【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 每日经济新闻 （责任编辑：董萍萍 ） 华泰证券表示，国内以旧换新政策+新车型发布+汽车降价+商用车电动化提速，预计25年新能源车 销量同比+22%。欧洲市场，碳排放考核+中欧电动车价格谈判或促进电动化率提升，预计25年销量同比 +22%。综上，预计全球25年动力电池装机量增速达25%。各环节竞争格局渐进式优化，多数环节价格 企稳，盈利能力基本触底，看好盈利能力稳中有升的电池、结构件和铁锂新技术龙头。新技术产业化正 在加速破局中，看好技术迭代带来的产业链增量需求。 创业板新能源ETF国泰（159387）跟踪创业板新能源指数（399266.SZ），具有高弹性的特点，作 为投资创业板细分赛道的 ETF，单日涨跌幅可达 20%，值得关注。 注：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 ...

Group 1 - The core viewpoint of the article highlights a resurgence in share buybacks among listed companies, particularly in the new energy sector, with CATL announcing the largest buyback plan in A-share history, intending to repurchase shares worth between 4 billion to 8 billion yuan, which represents 2.64% of its cash reserves [1][2] - As of April 30, CATL has already repurchased shares worth 1.55 billion yuan within just 17 trading days since the announcement of the buyback plan [1] Group 2 - The new energy sector has seen a significant valuation correction since 2022, making it an attractive opportunity for low-cost investments, with the PE ratio of the ChiNext new energy index at 22.27 times, which is at a historical median level [3] - The current market environment is stabilizing, and domestic policies aimed at economic growth are being implemented, suggesting that the A-share market may experience an upward trend [3] Group 3 - The new energy vehicle market is expected to maintain steady growth due to ongoing subsidies for replacing old vehicles, with a special bond fund of 300 billion yuan allocated to support this initiative [4] - The introduction of new models in the new energy vehicle sector is anticipated to boost market activity, and despite a high penetration rate of 40% in China, there remains significant growth potential globally [5] Group 4 - The photovoltaic industry has faced challenges due to overcapacity, but a trend of reduced capital expenditure is emerging, which is expected to improve the supply-demand dynamics in the future [5] - Recent industry meetings have addressed issues of excessive competition, indicating a potential for gradual improvement in the photovoltaic supply chain [5][6] Group 5 - The newly launched ChiNext New Energy ETF (159387) tracks the ChiNext new energy index, which includes 50 representative companies from the new energy sector, with 72% of its components in new energy vehicles and 25% in photovoltaics [7] - The ChiNext new energy index has shown strong historical performance, with a cumulative return of 139.84% since its inception, significantly outperforming other related indices [9]

摘要： 在外围环境逐步稳定、国内稳增长政策逐步出台的情况下，A股市场后续还是有望走出震荡上行的表 现，尤其是一些前期调整幅度比较深、当前整体行情处在低位的板块，包括新能源板块，还是有低位布 局的价值。 每经编辑｜肖芮冬 直播嘉宾：麻绎文 国泰基金量化投资部基金经理 直播时间：2025年5月12日 创业板新能源ETF国泰（159387）跟踪创业板新能源指数。指数的细分行业分布中，新能源车的占比大 概在72%，光伏是25%，风电是3%，这三块基本上构成了指数最主要的子行业。复盘指数的历史收益表 现，指数自基日2017年12月29日以来，截至2025年3月24日，累计涨幅达到了139.84%，大幅跑赢了中 证新能源、中证新能源车以及中证光伏产业等同类新能源指数。另外，在过去几年的下行周期里面，它 的回撤控制相对来说也会更小一些。 当前，创业板新能源指数的PE估值大概在22.27倍左右的水平，也位于2022年9月29日指数发布以来的 40%左右分位，处于历史的较低位置。当前创业板新能源面临着景气逐步筑底、供给侧改革逐步落地的 行情，在指数估值低位的情况下，还是具备比较好的布局机会。感兴趣的投资者可以关注创业板新能源 ...