CALB (03931) surged over 6% again, with cumulative gains approaching 40% within the month. As of press time, the stock rose 4.27% to HK$31.26, with trading volume of HK$370 million.

On the news front, CALB's power battery installations have maintained robust growth since the second quarter, with first-half installations reaching 21.8GWh, exceeding market statistics of 19.5GWh. According to market research, the group's July performance remained strong, with monthly market share further increasing to 8.4%.

In energy storage, CALB achieved strong growth in the first half of the fiscal year. Beyond more diversified domestic customers, the group also secured new orders in Europe. With more capacity releases, new customers, and increased direct supply ratios in the future, the energy storage business is expected to maintain high growth rates, with prospects of achieving the full-year shipping target of 45GWh and reaching approximately 70GWh next year, while profit margins are also expected to improve. The group has raised its next year's shipment forecast.

Bank of America Securities issued a research report stating that China's energy storage market continues to be strong, with domestic energy storage bidding scale reaching 26GW/69GWh in August, a year-over-year increase of over 500%. The report expects China's energy storage battery demand to maintain steady growth from 2025-2030. The National Development and Reform Commission and National Energy Administration announced a new energy storage installation target capacity of 180GW by 2027, while experts at the Global Energy Storage Conference expect it could further reach 240GW by 2030.

As the first Hong Kong-listed power battery stock, CALB is expected to benefit from the order centralization trend, with battery shipments projected to increase by 9%/14%/17% from 2025 to 2027.