1月28日，创业板新能源ETF国泰（159387）收跌超1.7%，近10日资金净流入超2.6亿元，锂电设备 公司业绩有望复苏，回调或可布局。 江海证券指出，受益传统电池扩产和固态电池技术迭代，锂电设备公司业绩有望复苏。根据预测， 2026年中国锂电池总出货量将同比增长超25%至2.3TWh以上，其中储能锂电池出货量增速有望超35%， 其绝对增量有望首次超越动力电池。2025年以来，锂电产业链迎来"第三轮"扩产周期，预计2026年锂电 池新增有效产能有望超700GWh，产能扩张将直接带动锂电设备市场规模增长超650亿元，涂布、叠 片、化成分容等设备需求旺盛。同时，固态电池技术迭代带来设备更新，其与液态电池在设备环节存在 核心变化，如前段干法工艺对湿法的替代、中段软包叠片成为主流等，建议关注相关技术进展。 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅限制达20%，该 指数聚焦于新能源及相关技术领域，从市场中选取涉及可再生能源、清洁能源技术及设备制造等业务的 上市公司证券作为指数样本，以反映在技术创新和可持续发展方面表现突出的相关企业整体表现。 风险提示：提及个股仅用于行业 ...

1月22日，创业板新能源ETF国泰（159387）开盘涨超1.4%，连续4日资金净流入超1亿元，国家电网"十 五五"规划投资创历史新高。 华福证券指出，电力设备板块方面，国家电网"十五五"规划投资预计达4万亿元，创历史新高，以扩大 有效投资带动新型电力系统产业高质量发展；南方电网一季度固定资产投资同比增长20%。储能板块方 面，2025年全球储能系统出货达498GWh，同比增长99%；德国2025年累计储能装机近25GWh，其中大 型电池储能装机增幅达60%；2025年第三季度美国储能新增装机5.3GW/14.5GWh，同比增长31%/38%。 锂电板块方面，2025年电池产量为1756GWh，同比增长6%；固态电池技术助力太空能源，干法电极提 升性能。 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅限制达20%，该指数 从沪深市场中聚焦于新能源领域的技术创新企业，成分股涵盖清洁能源、新能源汽车、储能技术等行 业。指数侧重于筛选具有高成长性与科技创新能力的上市公司证券，以反映新能源行业的发展趋势和技 术进步的整体表现。 （文章来源：每日经济新闻） ...

Core Viewpoint - The article highlights a shift towards market-driven dynamics in the energy storage battery industry, with significant improvements in the lithium sector and emerging growth opportunities in energy storage due to economic factors [1] Group 1: Lithium Industry - The lithium industry has undergone a three-year adjustment period, leading to a rapid improvement in supply-demand fundamentals, with prices rebounding from a low of 60,000 yuan/ton to over 130,000 yuan/ton [1] - Supply disruptions are noted due to regulatory issues concerning the Yichun lithium mica mine, while demand from power batteries is establishing a solid foundation [1] Group 2: Cobalt Industry - The cobalt industry is significantly impacted by the Democratic Republic of Congo's quota policy, with the quota expected to be only 96,600 tons in 2025, a year-on-year decrease of 56% [1] - Shipping schedule issues may lead to a medium- to long-term shift towards a tight balance in supply and demand, potentially raising cobalt price levels [1] Group 3: Rare Earth Permanent Magnet Sector - The supply side of the rare earth permanent magnet sector is being optimized through the "Rare Earth Management Regulations" and the integration of major groups [1] - The demand for new energy vehicles has increased to 42%, with emerging applications such as energy-saving motors, humanoid robots, and eVTOLs opening up long-term growth opportunities [1] Group 4: Solid-State Battery Industry - The industrialization process of solid-state batteries is accelerating, with expectations to achieve small-scale vehicle installations by around 2027, further driving lithium battery demand [1] Group 5: ETF Performance - The ChiNext New Energy ETF (159387) tracked the Innovation Energy Index (399266), which saw a daily fluctuation of 20%, focusing on high-growth and technologically innovative companies in clean energy, new energy vehicles, and energy storage technologies [1]

Core Viewpoint - The lithium industry has undergone a three-year adjustment period, with supply and demand fundamentals improving rapidly, leading to a price recovery from a low of 60,000 yuan/ton to over 130,000 yuan/ton [1] Group 1: Lithium Industry - Supply-side disruptions in Yichun lithium mica mines due to permit issues are causing a gradual exit from extensive mining practices [1] - Demand for lithium is primarily driven by the power battery sector, while energy storage is emerging as a new growth driver due to its economic viability [1] Group 2: Cobalt Market - The Democratic Republic of Congo is implementing an export quota system, with a 2025 quota of only 96,600 tons, a year-on-year decrease of 56%, which may lead to a tight balance in supply and demand in the medium to long term [1] - Limited incremental supply from Indonesia is also contributing to the potential increase in cobalt prices [1] Group 3: Rare Earth Market - The supply side of the rare earth permanent magnet sector is being optimized through the "Rare Earth Management Regulations" and the integration of northern and southern groups [1] - The demand for rare earths is increasing, with the proportion of new energy vehicles reaching 42%, and new applications such as humanoid robots and energy-saving motors opening up long-term growth opportunities [1] Group 4: Energy Storage Batteries - Energy storage batteries are becoming a new engine for lithium demand, with domestic shipments in the first three quarters of 2025 expected to increase by 67% year-on-year, driven by policy support and improving economic viability [1] Group 5: ETF Performance - The Guotai New Energy ETF (159387) tracks the Innovation Energy Index (399266), which has a daily fluctuation of 20%, focusing on technology innovation companies in clean energy, new energy vehicles, and energy storage technology [1]

Group 1 - The solid-state battery sector has made significant progress, with QuantumScape successfully integrating the Cobra separator manufacturing process into its benchmark battery production, enhancing production efficiency and commercialization potential [1] - The acceptance of Chinese wind turbines in the European market has increased, with approximately half of the banks beginning to consider financing projects that utilize Chinese wind turbines, reflecting the competitive advantages of Chinese manufacturers in terms of cost and technology [1] - In the photovoltaic industry, domestic newly installed capacity grew by 388% year-on-year in May, and the "Three North Desert Gobi Desert Photovoltaic Sand Control Planning" proposes a target of adding 253GW of installed capacity by 2030, indicating sustained high prosperity in the industry [1] Group 2 - Meta has expanded its collaboration with renewable energy developers, adding 791 megawatts of clean energy supply, highlighting the strong demand for green power from data centers [1] - The ChiNext New Energy ETF from Guotai tracks the Innovation Energy Index, which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in new energy and environmental protection from the Shanghai and Shenzhen markets as index samples [1] - The index adopts a growth stock style allocation, aiming to reflect the overall performance of listed companies in the new energy sector, with the latest trading day showing an increase of 1.22% in the tracking index [1]