Group 1 - The core viewpoint of the news highlights the strong performance of the ChiNext New Energy Index, with a notable increase of 1.22% as of August 15, 2025, and significant gains in constituent stocks such as Defu Technology (up 5.95%) and Xinyuan (up 3.46%) [1] - The China Chemical and Physical Power Industry Association has initiated a "anti-involution" action in the energy storage industry, with 152 companies responding within two days, covering various technologies including lithium-ion batteries and flow batteries [1] - CITIC Securities anticipates that the battery sector's performance may exceed expectations in the short term due to improved supply and demand dynamics, with battery prices stabilizing and upstream raw material costs decreasing [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the ChiNext New Energy Index account for 62.13% of the index, with major companies including CATL and Sungrow [2] - The ChiNext New Energy ETF closely tracks the performance of the ChiNext New Energy Index, reflecting the operational characteristics of listed companies in the new energy sector on the Shenzhen Stock Exchange [2]

新能车ETF紧密跟踪中证新能源汽车产业指数，其中电池板块权重占比近半。中证新能源汽车产业指数 选取50只业务涉及新能源整车、电机电控、锂电设备、电芯电池、电池材料等新能源汽车产业的上市公 司证券作为指数样本，反映新能源汽车产业龙头上市公司证券的整体表现。 中信证券研报称，当前时点，旗帜鲜明看好中国电池核心资产的配置价值。短期来看，2025年第二季度 受供需持续改善影响，电池价格企稳，上游原材料成本下降、稼动率提升带来额外盈利弹性，电池板块 业绩有望超预期；中长期来看，供需改善趋势依然较为明确，同时商用车电动化、AI数据中心、海外 市场仍有望为头部企业带来超额增长。估值层面，中国电池核心资产较日韩企业仍具备显著优势，随着 后续更多电池企业H股上市，全球资金定价体系下，中国电池资产估值中枢有望得到进一步抬升。 新能车ETF(515700)，场外联接(平安中证新能车ETF联接A：012698；平安中证新能车ETF联接C： 012699；平安中证新能车ETF联接E：024504)。 数据显示，截至2025年7月31日，中证新能源汽车产业指数(930997)前十大权重股分别为宁德时代 (300750)、汇川技术(300 ...

Core Viewpoint - The China Chemical and Physical Power Industry Association has issued a draft initiative aimed at maintaining fair competition and promoting healthy development in the energy storage industry, addressing issues of irrational low pricing [1] Group 1: Initiative Details - The initiative calls for companies to set reasonable prices based on operational costs and risks, discouraging irrational low pricing behaviors to prevent "bad money driving out good" [1] - It emphasizes the importance of integrity and transparency in bidding processes, prohibiting false commitments, below-cost competition, and breaches of contract [1] - The initiative advocates for core competitiveness based on technological solutions, service capabilities, and the overall lifecycle value of products [1] Group 2: Implementation and Support - A supervisory mechanism will be established to monitor behaviors that undermine fair competition, with potential actions including industry notifications, public warnings, or case analyses, and escalation to regulatory authorities if necessary [1] - A total of 149 companies have signed the initiative, including major players such as BYD, Eve Energy, Huawei Digital Energy, and others, covering the entire industry chain from battery manufacturers to system integrators and energy technology companies [1]

8月14日消息，中国化学与物理电源行业协会发布《关于维护公平竞争秩序 促进储能行业健康发展的倡 议》（征求意见稿），多个条款涉及不理性低价竞争。倡议提到，企业应根据自身经营状况、成本评估 和项目风险进行报价，避免不理性低价行为，防范"劣币驱逐良币"；规范鼓励成员单位在招投标活动中 坚持诚信、透明、专业、审慎原则，杜绝虚假承诺、低于成本无序竞争、不履约等行为，倡导以技术方 案、服务能力与全生命周期价值为基础参与竞标，营造健康、公正、有序的市场环境，等等。 倡议签署及参与企业有149家，其中包括：比亚迪、亿纬锂能、华为数字能源、海辰储能、中创新航、 国轩高科、天合储能、远景能源、科华数能、南都电源、智光储能、南瑞继保、瑞浦兰钧、鹏辉能源、 派能能源、赣锋锂电、晶科储能、三一锂能、美克生能源、纬景储能、新艾电气、索英电气、中天储 能、海博思创，等等。（刘丽丽） 责任编辑：何俊熹 倡议还谈到，对涉嫌破坏行业公平竞争环境的行为，协会可视情通过行业倡议、公开提醒、案例剖析等 形式予以通报，并在必要时将相关情况上报主管部门，等等。 ...

