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 ...

（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。 ...

Group 1 - The supply-demand dynamics in the lithium battery materials sector have significantly improved, with strong price increase expectations for lithium hexafluorophosphate and lithium iron phosphate cathodes [1] - By Q4 2025, the supply-demand situation for lithium hexafluorophosphate is expected to tighten, with a projected capacity utilization rate of 90% in 2026, leading to full production and sales for the top five companies and an increase in spot prices to 100,000 yuan/ton [1] - Leading companies in lithium iron phosphate cathodes are beginning to negotiate prices, with some customers accepting price increases of 1,000 to 2,000 yuan/ton [1] Group 2 - The membrane and anode prices also have room for adjustment, with a 10% price increase for small customers already implemented for anodes [1] - The Guotai New Energy ETF (159387) tracks the Innovation Energy Index (399266), which has a daily fluctuation of 20%, focusing on listed companies in clean energy, energy conservation, and new energy vehicles [1] - The index aims to reflect the overall development level and technological progress trends in the new energy industry by selecting companies with high growth potential and innovation capabilities [1]

Group 1 - The core viewpoint is that domestic charging infrastructure in China is expected to maintain good growth, with a projected cumulative total of 12.818 million charging facilities by the end of 2024, and an annual addition of 4.222 million facilities that year [1] - By the end of 2027, the total number of charging facilities is estimated to reach 28 million, indicating an average annual increase of over 5 million charging facilities [1] - The number of public DC charging piles is expected to benefit from both new installations and existing upgrades, with a projected total of 1.643 million public DC charging piles by the end of 2024, and a doubling of this number within three years [1] Group 2 - The Guotai Innovation Energy ETF (159387) tracks the Innovation Energy Index (399266), which has a maximum fluctuation limit of 20%, focusing on listed companies involved in clean energy production, storage, and application [1] - The index emphasizes companies with technological innovation capabilities and high growth potential, primarily in solar energy, wind energy, electric vehicles, and related equipment manufacturing [1] - The index aims to reflect the overall performance of listed companies in the new energy and related industry chain [1]

Group 1 - The ultra-high voltage planning continues to expand, with the "Qinggui" DC project entering the feasibility study stage, utilizing ±800 kV technology, and is expected to deliver approximately 36 billion kWh annually, with nearly 70% from clean energy, significantly enhancing the Northwest's renewable energy export capacity [1] - The domestic energy storage industry remains highly prosperous, with new energy storage installations in September increasing by 205% year-on-year and 171% month-on-month, while cumulative installations for the first three quarters rose by 19.3% and 28.41% respectively [1] - The price of lithium battery materials continues to rise, with domestic and export prices of lithium hexafluorophosphate increasing by 13.67% and 14.67% month-on-month, indicating tightening supply and demand [1] Group 2 - Renewable energy consumption policies will include non-electric consumption in the assessment system, broadening the application scenarios for wind and solar energy [1] - The ChiNext New Energy ETF (159387) tracks the Innovation Energy Index (399266), which has a maximum fluctuation of 20%, focusing on listed companies involved in clean energy production, storage, and application, particularly those with technological innovation capabilities and high growth potential [1] - The industry allocation primarily focuses on solar energy, wind energy, electric vehicles, and related equipment manufacturing, reflecting the overall performance of listed companies in the new energy and related industrial chain [1]

Core Viewpoint - The lithium battery industry is expected to see a production increase of 3% to 9% month-on-month and 21% to 50% year-on-year by October 2025, driven by strong demand from the automotive market and energy storage needs [1] Industry Summary - The battery, anode, and electrolyte sectors are projected to experience year-on-year growth exceeding 40%, primarily due to the peak season in the automotive market and rising energy storage demand [1] - The industry inventory cycle has entered a replenishment phase, with prices for materials such as lithium carbonate and lithium hydroxide increasing by 20% month-on-month, alongside rises in cell and electrolyte prices [1] - In the energy storage sector, domestic installations in August showed a year-on-year growth of 58% and a month-on-month growth of 63%, while the U.S. market experienced a 46% year-on-year growth despite short-term fluctuations due to ITC policy adjustments [1] - Solid-state battery technology is entering a critical industrialization window, with demonstration vehicle deployment expected in 2026-2027, and composite electrolytes anticipated to achieve mass production by Q4 2025 [1] - The market focus on the lithium battery sector is increasing, and under improved supply-demand dynamics, profitability in certain segments may see recovery [1] Company Summary - The Guotai Junan New Energy ETF (159387) tracks the Innovation Energy Index (399266), which has a maximum fluctuation of 20% [1] - This index selects listed companies involved in clean energy production, storage, and application, emphasizing firms with technological innovation capabilities and high growth potential [1] - The industry allocation primarily focuses on solar energy, wind energy, electric vehicles, and related equipment manufacturing, reflecting the overall performance of listed companies in the new energy and related supply chain [1]

