Investment Rating - The industry is rated as "Outperform" compared to the market [2][37]. Core Insights - The report highlights strong demand for energy storage and power batteries, with a notable recovery in raw material and cell prices [2][5]. - The photovoltaic (PV) component production is expected to be below 44.5 GW in November 2025, with potential for profit recovery leading to increased production [5][9]. - The report suggests focusing on energy storage-related companies due to significant growth in tender capacity for energy storage projects [2][21]. Summary by Sections Production - PV component production has been stable since the second half of 2025, with leading companies slightly increasing production while most others are reducing to clear inventory [5]. - In November 2025, the production of power, storage, and consumer batteries in China is projected to reach 209 GWh, a month-on-month increase of 12.4% and a year-on-year increase of 64.6% [5][9]. Prices - As of November 21, 2025, the price of polysilicon remains stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers has decreased to 1.28 CNY/piece [9][16]. - The average price for lithium iron phosphate battery storage systems is reported at 0.5547 CNY/Wh, with a month-on-month increase of 10% [16][21]. Domestic Demand - In September 2025, the domestic PV installation capacity increased by 31.3% month-on-month to 9.7 GW, but saw a year-on-year decline of 53.8% [20][21]. - The cumulative new PV installation from January to September 2025 reached 240.27 GW, representing a year-on-year growth of 49.3% [20]. Overseas Demand - In October 2025, the export value of PV components was approximately 2.258 billion USD, showing a year-on-year increase of 4.39% but a month-on-month decrease of 19.34% [26][27]. - The cumulative export value from January to October 2025 reached 23.473 billion USD, a year-on-year decrease of 4.89% [26].

Core Viewpoint - The successful listing of the Invesco Great Wall ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks a significant step for Chinese core technology assets entering the Southeast Asian market, enhancing Sino-Thai financial cooperation [2][4]. Group 1: Market Expansion - This is the first time a Chinese A-share listed ETF has been launched in Thailand via depository receipts, representing a new product for the Thai market [2]. - The ChiNext 50 Index has been expanding internationally, having previously listed in major European exchanges [2]. - The Shenzhen Stock Exchange is committed to internationalizing ChiNext products, aiming to create a cross-border trading ecosystem for these ETFs [2][4]. Group 2: Investment Demand - There is a rapidly increasing demand from Thai investors for Chinese core assets, driven by China's high-quality economic development and capital market reforms [4]. - The collaboration between Invesco and local issuer InnovestX aims to provide Thai investors with direct access to the ChiNext 50 Index [4]. Group 3: Index Characteristics - The ChiNext 50 Index focuses on high-tech sectors such as new energy, advanced manufacturing, and biomedicine, making it an attractive investment for capturing China's technological growth [6]. - The index has shown strong liquidity and market performance, with a year-to-date increase of 51.58% and a cumulative increase of 56.49% as of November 18 [7][8]. Group 4: Performance Metrics - The average revenue growth rate for the ChiNext 50 Index constituents was 21.07% in the mid-2025 reporting season, with a net profit growth rate of 16.63% [9]. - The top ten weighted stocks in the index demonstrated significant growth, with an average revenue growth of 48.93% and a net profit growth of 82.03% [9]. - The index excludes traditional cyclical industries, focusing instead on high-tech sectors, which enhances its technological concentration [10]. Group 5: Industry Insights - The ChiNext 50 Index is positioned to support innovative enterprises in sectors like power batteries and photovoltaic inverters, which have international competitiveness [11]. - The overseas revenue proportion for the ChiNext 50 Index is 35.17%, indicating strong global market integration [11].

