反内卷+储能+固态电池，创业板新能源ETF（159387）涨超1.5%

Core Viewpoint - The renewable energy sector is experiencing a sustained rebound driven by multiple favorable catalysts, with the ChiNext Renewable Energy ETF (159387) rising over 1.5% during intraday trading. Group 1: Photovoltaic Industry - The photovoltaic industry is steadily advancing against internal competition, supported by three key factors: policy support, market-driven clearing, and technological iteration. This will help the industry return to a healthy operational path. The core theme remains the reduction of internal competition, with expected implementation of silicon material mergers and acquisitions, as well as production and sales restrictions [1]. - Companies related to photovoltaic inverters are also expanding into energy storage, positioning themselves to benefit from the anticipated surge in energy storage demand [1]. Group 2: Energy Storage Market - The energy storage sector is entering a phase of simultaneous volume and price increases. Domestically, policy support and improved terminal profitability are driving sustained high demand. Internationally, the expansion of AIDC in the U.S. is exacerbating power shortages, leading to better-than-expected terminal demand. Non-U.S. markets are benefiting from price parity in solar storage and government subsidies, continuing the trend of high demand [1]. - With improvements in supply and demand, prices across the industry chain are gradually entering an upward cycle [1]. Group 3: Solid-State Battery Technology - Recent breakthroughs in solid-state battery technology have been reported, with multiple research teams in China making significant advancements. Key technological breakthroughs in "special glue," "flexible transformation," and "fluorine reinforcement" are expected to resolve contact issues at solid-solid interfaces, effectively addressing the endurance bottleneck of solid-state batteries [1]. - A sustained market trend is anticipated in Q4 2025, driven by policy expectations and industry catalysts, with marginal changes in iodine ions, electrolytes, and equipment likely to benefit [1].