Group 1 - The A-share market is expected to show a trend of gradual upward movement due to stabilizing external conditions and domestic growth policies, particularly in sectors that have seen significant adjustments, such as the new energy sector [1] - In the new energy vehicle sector, the continued subsidy for vehicle replacement is expected to support stable growth in sales, with over 3.7 million applications for replacement subsidies in 2024 [1] - The penetration rate of new energy vehicles in China has reached 40%, indicating substantial room for growth globally, with a potential rapid increase in penetration expected by 2025 [1] Group 2 - The photovoltaic industry is undergoing self-regulation measures to address excessive competition, with specific production reduction policies anticipated in the second half of the year, which may improve the supply-demand dynamics [2] - The Guotai New Energy ETF (159387) tracks the new energy index, with new energy vehicles comprising approximately 72% of the index, followed by photovoltaics at 25% and wind power at 3% [2] - Since its inception on December 29, 2017, the new energy index has achieved a cumulative increase of 139.84%, significantly outperforming similar indices [2] Group 3 - The current PE valuation of the new energy index is around 22.27 times, which is at a historically low level, providing good investment opportunities as the market stabilizes and supply-side reforms are implemented [3] - The Guotai New Energy ETF (159387) is set to be launched on May 12, attracting interest from investors [3]