The three major indices of the A-share market continued to rise today. At the close, the Shanghai Composite Index increased by 0.25% to 4,133 points, the Shenzhen Component Index rose by 0.78%, and the ChiNext Index gained 1.31%. The total market turnover reached 2.53 trillion yuan, an increase of 111.5 billion yuan compared to the previous trading day, with nearly 3,300 stocks declining.
The energy storage and battery sectors performed strongly, with Defu Technology rising more than 10%. The following ETFs surged over 4%: New Energy ETF Shenwan Lingxin, New Energy ETF Huaan, Battery ETF Nanfang, Battery ETF Fuguo, Battery ETF Huatianfu, Battery ETF E Fund, ChiNext New Energy ETF Fuguo, Battery ETF, Battery ETF Jia Shi, and Energy Storage Battery ETF E Fund.
In terms of news, multiple countries have intensified their policies on new energy. Recently, overseas demand for household energy storage has increased: the UK launched the 'Warm Homes Program,' providing 15 billion pounds to promote solar and energy storage development; the Netherlands abolished its net metering policy, prompting existing users to add more energy storage capacity; and Australia introduced additional subsidies to stimulate household energy storage.
In the past, the global energy system was built on a key premise — a stable international energy trade framework.
However, in recent years, this framework has begun to face frequent disruptions.
Trade frictions, regional conflicts, and geopolitical confrontations have continuously weakened the stability of the energy supply chain. Energy issues have gradually shifted from purely economic concerns to matters of national security.
Following the outbreak of the Russia-Ukraine conflict in 2022, Europe plunged into a natural gas crisis and was forced to purchase gas at exorbitant prices.
Subsequently, to mitigate reliance on foreign energy, household energy storage installations in Europe experienced rapid growth within a year. European nations began to accelerate the development of clean energy and expedite their energy transition efforts to ensure energy supply security.
The backdrop of frequent international conflicts has triggered global energy anxiety, leading to a noticeable shift in how countries perceive their energy mix — developing new energy sources has become an alternative strategy to address energy crises.
Since 2026, among domestic new energy sub-sectors, photovoltaics have led the gains. The leading photovoltaic ETF Guangfa (560980) has risen over 23% year-to-date, while other photovoltaic ETFs such as Photovoltaic ETF (515790), Photovoltaic ETF (159857), and Photovoltaic ETF Huaxia (515370) have surged over 20%.
On one hand, the movement against internal competition is driving supply consolidation and boosting industry prosperity; on the other hand, space-based photovoltaics are emerging as a new technological frontier.
The new energy sector remains highly active, but investors may find it confusing to differentiate among indices such as CS Battery and Photovoltaic Leader 30. Each index has its own focus, and the following provides a quick overview of ETFs related to the new energy theme.
Three battery-related indices: New Energy Battery focuses on the energy storage industrial chain, excluding midstream components with poor competitive positioning; New Energy Vehicle Battery centers on the power battery industrial chain for electric vehicles; CS Battery covers upstream and downstream segments of the battery industry chain, including power, energy storage, and consumer electronics, with nearly 40% content in solid-state batteries and nearly 60% in energy storage.
Two photovoltaic indices: Photovoltaic Leader 30 selects 30 large-scale, profitable photovoltaic leaders with high weight concentration; Photovoltaic Industry encompasses the entire photovoltaic industrial chain with 50 constituent stocks.
Four comprehensive new energy indices: Kechuang New Energy focuses exclusively on the STAR Market, selecting 50 targets in photovoltaic, wind power, and other fields, emphasizing technology-innovation-oriented new energy enterprises; Innovative Energy emphasizes Growth Enterprise Market (GEM) new energy companies, with over 70% content in energy storage and solid-state batteries; New Energy Index has broad coverage, spanning photovoltaic, wind power, and battery sectors with diversified constituent stocks; CSI New Energy concentrates on photovoltaic and battery industries.
Inland Low Carbon not only covers new energy but also includes low-carbon sectors such as hydropower.
Pacific Securities believes that the U.S.-Israel-Iran conflict has led to rising natural gas prices, which will likely sustain strong demand for household energy storage overseas. The household energy storage sub-sector has already experienced a downward cycle of approximately three years, and supply-demand dynamics indicate a favorable bottoming-out trend. Recently, the EU faces the risk of continued natural gas price increases due to the U.S.-Israel-Iran conflict and is accelerating its strategy toward energy independence, significantly boosting demand for complementary products such as household energy storage systems.
Guojin Securities points out that by 2026, the lithium battery industry will experience a major wave of increased volume and pricing, along with breakthroughs in solid-state technologies, leading to widespread prosperity across the value chain. Key recommendations include companies involved in price increases in areas like 6F, separators, lithium carbonate, VC, and copper-aluminum foil, as well as firms specializing in solid-state technology advancements.
