受盘面影响，跟踪中证新能源汽车指数的ETF跌约2%。 新能源车概念股早盘走低，赣锋锂业跌超7%，天赐材料跌超4%，三花智控、华友钴业跌超3%。 （文章来源：每日经济新闻） | 代码 | 名称 | 现价 | | 涨跌 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 159637 | 新能源车龙头ETF | 0.856 | -0.019 | -2.17% | | 516660 | 新能源车ETF基金 | 1.061 | -0.022 | -2.03% | | 159824 | 新能车ETF | 1.154 | -0.023 | -1.95% | | 515030 | 新能源车ETF | 1.730 | -0.033 | -1.87% | | 159806 | 新能源车ETF | 0.753 | -0.014 | -1.83% | 中证新能源汽车指数选取涉及锂电池、充电桩、新能源整车等业务的上市公司证券作为指数样本，以反映新能源汽车 相关上市公司证券的整体表现。 有券商表示，在海内外动力和储能需求持续攀升的带动下，电力设备与电池产业链排产及出货量有望不断提升，锂电 材料价格有望企 ...

每日经济新闻 新能源车ETF（159806）跟踪的是CS新能车指数（399976），该指数从沪深市场中选取涉及新能源 汽车制造、锂电池及相关材料等领域的上市公司证券作为指数样本，以全面反映中国新能源汽车产业链 的整体表现。CS新能车指数聚焦于新能源汽车行业的核心环节，具有显著的行业代表性和成长性特 征。 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。 新能源车ETF（159806）盘中回调超4%，10月新能源汽车表现亮眼。 申港证券指出，2025年10月全国汽车销量、库存情况等数据公布，车企新车型持续发布，居民购车 需求持续释放，汽车市场热度延续，市场表现持续向好。新能源汽车销量增速依然保持较高水平。伴随 各项刺激政策效果不断显现，汽车销量有望继续攀升。10月汽车销量为332.2万辆，同比增加8.8%。今 年1-10月，汽车累计销量为2768.7万 ...

Market Overview - A-shares experienced fluctuations today, with the Shanghai Composite Index closing at 3972.03 points, down 0.46%, and the Shenzhen Component Index at 13202.00 points, down 0.11% [1] - Trading activity slightly decreased, with a total turnover of 1.93 trillion yuan across both markets [1] - The market showed a relatively balanced distribution of gains and losses, with military and coal sectors leading in gains, while dividend assets saw noticeable pullbacks [1] - The current domestic policy is in a window period, and increasing overseas disturbances are noted, suggesting a lack of major adjustment risks but a weakening upward momentum and accelerated structural rotation [1] Lithium Battery Industry - The lithium battery supply chain maintained high prosperity, with active performance across separators, cathode materials, and electrolytes [3] - Lithium carbonate futures hit a new high of 95,200 yuan/ton, the highest since July 2024, with predictions of demand exceeding 30-40% by 2026, potentially pushing prices above 150,000-200,000 yuan/ton [3] - Global lithium carbonate supply capacity is expected to exceed 1.7 million tons by 2025, with demand around 1.55 million tons, indicating a supply surplus that previously suppressed prices [3] - The lithium battery industry is experiencing a volume and price increase driven by high demand, with production expected to reach a historical high of 209 GWh in November [4] - The lithium battery index remains at a historical low valuation of 37.87%, indicating potential for recovery [4] Coal Industry - The coal ETF rose by 1.73%, supported by supply-side constraints and increasing demand due to the onset of heating season in northern regions [6] - Central safety inspections in major production areas are expected to limit coal production, with forecasts indicating that Q4 coal supply may not maintain last year's high levels [6] - Electricity consumption is projected to grow, with a forecasted increase of over 6% in Q4, contributing to a persistent supply-demand gap and potential for rising coal prices [6] - The coal sector's dividend yield stands at 4.68%, enhancing its investment appeal [6] Steel Industry - The steel industry is benefiting from policy support and supply-side contraction expectations, with a focus on optimizing product varieties and accelerating high-end product development [7] - Steel prices have risen rapidly since Q3, with improved profitability reflected in a steel mill profit margin increase from 59% in June to 64% in August [7] - The steel sector is projected to achieve a revenue of 480.12 billion yuan in Q3 2025, with a profit total of 13.09 billion yuan, indicating a year-on-year improvement [9] Bond Market - The bond market is currently in a "low volatility, narrow range" phase, with the ten-year government bond yield closing at 1.8015% [5] - The People's Bank of China has restarted government bond trading, enhancing market sentiment and confirming the yield ceiling [5] - The investment value of government bonds remains prominent amid increasing equity market volatility [5][8]

