锂电方面，行业基本面仍然有诸多有利催化：（1）排产旺季材料和储能电池供不应求价格不断提 升。（2）伴随着10月/11月下游采购和长单指引，2026年需求越发明朗。（3）业绩期锂电Q3基本同环 比明显增长。锂电企业收入、利润、现金流等如期实现逐季度改善。目前头部电池厂的产能利用率都已 提升至历史较高水平。（4）近期新能源汽车9月销量数据表现强劲，头部车企如比亚迪、小米、零跑等 销量环比增长显著。新能源动力电池产销恢复，行业开工率提升，配套设备、配件订单回暖，产业链整 体需求释放，对板块形成实质利好。 10月13日，新能源车ETF（159806）在经历了上周五调整之后逆势上涨，收涨0.75%。 储能方面，9月国内储能采招需求维持强劲，储能市场化需求涌现。根据华泰证券，2025年9月国内 储能系统及EPC招中标规模达11.7GW/33.3GWh，同比+57.5%/+103.7%。随着容量电价、现货市场推进 等完善储能盈利模型，市场化需求逐步涌现。价格方面，9月2h储能系统中标均价达0.64元/Wh，环比 +30.6%，一方面或也说明近期电芯供需格局的变化开始在终端进行传导和体现。 综上，近期受益于需求向好，业绩困境 ...

华西证券指出，国内动力电池需求有望持续提升，受益于动储领域景气度向上共振，国内锂电池及 上游材料端排产饱满，涨价趋势明朗，有望实现量与利齐升。固态电池等新技术趋于成熟，国内外持续 推进产业化落地，将打开增长空间。欧洲储能市场迎来政策与经济性双重驱动，大储装机规模进入爆发 式增长阶段，预计24/25年欧洲新增大储装机规模分别为8.8GWh/16.3GWh，同比增长79.6%/85.2%。国 内头部企业凭借技术优势与本土化布局，持续斩获欧洲订单。风电制绿氢绿氨等绿色化工产业化加速， 金风科技3GW风电制氢氨醇项目获备案，兴安盟绿氢制绿色甲醇项目气化炉工艺验证成功，未来绿氢 需求有望达500万吨/年。电力设备领域，液冷赛道受益于AIDC高景气度，国内厂商在CDU、冷板等环 节具备竞争优势。 每日经济新闻 （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 ...

Market Overview - A-shares opened significantly lower due to Trump's threat of increased tariffs but quickly narrowed the decline as panic subsided, with the Shanghai Composite Index down 0.19% and the Shenzhen Component down 0.93% at the close, with total trading volume exceeding 2.3 trillion yuan [1] - The market's reaction to the tariff disturbances was quicker than in previous instances, indicating limited adjustment space for A-shares, with potential investment opportunities in rare earths, semiconductors, and AI industries amid the backdrop of US-China decoupling [1] Mining Sector - Mining stocks experienced a strong performance, with the mining ETF rising 4.59% and the Wind Rare Earth Index soaring 9.49%, driven by China's strengthened control over rare earth resources and the approaching traditional peak demand season [3] - The rare earth industry is expected to see a rise in both volume and price due to supply-side management and increasing global demand for elements like neodymium and praseodymium, particularly in green technology applications [3] - Long-term investment logic in the mining sector remains solid, with gold prices having risen over 50% since the beginning of the year, significantly enhancing the valuation space for gold mining stocks [3] Nonferrous Metals - Several metals are poised to benefit from a shift in supply-demand dynamics, particularly copper, which is expected to transition from a "tight balance" to a "shortage" over the next two years due to supply disruptions and expanding demand [4] - The Democratic Republic of the Congo's new export quota system for cobalt is anticipated to reverse the current oversupply situation, potentially leading to a shortage and driving cobalt prices to historical highs [4] - The mining sector is supported by multiple factors, suggesting further improvements in profitability and valuation, with recommendations to focus on mining ETFs [4] Semiconductor Industry - The STAR 50 Index showed resilience, with the semiconductor equipment ETF rising 3.43%, driven by the core theme of "domestic substitution and self-control" amid ongoing US-China tensions in the semiconductor sector [5] - Recent domestic measures include antitrust investigations against Nvidia and anti-dumping investigations on US-imported chips, aimed at enhancing the security and autonomy of the domestic semiconductor industry [5] - The market for domestic semiconductor equipment remains vast, with current domestic production rates for critical processes still below 20% [5] AI and Semiconductor Equipment - Semiconductor equipment manufacturers are expected to benefit from the growing demand for AI and high-performance computing (HPC), with strong investment in advanced processes driven by AI chip demand [6] - The high demand for high-bandwidth memory and 3D NAND is likely to lead to a structural supply shortage, further boosting related equipment investments [6] - The market is shifting focus from previously hot sectors like computing and chips to upstream semiconductor equipment for potential investment opportunities [6] Gold Market - Gold prices continue to rise, recently surpassing $4,090, with gold ETFs also showing significant gains, supported by increased market uncertainty and geopolitical tensions [6][8] - The trend of central banks increasing gold reserves is ongoing, with China's reserves reaching 74.06 million ounces, marking the 11th consecutive month of increases [8] - The combination of monetary expansion, fiscal deficits, and global geopolitical instability is expected to sustain demand for gold as a safe-haven asset [8] New Energy Vehicles - The new energy vehicle ETF rose 0.75% after a recent adjustment, supported by strong demand in the lithium battery sector and significant sales growth from leading manufacturers [9] - The lithium battery industry is experiencing favorable catalysts, including increased production and strong demand forecasts for 2026, alongside improved financial metrics for lithium companies [9] - The energy storage market is also showing robust demand, with significant growth in bidding for storage systems expected in the coming years [9]

