川财证券研究所晨报

Energy Storage and Battery Industry - The International Energy Agency (IEA) released a report titled "Batteries and Secure Energy Transitions," highlighting the critical role of battery storage in achieving climate and energy goals [1][38] - In 2023, battery storage deployment in the power sector more than doubled, making it the fastest-growing commercial energy technology [10][18] - Global battery storage capacity increased significantly, driven by utility-scale battery projects, behind-the-meter batteries, microgrids, and solar home power systems [5][81] - Electric vehicle (EV) battery deployment grew by 40% in 2023, with 14 million new EVs accounting for the majority of batteries used in the energy sector [24][39] Market and Industry Trends - The defense and military industry saw strong performance, with related sectors such as aerospace leading the gains [82][46] - The chemical sector experienced price increases due to rising raw material costs and demand, leading to favorable performance in related stocks [7] - The ETF market showed varied activity, with stock ETFs averaging a daily turnover of 375.51 billion yuan and a turnover rate of 5.44%, while bond ETFs had a daily turnover of 224.63 billion yuan and a turnover rate of 44.14% [15][47][70] - Defense-related ETFs, such as the PengHua Defense ETF (512670) and GF Military Industry ETF (512680), were among the top performers [30][60] Regional and Policy Developments - China extended its visa-free policy for 12 countries, including France, Germany, and Italy, until December 31, 2025, to promote international business and tourism [16][22] - The Reserve Bank of Australia (RBA) maintained its cash rate at 4.35% to address high inflation, which remains above the target range of 2%-3% [3][23][37] - Chongqing released a plan to promote the replacement of old consumer goods, aiming for a 50% increase in scrapped car recycling and a 20% increase in used car transactions by 2025 [25] Macroeconomic Indicators - China's foreign exchange reserves stood at 3.2008 trillion USD at the end of April 2024, a decrease of 44.8 billion USD from March, influenced by a stronger US dollar and declining global financial asset prices [21][78] - The Australian economy faces uncertainty, with inflation returning to the target range at a slower pace than expected [4][55]