China Securities Co., Ltd.'s research report indicates that the energy storage index fluctuated downward during the second quarter, mainly due to the bottoming out of the fundamentals. In terms of end demand, the demand for large-scale storage is relatively strong worldwide, with high growth in China's bids and new installations in the United States, emerging large projects in the Middle East and Australia; household storage is somewhat differentiated, with relatively low demand in Europe and strong demand in India, Pakistan, and Latin America. In terms of the shipment of the industrial chain, Q2 domestic orders and shipping volume for large-scale storage saw significant growth on a month-by-month basis; household storage continues to bottom out, and some companies have already seen growth on a month-by-month basis. We believe that the global large-scale storage is expected to exceed expectations this year, and household storage inventory has reached the bottom, and we need to pay attention to end demand in the future. It is expected that the industrial chain will trend toward profit in terms of volume - battery prices will be stabilizing, and the bottom of Wh profit will be repaired under the growth of production capacity; the PCS of large-scale storage will increase clearly, with relatively stable profit; household storage shipment has been confirmed to be at the bottom, and the profitability is expected to rebound in the future after hitting a bottom; the growth of integrated exports is clear, and the profitability is under certain pressure under the price reduction.