（文章来源：每日经济新闻） 国金证券指出，2025年10月锂电行业排产环比增长3%～9%，同比增长21%～50%，其中电池、负极、 电解液同比增幅超40%，主要受车市旺季及储能需求拉动。行业库存周期已进入补库阶段，部分材料如 碳酸锂、氢氧化锂价格月涨幅达20%，电芯、电解液等同步上涨。储能领域，8月国内装机同环比分别 增长58%/63%，美国市场受ITC政策调整影响短期波动但累计同比仍达46%。固态电池技术进入产业化 关键窗口期，预计2026～2027年实现示范装车，复合集流体有望在2025年四季度规模量产。当前锂电板 块市场关注度持续提升，行业供需格局改善下部分环节盈利或迎来修复。 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），最大涨跌幅达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上市公司证券作为指数样本，重点关注具有技术创新 能力和高成长潜力的企业，行业配置上以太阳能、风能、电动汽车及相关设备制造为主，以反映新能源 及相关产业链上市公司证券的整体表现。 ...

今日A股全天震荡走强，三大指数集体上涨。沪深两市成交额2.16万亿。截至收盘，沪指涨0.90%，深 成指涨2.05%，创业板指涨2.74%。个股层面上，全市场超3500只个股上涨，呈现普涨行情，赚钱效应 好。从板块来看，券商板块集体爆发，新能源板块继续走强，有色金属板块全天走高，此外半导体产业 链午后回暖。大盘在经历了一段时期的高位震荡后，今日的普涨行情有助于提振市场情绪和风险偏好。 发改委今日表示将适时加力实施宏观政策，当前全市场成交量依然活跃，叠加国内政策加码，经济复苏 预期，中长期看A股整体上行趋势有望延续。 新能车ETF（159806）今日上涨4.42%。 消息面上，固态电池再迎政策利好。八部门《有色金属行业稳增长工作方案（2025—2026年）》提出加 快全固态电池材料等高端产品应用验证。工信部发布《电子信息制造业2025—2026年稳增长行动方 案》，支持全固态电池等前沿技术方向基础研究。固态电池国内外产业化加速，设备端将率先受益。 需求方面，国内进入传统旺季。根据国盛证券，储能方面，上半年全球储能电芯出货226GWh （+97%），国内订单超160GWh（+220%）。目前国内储能电芯的需求十分 ...

Group 1 - The core viewpoint of the articles highlights the significant rise of the new energy sector, particularly the record high market capitalization of CATL, surpassing Kweichow Moutai, indicating a potential shift in the capital market dynamics [1] - The solid-state battery technology is expected to experience a breakthrough by 2025, with companies like EVE Energy planning to achieve a production capacity of 60Ah for their all-solid-state batteries by the end of the year [1] - CATL's new battery technology, utilizing lithium-rich manganese-based cathodes, has achieved an energy density exceeding 500Wh/kg and has initiated a collaboration project for electric passenger aircraft [1] Group 2 - Policy initiatives from four ministries have identified solid-state battery key equipment as a focus for development, accelerating the commercialization of solid-state battery technology and increasing capital market interest [2] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have included all-solid-state batteries as a key supported technology in their 2025-2026 growth action plan [2] - The new energy industry chain is expected to unlock new growth opportunities due to technological advancements, with the ChiNext New Energy ETF tracking companies involved in clean energy production, storage, and application [2]

Market Overview - The three major A-share indices showed mixed performance, with the Shanghai Composite Index down 0.01% at 3853.30 points, while the Shenzhen Component Index rose 0.67% to 13445.90 points, and the ChiNext Index increased by 1.58% to 3235.76 points [1] - The trading volume in the Shanghai and Shenzhen markets reached 23.711 billion, an increase of 44.3 billion compared to the previous day [1] Sector Performance - The majority of industry sectors experienced declines, with notable gains in new energy, energy metals, and wind power equipment sectors, while precious metals, shipping ports, jewelry, gas, engineering machinery, and automotive services sectors saw significant declines [1] - The communication ETF (515880) rose by 2.32%, while the AI ETF (159388) increased by 2.50%, indicating strong performance in the AI and communication sectors [3] AI and Communication Developments - Alibaba announced significant advancements in AI, including a partnership with NVIDIA for Physical AI and the launch of seven large model products, with a commitment to invest 380 billion in AI infrastructure [4] - The communication ETF, which has a 50% allocation to optical modules, has gained over 103% year-to-date, highlighting its strong market performance [5][6] New Energy Sector Insights - The leading company in the new energy sector, CATL, reached a historical high in market capitalization, surpassing Kweichow Moutai, marking a significant shift in the capital market [7] - The solid-state battery technology is expected to see rapid development, with companies like EVE Energy planning to achieve mass production of solid-state batteries by the end of the year [7][8] - Recent government policies have emphasized the importance of solid-state battery technology, further accelerating its commercialization and attracting capital interest [7][8]

