2026年6月全球储能跟踪报告：中国储能持续发力

Global ESS TRACKER - June 2026: ESS momentum continues inChina April 26 China ESS shipments reached a record high of 93.1GWh, representing92% YoY and 14% MoM growth.Our industry model can be downloaded here (Link).Domestic shipments remained the key driver, increasing 89% YoY to 89.9GWh, whileoverseas shipments grew even faster, up192% YoY to 3.2GWh.For 2026TYD, China ESSshipments reached 309.1GWh, up 109% YoY. Neil Beveridge, Ph.D.+852 2123 2648neil.beveridge@bernsteinsg.com Brian Ho, CFA+852 2123 2615brian.ho@bernsteinsg.com China ESS plant utilization remained at a high level, with production utilizationreaching 94%,up from 69% in the same period last year. This signals tightening near-termmarket conditions as demand growth catches up with industry capacity. Kelvin Yuan, Ph.D., CFA+852 2123 2612kelvin.yuan@bernsteinsg.com CATL retained its leading position in ESS battery shipments, while EVE, Hithiumand BYD also remained key suppliers.Monthly ESS battery shipment volumes reached93.1GWh in April, up 92% YoY.CATLshipped 19.8GWh of ESS LiBs in April, up 72% YoY,with an industry leading 2026YTD market share of 22.5%.EVEshipped 8.5GWh (+70%YoY), with 9.6% YTD market share andHithiumwhich shipped 8.4GWh (+68% YoY), alsowith 9.5% YTD market share are the closest rivals to CATL.BYDshipped 7.4GWh (+48%YoY), with 7.6% YTD market share, whileCALBshipped 6.1GWh (+52% YoY), with 6.7%YTD market share. Ganfeng, Great Power and Cornex have shown the fastest growth thisyear, with triple digit volume increase. China ESS monthly capacity reached 98.0GWh in April, increasing 46% YoYand 15% MoM.CATL remained the leading player with 20.8GWh of monthly capacity,representing 20.7% of industry capacity in China. Ganfeng has the highest capacity growthrate with 300% YoY to 5.0 GWh followed by Great Power with 138% YoY to 5.2GWh. China ESS tender activity remained strong in April, increasing 44%.Tender batteryvolume reached 55.6GWh, up 44% YoY, bringing 2026 YTD tender volumes to 224.6GWh,up190% YoY. Winning bid (award) battery volumes reached 23.5GWh, which was broadlyflat YoY at +2%. Outside of China, U.S. ESS battery installations increased 71% MoM but remainedlower YoY according to EIA data.April U.S. ESS battery installations were 4.3GWh,down 18% YoY, despite rising 71% MoM. For 2026 YTD as a whole, U.S. ESS batteryinstallations reached 9.9GWh, which was down 11% YoY. German ESS installations continued to experience strong YoY growth in April, ledby large-scale storage deployment.Battery installations reached 0.8GWh in April, up74% YoY, with large-scale storage contributing 0.3GWh (+833% YoY), industrial storagecontributing 0.043GWh (+67% YoY), and residential storage contributing 0.41GWh (+9%YoY).For 2026 YTD, Germany ESS battery installations reached 2.8GWh, up 39% YoY. BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS Record growth in energy storage deployment is driving strong momentum in battery stocks and the entire battery value chainamidst more lackluster EV growth. China demand is particularly strong driven by falling costs in battery costs and a moresupportive policy environment which makes the economics of energy storage more attractive. Year to date shipments in Chinareached 309.1GWh, up 109% YoY and higher than our 86% estimated growth of global ESS shipments for the year. Chinatendering activity also remained robust, tender battery volume up 44% YoY to 55.6GWh, supporting a solid forward demandpipeline. While China dominates the storage market, international demand is also accelerating. Germany showed strongermomentum, with battery installations up 74% YoY to 0.8GWh, led by large-scale storage at 0.30GWh (+833% YoY). WhileUS installations are lower YoY, EIA data appears to show that installations increased sharply in April and we expect growthmomentum to continue into the summer. Among China battery makers, CATL retained its leading position with 19.8GWh of AprilESS shipments (+72% YoY) and 22.5% YTD market share. CATL remains in our view the best way to play this theme. We rateCATL A-share Outperform and CATL H-share Market-Perform. DETAILS This report is a companion report to our monthly EV tracker. The data we use comes from various sources and our analysis looksat installation, shipment and production, figures from multiple sources. The database is updated on a monthly basis with a one-month lag. The following note is divided into 6 sections: 1. ESS OVERVIEW 2. CHINA ESS OVERVIEW 3. U.S. ESS OVEREVIEW 4. GERMANY ESS OVERVIEW 5. BATTERY COMPANIES OVERVIEW 6. ESS ESTIMATION AND FUTURE OUTLOOK 1. ESS OVERVIEW •April China ESS shipments reached 93.1GWh, representing 92% YoY and 14% MoM growth. Utilization rate keep to94% in April, up from 69% in April 2025. China ESS tenders reached 55.6GWh, up 44% YoY, indicating a strong forwarddemand pipeline. •U.S. ESS installations reached 4.3GWh, down 18% YoY but up 71% MoM. Germany ESS installations reached 0.8GWh, up 74% YoY, supported by a strong