最强反内卷！电池这波上涨不简单

Core Viewpoint - The battery sector is experiencing a strong rebound, particularly highlighted by the performance of the solid-state battery ETF (561910), which has seen significant gains and reached new highs [1][3]. Group 1: Industry Dynamics - The recent surge in the battery ETF is indicative of a reshaping industry landscape, driven by continuous policy support aimed at reducing competition and improving the survival state of the industry [3]. - The "anti-involution" policy is not merely a slogan; it is actively changing the competitive dynamics within the solar, electric vehicle, and lithium battery storage sectors, which are key areas of China's manufacturing advantage [3]. - As the "anti-involution" policy is implemented, the battery industry, which has been troubled by overcapacity, is expected to solidify its cyclical bottom, leading to improved profitability and resilience among leading companies [3][4]. Group 2: Valuation Insights - The current PE-TTM of the CS Battery Index, tracked by the battery ETF (561910), stands at 25.40 times, which is at a historical low, being cheaper than 84% of the time over the past decade [4]. - With the guidance of the "anti-involution" policy optimizing capacity, there is significant potential for profit recovery in the industry once supply-side pressures ease [4]. Group 3: Solid-State Battery Developments - Solid-state batteries are emerging as a crucial development direction in the battery industry, with major companies like BYD, CATL, Guoxuan, and GAC actively making advancements [7]. - The increasing maturity of solid-state battery technology is expected to create more profit opportunities for related companies, particularly in emerging sectors like low-altitude economy and robotics [7]. - The battery ETF (561910) encompasses a comprehensive range of companies across the battery industry chain, with solid-state battery concept stocks making up nearly 40% of its components, indicating a significant focus on this technology [7].