Venture(US:VEMLY) Sou Hu Cai Jing·2025-10-16 13:54Group 1: Overall Situation of New Energy - Despite recent volatility in the new energy sector, the overall fundamentals are gradually improving, presenting a good opportunity for investment after adjustments [1] - Three main lines to focus on include strong performance in offshore wind, continuous demand growth in energy storage, and improved supply-demand dynamics in lithium batteries [1] - The upcoming Fourth Plenary Session is a critical observation point for anti-involution policies, particularly in the silicon material and lithium battery sectors [1] Group 2: Lithium Battery Sector Expectations - The lithium battery sector is expected to see steady improvement in Q3 due to increased production from leading manufacturers, driven by rising demand and supply constraints [2] - The outlook for the future indicates sustained high growth in lithium battery demand, particularly in the energy storage and commercial vehicle markets, with significant price increases anticipated in certain materials [2] - Recent breakthroughs in solid-state battery technology are expected to catalyze market activity in Q4, with a focus on specific components like iodide ions and electrolytes [2] Group 3: Photovoltaic Sector Expectations - The photovoltaic sector is experiencing upward pressure on silicon material prices, leading to reduced inventory impairment and improved Q3 performance for some silicon material companies [3] - However, the overall performance in Q3 is expected to remain flat compared to Q2 due to declining terminal demand and price pressures in the module segment [3] - Future support for the industry is anticipated from policy backing, market clearing, and technological advancements, with a focus on silicon materials, battery upgrades, and module pricing dynamics [3] Group 4: Wind Power Sector Expectations - The wind power sector is benefiting from accelerated project construction and a positive pricing environment, with Q3 performance expected to reflect volume and price increases [4] - The sector is poised for a new upward cycle, particularly in offshore wind, with significant growth potential in deep-sea projects and positive policy support [4] - Onshore wind projects are also expected to see optimistic shipment guidance and a recovery in bidding activities [4] Group 5: Investment Participation in New Energy - A diversified index-based approach is recommended for participating in the new energy sector [5] - Investors interested in lithium battery demand and solid-state battery breakthroughs can consider the New Energy Vehicle ETF, which covers the entire lithium battery supply chain [5] - For comprehensive exposure to lithium, energy storage, photovoltaic, and wind power, investors may look at the 20cm ChiNext New Energy ETF and the Carbon Neutrality 50 ETF for balanced allocations [5]