Group 1 - The US and Asia-Pacific stock markets experienced a collective decline, with A-shares dropping significantly; the Shanghai Composite Index fell by 2.45% to 3834 points, the Shenzhen Component Index decreased by 3.41%, and the ChiNext Index dropped by 4.02% [1] - The total market turnover reached 1.98 trillion yuan, an increase of 261 billion yuan compared to the previous trading day, indicating a heightened selling pressure [1] - The sentiment in the market is generally cold, with over 5000 stocks declining, except for some activity in the military sector [1] Group 2 - The expectation for a Federal Reserve interest rate cut has diminished, with the September non-farm payroll report showing an increase of 119,000 jobs, surpassing expectations; this led to a rapid decline in the probability of a rate cut in December to below 40% [1] - The tightening of overseas liquidity is expected to exert pressure on the valuations of global growth sectors [1] - In the AI sector, Google launched a new multimodal AI model, "Second Generation Nano Banana," which significantly improves image quality and accuracy; combined with Nvidia's better-than-expected earnings, the demand for computing power remains in a high-growth phase [1] Group 3 - The new energy sector saw a significant pullback, particularly in lithium carbonate and iron lithium cathodes, with noticeable capital outflow despite lithium carbonate prices exceeding 100,000 yuan per ton due to supply concerns [2] - The market is currently focused on long-term contract negotiations between material manufacturers and battery factories, with full orders potentially weakening the pricing power of battery manufacturers [2] - The securities industry is experiencing a wave of mergers, reflecting the steady progress of the new "National Nine Articles" aimed at building first-class investment banks, which may optimize the competitive landscape and enhance overall industry efficiency [2]

锂矿端：近期碳酸锂市场已呈现出情绪化特征，昨日价格突破10万元/吨，价格上涨核心支撑因素为近 期矿石供应短缺，但实际供需紧张程度并未达到当前价格所体现的水平，有一定的情绪因素影响。 材料端：近期市场核心关注材料厂商与头部电池厂的长协价格，以往头部电池厂的做法通常会是拖一 拖，今年不排除这种可能，但情况也不完全一样，因为今年电池厂下游客户的订单也排得很满，所以也 未必能够像以前那样拖很久。 早盘新能源板块回调幅度较大，主要系美联储降息节奏影响市场情绪，同时碳酸锂、铁锂正极、电解液 等细分板块前期上涨较快、交易相对充分，因此今日回调幅度相对较大。 综合而言，基本面并无明显变化，储能需求确定性向好，26Q1有望淡季不淡。但后续仍需持续关注市 场情绪，以及电池厂商后续排产情况，短期来看板块或将延续震荡态势。感兴趣的投资者可通过新能源 车ETF（159806）、光伏50ETF（159864）、创业板新能源ETF（159387）、碳中和50ETF（159861） 等产品，逢低布局板块投资机会。 基本面来看—— （文章来源：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锂电池、智 能驾驶技术、新能源整车制造等业务的上市公司证券作为指数样本，全面覆盖新能源汽车产业链的上游 材料、中游零部件及下游应用环节。指数聚焦绿色能源与先进制造领域，重点配置锂电及相关材料等核 心产业，旨在反映中国新能源汽车产业的整体市场表现。 （文章来源：每日经济新闻） 新能源车ETF（159806）跌超5%，锂电需求与钠电替代引关注。 国泰海通指出，碳酸锂价格近期大幅上涨，自10月9日以来期货价格上涨超过30%，引发市场关注。赣 锋锂业董事长预测，若2026年碳酸锂需求增速超过30%，价格可能突破15万元/吨甚至20万元/吨。钠电 产业链已完成冷启动，随着碳酸锂等锂电材料价格上涨及龙头公司推进钠电业务，钠电行业有望迎来产 业规模扩张期。钠电池在储能、两轮车及A0级以下乘用车细分赛道具备较好的比较优势，有望成为锂 电池的有效补充。宁德时代推出的钠离子电池品牌"钠新"能量密度达175Wh/kg，容百科技等企业也在 加速钠电正极材料的产能布局。 ...

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 浙商证券指出，锂电设备行业受益于储能需求带动景气向上，固态电池产业化拐点已至，预计2025 年新增设备市场规模达20.6亿元，2030年或增至336亿元。增量环节包括干法混料与涂布设备、叠片工 艺及封装检测设备。电池行业方面，固态电池量产爬坡阶段设备与材料体系协同突破，中国企业积极布 局关键技术与产能建设，预计2025H2-2026年为产业拐点。此外，储能锂电设备市场2024-2027年复合增 速达19%，行业周期向上，盈利将逐步恢复。 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 ...

