CATL(SZ:300750) Xin Lang Cai Jing·2025-11-10 06:37Core Viewpoint - The news highlights the significant growth and investment opportunities in the ChiNext ETF Tianhong (159977), driven by a surge in demand for electric vehicle batteries amid upcoming changes in tax policies for new energy vehicles [3][4][5]. Group 1: ETF Performance - As of November 10, 2025, the ChiNext ETF Tianhong (159977) recorded a transaction volume of 1.47 billion yuan, with notable stock performances including Beijing Junzheng (300223) up by 7.85%, Maiwei Co. (300751) up by 6.69%, and Yingke Medical (300677) up by 6.28% [3]. - Over the week leading up to November 7, the ChiNext ETF Tianhong (159977) saw an increase in scale by 1.40 billion yuan and a rise in shares by 64 million [3]. - The latest net inflow of funds into the ChiNext ETF Tianhong (159977) was 19.99 million yuan, with a total of 123 million yuan net inflow over four out of the last five trading days [3]. Group 2: Market Trends and Events - The adjustment of the new energy vehicle purchase tax is expected to create a "last train effect," leading to a significant increase in orders for new energy vehicles in October, as companies rush to meet delivery targets before the tax changes take effect [4][5]. - The upcoming tax policy changes, which will see the exemption of purchase tax for new energy vehicles from January 1, 2024, to December 31, 2025, followed by a halved tax rate from 2026 to 2027, are driving fierce competition among car manufacturers for battery supplies, particularly from CATL [4][5]. - The competition for high-nickel batteries from CATL highlights the tight supply situation for power batteries in the fourth quarter [3][5]. Group 3: Institutional Insights - China Galaxy Securities indicates that the market is gearing up for a new upward trend, with third-quarter reports from listed companies showing resilience in fundamentals and structural highlights [6]. - The "14th Five-Year Plan" emphasizes high-quality development and technological self-reliance, aiming to enhance macroeconomic governance effectiveness, which is expected to support a long-term positive trend in the A-share market [6].