Market Update: New Energy Vehicle ETFs and Auto Parts ETFs Experience Minor Adjustments Amid Policy Developments and Solar ETF Fund Reaches Six-Month High

As of May 19, 2025, at 13:04, the CSI New Energy Vehicle Industry Index (930997) has decreased by 0.82%. Among the constituent stocks, Defu Technology (301511) leads with a rise of 7.27%, followed by Yihua Tong (688339) with an increase of 2.76% and Xinzhoubang (300037) up by 1.43%. Conversely, Yinlun Co., Ltd. (002126) fell by 3.59%, Fulian Precision (300432) dropped by 3.31%, and Xingyuan Material (300568) decreased by 2.40%. The New Energy Vehicle ETF (515700) is down by 0.91%, with the latest price at 1.64 yuan. Over the past week, as of May 16, 2025, the New Energy Vehicle ETF has increased by 1.97%, ranking in the top half among comparable funds. In terms of liquidity, the ETF saw a turnover of 1.26% during the day, with a trading volume of 28.51 million yuan. Over the past year, it has averaged daily trading of 67.64 million yuan, and its latest scale reached 2.292 billion yuan, ranking in the top half of comparable funds.

Recent data indicates a year-on-year decline in the weekly performance of the new energy sector, with growth slowing down to about 5%, raising concerns about the industry’s beta. However, when compared to the second week of April, the total market growth was strong, indicating a seasonal fluctuation in overall sales. Guojin Securities speculated that the weak year-on-year growth this week is due to the high base from the same period last year, which corresponds to the first week after the ‘old-for-new’ policy was implemented. Observing the next two weeks of sales trends will be crucial. GF Securities considers exports to Europe an important clue for this year’s investment outlook. Following unexpected easing of tariffs between China and the U.S., there is a 90-day exemption period that has led to a surge in exports to the U.S., resulting in increased shipping demand. The rising freight costs may exert potential pressure on export chains. For the export industry, opportunities in the European market are recommended. While the current rise in freight rates is mainly on U.S. routes, the European increases are not significant, keeping cost pressures manageable. Furthermore, expectations for improved Sino-European relations at a macro level and anticipated recovery in demand for wind energy and inverters at a micro level suggest potential for Chinese motorcycles and new energy vehicles to gain market share in Europe, marking a key investment direction.

As of May 19, 2025, at 13:04, the CSI Photovoltaic Industry Index (931151) has decreased by 0.42%. The constituent stocks showed mixed results, with Jinlang Technology (300763) leading with a rise of 2.88%, followed by Robotech (300757) up by 2.15% and Canadian Solar (688472) increasing by 1.80%. On the downside, Jiejia Weichuang (300724) fell by 3.45%, Gaomei Stock (688556) decreased by 3.05%, and Meichang Stock (300861) dropped by 2.84%. The Photovoltaic ETF (516180) is down by 0.54%, currently priced at 0.55 yuan. Over the past week, as of May 16, 2025, the Photovoltaic ETF has risen by 1.47%. In terms of liquidity, the ETF saw a turnover of 1.88% during the day, with a trading volume of 1.1506 million yuan. Over the past week, the average daily trading volume was 558.81 million yuan, and the latest shares reached 112 million, marking a new high in the past six months.

The 136 Document has released supporting details, proposing that the declared upper limit for the proportion of mechanism electricity should not exceed 90%, and ensuring the connection to existing projects. Changjiang Securities believes that the gradual implementation of these details will allow for a reassessment of green electricity values. In May 2025, as the details of the 136 Document are gradually rolled out in various provinces, ensuring reasonable income expectations for new energy projects will become a policy focus. Although specific provincial plans are still unclear, it is anticipated that they will uphold the principles of protecting existing projects and stabilizing income expectations for new projects, which is crucial for the healthy growth of new energy generation in the long run. The acceleration in green electricity consumption is expected to lead to a reassessment of the value of green electricity companies.