新能源车ETF（159806）跟踪的是CS新能车指数（399976），该指数从沪深市场中选取涉及新能源汽车 产业链上游材料、中游零部件及下游整车制造等环节的上市公司证券作为指数样本，以全面反映新能源 汽车行业相关企业的整体表现和发展趋势。 世纪证券指出，储能行业仍保持高景气度，近期国内储能电芯及系统价格均稳定上涨，主要由于集成厂 商海外订单持续增长推动需求保持强劲，同时电芯原材料成本显著上升，碳酸锂及正极材料价格回暖， 六氟磷酸锂与电解液在产能收缩与需求扩张下供应趋紧，带动单位成本上涨。预计11月部分厂商报价重 心进一步上移，短期内成交价格或将继续小幅攀升。展望后市，2026年全球增速预计仍将保持在40%以 上，国内独立储能爆发力增强，预计明年总量可能增长至200吉瓦时以上，非美国海外市场也将继续保 持强劲增长。此外，固态电池领域发展迅速，全球已有近百家企业规划产能合计达上百GWh，预计 2030年全球固态电池（含半固态）市场需求将突破206GWh，2035年扩大至740GWh以上，标志着固态 电池进入大规模应用阶段。 （文章来源：每日经济新闻） ...

新能源里边大概可以这么分，有锂电、光伏、风电、水电、核能等。我们可以挨个给大家稍微梳理一 下。今年，锂电和光伏都还是有比较明显的表现，风电、水电和核电因为它们在A股里面占比还比较 小，所以我们就先不聊它了。可能大家也关注储能，所以我们重点说一说锂电、光伏和储能。 锂电今年有一段时间(应该是8、9月份)表现还是很好的。我们看到它的业绩也有持续的改善，主要的原 因是，一方面在动力电池领域，国内乘用车的需求还是比较坚挺。而且有一个小的板块就是重卡报废， 报废之后就会更新，那有了新车就要装锂电，所以整体来说，需求还是比较坚挺的。另外，还有欧洲的 电车，还有一些销售的补贴。这些方面都对锂电形成了整体上的支持。 我们来说说储能，储能今年储能涨的挺多。2020年的时候我们推出了新能源车ETF，2021年又推出了碳 中和50ETF。这个碳中和50ETF它其实装了一肚子的新能源，包括锂电、光伏、风能和水电。2021年"碳 中和"、"碳达峰"概念非常强的时候，我们专门去查过当时国内的能源结构占比。我记得当时煤炭在整 个能源结构里边占比大概是64%-65%。今年我们又去查了一下这个能源结构占比，非常惊讶地发现整个 能源结构占比里边 ...

