新能源车龙头ETF（159637），场外联接A：010805；联接C：010806。 风险提示：基金有风险，投资需谨慎。以上内容仅供参考，仅代表撰文时市场表现，基于市场环境的不 确定性和多变性，不作为任何投资建议，所涉观点后续可能发生调整或变化。本文引用数据仅供参考， 不作为投资建议和收益承诺。基金投资人在做出投资决策之前，请仔细阅读基金合同、基金招募说明书 和基金产品资料概要及其更新等产品法律文件，充分认识基金的风险收益特征和产品特性,并请提前进 行风险承受能力测评，选择与自身风险承受能力相匹配的基金产品进行投资。基金管理人承诺以诚实信 用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利或本金不受损失。基金管理人、基金 托管人、基金销售机构及相关机构不对基金投资收益做出任何承诺或保证。 其次，固态电池进程超预期。目前固态电池行情加速上行，且目前估值仍处于历史洼地。从业内消息来 看，这一轮行情上涨并非单纯的资金炒作，当前固态电池技术已跨越实验室概念验证阶段，关注9-10月 工信部60亿专项中期审查（短期催化——涉及宁德时代、比亚迪等，顺利通过评估的项目将获得进一步 资金支持，并有望开启第二轮补贴申报通 ...

Investment Rating - The report maintains a "Buy" rating for Shentong Express [5] Core Views - The company reported a revenue of 25.025 billion yuan for the first half of 2025, reflecting a year-on-year growth of 16.02%, while the net profit attributable to the parent company was 453 million yuan, up 3.73% year-on-year [5] - The second quarter faced pressure from price wars, but the company managed to balance volume and profit, with a focus on maintaining stable growth in business volume [5] - The company is expected to benefit from price increases in core regions starting in August, which could enhance single-ticket revenue and profit margins [5] - Continuous improvement in core competitiveness and network expansion is noted, with significant investments in automation and capacity upgrades [5] - The profit forecast for 2025-2027 remains unchanged, with expected net profits of 1.383 billion, 1.685 billion, and 2.003 billion yuan respectively, indicating growth rates of 33.0%, 21.8%, and 18.9% [5] Financial Data and Profit Forecast - Total revenue projections for 2025E is 57.483 billion yuan, with a year-on-year growth rate of 21.9% [4] - The expected net profit for 2025E is 1.383 billion yuan, with a corresponding PE ratio of 20 [4] - The company aims for a gross margin of 5.6% in 2025E, with an ROE of 12.6% [4]