（文章来源：每日经济新闻） 碳中和50ETF（159861）跟踪的是环保50指数（930614），该指数从A股市场中选取涉及清洁能源、污 染治理、节能技术等环保产业相关领域的上市公司证券作为指数样本，以反映中国环保行业上市公司证 券的整体表现。该指数具有显著的绿色经济特征，旨在追踪环保产业发展趋势与投资价值。 华龙证券指出，1~10月全国电源工程投资同比增长0.7%，电网投资同比增长7.2%，显示电力设备行业 投资保持稳定增长。风电领域表现亮眼，10月新增装机8.92GW，同比增长34%，1~10月累计新增装机 70.01GW，同比大幅增长53%，截至10月底风电装机容量达5.9亿千瓦，同比增长21.4%。光伏行业1~10 月新增装机252.87GW，同比增长39%，但10月单月新增装机12.60GW，同比下降38%，截至10月底光伏 装机容量11.4亿千瓦，同比增长43.8%。新能源装机需求长期有望持续增长。 ...

Group 1 - The Carbon Neutrality 50 ETF (159861) has dropped over 3%, driven by expectations of photovoltaic demand and energy transition catalysts [1] - Huazhong Securities emphasizes the need for the power equipment industry to focus on "high proportion of renewable energy consumption" and innovate regulatory models to ensure the safe and stable operation of the power system [1] - The public review of the environmental impact assessment for the Yantai-Weihai ultra-high voltage project indicates that ultra-high voltage construction is expected to accelerate [1] Group 2 - In the photovoltaic equipment sector, the industry chain prices remain weak but stable, with a high focus on anti-involution storage policies, although actual implementation requires detailed rules [1] - Domestic industry self-regulation continues, and policy details are still under observation, with the main photovoltaic industry chain prices expected to stabilize above the cost line [1] - In the wind power sector, domestic offshore wind progress remains high, with four offshore wind projects in Jiangsu undergoing sea area usage verification, and the launch of a 20MW deep-sea floating wind demonstration project in Yangjiang [1] Group 3 - The Carbon Neutrality 50 ETF tracks the Environmental Protection 50 Index (930614), which selects 50 companies that perform well in environmental protection, covering clean energy, energy conservation, and environmental governance [1] - This index reflects the overall performance and development trends of publicly listed companies in the environmental protection industry, showcasing distinct characteristics of the green economy [1]

申港证券表示，11月8日，国务院新闻办公室8日发布《碳达峰碳中和的中国行动》白皮书。白皮书指 出，我国将碳达峰碳中和作为国家战略，广泛深入开展碳达峰行动，加快经济社会发展全面绿色转型， 坚定不移推进碳达峰碳中和，我国能源绿色低碳转型取得显著成效。 碳中和50ETF（159861）跟踪的是环保50指数（930614），该指数从中国A股市场中选取涉及清洁能 源、节能技术、污染治理及生态修复等环境保护相关领域的上市公司证券作为指数样本，以反映绿色经 济领域内领先企业的整体表现。该指数注重可持续发展和环境友好型业务模式，旨在为投资者提供跟踪 环保产业发展的投资工具。 （文章来源：每日经济新闻） ...

Group 1: Lithium Battery and Photovoltaics - Lithium battery and photovoltaic sectors have shown significant performance this year, driven by strong domestic demand for passenger vehicles and the replacement of heavy-duty trucks, alongside European electric vehicle sales and subsidies [1] - The energy structure in China remains heavily reliant on coal, which accounted for approximately 60% of the energy mix this year, despite the growth in new energy vehicles, which now represent about 50% of total vehicle sales [2][3] - The development of energy storage is crucial for improving the stability of renewable energy sources, as past inefficiencies in energy storage have led to wasted renewable energy [3] Group 2: Energy Storage - Energy storage has seen substantial growth this year, with increasing support from national policies and rising installation rates, alongside export demand from the U.S. and other regions [3] - Despite short-term fluctuations in energy storage prices, the underlying demand remains strong, similar to the semiconductor industry, which has maintained popularity over the years [4] - The importance of energy storage is expected to increase in the coming years, as it plays a vital role in the effective utilization of renewable energy [3] Group 3: Photovoltaic Industry - The photovoltaic sector experienced a decline in performance during the first three quarters of the year, but there was a marginal improvement in profits due to rising prices of silicon materials [4] - The "anti-involution" policy has positively impacted the photovoltaic industry, leading to price increases for silicon materials and a recovery in performance for some companies involved in both photovoltaic and energy storage businesses [4] - The outlook for the photovoltaic industry remains optimistic, with expectations for continued demand driven by the energy storage sector [4][5] Group 4: Market Outlook - The overall market outlook for next year is optimistic, with expectations for continued opportunities in the new energy sector, alongside artificial intelligence and innovative pharmaceuticals [5]

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]

碳中和50ETF（159861）跟踪的是环保50指数（930614），该指数从中国A股市场中选取涉及清洁能 源、污染防治、资源循环利用等环保产业的上市公司证券作为指数样本，以反映环保领域相关上市公司 证券的整体表现。 华安证券指出，在全球能源转型纵深推进、数字化技术与电力系统深度融合的背景下，配电网络作为能 源传输的核心枢纽，正面临着前所未有的变革压力与发展机遇，建议关注配网柔性化建设带来的机会。 光伏行业方面，产业链价格预计在成本线以上平稳震荡，海外市场需求延续强劲，对电池片价格形成有 力支撑，带动上游价格走势。海外订单与政策环境仍是支撑产业链的主要动力，短期价格有望维持坚 挺。 （文章来源：每日经济新闻） ...

