citic sec research reports point out that under the long-term drive of the electrical utilities market and green transformation in the USA, as the lithium cell industry chain continues to reduce costs and the interest rate cycle begins, the economic efficiency of energy storage is expected to further improve. At the same time, we believe that the current core constraint of energy storage growth in the USA is the grid connection pace. Considering the ongoing grid connection process reforms in various regions, Texas, as a typical case, is 5-10 months ahead of other regions in grid connection pace, and the waiting time is expected to marginally improve. We estimate that the additional market space for energy storage in the USA will exceed 70 billion yuan by 2026, with a cumulative market space of nearly 180 billion yuan from 2024 to 2026. The market space is vast, and US domestic energy storage industry chain companies will benefit fully. Considering that domestic energy storage products have various advantages in terms of cost, performance, etc., industry chain manufacturers such as cell, PCS, and integrators are actively expanding into the USA market, and we believe that domestic players in the energy storage industry chain will also benefit fully.