A-Aktien bilden erneut eine Gruppe um die neue Energie

Since the end of August 2025, the new energy sector has regained favor in the A-share market and become one of the main market trends.

Judging from the performance of industry ETFs, the China GEM New Energy ETF (159368) has soared nearly 15%, leading the A-share market, and the fund shares have rapidly increased by more than 100%.

So, how long can this wave of new energy market last?

AI VS New Energy

Currently, the A-share market shows an obvious structured trend. In particular, the performance of the AI and new energy sectors is like ice and fire.

The optical module index in the AI sector has cumulatively declined by 17% since early September (as of September 9). Among them, the star "Yizhongtian" has tumbled about 20%. In contrast, in the new energy sector, the sub - indices of solid - state batteries and energy storage have both risen by more than 10%. The stock prices of leading companies such as Sungrow Power Supply, Lead Intelligent Equipment, and EVE Energy have soared by more than 40% at one point.

If you need to compare the market trends, valuations, ROE, financial performance, and heavy - weighted stocks of the two sectors, you can open the "Red Rocket" mini - program and add the indices for query in the "Index Browser" under the "Opportunities" section. In addition, the mini - program also provides functions such as over - the - counter fund purchases and community discussions.

Source: "Red Rocket" mini - program

As typical representatives of the technology and cyclical sectors in the A - share market, the differentiation of their market trends essentially reflects that the A - share market is experiencing a rotation of major asset sectors. This shift is mainly due to two factors.

On the one hand, the current point of the Wind technology sector index is 50% higher than the peak in June 2015. As of September 9, the valuation is as high as 47 times, far exceeding the median of 17.5 times in the past decade. Among them, the latest valuation of the optical module is as high as over 70 times. In contrast, the cyclical sector is still in a valuation depression. The current PE of the new energy sector is only 24.6 times, slightly higher than the lower limit of the valuation in the past decade and far lower than the median of 32 times.

On the other hand, the important meeting in July clearly stated that "govern the disorderly low - price competition of enterprises in accordance with laws and regulations and promote the orderly withdrawal of backward production capacity", kicking off the prelude to anti - involution governance. The cyclical sectors such as new energy (especially photovoltaics and new energy vehicles), chemicals, and non - ferrous metals are likely to be covered.

Against this background, the high - prosperity logic of energy storage and solid - state batteries has become one of the important factors driving the switch of major A - share sectors.

Accelerated Development of Solid - State Batteries

Currently, solid - state batteries are no longer just concepts on PPTs, but the industrialization process has significantly accelerated.

According to incomplete statistics from institutions, 8 battery companies have currently deployed pilot lines with a total scale of 0.3GWh. More importantly, almost all of the world's top ten mainstream automakers have chosen sulfide all - solid - state batteries. The unity of the technical route has laid a solid foundation for large - scale and low - cost mass production in the future.

The performance of leading companies in the solid - state battery industry also confirms this trend. In the first half of 2025, the orders for solid - state battery - related equipment of Lead Intelligent Equipment reached about 500 million yuan, and it is expected to exceed 1 billion yuan for the whole year, while it was only 100 million yuan in 2024. The dry - process equipment of Honggong Technology has received orders from multiple customers, and the silicon - carbon CVD fluidized bed has also entered the design stage. It is expected that a prototype will be launched in November 2025.

These developments have greatly boosted the capital market's confidence in the commercialization of solid - state batteries and triggered the recent sharp rise in the new energy market.

Compared with traditional liquid batteries, solid - state batteries have achieved double breakthroughs in safety and energy density. Solid electrolytes are non - flammable and non - leaky, fundamentally eliminating the risks of battery fires and explosions. Through material innovations such as lithium metal, the energy density can exceed 400Wh/kg, far exceeding the physical bottleneck of 300Wh/kg for liquid batteries.

This advantage can not only increase the cruising range of new energy vehicles to over 1000 kilometers but also expand to emerging fields such as low - altitude aircraft and humanoid robots.

According to the calculations of Guosen Securities, the global solid - state battery market scale will soar from 1.44 billion yuan in 2025 to 218 billion yuan in 2030, with a compound annual growth rate of up to 72%. The upstream and downstream of the industrial chain will face major opportunities.

Specifically, new reform opportunities will emerge in key links of the solid - state battery industrial chain, including equipment (dry - process, rolling, static pressing, sealing and testing), solid electrolytes, current collectors, conductive agents, aluminum - plastic films, and silicon - carbon anodes.