Group 1: Market Performance - A-shares and Hong Kong stocks saw strong gains in battery and automotive sectors, with CATL's stock price rising over 7%, approaching historical highs, and its market capitalization exceeding 1.9 trillion yuan [1] - Multiple battery ETFs and new energy vehicle ETFs experienced significant increases, with several battery ETFs rising by 70% year-to-date [1][3] - The lithium battery industry chain saw a broad increase, with battery ETFs (159755) rising by 7.14% and achieving a year-to-date increase of over 77% [3] Group 2: ETF Performance - Several battery-themed ETFs showed strong performance, with the largest battery ETF (159755) having a net inflow of 8.4 billion yuan this year, reaching a total size of over 15 billion yuan [3] - Metal-themed ETFs also performed well, driven by rising prices of lithium carbonate, silver, gold, and copper, with rare metal ETFs increasing by over 5% [5] - Bond ETFs, particularly those focused on innovative technology, saw high trading volumes, with several achieving transaction amounts exceeding 10 billion yuan [7] Group 3: Investment Trends - Gold, innovative technology boards, and non-bank financial sectors have become significant targets for capital inflow, with multiple related ETFs seeing net inflows exceeding 1 billion yuan this week [9][10] - The recent World Power Battery Conference resulted in 180 signed projects worth 86.13 billion yuan, indicating strong industrial development momentum in the new energy sector [11] - The demand for rare metals is expected to grow due to the needs of new energy vehicles and high-end manufacturing, highlighting the cyclical growth attributes and investment value of the rare metals sector [11]

②中国光伏行业协会辟谣，称不要低估政策决心，光伏行业不走出内卷式恶性竞争誓不罢休。 ①海博思创与宁德时代将在电池及系统产品供应合作，摩根士丹利称这证实了全球对储能的强劲需求以及高端产品的短缺。 ③国家能源局发布促进新能源集成融合发展的指导意见，提及有序推动新能源供热供暖应用 ，同时探索建设以抽水蓄能、新型储能等为调节电源，带动周边的水风光一体化基地发展。 值得关注的产品，及截至发稿涨跌幅： 今日新能源板块暴力反弹，宁德时代一度飙涨7%，新宙邦涨超17%，盛新锂能、天赐材料涨停，带动新能源车ETF大涨5.84%，创业板新能源ETF华夏涨5.15%。 消息面上： 同标的规模最大+新能源车全产业链覆盖：新能源车ETF（515030），+5.84%，权重股包括华友钴业、天齐锂业和赣锋锂业等上游资源龙头、宁德时代、汇川技术、国轩高科等中游电池制造龙 "储能+固态电池含量超70%"：创业板新能源ETF华夏（159368），+5.15%，跟踪创业板新能源指数，权重股包括宁德时代（全球动力电池提供商）、汇川技术（自动化设备业务龙头）、阳光 ...

Market Overview - A-shares experienced a volatile upward trend today, with the Shanghai Composite Index rising by 0.23% to 3969.25 points, the Shenzhen Component Index increasing by 0.37%, and the ChiNext Index up by 1.03% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 1.872 trillion yuan, a decrease of about 43.42 billion yuan compared to the previous trading day [1] Sector Performance - The anti-involution theme maintained strong performance, with solar energy, carbon neutrality, and new energy vehicles leading the gains [1] - The TMT sector faced a pullback, with integrated circuits and computers showing the largest declines [1][2] Investment Sentiment - The risk appetite today was neutral, with nearly 3,400 stocks rising [1] - Growth stocks outperformed value stocks, and there was a divergence within the innovation-driven sectors [1] TMT Sector Analysis - The TMT sector's slowdown may limit the upward trend to other sectors, with focus expected to remain on AI and anti-involution sectors [2] - Public funds' allocation to the TMT sector reached a historical high of 40% in Q3, suggesting potential for a slowdown in future gains [2][4] Economic Indicators - The October PMI was reported at 49.0, slightly above the seasonal decline, with production and new orders being the main drag [10] - Domestic demand remains weak, impacting companies' pricing power and the effectiveness of anti-involution policies [10] Bond Market Outlook - The bond market may perform well in Q4, with limited upward space for government bond yields following the resumption of government bond trading [7][12] - Investors are advised to focus on ten-year government bond ETFs as the macroeconomic environment shows signs of pressure [7][13]

