In recent days, the battery materials sector has been receiving positive news continuously, but some energy storage concept stocks have shown underwhelming performance. After deeper investigation, it became clear that institutional investors are somewhat pessimistic about the growth prospects of the energy storage market next year.

The core bottleneck is here——multiple regions have begun adjusting time-of-use electricity pricing policies, eliminating the originally artificially set peak-valley price spreads. This change directly shattered the profit dreams of energy storage enterprises. The days of simply deploying equipment and earning arbitrage from peak-valley electricity price differences are completely gone. Many off-market funds are now in a wait-and-see mode, not daring to make hasty moves.

According to the regulations of NDRC Energy Document No. 1656 of 2025 (发改能源规〔2025〕1656号), time-of-use electricity prices are no longer uniformly stipulated by the government, and time period divisions have been given more freedom by the market. This means the energy storage industry has reached a watershed——only enterprises that truly understand market operations and possess professional capabilities can survive in the new environment, while participants who previously relied on administrative dividends face the risk of being eliminated. By this point in the story, industry insiders are clear that this track is destined to undergo blood transfusion and reshuffle.