Core Viewpoint - The battery-related sector is experiencing significant activity, with notable increases in lithium battery ETFs and key stocks, driven by strong sales in the electric vehicle market and supportive government policies [1] Group 1: Market Performance - As of the report, the lithium battery ETF (561160) has risen by 3.53%, while the new energy ETF on the Sci-Tech Innovation Board (588960) has increased by 3.01% [1] - Key stocks within the lithium battery ETF, such as Keda and Zhuhai Guanyu, have seen gains exceeding 7%, with Keda reaching the daily limit [1] Group 2: Industry Growth - In July 2025, China's electric vehicle market achieved impressive sales of 1.262 million units, marking a year-on-year growth of 27.35%, with monthly sales accounting for 48.67% of the total [1] - The expiration of the U.S. electric vehicle tax credit on September 30 is expected to influence market dynamics, while China's National Development and Reform Commission plans to introduce a new foreign investment catalog, potentially attracting more foreign capital to the new energy industry [1] Group 3: Industry Initiatives - On August 13, the China Chemical and Physical Power Industry Association released a draft proposal aimed at maintaining fair competition and promoting healthy development in the energy storage sector, with participation from 149 companies, including industry leaders like BYD and EVE Energy [1] - Analysts believe the high participation rate in the initiative could lead to improved profitability across the industry chain, coinciding with a steady increase in domestic energy storage market demand [1] Group 4: ETF Composition - The lithium battery ETF (561160) closely tracks the CSI Battery Theme Index (931719), which selects 50 constituent stocks from the Shanghai and Shenzhen markets, covering sectors such as power batteries, energy storage batteries, consumer electronics batteries, and related upstream and downstream companies [1]

Core Insights - The new energy sector, including lithium batteries, photovoltaics, and wind power, is experiencing significant activity on the STAR Market, with the New Energy ETF (588960) rising by 3.92% and the Lithium Battery ETF (561160) increasing by 2.64% [1] - Major companies in the New Energy ETF, such as Daqo Energy and Trina Solar, have seen substantial gains, with Daqo Energy rising over 10% and Trina Solar increasing more than 6% [1] - The central government is intensifying efforts to regulate disorderly competition, focusing on improving product quality and facilitating the orderly exit of outdated production capacity [1] Industry Developments - A joint notice from the National Development and Reform Commission and other departments emphasizes the scientific planning and construction of high-power charging facilities, aiming for over 100,000 such facilities nationwide by the end of 2027 [1] - The focus will be on local economic development, the promotion of new energy vehicles, and the distribution of electric power resources, with an emphasis on "instant charge and go" scenarios [1] - Analysts indicate that semi-solid-state batteries are beginning to scale up, while solid-state batteries are expected to see small-scale deployment by 2027 and larger applications in energy storage post-2030 [1] ETF Information - The New Energy ETF (588960) closely tracks the STAR Market New Energy Index (000692.SH), with daily price fluctuations potentially reaching 20% [2] - The index comprises 50 large-cap stocks from the solar, wind, and new energy vehicle sectors, reflecting the overall performance of representative companies in the new energy industry on the STAR Market [2]

Core Viewpoint - The ETF market shows mixed performance with mining ETFs leading gains while some other sectors experience declines [1] Group 1: ETF Performance - Mining ETF (159690) leads with a gain of 2.88% [1] - Machine Tool ETF (159663) increases by 2.48% [1] - Energy Storage Battery 50 ETF (159305) rises by 1.69% [1] - Petrochemical ETF (159731) declines by 0.76% [1] - Creation 50 ETF (159371) falls by 0.65% [1] - Lithium Battery ETF (561160) decreases by 0.64% [1] Group 2: Investment Strategy - The strategy suggests buying index ETFs to capitalize on market rebounds [1]

掌握实时动态，了解大势所趋。各位投资者大家好，欢迎收听申万宏源证券研究所 3 月 "申势月谈"月度观点分析会内容概要，由北京西路营业部整理。 一、 大势方面： 2 月份港股市场持续逼空领涨全球，其中恒生科技指数单月涨幅近18%，创出过往三年的 新高，而恒生指数上涨也超13%突破24年10月份的高点。一方面，美国对中国第一阶段关税落 地符合市场预期，渐进式的温和的加征关税思路对市场影响相对可控;二、DeepSeek 的出圈使 得中国模型第一次实现对海外模型的成功追赶，促使中国资产特别是中国互联网资产的价值 重估;三、春节后两会前政策窗口有望再度开启，对市场情绪有正面支撑作用。从资金动向 看,2月份南下资金加速净流入港股市场总额约1430亿元，2025年前两个月累计净流入额达 2615亿元,约占据2023年全年资金净流入额的82%，南下资金对港股市场的定价权出现明显提 升。 目前政策基本符合市场预期，政策从去年四季度以来转向的方向和节奏都比较明确。对当 下的问题和该采取的措施都比较清晰，美国贸易战带来的扰动因素引发了一定的多空分歧。 但目前内在的上升动力较强，主要表现在对中国经济在 2025年可能有环比改善抱有预 ...

Core Insights - The report highlights that the power equipment, real estate, and banking sectors present a favorable risk-return profile [1] - The report emphasizes the importance of monitoring industry rotation through volume indicators and crowding risk assessments [4][5] Industry Rotation Perspective 1: Volume Indicators - The core logic suggests that an increase in trading volume indicates a divergence in market opinions, potentially signaling a trend reversal [9] - In December 2022 and January 2023, most industries showed negative turnover rate slopes, while February 2023 saw a positive trend, particularly in the computer and power equipment sectors [10] - Industries with buy signals based on volume include power equipment, real estate, beauty care, agriculture, pharmaceuticals, and banking [10][11] Industry Rotation Perspective 2: Crowding Risk Indicators - The crowding indicator reflects the degree of trading activity overheating, serving as a warning for potential risks [13] - Industries at risk due to high transaction concentration include machinery, computers, and home appliances [13][14] Volume Buy Signal Industry Details and ETFs Power Equipment - The power equipment sector shows strong market attractiveness with a notable volume performance [19] - The crowding level is acceptable, with some companies driving volume without affecting the entire sector [19] - Relevant ETFs include those tracking solar power leaders and new energy indices [20] Real Estate - The real estate sector ranks in the middle for volume performance, with a relatively low crowding level indicating a good risk-return profile [24] - Relevant ETFs track indices such as mainland real estate and the full index of real estate [26] Beauty Care - The beauty care sector ranks in the middle for volume, with a high internal sentiment concentration indicating a favorable risk-return profile [29] Agriculture - The agriculture sector ranks high in volume performance, with a good risk-return profile due to low crowding levels [32] - Relevant ETFs track indices related to modern agriculture and livestock [33] Pharmaceuticals - The pharmaceutical sector ranks high in volume performance, with a good risk-return profile as well [36] - Relevant ETFs include those tracking various pharmaceutical indices [38] Banking - The banking sector ranks low in volume performance but shows a good risk-return profile with low crowding levels [43] - Relevant ETFs track indices such as the China Securities Banking Index [45]