每日经济新闻 （责任编辑：贺翀 ） 【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 相关机构表示，储能进入量价齐升通道，国内方面，政策托底+终端收益率改善的底层逻辑驱动需 求延续高增。海外方面，美国AIDC扩容加剧缺电，终端需求好于预期；非美市场受益光储平价+政府 补贴，需求高增延续。供需改善下，产业链价格已逐步进入上涨周期。 碳中和50ETF（159861）跟踪的是环保50指数（930614），该指数从沪深市场中选取涉及清洁能 源、节能减排、环境保护等业务的上市公司证券作为指数样本，以反映环保产业相关上市公司证券的整 体表现。该指数具有较高的成长性和政策导向性特征，能够较好地体现中国环保行业的发展趋势。 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， ...

（文章来源：每日经济新闻） 碳中和50ETF（159861）跟踪的是环保50指数（930614），该指数从沪深市场中选取涉及环境保护、清 洁能源、节能减排等业务的上市公司证券作为指数样本，覆盖新能源、环保设备与服务等行业，旨在反 映绿色经济相关上市公司证券的整体表现。 中泰证券指出，电力设备行业方面，加快能源绿色低碳转型是全面绿色转型的"牛鼻子"，"十五五"将加 快建设新型能源体系，重点发展非化石能源并推进化石能源清洁高效利用。光伏设备行业方面，硅料价 格重心小幅波动，成交整体偏观望；硅片价格虽有波动但整体稳健；电池片环节显现颓势，183N需求 持续减弱；组件价格小幅震荡，210需求较高但210R价格下跌；光伏玻璃成交不佳，头部企业坚挺高价 而二三线让利出货，库存增多下价格可能进一步松动。国内海风建设节奏有序进行，预期逐步迎来交付 高峰期。 ...

Group 1 - The core viewpoint is that the "three-year doubling" action plan for charging piles has been introduced, aiming to establish 28 million charging facilities nationwide by the end of 2027, providing over 300 million kilowatts of public charging capacity [1] - The action plan addresses specific scenarios for public charging facilities, including urban fast charging, highway charging, and rural charging, indicating a comprehensive approach to infrastructure development [1] - The plan is expected to accelerate the electrification of vehicles in China, with the charging pile industry likely to see performance growth due to improved infrastructure [1] Group 2 - The Carbon Neutrality 50 ETF (159861) tracks the Environmental Protection 50 Index (930614), which selects 50 outstanding listed companies in environmental protection, pollution control, and clean energy sectors from the Chinese A-share market [1] - The Environmental Protection 50 Index covers multiple sub-sectors, including new energy, energy conservation and emission reduction, and environmental monitoring, reflecting support for sustainable development and ecological civilization [1]

Market Overview - The market experienced fluctuations with the ChiNext and Sci-Tech 50 indices both dropping over 4% during the day. The total trading volume in the Shanghai and Shenzhen markets reached 2.58 trillion, an increase of 221.5 billion compared to the previous trading day [1] - The Shanghai Composite Index fell by 0.62%, the Shenzhen Component Index by 2.54%, the ChiNext Index by 3.99%, and the CSI 500 Index by 1.78% [1] Semiconductor Sector - The semiconductor sector saw a significant correction after a previous rapid increase. Despite the ongoing high demand for AI and domestic substitution trends in computing hardware, some stocks are currently overvalued, leading to increased volatility [3] - The domestic production rate of advanced process equipment still has considerable room for improvement, and the upcoming 14th Five-Year Plan may confirm increased investment in this area [5] - The U.S. House of Representatives recently released a report on semiconductor export controls, which may push for breakthroughs in domestic equipment substitution due to ongoing U.S. export restrictions [5][10] Photovoltaic Sector - The photovoltaic sector is expected to benefit from upcoming policies and market dynamics, with the Fourth Plenary Session of the Central Committee scheduled for next week, which may lead to significant developments in energy consumption standards and production limits [6][9] - The photovoltaic materials sector is anticipated to see improved performance in Q3 2025, driven by both performance recovery and policy catalysts [6] - Investors are encouraged to consider the Photovoltaic 50 ETF (159864) for comprehensive exposure to the photovoltaic industry [7] New Energy Vehicles - The New Energy Vehicle ETF (159806) declined by 4.61%, primarily influenced by market sentiment and style changes. However, the demand for energy storage and power batteries remains strong, with significant year-on-year growth in both sectors [8] - The average production of batteries and materials is expected to increase, indicating a rebound in downstream demand [8] - Recent price increases in lithium hexafluorophosphate and potential price hikes in iron-lithium cathodes are anticipated to benefit from ongoing market adjustments [8] Investment Opportunities - Investors are advised to focus on sectors with high growth potential or policy support, such as communication ETFs (515880), integrated circuit ETFs (159546), and semiconductor equipment ETFs (159516) [6] - The upcoming Q3 earnings reports from major tech companies are expected to provide critical insights into capital expenditures and profitability in the AI and data center sectors [6]