AFAIK you can only authenticate against the next hop using implicit credentials. Connection attempts from the first hop to a second hop will fail, even if your user has the required permisssions. See e.g. here for an explanation.
Try this:
psexec @serverlist.txt -u %USERDOMAIN%\%USERNAME% -d -c batfile.bat
Use explicit credentials so you're authenticated against the remote host. With that the second hop will be the next hop for your authenticated session. Don't run the script as LOCAL SYSTEM (-s
), because that account is restricted to local resources.