CITIC Securities: The three major sectors of wind, solar, and energy storage show structural differentiation, with the value of energy storage and wind power configurations, which have performance certainty, becoming more prominent.

CITIC Securities pointed out that the performance of the new energy industry in 2025 & Q1 2026: 1) The energy storage sector is on an upward cycle, with stable profits from household storage and large storage waiting for the cost transmission inflection point; 2) The wind power sector’s performance inflection point has been established, with both volume and price rising, coupled with expansion into overseas and offshore wind businesses, leading to continuous profit recovery; 3) The photovoltaic sector is in a bottoming and recovery stage, with main chain losses narrowing and auxiliary materials leading a rebound, gradually clearing industry risks. Overall, the three major sectors of wind, solar, and storage show structural differentiation, with the performance certainty of energy storage and wind power highlighting their configuration value, while also suggesting attention to potential reversal signals in the photovoltaic industry. (Sina Finance)