As of the close of trading on April 11, 2025, the Shanghai Stock Exchange Science and Technology Innovation Board New Energy Index (000692) rose 1.14%, the constituent stocks Yishitong (688733) rose 8.97%, Jiayuan Technology (688388) rose 7.13%, Jinbo (688598) rose 4.27%, Zhenhua New Materials (688707), Haiyou New Materials (688680) and other stocks followed suit. The closely related index-tracking fund Science and Technology Innovation New Energy ETF (588830) rose 1.21%, achieving four consecutive gains.

In the past four trading days, the Kechuang New Energy ETF has attracted a total of 25.1553 million yuan, with an average daily net inflow of 6.2888 million yuan, and the latest share has reached 457 million shares, a new high since its establishment. The constituent stocks of the SSE STAR Market New Energy Index are mainly from the fields of photovoltaics, wind power and new energy vehicles. Among them, the two major industries of photovoltaic equipment and batteries have a combined equity weight of nearly 90%. On April 8, 2025, the Jiangsu Provincial Development and Reform Commission issued a photovoltaic policy, canceling the restriction on the proportion of self-consumption and self-consumption, simplifying the filing process, promoting the development of the energy storage industry, and supporting the development of the whole village, which is expected to build the world's largest distributed photovoltaic base.

On April 10, Trina Solar's subordinate laboratory announced that its self-developed 210mm large-area perovskite/crystalline silicon two-end tandem solar cell set a world record, and was certified by an authoritative third-party with a maximum efficiency of 31.1%. This is the first time in the world that such high efficiency has been achieved on a 210mm industrial-grade cell size, which greatly enhances the confidence of China's photovoltaic industry.

In terms of batteries, the price of lithium carbonate futures has rebounded steadily recently, and the main price has returned to 11-120,000 yuan, and the price of the industrial chain is expected to bottom out significantly, and the lithium battery industry chain will usher in stable development. Industrial Securities believes that the photovoltaic industry is expected to recover gradually in 2025. The industry has experienced a large cycle from 2020 to 2024, and is currently in a state of industry-wide cash flow loss, and the current industry is at the bottom of the profit cycle.

At the same time, some institutions analyzed that the 25Q1 production schedule of the head lithium battery and lithium battery material companies is still strong. In 25Q1, the price increase of some materials has been landed, and the overall comprehensive profitability level is also moving up year-on-year, and it is expected that the overall Q1 performance of the lithium battery industry chain will perform well. In terms of new technologies, 2025 may be the first year of solid-state batteries, which will be an irreplaceable technical route in both the low-altitude economy and the field of robots. Recently, leading battery manufacturers, OEMs, experts and scholars are expected to gradually converge on the loading rhythm of all-solid-state batteries, that is, small batches/demonstration vehicles will be launched in 2027 and large-scale mass production in 2030, and the market will gradually build consensus.

The STAR New Energy ETF closely tracks the SSE STAR Market New Energy Index, which selects 50 securities of listed companies in the fields of photovoltaic, wind power and new energy vehicles with large market capitalization from the STAR Market as index samples to reflect the overall performance of the securities of listed companies in the representative new energy industry in the STAR Market. It is worth noting that the valuation of the SSE Science and Technology Innovation Board New Energy Index tracked by the fund is at a historically low level, with the latest price-to-book ratio of 1.58 times, which is lower than the index of more than 86.84% in the past three years, and the valuation is cost-effective.

According to the data, as of March 31, 2025, the top 10 weighted stocks in the SSE Science and Technology Innovation Board New Energy Index (000692) are JinkoSolar (688223), Trina Solar (688599), Tiannai Technology (688116), Canadian Solar (688472), Daqo Energy (688303), Rongbai Technology (688005), Funeng Technology (688567), Xiamen Tungsten New Energy (688778), GoodWe (688390), and Arctech (688408), the top 10 weighted stocks accounted for 52.3% of the total.

STAR New Energy ETF (588830), OTC Connect A: 023075; Join C: 023076.