Core Insights - Domestic companies have established a dominant position in the global electric vehicle market, with lithium battery technology iteration becoming a crucial foundation for the development of new energy vehicles and low-altitude fields [1] - The commercialization of emerging technologies such as solid-state batteries is progressing, which will open up growth opportunities in the future [1] - AI is driving an upgrade in electricity demand in the U.S., leading to a high demand for power system expansion, benefiting domestic companies entering the North American market, with significant year-on-year growth in orders for modern electrical equipment [1] - There is a strong demand for core components of humanoid robots, indicating a broad market space [1] Industry Overview - The New Energy Vehicle ETF (159806) tracks the CS New Energy Vehicle Index (399976), which selects 50 listed companies involved in the new energy vehicle industry chain from the Shanghai and Shenzhen markets [1] - The index covers key areas such as lithium batteries, charging piles, and new energy vehicles, reflecting the overall performance of companies related to the new energy vehicle sector [1] - The constituent stocks are primarily concentrated in the battery, passenger vehicle, and energy metal industries, with a combined weight exceeding 70%, showcasing the typical characteristics of the new energy vehicle industry [1]

Lithium Battery - SW Battery (801737.SI) achieved revenue of 901.9 billion yuan in the first three quarters of 2025, a year-on-year increase of 13%, and a net profit of 70.2 billion yuan, up 34% year-on-year [1] - In Q3 2025, revenue reached 333.1 billion yuan, a 19% year-on-year increase and a 10% quarter-on-quarter increase, with a net profit of 28.1 billion yuan, up 58% year-on-year and 23% quarter-on-quarter [1] - The improvement in performance is driven by strong domestic passenger car sales, heavy truck replacements, and the resumption of electric vehicle subsidies in Europe [1] - Resource prices for lithium, nickel, cobalt, and manganese have been rising due to demand expectations and supply policies, with significant price increases expected in Q4 2025 and 2026 [1] Solar Energy - SW Photovoltaic Equipment (801735.SI) reported revenue of 625.2 billion yuan in the first three quarters of 2025, a decline of 11%, and a net loss of 6.9 billion yuan, which has widened [3] - In Q3 2025, revenue was 216.6 billion yuan, down 8% year-on-year and 4% quarter-on-quarter, but net profit turned positive at 1.1 billion yuan [3] - The improvement in profitability is attributed to rising prices of silicon materials and the positive impact of inverter companies benefiting from strong downstream storage demand [3] - Prices for photovoltaic materials showed mixed trends, with silicon materials and wafers increasing, while battery and module prices are stabilizing [3] Wind Power - SW Wind Power Equipment (801736.SI) achieved revenue of 171.0 billion yuan in the first three quarters of 2025, a year-on-year increase of 38%, and a net profit of 5.7 billion yuan, up 13% [5] - In Q3 2025, revenue was 66.2 billion yuan, a 27% year-on-year increase, with net profit of 1.4 billion yuan, reflecting stable performance [5] - The growth is driven by accelerated project construction and a recovery in bidding prices, leading to increased orders and revenue [5] Market Outlook - The lithium battery industry is expected to maintain high prosperity in Q4 2025 and 2026, driven by strong demand in energy storage and commercial vehicles, as well as a new car cycle in Europe [2] - The solar energy sector is anticipated to recover due to policy support, market clearing, and technological iterations, with a focus on the ongoing "anti-involution" efforts [4] - The wind power sector is poised for a new upward cycle, with significant growth potential in offshore wind projects and positive market sentiment for onshore wind installations [5] Investment Opportunities - Key investment themes include strong demand in energy storage, the ongoing "anti-involution" in the solar sector, and breakthroughs in new technologies such as solid-state batteries and advanced photovoltaic materials [6] - Investors interested in lithium battery demand and solid-state battery advancements may consider the New Energy Vehicle ETF (159806), which covers the entire lithium battery supply chain [7] - For a comprehensive exposure to lithium, energy storage, solar, and wind power, investors can look at the 20cm ChiNext New Energy ETF (159387) and the Carbon Neutrality 50 ETF (159861) [7]