Power Equipment Sector Surges with Dual Drive from Solar and Solid-State Batteries! CATL Rises Over 3%, High-Elasticity — Dual Innovation Leaders ETF (588330) Jumps 2.8% Intraday

Today (September 5), the ChiNext board led the market rally with strong gains, while the STAR Market quickly followed suit. The Dual Innovation Leaders ETF (588330), which covers high-growth leading stocks from both the STAR Market and ChiNext board, rose 2.81% in intraday trading with real-time turnover exceeding 40 million yuan, showing active trading!

Taking a longer-term view, the underlying index of the Dual Innovation Leaders ETF (588330) brings together high-growth leaders from the STAR Market and ChiNext board, demonstrating high elasticity characteristics in this market cycle! Since the low point of this round (April 8), the index has cumulatively gained 59.27%, significantly outperforming single-sector broad-based indices including the ChiNext Index (53.62%), ChiNext Composite (47.76%), STAR Composite Index (42.69%), and STAR 50 (32.77%).

Data source: Wind, statistical period: 2025.4.8-2025.9.4. Note: The CSI Science and Technology Innovation and ChiNext 50 Index annual returns for 2020-2024 were: 86.90%, 0.37%, -28.32%, -18.83%, 13.63%. Index constituent adjustments are made according to index compilation rules, and historical backtesting performance does not predict future index performance.

The top ten gainers among constituent stocks were all from the power equipment industry! Lead Intelligent Equipment rose over 15%, Sungrow Power Supply gained more than 10%, Canadian Solar and EVE Energy climbed over 9%, while Daqo New Energy, CATL and other stocks followed with substantial gains.

On the news front, two government departments are guiding local governments to systematically plan solar and lithium battery industries and help localities organize production capacity. Kaisource Securities pointed out that with high-level support for solar anti-involution policies and clear direction showing phased progress, as demand-side price transmission mechanisms gradually improve and supply-side silicon material reserve plans steadily advance, the industry's supply-demand structure is expected to see substantial improvement.

Industry insiders indicate that solar and solid-state batteries are expected to become core investment themes in the current new energy sector. After experiencing prolonged price adjustments, the solar industry has recently accelerated coordinated production limitations and merger-acquisition integration under "anti-involution" policy support, with supply chain prices showing clear recovery since July. With increased policy support and industry capacity optimization, the solar industry is poised for fundamental improvement.

Solid-state batteries represent the technological frontier in new energy, viewed as the mainstream choice for next-generation battery technology. Their energy density far exceeds existing liquid batteries, with higher safety performance, capable of meeting demands from new application scenarios such as low-altitude economy and humanoid robots.

In energy storage, overseas demand has experienced explosive growth this year, leading to surging orders for domestic energy storage cell companies, with factories running at full capacity. Combined with market-oriented reforms in renewable energy grid pricing, some energy storage companies have even stated that "orders are backlogged even with price increases," creating a situation where "cells are hard to come by."

CITIC Securities points out that the convergence of high prosperity in European and American demand with industrial supply optimization and price recovery creates resonance, with the energy storage industry reaching a fundamental inflection point, gradually emerging from prolonged deflation. The previously sluggish energy storage sector benefits from liquidity rotation and recovery. Current 2026 PE ratios for the energy storage industry are concentrated in the 15-20x range, providing relatively high safety margins.

GF Securities research indicates that technology themes have remained consistently strong throughout this bull market. For investors already holding technology theme positions from this bull market cycle, at current valuation dispersion levels that are not particularly high, there is limited necessity to participate in "high-low switching," and continued focus on technology themes is recommended.

Market analysts believe that from a medium to long-term perspective, China is experiencing a transition between old and new growth drivers, with technological innovation and high-end manufacturing becoming policy-encouraged directions. Emerging industries such as AI and innovative pharmaceuticals are expected to form "new narratives," driving sustained benefits for broad-based indices with technology attributes.

【Mining New Quality Productive Forces, Investing in China's "NASDAQ"】

Focus on the three key characteristics of the hard technology broad-based index — Dual Innovation Leaders ETF (588330) and its off-exchange feeder funds (Class A: 013317 / Class C: 013318):

1. Cross-market diversified allocation, 100% strategic emerging industries: The underlying index selects the 50 largest market-cap strategic emerging industry listed companies from the STAR Market and ChiNext board as index samples, gathering high-growth leaders and encompassing popular themes such as new energy, semiconductors, and medical devices;

2. Growth-style "combat fund," one-click allocation to China's top technology: Against the backdrop of global technology competition, the importance of technological self-reliance and supply chain autonomy has risen to new heights, with "China's NASDAQ" emerging;

3. High-elasticity tool to capture technology market trends, low-threshold access to breakthrough forces: The underlying index has 20% price limit restrictions with greater volatility, capable of serving as a "rebound pioneer." Compared to direct investment in STAR Market and ChiNext individual stocks, ETF investment thresholds are relatively low, requiring less than 100 yuan to begin investing at current prices.

Risk Warning: The Dual Innovation Leaders ETF and its feeder funds passively track the CSI Science and Technology Innovation and ChiNext 50 Index. This index has a base date of December 31, 2019, and was released on June 1, 2021. Index constituent adjustments are made according to index compilation rules, and historical backtesting performance does not predict future index performance. Individual stocks mentioned in this article are for display purposes only, and stock descriptions do not constitute investment advice of any form, nor do they represent position information or trading directions of any funds under management. The fund manager assesses the Dual Innovation Leaders ETF risk level as R4-medium-high risk, suitable for aggressive (C4) and above investors. Suitability matching opinions should be based on sales institutions. Any information appearing in this article (including but not limited to individual stocks, comments, predictions, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors must take responsibility for any autonomous investment decisions. Additionally, any views, analyses, and predictions in this article do not constitute investment advice of any form to readers, nor do they bear any responsibility for direct or indirect losses arising from the use of this content. Fund investment involves risks, past performance of funds does not represent future performance, and performance of other funds managed by the fund manager does not guarantee fund performance. Fund investment should be approached with caution.

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