中原证券指出，2025年锂电池行业迎来需求反转，带动锂电设备需求回暖，行业有望迎来明显业绩反 转。2025年前三季度我国储能锂电池出货430GWh，同比增长99.07%，预计全年增速超75%。固态电池 商业化落地关键节点逐步清晰，2027年将成为小规模装车启动年，2030年被视为规模化量产分水岭。固 态电池设备正加速向整线集成化、高压化与无尘化方向演进，干法辊压、等静压设备、高压化成三类设 备成为最具确定性的增量环节。2025年以来，主要锂电设备企业陆续收获批量固态电池设备订单。 （文章来源：每日经济新闻） 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅达20%，该指数从市 场中选取涉及可再生能源、新能源汽车、储能技术等领域的上市公司证券作为指数样本，以反映新能源 产业链相关上市公司证券的整体表现。成分股具有显著的高成长性和技术创新特征，能够有效体现行业 前沿发展趋势与市场动态。 ...

Group 1 - The core viewpoint is that the global demand for power batteries will remain high in 2024, primarily driven by electric vehicles, with continuous growth in demand from China and the United States, and an acceleration in structural differentiation [1] - China's power battery production capacity continues to expand, with an increase in concentration among leading enterprises, and both LFP and energy storage batteries are experiencing high growth, leading to further optimization of the industry structure [1] - In the context of stricter regulations and enhanced industry self-discipline, capacity expansion is becoming more rational, shifting the competitive logic from scale competition to quality improvement and technological upgrades [1] Group 2 - The Guotai New Energy ETF (159387) tracks the Innovation Energy Index (399266), which has a daily fluctuation of 20%, selecting listed companies in renewable energy, electric vehicles, and energy storage technologies to reflect the overall performance of the new energy industry chain [1] - The constituent stocks of the index exhibit significant high growth potential and technological innovation characteristics, effectively reflecting the cutting-edge development trends and market dynamics of the industry [1]

Core Insights - China's new energy sector plays a crucial role in the global energy transition, with leading technologies and significant production capacity in photovoltaic, wind power, and battery storage [1] - The surge in electricity demand driven by AI makes new energy the only option to fill the short-term "electricity gap," creating structural growth opportunities in the power equipment and storage industries [1] - A severe price war has emerged in certain segments of the new energy sector, prompting policies aimed at optimizing competition in photovoltaic, battery, and storage sectors to enhance China's bargaining power in the global supply chain [1] - The rapid deployment of AI data centers necessitates upgrades in the power grid and storage systems, particularly benefiting equipment manufacturers that provide integrated solutions for self-generation and storage [1] - The Guotai New Energy ETF (159387) tracks the Innovation Energy Index (399266), which saw a daily fluctuation of 20%, focusing on companies involved in clean energy production, storage technology, and smart grids [1] Industry Summary - The new energy sector is experiencing significant technological advancements and maintaining a leading position globally [1] - Structural growth opportunities are emerging in the power equipment and storage sectors due to increased electricity demand from AI [1] - Policies are being implemented to address competition issues and improve the market landscape for photovoltaic and storage technologies [1] - The integration of self-generation and storage solutions is becoming increasingly important for equipment manufacturers [1] - The performance of the Guotai New Energy ETF reflects the overall market dynamics and innovation within the new energy sector [1]

申万宏源证券指出，储能行业需求保持强劲增长，2025年前三季度全球储能电芯累计出货 410.45GWh，同比增长98.5%。锂电设备企业因行业持续下滑后产能扩张意愿不强，预计未来一年签单 量价齐升；头部电池企业产能利用率保持高位，新增产能释放周期较长。此外，燃气轮机领域受AI驱 动全球需求激增，供应链压力显著外溢，核心部件国产替代空间广阔。 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅达20%，该指数 从市场中选取涉及可再生能源、新能源汽车、储能技术等领域的上市公司证券作为指数样本，以反映新 能源产业链相关上市公司证券的整体表现。成分股具有显著的高成长性和技术创新特征，能够有效体现 行业前沿发展趋势与市场动态。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明 ...

申万宏源证券指出，储能行业需求持续爆发，2025年前三季度全球储能电芯累计出货量同比增长 98.5%，锂电池需求保持高景气。锂电设备企业因前期行业下行导致产能扩张意愿不足，设备交付周期 制约产能释放，预计未来签单将呈现量价齐升态势。同时，头部电池企业产能利用率维持高位，新增产 能释放需较长时间。 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅达20%，该指数 聚焦于新能源及相关产业链，从市场中选取涉及清洁能源、节能环保、新能源汽车等领域的上市公司证 券作为指数样本，成分股主要覆盖在技术创新和市场表现方面具有代表性的企业，以综合反映新能源行 业的整体发展水平和市场表现。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变 ...

