells, core materials, PCS, and system integration segments.
BYD Company Limited (01211): In February this year, BYD announced that it has explored multiple technical routes in the solid-state battery field, among which sulfide solid-state batteries are expected to achieve breakthroughs in battery life and fast charging, representing an important technical direction. Based on current R&D trends, sulfide solid-state batteries are expected to achieve small-batch production by 2027.
REPT BATTERO (00666): In the first half of this year, REPT BATTERO sold a total of 42.7 GWh of lithium battery products. Among these, power battery shipments reached 15.5 GWh, up 14.8% year-on-year, with product revenue growing 29.8% year-on-year; energy storage battery shipments reached 27.2 GWh, up 43.9% year-on-year, with product revenue growing 81.5% year-on-year. According to the latest SNE data, from January to August 2026, REPT BATTERO ranked tenth globally with 20.3 GWh of power battery installations, up 126.3% year-on-year, making it the fastest-growing company among the top 10; its market share reached 2.4%, a notable increase from 1.3% in the same period last year.
CALB (03931): In the first half of this year, CALB achieved operating revenue of 27.084 billion yuan, up 65% year-on-year; net profit attributable to shareholders was 935 million yuan, a sharp increase of 100.7% year-on-year. By business segment, power battery revenue was 16.506 billion yuan, up 54.8% year-on-year; energy storage and other business revenue surged 83.8% year-on-year, far exceeding the growth rate of the power battery business, with its revenue share approaching 40%.
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