Group 1 - The core viewpoint of the article highlights the significant growth potential in the energy storage sector, driven by favorable policies and technological advancements in solid-state batteries and lithium battery storage [1] - The IRENA report indicates that the combination of photovoltaic and energy storage will become the most economical green energy solution, with domestic energy storage bidding scale expected to increase by 60% year-on-year by August 2025 [1] - The new energy ETF on the ChiNext market, which tracks the Innovation Energy Index, has seen a rise of over 3%, reflecting the strong performance of companies involved in clean energy production, storage, and application [1] Group 2 - The solid-state battery sector is making significant progress, with companies like Zhongxin Innovation launching a 430Wh/kg all-solid-state battery production line, and other firms like Funeng Technology and SK On advancing their technologies towards commercialization [1] - The forecast for new energy storage installations is projected to exceed 180 million kilowatts by 2027, indicating a robust growth trajectory for the sector [1] - The Innovation Energy Index, which the ETF tracks, focuses on companies with technological innovation capabilities and high growth potential, primarily in solar energy, wind energy, electric vehicles, and related equipment manufacturing [1]

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index up by 0.83%, the Shenzhen Component Index up by 1.80%, and the ChiNext Index up by 2.28%. The total market turnover reached 2.35 trillion yuan [1] Lithium Battery Sector - On the supply side, the battery supply has been contracting significantly, with new capital expenditures focusing on leading companies with strong cash flow, full order books, and high capacity utilization [3] - Demand for lithium batteries is expected to remain strong, with global lithium battery production projected to reach 986.5 GWh in the first half of 2025, a year-on-year increase of 48.3%. The production of power and energy storage batteries is expected to be 684 GWh and 258 GWh, respectively, with year-on-year growth of 49% and 106% [3][5] - The commercial vehicle market is anticipated to experience explosive growth due to policies promoting vehicle replacements, decreasing battery costs, and improved charging infrastructure [5] Solar Energy Sector - The National Standards Committee has issued a notice regarding the solicitation of opinions on three mandatory national standards, including energy consumption limits for polysilicon and germanium products. The proposed limits are significantly lower than the industry average for 2024, which may accelerate the elimination and transformation of high-energy-consuming capacities in polysilicon production [4] - The solar industry is positioned as a leader in the "anti-involution" movement, with a focus on price increases and production limits. The sector is expected to benefit from policy catalysts in the fourth quarter, aligning with the "14th Five-Year Plan" [8] Future Outlook - The demand for lithium batteries is projected to continue improving, particularly in the AI data center sector, where the demand for renewable energy paired with energy storage batteries is expected to surge. Global data center energy storage battery shipments are forecasted to reach 300 GWh by 2030, with a compound annual growth rate (CAGR) exceeding 80% from 2024 to 2030 [5] - Investors are encouraged to consider the New Energy Vehicle ETF (159806) and the ChiNext New Energy ETF (159387), which have significant exposure to energy storage and solid-state technologies [6]

Group 1 - The demand for power and energy storage is continuously increasing both domestically and internationally, leading to an expected rise in production and shipment volumes in the power equipment and battery supply chain, with lithium battery material prices likely stabilizing and rebounding [1] - Solid-state batteries are emerging as the next generation of battery technology due to their high energy density and safety advantages, accelerating the industrialization process and driving upgrades across equipment, materials, and batteries [1] - Wind and solar power generation is a core pillar of energy transition, with installed capacity increasing significantly during the 14th Five-Year Plan period, achieving an average annual growth rate of 28%, with new wind power installations reaching 53.67 GW and cumulative solar power installations growing by 80.7% year-on-year [1] Group 2 - The demand for AIDC construction in the power equipment sector remains high, while SST direct current architecture technology is becoming the next generation solution due to its efficient power supply characteristics, and liquid cooling technology is gaining traction with the increase in AI server power [1] - Prices in segments such as photovoltaic glass are stabilizing and rebounding, combined with supply-side improvements, indicating a potential recovery trend in the industry [1] - The Guotai New Energy ETF (159387) tracks the Innovation Energy Index (399266), which has seen a fluctuation of 20%, focusing on listed companies involved in clean energy production, storage, and application, particularly in solar energy, wind energy, electric vehicles, and related equipment manufacturing [1]