Energy Storage in "Short Supply"

Compared with the new industrial breakthroughs in solid - state batteries, the turnaround of the energy storage sector is even more remarkable.

In 2024, the Chinese energy storage market was in a state of oversupply - the annual new installed capacity was only 77.3GWh, while the shipment volume reached as high as 301GWh, directly putting great pressure on the prices of energy storage products. However, since 2025, the industry pattern has reversed, and "short supply" has emerged.

In the domestic market, the new installed capacity of new - type energy storage in the first half of the year reached 56GWh, a year - on - year surge of 68%, driving the shipment volume of energy storage batteries to soar by 109% to 252GWh. Subsequently, the domestic energy storage tender scale in August increased by more than 500% year - on - year and was also close to 200% month - on - month, indicating an obvious explosion of demand.

The overseas market demand is also strong. In the United States, the energy storage subsidy policy will last until 2033, and the industry's economic viability is significant. Coupled with the expectation of the Fed's interest rate cut, the financial costs of large - scale photovoltaic energy storage projects will be reduced, further stimulating the demand for project starts.

In Europe, the time - of - use electricity price policies implemented in countries such as Germany and Italy have widened the price difference to 0.5 euros/kWh, increasing the return on investment of industrial and commercial energy storage to over 15%. Coupled with the completion of household energy storage inventory reduction, the demand is accelerating. In addition, the policy promotion in Australia and large - scale deployment in Indonesia all mark that the overseas energy storage market has entered a new cycle of prosperity.

In the medium and long term, the global and Chinese energy storage markets still have great growth potential. According to the optimistic prediction of WoodMackenzie, the global energy storage installed capacity will increase by more than seven times in the next decade, exceeding 1TW/3TWh in total. To achieve this goal, the global investment demand for battery energy storage systems will reach 1.2 trillion US dollars before 2034.

It is worth noting that the AIDC demand driven by AI has become a new growth point - a 100MW data center can drive an energy storage demand of 450 - 800GWh, and the compound annual growth rate of data center energy storage demand from 2024 to 2030 will exceed 80%.

For this huge market, Chinese energy storage enterprises have good overall competitiveness and have won a large number of orders. In the first half of 2025, Chinese enterprises won 199 overseas energy storage orders, with a total scale of up to 160GWh, a year - on - year surge of 220%.

The performance data of relevant listed enterprises also confirm the high prosperity of the industry. The energy storage business revenues of five leading enterprises, including Sungrow Power Supply, CATL, EVE Energy, Sunwoda Electronic, and Gotion High - tech, exceeded 60 billion yuan in the first half of the year, with an average growth rate of over 80%.

Among them, Sungrow Power Supply's energy storage business revenue in the first half of the year was 17.8 billion yuan, a year - on - year surge of 128%, accounting for 40.89% of the total revenue. For the first time, it has surpassed photovoltaic inverters to become the company's largest business. Its global energy storage system shipment volume has exceeded that of Tesla and ranked first in the world for the first time, with a global market share of 18% - 20%, and its share in the European market has increased from 10% in 2023 to 21%.

Meanwhile, Sungrow Power Supply's traditional business, photovoltaic inverters, still maintained a 17% growth, with a global market share of 30%, firmly ranking first in the industry, while Huawei ranked second, and the shares of other competitors were relatively small.

With the two major businesses advancing side by side, Sungrow Power Supply's profitability has increased. As of the end of the second quarter of 2025, the company's gross profit margin was 34.4%, and the net profit margin was 18%, both reaching new highs since 2011, while the current price - to - earnings ratio is still less than 20 times.

Overall, there are many enterprises in the two sub - sectors of solid - state batteries and energy storage, making it difficult for investors to make choices. However, allocating relevant new energy ETFs is also a good option. Among them, the China GEM New Energy ETF (159368) comprehensively covers the core leading enterprises in these two sectors, including heavy - weighted stocks such as Sungrow Power Supply, EVE Energy, and Lead Intelligent Equipment. If you don't have a stock account, you can pay attention to the corresponding over - the - counter linked fund C (024420).

The top ten heavy - weighted stocks of the China GEM New Energy ETF (159368), Source: Wind

Generally speaking, against the background of the anti - involution policy, combined with the high prosperity of solid - state batteries and energy storage, there is a logical basis for the new energy sector to become the main trend in the A - share market. This also means that there may still be room for valuation repair in the sector in the future.

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This article is from the WeChat public account "Market Value Observation" (ID: shizhiguancha), author: Market Value Observation, published by 36Kr with authorization.