11月18日新能源板块明显回调，主要系短期冲高后，部分资金有所兑现，但基本面并无明显变化， 下游需求依旧向好。 后续大致可以持续关注三个方向：方向一，景气延续，如储能、锂电池等，主要是看国内电池厂后 续的排产情况，以及春节假期的安排；方向二，困境反转，如光伏、锂电材料等，主要是关注各环节的 涨价情况；方向三，未来产业，如AIDC、固态电池等，主要关注美国市场表现，以及后续工信部验收 情况。综合来说，就是要关注高景气+供需边际好转的方向。 感兴趣的投资者可关注新能源板块布局机会： - 针对性：对锂电需求上修+固态电池突破感兴趣的投资者，可关注新能源车ETF（159806），锂电 池上中下游全覆盖，固态电池含量约65%；对反内卷概念感兴趣的投资者，可以关注光伏50ETF （159864）。 风险提示： 无论是股票ETF/LOF基金，都是属于较高预期风险和预期收益的证券投资基金品种，其预期收益及 预期风险水平高于混合型基金、债券型基金和货币市场基金。 基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易规则等差异带来的特 有风险，提请投资者注意。 板块/基金短期涨跌幅列示仅作为文章分析观点之辅助材料 ...

Group 1 - The A-share market experienced a decline today, with the Shanghai Composite Index down 0.81%, the Shenzhen Component Index down 0.92%, and the ChiNext Index down 1.16%. The total trading volume in the Shanghai and Shenzhen markets was 1.95 trillion yuan, an increase of 156 billion yuan compared to the previous day, with over 4,100 stocks declining [1] - The AI application sector rebounded this week after a period of adjustment, with major companies like Alibaba and Tencent launching new AI products. Alibaba introduced the Qianwen App, a personal AI assistant, while Tencent plans to launch a personal agent assistant within WeChat. ByteDance's Volcano Engine released the Doubao programming model, significantly reducing usage costs [1] - The current market environment is characterized by a lack of major adjustment risks, but upward momentum is weakening, leading to accelerated structural rotation. The market is expected to remain in a range-bound oscillation, with a focus on a "dumbbell" structure of technology and dividends for investment [1] Group 2 - The new energy sector saw a noticeable pullback today, primarily due to profit-taking after a recent surge, although the fundamentals remain strong with continued demand from downstream markets. Future attention should be paid to domestic battery production schedules and arrangements for the Spring Festival holiday, as well as the European electricity market's performance due to winter price increases [2] - Investors interested in the new energy sector can consider various ETFs, including the New Energy Vehicle ETF (159806), the Photovoltaic 50 ETF (159864), the ChiNext New Energy ETF (159387), and the Carbon Neutrality 50 ETF (159861) to capitalize on industry opportunities [2]

Core Viewpoint - The lithium battery materials industry is entering a prosperous cycle, driven by favorable supply-side policies and strong demand from the new energy vehicle market and increased energy storage installations [1] Supply Side - Benefiting from "anti-involution" policies, the lithium battery materials have seen significant price increases, indicating a new round of prosperity in the industry [1] - As of November 13, the average price of lithium hexafluorophosphate reached 131,000 yuan/ton, up approximately 110% from early October, with the highest price exceeding 142,000 yuan/ton [1] - The average price of electrolyte is 25,700 yuan/ton, an increase of 7,000 yuan/ton or 40% since early October, with a peak price of 29,000 yuan/ton [1] - VC additive prices averaged 87,500 yuan/ton, up 41,000 yuan/ton or about 90% since early October [1] - Lithium iron phosphate averaged 36,900 yuan/ton, up 3,300 yuan/ton or about 10% since early October [1] - Wet-process separator prices averaged 0.78 yuan/square meter, an increase of 0.03 yuan/square meter or about 5% since early October [1] Demand Side - The new energy vehicle sales are performing well, and energy storage installations have significantly increased, contributing to the positive outlook for the lithium battery industry [1] Future Prospects - Solid-state batteries are highlighted for their high energy density and safety advantages, with major battery manufacturers actively investing in the related supply chain [1] - Solid-state batteries are expected to be implemented in vehicles between 2027 and 2030, indicating a promising future for this technology [1] Investment Opportunities - Investors are advised to consider the Guotai New Energy ETF (159387), which covers lithium batteries, photovoltaics, and wind power industries [2] - For those interested in solid-state batteries, the New Energy Vehicle ETF (159806) closely tracks the CSI New Energy Vehicle Index, with over 40% weight in solid-state battery-related stocks [2]

