20cm速递｜创业板新能源ETF国泰（159387）飘红，行业转型与技术升级成焦点

Industry Overview - The power equipment industry, particularly the photovoltaic sector, is undergoing a critical transformation phase characterized by supply-demand imbalance and rapid technological iteration. Most companies are currently facing extreme operational challenges and widespread losses [1] - The industry is shifting from a "price war" to a "value war," driven by technological innovation aimed at achieving qualitative changes. By the third quarter of 2025, capital expenditures are expected to significantly contract, leading to a substantial reduction in new capacity additions. The core of competition will shift towards technology, brand strength, and profitability [1] Key Players and Market Dynamics - Leading companies with strong cash flow and advanced technology are likely to expand their advantages through counter-cyclical investments, thereby increasing industry concentration [1] - In the energy storage sector, domestic demand for storage battery cells is robust, with leading battery manufacturers operating at full capacity and orders extending into early 2026. The government is promoting large-scale construction of new energy storage, targeting an installed capacity of over 180 million kilowatts by 2027, which will drive direct investments of approximately 250 billion yuan [1] Market Performance - The global energy storage market is expected to maintain a strong growth trajectory, with cumulative installed capacity projected to reach around 1950 GWh by 2030 [1] - The ChiNext New Energy ETF (159387) tracks the Innovation Energy Index (399266), which experienced a daily fluctuation of 20%. This index selects listed companies involved in clean energy, energy-saving technologies, and new energy vehicles to reflect the overall performance of high-growth and innovative enterprises in the new energy sector [1]