On September 15, all three major A-share indices opened higher but subsequently diverged in performance. The ChiNext 50 Index opened higher and continued to rise, at one point gaining over 2.4%, strongly leading the gains among broad market indices. Sectors such as batteries, entire vehicles, semiconductors, and photovoltaic equipment led the gains. Related individual stocks, including Contemporary Amperex Technology Co. Limited (CATL), which rose over 8% at one point, followed by Sungrow Power, Sunwoda Electronic, Eve Energy Co., and Ginlong Technologies.
Among related ETFs, the largest fund tracking the ChiNext 50 Index—the ChiNext 50 ETF (159949)—surged strongly at the opening, at one point gaining nearly 2.5%, with active trading. As of 9:50, the fund's turnover had already reached 700 million yuan.
On the news front, the National Development and Reform Commission and the National Energy Administration recently issued the "Action Plan for Large-Scale Construction of New Energy Storage (2025–2027)." The plan proposes an overall goal: by 2027, new energy storage will basically achieve large-scale and market-oriented development, with technological innovation levels and equipment manufacturing capabilities steadily ranking among the global leaders. The market mechanisms, business models, and standard systems will be basically mature and sound, and a diversified energy storage system adapted to the stable operation of the new power system will be initially established, forming an overall pattern of comprehensive planning, multi-source complementarity, and efficient operation, providing strong support for the green transformation and development of energy. The plan explicitly states that by 2027, the installed capacity of new energy storage nationwide will reach over 180 million kilowatts.
Changjiang Securities believes that energy storage demand remains highly robust. The large-scale storage sector is benefiting from better-than-expected domestic demand, gradually materializing non-U.S. market vitality, U.S. demand exceeding expectations, and bottoming-out industry chain prices. Fundamental support and policy catalysts are driving beta gains, while the global landscape continues to consolidate toward leading players, with the competitiveness of industry leaders continuously verified and realized, supporting value regression.
Guotai Haitong Securities believes that the logic behind the rise of Chinese stocks is sustainable, and China's A/H-share indices will reach new highs within the year. First, China's transformation is accelerating, reducing uncertainties in economic and social development and improving visibility, which is an important prerequisite for valuation reassessment. Second, the systematic decline in risk-free returns has lowered the opportunity cost of the stock market. The explosion in asset management demand and incremental market entry have become historical inevitabilities and are far from over. Third, institutional changes have a critical impact on stock market valuations. "Timely, reasonable, and appropriate" economic policies, along with capital market reforms aimed at "improving investor returns," have significantly boosted societal confidence in the value of Chinese assets and improved risk perceptions. Additionally, with global easing imminent, China's "anti-involution" measures and incremental economic support policies are expected to further intensify, continuing to support the upward trend of Chinese stocks.
The ChiNext 50 ETF (159949) closely tracks the ChiNext 50 Index, which consists of the 50 stocks with the highest average daily trading volume on the ChiNext market, reflecting the overall performance of well-known, large-cap, and highly liquid companies in the ChiNext market. This ETF is currently the largest and most liquid fund product tracking the ChiNext 50 Index in the market. The product's off-exchange counterparts (Class A: 160422; Class C: 160424) can also help off-exchange investors seize related investment opportunities.