Core Viewpoints - The energy storage industry is focusing on zero-carbon solutions and innovative products to meet the growing demand for energy efficiency and sustainability [3][5][10]. Group 1: Industry Trends - The EESA energy storage exhibition showcased a variety of products emphasizing large capacity and smart energy management systems, with many companies introducing solutions aimed at achieving zero-carbon goals [2][3]. - Companies like 汇川技术 and 远景 are leading the charge with their zero-carbon strategies and AI-driven energy management systems, respectively, indicating a shift towards integrated energy solutions [5][10]. - The trend towards larger single-unit capacities in commercial energy storage systems is evident, with products like 弘正储能's 522kWh storage cabinet and 华致能源's 627kWh system being introduced [3][19]. Group 2: Key Product Innovations - 汇川技术 introduced a series of products including a 430kW liquid-cooled PCS and a 6.9MW integrated boosting unit, designed for various operational environments and scenarios [5][7]. - 远景's artificial intelligence super storage and charging network integrates storage, charging, and AI scheduling, creating a comprehensive energy ecosystem [10][8]. - 弘正储能's new 522kWh commercial storage cabinet features high flexibility and safety, designed to meet diverse operational needs [13][11]. Group 3: Company Highlights - 采日能源 presented its smart energy operation platform, which combines AI with energy storage to enhance decision-making and optimize energy costs for businesses [16][14]. - 量道储能 launched a new liquid-cooled all-in-one machine based on its self-developed 3S integration architecture, which reduces costs and improves efficiency [25][23]. - 新能安's 安鑫300 product, with a capacity of 150kW/300kWh, is designed for industrial parks and charging stations, showcasing the trend towards modular and scalable energy solutions [29][31]. Group 4: Market Dynamics - The competition among energy storage companies is intensifying, with innovations aimed at reducing costs and improving efficiency becoming critical for market success [2][3]. - The introduction of large-capacity batteries, such as 亿纬锂能's 628Ah and 5MWh systems, reflects the industry's focus on enhancing energy density and operational efficiency [46][49]. - Companies are increasingly adopting AI and smart management systems to optimize energy usage and enhance operational efficiency, as seen in products from 融和元储 and 固德威 [22][77].

Core Viewpoint - The initiative released by the China Chemical and Physical Power Industry Association aims to promote healthy development in the energy storage industry through various measures, including cost price behavior norms, product and service fulfillment, technological innovation, and green development [1] Group 1: Industry Development - The initiative is supported by major companies such as BYD, EVE Energy, Huawei Digital Energy, and others, indicating a collective effort to enhance industry standards and practices [1] - Guosen Securities highlights that the anti-involution policy is expected to improve profitability opportunities for energy storage companies, as the industry faces increasing competition and pressure on profits [1] Group 2: Market Dynamics - The acceleration of industry expansion and the push for price corrections are likely to lead to a market consolidation, benefiting leading companies with cost and technological advantages [1] - The New Energy Vehicle ETF closely tracks the CSI New Energy Vehicle Industry Index, which includes 50 listed companies involved in various aspects of the new energy vehicle sector, with battery-related companies holding nearly half of the index weight [1][2] Group 3: Key Stocks - As of July 31, 2025, the top ten weighted stocks in the CSI New Energy Vehicle Industry Index include CATL, Huichuan Technology, BYD, and others, collectively accounting for 55.33% of the index [2]

