China ESS Integrators: Share prices jump on EU‘s ESS push given its role in stabilizing energy prices

Research evidence excerpt

China ESS Integrators: Share prices jump on EU‘s ESS push given its role in stabilizing energy prices

J P M O R G A N Asia Pacific Equity Research

29 June 2026

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China ESS Integrators

Share prices jump on EU's ESS push given its role

in stabilizing energy prices

Share prices for HK/China-listed ESS integrators rose by 4%-10% today (Jun 29, Head of APAC Utilities &

vs. HSCEI/SHCOMP’s 1%-2%). The EU has signed agreements to boost ESS Renewables | Sustainable Investing

development and highlighted the critical role this is playing in lowering and Alan Hon AC

stabilizing energy prices. Within our coverage, Sungrow and Deye have EU ESS (852) 2800-8573

exposure. We also highlight that Sungrow is trading at a meaningful discount to alan.hon@jpmorgan.com

global peers with exposure to the AIDC ESS theme. Deye is riding on strong Daqi Jiao

growth from emerging markets. We reiterate our OW rating on these names. (852) 2800-8595

daqi.jiao@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

What happened? Share prices for HK/China-listed ESS integrators rose by 4%- Morgan Broking (Hong Kong) Limited

10% (vs. HSCEI/SHCOMP’s 1%-2%). The EU has signed the first ever tripartite

agreement to boost energy storage development (link). Energy storage has been

named as the missing link in the energy transition and, importantly, it is playing a Recent reports on how the social

key role in lowering and stabilizing energy prices. dimension is increasingly becoming a