As of May 19, 2025, at 13:04, the CSI Automotive Parts Theme Index (931230) has decreased by 0.60%. The constituent stocks showed varied performances, with Chengfei Integration (002190) leading with a rise of 10.00%, followed by Wan’an Technology (002590) also up by 10.00%, and Haon Automobile Electric (301488) increasing by 9.95%. On the downside, Jinguan Technology (300258) fell by 8.26%, Zhejiang Rongtai (603119) decreased by 6.34%, and Xinzhi Group (002664) dropped by 5.08%. The Automotive Parts ETF (159306) is down by 0.88%, with the latest price at 1.13 yuan. Over the past week, as of May 16, 2025, the Automotive Parts ETF has increased by 1.61%.

As of May 19, 2025, at 13:04, the CSI New Materials Theme Index (H30597) has decreased by 0.03%. The constituent stocks showed mixed performances, with China Materials Technology (002080) leading with a rise of 3.55%, Guangwei Composite (300699) up by 3.02%, and China Weapons Red Arrow (000519) increasing by 2.01%. On the other hand, Jinfeng Technology (600143) fell by 2.01%, Huayou Cobalt (603799) decreased by 1.81%, and Hunan YN Energy (301358) dropped by 1.69%. The New Materials ETF Index Fund (516890) is showing a stable performance, currently priced at 0.50 yuan. Over the past week, as of May 16, 2025, it has cumulatively increased by 0.40%.

Investors can take advantage of investment opportunities in relevant sectors through the Photovoltaic ETF Fund (516180), New Materials ETF Index Fund (516890), New Energy Vehicle ETF (515700), and Automotive Parts ETF (159306). The New Energy Vehicle ETF closely tracks the CSI New Energy Vehicle Industry Index, which selects 50 listed companies involved in electric vehicles, electric motors, battery materials, and more, reflecting the overall performance of leading companies in the new energy vehicle sector. As of April 30, 2025, the top ten weighted stocks in this index are BYD (002594), Inovance Technology (300124), CATL (300750), Sanhua Intelligent Control (002050), Yiwei Lithium Energy (300014), Huayou Cobalt (603799), Ganfeng Lithium (002460), GreenMei (002340), Tianqi Lithium (002466), and Hongfa Technology (600885), together accounting for 58.64% of the index.

The Photovoltaic ETF closely tracks the CSI Photovoltaic Industry Index, selecting up to 50 representative listed companies from the upstream, midstream, and downstream of the photovoltaic industry. As of April 30, 2025, the top ten weighted stocks include LONGi Green Energy (601012), Sungrow Power Supply (300274), TCL Technology (000100), Trina Solar (600089), Tongwei Co. (600438), TCL Zhonghuan (002129), Chint Electrics (601877), Dechang Energy (605117), Jinko Solar (688223), and JA Solar (002459), collectively representing 56.17% of the index.

The New Materials ETF Index Fund closely tracks the CSI New Materials Theme Index, which includes 50 listed companies involved in advanced steel, non-ferrous metals, chemicals, and other foundational materials. As of April 30, 2025, the top ten weighted stocks are North Huachuang (002371), CATL (300750), Wanhua Chemical (600309), LONGi Green Energy (601012), SanHuan Group (300408), Huayou Cobalt (603799), Tongwei Co. (600438), San’an Optoelectronics (600703), Baofeng Energy (600989), and GreenMei (002340), together accounting for 52.71% of the index.

The Automotive Parts ETF closely tracks the CSI Automotive Parts Theme Index, selecting 100 companies involved in automotive systems, interiors, electronics, and tires. As of April 30, 2025, the top ten weighted stocks include Inovance Technology (300124), Fuyao Glass (600660), Sanhua Intelligent Control (002050), Top Group (601689), Shengwin Tire (601058), Desay SV (002920), Huayu Automotive (600741), Berthly (603596), Shuanghuan Transmission (002472), and Wanfeng Aowei (002085), collectively accounting for 45.48% of the index.

Related products include the New Energy Vehicle ETF (515700) with off-market connections (Ping An CSI New Energy Vehicle ETF Connection A: 012698; Ping An CSI New Energy Vehicle ETF Connection C: 012699), the Photovoltaic ETF Fund (516180) with connection options (Ping An Photovoltaic Index Fund A: 012722; C: 012723), and the New Materials ETF Index Fund (516890), alongside the Automotive Parts ETF (159306) with its respective connections (Ping An CSI Automotive Parts Theme ETF Connection A: 022731; C: 022732).