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]

Core Viewpoint - The demand for energy storage batteries is exceeding expectations, leading to improved profitability in the sector [1] Group 1: Energy Storage Battery Demand - The demand for energy storage batteries in China is being driven by compensation for electricity prices, resulting in a significant increase in demand [1] - Global energy storage battery demand is revised upward by 25% to 500-550 GWh for 2025, representing a year-on-year increase of 60% [1] - For 2026, global energy storage demand is expected to grow by over 35% [1] Group 2: Supply and Capacity Utilization - In 2025, the capacity utilization rate for energy storage batteries is projected to reach 86%, with new capacity being released in 2026 [1] - The overall industry capacity utilization is expected to remain at 82%, while leading companies may achieve rates of 85%-90% [1] Group 3: Pricing and Profitability - The price of energy storage is showing signs of recovery, with an increase of 0.01-0.03 yuan/Wh, leading to noticeable improvements in profitability [1] Group 4: Technological Advancements - The trend towards larger energy storage cells is expected to enhance stability, with an internal rate of return (IRR) potentially increasing by 8-10 percentage points under similar conditions [1] - The solid-state battery supply chain is experiencing technological breakthroughs, entering a critical testing phase, with mass production expected to begin in small scale by 2027 and large scale by 2030 [1] Group 5: ETF and Index Information - The ChiNext New Energy ETF (159387) tracks the Innovation Energy Index (399266), which selects listed companies involved in clean energy production, storage, and application [2] - The index focuses on companies with technological innovation capabilities and high growth potential, primarily in solar energy, wind energy, and electric vehicles [2]

Group 1 - The core viewpoint is that the demand for power and energy storage is increasing both domestically and internationally, leading to a rise in production and shipment volumes in the power equipment and battery industry, with lithium battery material prices expected to stabilize and rebound [1] - Solid-state batteries are identified as the next generation of battery technology due to their high energy density and safety advantages, with an accelerated industrialization process anticipated across the entire supply chain including equipment, materials, and batteries [1] - Wind and solar power generation are highlighted as key pillars of energy transition, with installed capacity during the 14th Five-Year Plan period expected to increase significantly, achieving an average annual growth rate of 28%, and a notable 80.7% year-on-year increase in cumulative solar power installations [1] Group 2 - The AIDC high-power consumption trend is driving the evolution of power supply technology towards SST direct current architecture, presenting new development opportunities for power equipment companies [1] - The Guotai New Energy ETF (159387) tracks the Innovation Energy Index (399266), which has seen a 20% fluctuation, reflecting the overall performance of listed companies involved in clean energy production, storage, transmission, and application [1] - The Innovation Energy Index focuses on the fields of renewable energy and related technologies, emphasizing technological innovation and sustainable development, with a sector allocation leaning towards solar energy, wind energy, electric vehicles, and their supply chains [1]

Group 1 - The core viewpoint is that the photovoltaic cell metallization process is transitioning from silver paste to copper alternatives due to rising silver prices, with copper offering significant cost advantages while maintaining similar conductivity [1] - The cost of metals in battery production is approaching 30% of total costs, making the shift to copper a critical cost-reduction strategy [1] - Copper's reactivity presents challenges such as oxidation and migration, which need to be addressed through technologies like silver seed layers and surface coatings [1] Group 2 - The transition to copper paste is in its early stages, with an expected introduction period from 2025-2026 and rapid penetration anticipated between 2027-2028, leading to a significant increase in copper paste demand [1] - The processing fee for copper paste is higher than traditional silver paste, which is expected to enhance the profitability of paste manufacturers, with powder technology becoming a key competitive factor [1] - TOPCON and BC cells are identified as key areas for copper paste application, with technological breakthroughs and industry competition potentially impacting the pace of industrialization [1] Group 3 - The Guotai New Energy ETF (159387) tracks the Innovation Energy Index (399266), which can experience daily fluctuations of up to 20% [1] - This index focuses on companies within the clean energy production, storage, and application sectors, selecting constituents that demonstrate high growth potential and innovation capabilities [1] - The index aims to provide investors with tools to participate in the global transition to a low-carbon economy [1]