Group 1 - The core viewpoint is that energy storage battery concept stocks are experiencing significant gains, with Invech rising over 8% and Sungrow increasing by approximately 5% [1] - The energy storage battery ETF has risen by more than 2% due to market influences [1] Group 2 - Specific stock performance includes the energy storage battery ETF priced at 2.022, up by 0.053 or 2.69%, and the Guangfa energy storage battery ETF at 1.793, also up by 0.047 or 2.69% [2] - Analysts indicate that the recovery in market conditions is driving performance recovery, while new technologies are catalyzing valuation increases [2] - The Chinese lithium battery equipment industry is showing signs of stabilization in both revenue and profit after two years of deep adjustment, with improvements in orders and contract liabilities observed quarterly [2] - The advancement of solid-state battery technology is accelerating, leading to an increase in new lithium battery equipment demand [2]

Market Overview - The market showed strong performance in the early session, with the Shanghai Composite Index rising over 1% and the ChiNext Index increasing over 2% [1] - By the end of the morning session, the Shanghai Composite Index was up 1.13%, the Shenzhen Component Index rose 2.04%, and the ChiNext Index gained 2.6% [1] Sector Performance - The computing hardware sector continued its strong momentum, with stocks like TeFa Information achieving three consecutive trading limits and LongFly Optical Fiber, HuiLv Ecology hitting the daily limit [2] - The AI application sector saw a resurgence, with ShiDa Group achieving four consecutive trading limits and RongJi Software hitting six limits in seven days [2] - The anti-influenza sector was also active, with GuangJi Pharmaceutical achieving two consecutive limits and TeYi Pharmaceutical, BeiDa Pharmaceutical hitting the daily limit [2] - Conversely, the aquaculture sector experienced fluctuations, with stocks like ZhangZi Island and ZhongShui Fishery hitting the daily limit down [2] Trading Volume - The total trading volume for the Shanghai and Shenzhen markets reached 1.17 trillion yuan, an increase of 149.3 billion yuan compared to the previous trading day [3] Individual Stock Highlights - ZhongJi XuChuang led in trading volume with over 16.5 billion yuan, followed by XinYiSheng, BlueFocus, and YangGuang Electric with significant trading volumes [4]

Core Insights - The successful listing of the Invesco Great Wall ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks the first time a Chinese A-share ETF has been listed in Thailand, enhancing financial cooperation between China and Thailand [1][2] - The demand for investment in Chinese core assets is rapidly increasing among Thai investors, driven by China's high-quality economic development and capital market reforms [2][3] - The ChiNext 50 Index focuses on high-tech industries such as new energy, advanced manufacturing, and biomedicine, making it an attractive investment for Thai investors looking to capture the benefits of China's technological advancements [3][4] Market Performance - The ChiNext 50 Index has shown strong performance, with a cumulative increase of over 51% as of November 18, outperforming other broad-based indices [3][4] - The average revenue growth rate for the index's constituent stocks was 21.07% year-on-year in the mid-2025 reporting season, with net profit growth at 16.63% [4] - In the third quarter, the revenue growth rate for the constituent stocks remained robust at 15.75%, while net profit growth increased to 22.58% [4] Sector Analysis - The ChiNext 50 Index is heavily weighted towards high-growth sectors, with significant representation from batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [5] - The index's top ten constituent stocks have shown exceptional growth, with an average revenue growth rate of 48.93% and net profit growth of 82.03% [4][5] - The index aims to support innovative enterprises in sectors with international competitiveness, contributing to the global value chain and enhancing the performance of ChiNext 50 companies [5]

