Energy Storage Batteries Supply and Demand Booming, Focus on Guotai ChiNext New Energy ETF (159387)

Under the backdrop of declining new energy production and sales, battery sales in February maintained year-on-year growth, and pre-production plans in March showed a month-on-month rebound. Energy storage batteries are experiencing strong supply and demand.

According to data from the Battery Alliance, in terms of production: in February 2026, China’s power and energy storage battery output was 141.6 GWh, down 15.7% month-on-month but up 41.3% year-on-year. In terms of sales: in February, China’s power and energy storage battery sales reached 113.2 GWh, down 23.9% month-on-month but up 25.7% year-on-year. Among them, power battery sales were 74.5 GWh, accounting for 65.9% of total sales, down 27.4% month-on-month but up 11.4% year-on-year; energy storage battery sales were 38.6 GWh, accounting for 34.1% of total sales, down 16.2% month-on-month but up 67.3% year-on-year.

Entering March, lithium battery market demand recovered rapidly, and industry chain pre-production plans for March showed a clear month-on-month increase. Regarding power batteries, with the post-holiday spring car shows and new model launches by automakers, industry downstream demand is expected to be stimulated. For energy storage, the supply and demand remain strong, and the intensifying Middle East geopolitical conflicts and global energy crisis are likely to further boost energy storage demand.

On March 9, CATL released its 2025 annual report, achieving revenue of 423.702 billion yuan, a year-on-year increase of 17.04%; net profit attributable to the parent was 72.201 billion yuan, up 42.28% year-on-year, exceeding market expectations. The leading effect of lithium battery industry giants is further highlighted.

Demand in the lithium battery industry chain is steadily increasing, coupled with technological breakthroughs. Power batteries benefit from government subsidies and increased per-vehicle capacity, which may help stabilize the bottom; in the energy storage sector, domestic and international demand resonate, with improved profitability under domestic policy support, and overseas European household storage de-stocking completed, while demand driven by power shortages in Asia, Africa, and Latin America is growing rapidly. Solid-state batteries, as the next-generation technology, have significant advantages in safety and energy density, leading to early applications in consumer batteries, aerospace, and other fields. With policy support, industrialization is accelerating. Investors can pay attention to the Guotai New Energy ETF (159387) on the Growth Enterprise Market, which comprehensively covers wind, solar, storage, lithium, and solid-state battery targets.

Risk Warning:

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