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锂电池、充 电桩、新能源整车等业务的50家上市公司证券作为指数样本，重点配置电池、乘用车及能源金属等细分 领域，以全面反映新能源汽车产业链相关上市公司证券的整体表现。 （文章来源：每日经济新闻） 11月17日早盘，新能源车ETF（159806）涨超1%。 华鑫证券表示，根据中汽协数据，10月，我国新能源汽车月产销分别完成177.2万辆和171.5万辆，同比 分别增长21.1%和20%。1~10月，我国新能源汽车产销累计完成1301.5万辆和1294.3万辆，同比分别增长 33.1%和32.7% 。供给端，电池及主机厂新品不断推出，需求端反馈积极，政策也不断发力。价格层 面，产业链历经价格大幅下行，资本开支不断收缩，供需格局不断优化，行业协会、产业链公司均在积 极优化产能与供给，力争价格保障企业盈利。整体而言，产业链价格处于底部，价格企稳回升，部分环 节如碳酸锂、六氟磷酸锂、电解液需求强劲，供给偏紧，价格进入上升阶段，看好产业链优质公司。行 业评级及投资策略：政策持续呵护，供给端部分企业开始收缩资本开支，供需结构在边 ...

行业板块几乎全线上扬，能源金属、电池、化肥行业、贵金属、电源设备、非金属材料、有色金属、化 学原料、化学制品、小金属板块涨幅居前，仅铁路公路、银行、电力行业逆市翻绿。 今日开盘后，沪指强势冲高，午后继续上行，创下2015年7月以来新高。尽管盘中出现一定回落，但尾 盘阶段指数再度拉升。自大盘站上4000点以来，整体展现出较强的韧性，虽偶有波动，但市场重心不断 上移。临近2025年年底，日历效应有望再度显现。国际货币秩序重构逻辑持续强化，AI革命进入应用 关键阶段，新能源电池领域迎来重要创新突破，我国创新产业逐步实现业绩兑现，预计将继续为中国资 产表现提供支撑。 锂电产业链全线爆发，带动新能源板块今日集体上涨。新能源车ETF（159806）收涨6.20%，创业板新 能源ETF国泰（159387）收涨4.78%。 A股三大指数今日集体走强，沪指再度刷新十年新高。截止收盘，沪指涨0.73%，收报4029.50点；深证 成指涨1.78%，收报13476.52点；创业板指涨2.55%，收报3201.75点。沪深两市成交额达到20420亿，较 昨日放量969亿。 来源：Wind 消息面上，三生制药临床进度持续超预期，昨日辉 ...

今日，新能源板块集体反弹，新能源车ETF（159806）大涨近6% 、创业板新能源ETF（159387）大涨 超5%、光伏50ETF（159864）大涨超3%。 近期新能源板块表现相对较好，主要围绕三条主线展开：一是储能领域，主要在交易国内外储能需求向 好。二是锂电领域，主要在关注各个环节的涨价情况。三是光伏领域，主要在博弈反内卷政策落地。 具体来看： 2）欧洲已起量爆发，阳光等国内企业持续落地签单，阳光份额冲至第一，今年签单量同比增长50%， 海博等企业后来者亦占据一定份额； 3）新兴市场爆发初期，阳光等企业签单量同比大幅增长。 国内方面，136号文引发国内储能商业模式变化、独立储能接棒新能源配储成为重要增长引擎独立储能 后续有望享受容量电价、峰谷价差、调峰调频可实现至少6~7%投资回报率。截至目前，内蒙古/河北等 六省发布独立储能项目合计103GWh，其中内蒙古最多达到49GWh，甘肃等省份容量电价政策陆续出 台，独立储能模式有望推广至全国；下半年看，判断独立储能有望接棒成为国内储能装机的重要增长引 擎，经济性驱动独立储能走向长期高成长空间。 2、固态电池，趋势增强： 固态电池产业近期迎来多重利好，新技术 ...