Core Viewpoint - The listing of the ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks a significant milestone in the internationalization of China's capital markets, providing Thai investors with direct access to China's core technology assets [2][3]. Group 1: Internationalization of ChiNext 50 ETF - The ChiNext 50 ETF Depository Receipts were listed on November 25, providing Thai investors with a new investment product focused on the ChiNext 50 Index [2][3]. - This is the first time a Chinese A-share listed ETF has been issued in Thailand in the form of Depository Receipts, indicating a growing interest in Chinese technology assets in Southeast Asia [2][3]. - The Shenzhen Stock Exchange aims to enhance the internationalization of the ChiNext market and facilitate global investors in sharing the benefits of China's technological innovation [2][3]. Group 2: Market Demand and Product Details - The demand for investment in Chinese core assets among Thai investors has surged, driven by China's high-quality economic development and capital market reforms [3]. - The Invesco China ChiNext 50 ETF, established in December 2022, has surpassed 50 billion in total assets and maintains a low fee structure of 0.2% [3][4]. - InnovestX, a leading Thai brokerage, partnered with Invesco to issue the Depository Receipts, enhancing the accessibility of the ChiNext 50 Index for local investors [3][4]. Group 3: Performance of ChiNext 50 Index - As of November 18, the ChiNext 50 Index has shown a cumulative increase of 56.49% this year, outperforming other broad-based indices [5]. - The average revenue growth rate for the ChiNext 50 constituent stocks was 21.07% year-on-year for the mid-year report, with net profit growth at 16.63% [5]. - In the third quarter, the revenue growth rate remained strong at 15.75%, while net profit growth increased to 22.58% [5]. Group 4: Sector Focus and Composition - The ChiNext 50 Index focuses on high-tech sectors such as new energy, advanced manufacturing, and biomedicine, making it an attractive investment for capturing China's technological development [4][6]. - The index excludes traditional cyclical industries, emphasizing a higher concentration of technology stocks, with significant weights in battery, communication equipment, and photovoltaic sectors [6]. - The top three sectors by weight in the ChiNext 50 Index are batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [6]. Group 5: Global Integration and Revenue - The leading companies in the ChiNext are deeply integrated into the global value chain, with 35.17% of their revenue coming from overseas markets in 2024, which is higher than many major broad-based indices [7]. - The average overseas revenue proportion for the top ten weighted stocks in the ChiNext 50 Index is 47.96%, indicating strong international market engagement [7].

Core Insights - The power industry is undergoing a profound transformation from scale expansion to high-quality development, with photovoltaic (PV) and energy storage as core pillars of the new power system [1] - The integration of PV and energy storage has shifted from an optional choice to a mandatory requirement, emphasizing the need for a robust ecosystem [1] Industry Transition - The "14th Five-Year Plan" period marks the end of subsidy-dependent growth in the PV and energy storage sector, transitioning to a market-driven high-quality development phase [2] - Industry competition has evolved from mere scale to a comprehensive assessment of technology, application scenarios, and service capabilities [2] - The urgency of restructuring market rules is highlighted, as it significantly impacts production costs and the healthy development of the industry [2] Technological Innovation - New energy storage, particularly grid-forming storage, is becoming essential for integrating renewable energy, with a shift from policy-driven to market-driven operations [2] - Safety is emphasized as a fundamental requirement for energy storage's participation in market transactions, with proactive monitoring systems being developed to enhance safety [3] - The focus on scenario innovation is crucial, with policies mandating that new renewable energy projects must have supporting scenarios [3] Market Strategies - Companies are adopting strategies focused on high-quality orders, particularly in overseas markets, to achieve mutual benefits through product upgrades and service optimization [4] - The integration of PV manufacturing and energy storage technologies is seen as a natural synergy, enhancing cost efficiency and reliability [8] Ecosystem Development - The industry is moving towards a collaborative ecosystem that bridges laboratory innovations to industrial applications, unlocking economic, social, and ecological value [9] - Continuous R&D investment is identified as a key driver for companies to maintain technological leadership and ensure the feasibility of industrial applications [9] - The establishment of collaborative initiatives, such as the "700W+ Photovoltaic Open Innovation Ecosystem Alliance," is crucial for scaling high-efficiency technologies [11] Future Directions - The focus on high-end, intelligent, and green production is seen as essential for industry upgrades, with AI technology expected to enhance manufacturing and operational efficiency [11] - The challenge of industrializing advanced technologies, such as solid-state and lithium-sulfur batteries, is acknowledged, with partnerships for pilot testing being a potential solution [12]