Core Insights - The National Development and Reform Commission and the National Energy Administration issued guidelines on promoting the consumption and regulation of renewable energy, aiming to establish a multi-level system by 2030 to ensure efficient integration and utilization of renewable energy [1] Group 1: Policy and Regulatory Developments - The guidelines emphasize that by 2030, a collaborative and efficient multi-level renewable energy consumption regulation system will be fundamentally established [1] - The document highlights that the new electricity demand will primarily be met by newly added renewable energy generation [1] - The guidelines aim to enhance the adaptability of the new power system and significantly improve system regulation capabilities [1] Group 2: Market Implications - The guidelines are expected to facilitate smoother cross-province and cross-region transactions of renewable energy, addressing the annual demand for reasonable consumption of over 200 million kilowatts of new energy [1] - The Guotai New Energy ETF (159387), which tracks the Innovation Energy Index (399266), experienced a daily fluctuation of 20%, reflecting the market's focus on renewable energy and related industries [1] - The Innovation Energy Index includes companies involved in clean energy, energy conservation, and new energy vehicles, representing significant players in technology innovation and market performance within the renewable energy sector [1]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 华鑫证券指出，国内《新型储能专项行动方案》明确2027年装机目标达1.8亿千瓦，将撬动2500亿 元直接投资，容量补偿、现货价差等政策推动项目IRR提升至8%以上，储能投资正从"强制配储"转 向"主动盈利"。海外订单在2025年上半年同比暴增220%，达到160GWh，电芯排产已出现加价抢购现 象，供需格局或将扭转。电力设备方面，在全球能源转型与数字化转型的背景下，人工智能加速渗透电 力行业。国际能源署预测，到2030年全球数据中心耗电量将翻倍。中国作为电力大国，今年1-9月国家 电网固定资产投资已超4200亿元，同比增长8.1%，全年投资规模有望首次突破6500亿元。 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅达20%，该指数 从市场中选取涉及清洁能源生产、存储及应用等业务的企业证券作为指数样本，重点关注具有高成 ...

Core Viewpoint - The lithium battery materials industry is entering a prosperous cycle, driven by favorable supply-side policies and strong demand from the new energy vehicle market and increased energy storage installations [1] Supply Side - Benefiting from "anti-involution" policies, the lithium battery materials have seen significant price increases, indicating a new round of prosperity in the industry [1] - As of November 13, the average price of lithium hexafluorophosphate reached 131,000 yuan/ton, up approximately 110% from early October, with the highest price exceeding 142,000 yuan/ton [1] - The average price of electrolyte is 25,700 yuan/ton, an increase of 7,000 yuan/ton or 40% since early October, with a peak price of 29,000 yuan/ton [1] - VC additive prices averaged 87,500 yuan/ton, up 41,000 yuan/ton or about 90% since early October [1] - Lithium iron phosphate averaged 36,900 yuan/ton, up 3,300 yuan/ton or about 10% since early October [1] - Wet-process separator prices averaged 0.78 yuan/square meter, an increase of 0.03 yuan/square meter or about 5% since early October [1] Demand Side - The new energy vehicle sales are performing well, and energy storage installations have significantly increased, contributing to the positive outlook for the lithium battery industry [1] Future Prospects - Solid-state batteries are highlighted for their high energy density and safety advantages, with major battery manufacturers actively investing in the related supply chain [1] - Solid-state batteries are expected to be implemented in vehicles between 2027 and 2030, indicating a promising future for this technology [1] Investment Opportunities - Investors are advised to consider the Guotai New Energy ETF (159387), which covers lithium batteries, photovoltaics, and wind power industries [2] - For those interested in solid-state batteries, the New Energy Vehicle ETF (159806) closely tracks the CSI New Energy Vehicle Index, with over 40% weight in solid-state battery-related stocks [2]

（文章来源：每日经济新闻） 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅达20%，该指数从市 场中选取涉及清洁能源、节能环保、新能源汽车等领域的领先企业证券作为指数样本，重点关注新能源 产业的技术进步与成长潜力，以反映新能源及相关技术创新企业的整体表现。 华鑫证券指出，美国火电机组退役进入高峰，2025年预计退役12.3GW，同比增长65%，其中煤电退役 8.1GW（占存量4.7%）。过去十年美国净发电容量CAGR仅1.42%，电力扩容缓慢与数据中心需求激增 可能引发供需缺口。EIA预计2025~2029年将新增净容量229.1GW，五年CAGR达3.47%，燃气发电、核 电、燃料电池等高可靠性电源将成为装机主力，储能及变压器等电网配套设备需求亦将显著提升。数据 中心方面，为应对高能耗挑战，供电方案正向高压直流（HVDC）架构演进，英伟达提出的800VDC架 构预计可提升能效5%、降低维护成本70%，固态变压器（SST）技术可直接将10kV交流电转为800V直 流，随着AI数据中心推广，HVDC/SST设备需求将迎来爆发。 ...

Market Performance - The three major A-share indices collectively strengthened, with the Shanghai Composite Index reaching a ten-year high, closing up 0.73% at 4029.50 points [1] - The Shenzhen Component Index rose 1.78% to 13476.52 points, while the ChiNext Index increased by 2.55% to 3201.75 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2042 billion, an increase of 96.9 billion compared to the previous day [1] Sector Performance - Almost all industry sectors saw gains, with notable increases in energy metals, batteries, fertilizers, precious metals, power equipment, non-metallic materials, and chemical products [1] - The lithium battery industry chain experienced a surge, driving the collective rise of the new energy sector, with the New Energy Vehicle ETF (159806) up 6.20% and the ChiNext New Energy ETF (159387) up 4.78% [1][3] Lithium Battery and Energy Storage - The demand for lithium batteries is being driven by energy storage, with lithium carbonate futures prices rising by 20% from October 14 to November 10 [3] - Major lithium iron phosphate manufacturers are operating at full or even over capacity, indicating strong production activity [3] - The energy storage sector is expected to enter a new cycle driven by global energy transition, with a projected 50% growth in energy storage demand by 2026 [2] Innovation in Pharmaceuticals - The innovative drug sector in China is experiencing growth, with revenue reaching 48.56 billion yuan in the first three quarters of 2025, a year-on-year increase of 21.41% [5] - The number of approved innovative drugs has been increasing, with 210 innovative drugs and 269 innovative medical devices approved during the 14th Five-Year Plan period [4] - The global market is increasingly recognizing Chinese innovative drugs, with total licensing amounts nearing 66 billion USD in the first half of 2025 [4]