Core Viewpoint - The China Chemical and Physical Power Industry Association released a draft initiative on August 13 to promote healthy development in the energy storage industry, focusing on fair competition and various operational standards [1][2][3]. Group 1: Initiative Details - The initiative includes guidelines on cost pricing behavior, encouraging members to participate in market competition based on technology, service, reputation, and performance capabilities [3][4]. - It emphasizes the importance of integrity and transparency in bidding activities, discouraging irrational low pricing and non-compliance with contracts [3][4]. - The initiative also promotes technological innovation and green development, urging participation in the establishment of industry standards [4]. Group 2: Industry Participation - Notable companies signing and participating in the initiative include BYD, EVE Energy, Huawei Digital Energy, and others, indicating a collective effort towards industry improvement [2][4]. Group 3: Investment Recommendations - The report suggests focusing on energy storage companies that may benefit from improved profitability due to the anti-involution policy, as the industry faces increasing competition and pressure on profits [2][5]. - Companies with cost and technological advantages, such as Sungrow Power Supply, Sungrow Shares, and CATL, are highlighted as having potential for profit elasticity [5].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the electric equipment and new energy industry [2][5]. Core Viewpoints - The report highlights the "anti-involution" initiative proposed by the China Chemical and Physical Power Industry Association, which aims to promote healthy development in the energy storage industry through cost pricing norms, product and service fulfillment, technological innovation, and industry coordination mechanisms [3][4]. - The report suggests that under the influence of the anti-involution policy, there are opportunities for profit improvement among energy storage companies, especially as market concentration is expected to increase with accelerated industry clearing and technological iteration [6]. Summary by Relevant Sections Industry Overview - The energy storage industry has faced increasing competition and pressure on profitability due to rapid expansion in energy storage batteries, inverters, and systems [3][6]. - The anti-involution policy is expected to enhance the profitability of leading companies with cost and technological advantages as the market becomes more concentrated [6]. Investment Recommendations - The report recommends focusing on companies such as Sungrow Power Supply, Shenghong Technology, Goodwe, CATL, EVE Energy, Zhongxin Innovation, and Penghui Energy for potential profit improvement opportunities [3][6]. Profit Forecasts for Related Companies - The report provides profit forecasts for several companies, including: - Sungrow Power Supply: Expected net profit of 110.4 billion RMB in 2024, with a PE ratio of 17x [8]. - CATL: Expected net profit of 507.4 billion RMB in 2024, with a PE ratio of 25x [8]. - EVE Energy: Expected net profit of 40.8 billion RMB in 2024, with a PE ratio of 23x [8].

Core Viewpoint - The electricization of the construction machinery industry in China is accelerating, driven by major projects and market demand, leading to significant growth in lithium battery demand for electric construction machinery [4][11][18]. Group 1: Market Overview - The construction machinery industry in China has maintained stable development, with a total sales of 968,900 units in the first half of 2025, a year-on-year increase of 4.58% [7]. - The electricization rate of major construction machinery products is increasing significantly, with electric loaders seeing a sales increase of 172.8% year-on-year, reaching a penetration rate of 21.5% [7][11]. - GGII predicts that by 2030, the overall electricization penetration rate of the construction machinery industry in China will exceed 50% [8]. Group 2: Lithium Battery Demand - The demand for lithium batteries in construction machinery is expected to grow rapidly, with a shipment volume of over 11 GWh in the first half of 2025, representing a year-on-year growth of over 60% [11]. - The electric loader segment is the fastest-growing, with a year-on-year growth rate exceeding 170% [11]. - GGII estimates that by 2030, the shipment volume of lithium batteries for construction machinery in China will reach over 100 GWh, with a compound annual growth rate exceeding 36% from 2025 to 2030 [11]. Group 3: Major Projects and Opportunities - The launch of the Yarlung Zangbo River downstream hydropower project is expected to generate a demand for construction machinery equipment worth 1200-1800 billion yuan, with lithium batteries accounting for approximately 480-720 billion yuan of this cost [4]. - The project is anticipated to drive the electricization of construction machinery, benefiting leading battery manufacturers such as CATL and Eve Energy [4][11]. Group 4: Competitive Landscape - Leading lithium battery companies, including CATL and Eve Energy, are actively engaging in the electric construction machinery market, with CATL holding a market share exceeding 55% in this sector [14][15]. - Eve Energy has launched specific products for the construction machinery market, addressing key industry pain points such as battery size and lifespan [15][16]. - Other companies like BYD and Guoxuan High-Tech are also developing diverse technological routes to capture market share in the electric construction machinery segment [16].

8月8日至12日，亿纬锂能携机器人电池全面解决方案亮相北京2025世界机器人博览会，集中展示了从电 芯、BMS到Pack的机器人动力系统全链条技术实力。(亿纬锂能) ...