Group 1 - The technology growth sector is experiencing strong gains, with the ChiNext Index rising over 2.5% and the Sci-Tech Innovation Index increasing by more than 1.7% [1] - The Double Innovation Leader ETF (588330) saw a peak intraday increase of 3.45%, currently up 2.5%, with a trading volume exceeding 320 million yuan [1] - Key players in the optical module sector, including Zhongji Xuchuang and Xinyi Sheng, have seen stock increases of over 6%, while Tianfu Communication rose by more than 4% [1] Group 2 - The top ten components of the Double Innovation Leader ETF have shown significant price increases, with Zhongji Xuchuang up 6.70% and Shenghong Technology up 6.62% [2] - The report from HSBC indicates that the acceleration of AI server iterations is driving a dual cycle of technology and price increases for core components like PCBs and CCLs [3] - Citigroup previously projected that the supply-demand tension for AI PCBs will persist into next year, highlighting the ongoing demand in the sector [3] Group 3 - The Double Innovation Leader ETF is characterized by cross-market diversification, focusing on 50 large-cap strategic emerging industry companies from the Sci-Tech Innovation Board and ChiNext [4] - The ETF is positioned as a high-elasticity tool to capture technology market trends, with a low investment threshold allowing entry for less than 100 yuan [4] - The index that the ETF tracks has shown varied annual performance from 2020 to 2024, with a notable increase of 86.90% in 2020 [4]

Core Viewpoint - The listing of the Invesco Great Wall ChiNext 50 ETF Depository Receipts on the Thailand Stock Exchange marks a significant milestone in the internationalization of China's ChiNext index, providing Thai investors with direct access to China's core technology assets [3][4]. Group 1: Internationalization of ChiNext Index - The ChiNext 50 ETF Depository Receipts are the first of their kind from China's A-share market to be listed in Thailand, enhancing the international presence of the ChiNext index [3][4]. - The Shenzhen Stock Exchange aims to leverage this listing to further internationalize the ChiNext investment platform and facilitate global investors' access to China's technological innovations [3][4]. Group 2: Market Demand and Product Details - There is a growing demand among Thai investors for investment products related to China's core assets, driven by China's high-quality economic development and capital market reforms [4]. - The Invesco Great Wall ChiNext 50 ETF was established in December 2022 and currently has a total scale exceeding 50 billion, with a low fee structure of 0.2% [4][5]. Group 3: Performance of ChiNext 50 Index - As of November 18, 2025, the ChiNext 50 Index has shown a cumulative increase of 56.49%, outperforming other broad-based indices [6]. - The index's constituent stocks reported an average revenue growth of 21.07% and a net profit growth of 16.63% in the first half of 2025, with continued strong performance in the third quarter [6][7]. Group 4: Sector Focus and Composition - The ChiNext 50 Index focuses on high-tech sectors such as new energy, advanced manufacturing, and biomedicine, capturing the benefits of China's technological advancements [5][8]. - The top three sectors by weight in the ChiNext 50 Index are batteries (29.76%), communication equipment (18.62%), and photovoltaic equipment (8.22%) [8]. Group 5: Global Integration and Revenue - The leading companies in the ChiNext 50 Index are deeply integrated into the global value chain, with 35.17% of their revenue coming from overseas markets in 2024, which is higher than many broad-based indices [8]. - The average overseas revenue proportion for the top ten weighted stocks in the index is 47.96%, indicating a strong international market presence [8].

Market Overview - The market showed strong performance in the early session, with the Shanghai Composite Index rising over 1% and the ChiNext Index increasing over 2% [1] - By the end of the morning session, the Shanghai Composite Index was up 1.13%, the Shenzhen Component Index rose 2.04%, and the ChiNext Index gained 2.6% [1] Stock Performance - Nearly 4,900 stocks in the market experienced an increase [2] - The computing hardware sector continued to show strength, with stocks like TeFa Information achieving three consecutive trading limit ups, and Longi Green Energy and Huayou Cobalt hitting the daily limit [3] - The AI application sector saw a resurgence, with Shida Group achieving four consecutive trading limit ups and Rongji Software hitting six limit ups in seven days [3] - The anti-influenza sector was also active, with Guangji Pharmaceutical achieving two consecutive limit ups, and Te Yi Pharmaceutical and Peking University Pharmaceutical hitting the daily limit [3] Declining Stocks - The aquaculture sector experienced fluctuations, with stocks like Zhangzi Island and Zhongshui Fishery hitting the daily limit down [4] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 1.17 trillion yuan, an increase of 149.3 billion yuan compared to the previous trading day [5] Top Stocks by Trading Volume - Zhongji Xuchuang led with a trading volume exceeding 16.5 billion yuan, followed by Xinyi Sheng and BlueFocus with high trading volumes [6]