11月18日，A股三大指数集体低开。创业板新能源ETF华夏(159368)弱势走跌，最大跌幅为2.70%。盘面 上，罗博特科（300757）、德福科技（301511）涨超3%。截至发文，创业板新能源ETF华夏(159368)成 交额超2777万元。 展望后市，国金证券认为，全球缺电与降碳诉求下，储能是显著增量环节。2025年前三季度全球储能电 池出货428GWh，同比增90.7%；政策端两份重磅文件指向十五五新能源高质量发展，重申储能领域的 长期投资机会。 创业板新能源ETF华夏(159368)是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新能源指 数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 (159368)弹性最大，涨幅可达20cm；费率最低，管理费和托管费合计仅为0.2%；规模最大，截至2025年 10月31日，规模达8.29亿元；成交额最大，近一月日均成交9005万元。其储能含量达59%，固态电池含 量达32%，契合当下市场热点。(联接A：024419联接C：024420)。 消息面上，11月17日，汇川技术（300124）透露，目前公司在储能行业以 ...

猫哥来了，直接上干货。 今天三大指数集体上涨，但还没有突破3800-3892的箱体，继续震荡，挣钱的板块抱团趋势明显，涨跌个股数量基本持平，成交量接近 2.4万亿，整体平淡，但是，明天非常值得期待。 来源：市场资讯 （来源：大猫财经） 作者| 猫哥 01 因为美联储要降息了，现在的分歧是降25基点还是50基点，又要在全世界掀起新的货币流动大潮。 降息本来早该来了，但是被美国统计局耽搁了，美联储的货币政策调整关键看就业和通胀。 结果2024年就业数据好的不得了，新增180万，所以美联储硬扛着特朗普就不降息，结果前些日子，这个数据下修了！而且一修就是91万 人，也就是说，之前公布的就业数据，没了一半。 统计局说是方法问题，但特朗普说，这就是操纵，给老拜登脸上贴金，他一怒之下，把统计局长给开了。 下修数据表明美国经济没那么好，迟到的降息终于还是来了，这对A股是个大利好。 这个板块最吓人的是，还没有进入量产，但是板块热度超前，年内平均涨幅89%，如果大规模的量产和接入更广泛的应用，那很多龙头 企业的空间是很难想象，减速器电机、丝杠、peek材料这些肯定大爆发，最关键的是，这一轮产业迭代，会把很多原本属于制造业的公 司 ...

Core Viewpoints - The A-share market is experiencing a new trend driven by policy measures aimed at "anti-involution," expanding domestic demand, and stimulating demand in the hydropower sector, with the Shanghai Composite Index reaching a new high of 3613.02 in 2023 [1] - The "anti-involution" policy is expected to positively impact both PPI and CPI, benefiting traditional industries like steel and new sectors such as photovoltaics and automobiles [1][4] - The market sentiment has improved significantly in the short term, leading to a substantial rebound in commodity prices and a notable recovery in related industry indices, reflecting optimistic expectations for economic recovery [1][4] Policy Evolution of "Anti-Involution" - The concept of preventing "involution" was first introduced in a Politburo meeting on July 30, 2024, and has since been reiterated in subsequent economic work meetings and government reports [2][3] - The Ministry of Industry and Information Technology (MIIT) plans to implement a new round of growth stabilization work for ten key industries, focusing on structural adjustments and the elimination of outdated production capacity [3][4] Key Areas of Focus in "Anti-Involution" - The current "anti-involution" initiative covers a broader range of industries compared to previous supply-side reforms, addressing both traditional industries facing demand shortages and emerging sectors experiencing supply expansion [4][5] - Specific industries affected include: - **Petrochemicals**: Facing demand contraction and supply shocks, with profitability under pressure [4][5] - **Non-ferrous Metals**: Overcapacity in copper smelting leading to sustained losses [5] - **Automobiles**: Structural contradictions between traditional fuel vehicles and new energy vehicles, with increasing price competition [5] - **Lithium Batteries**: Low-price competition stemming from aggressive capacity expansion in previous years [5] - **Photovoltaics**: Market demand shrinking due to external trade barriers and domestic subsidy reductions, leading to widespread losses [5] - **Steel**: High fixed costs and weak terminal sales resulting in increased production to lower average costs, further depressing prices [5][6] - **Construction Materials**: Weak demand due to the downturn in real estate, with prices continuing to decline [6] Short-term and Long-term Strategies - Short-term measures such as eliminating outdated production capacity and limiting production can help improve supply-demand structures and boost commodity prices [7] - Long-term strategies involve establishing a systematic reform mechanism to ensure a balanced market environment, focusing on the gradual elimination of excess capacity while controlling new capacity [7] Key Products - **Petrochemical ETF (159731)**: Tracks the performance of petrochemical industry stocks [8] - **Non-ferrous Metals ETF (516650)**: Reflects the overall performance of non-ferrous metal industry stocks [8] - **New Energy Vehicle ETF (515030)**: Represents the performance of companies involved in the new energy vehicle sector [9] - **New Energy ETF (516850)**: Tracks companies in the renewable energy sector [10] - **Entrepreneur Board New Energy ETF (159368)**: Focuses on high-quality companies in the new energy sector listed on the Growth Enterprise Market [10] - **Free Cash Flow ETF (159201)**: Reflects the price changes of companies with high and stable free cash flow [11]