The new energy sector experiences volatility and differentiation; funds continue to increase investment in core assets of energy storage batteries.

On April 1st, the A-shares new energy sector showed a pattern of oscillating divergence, with certain sub-sectors like photovoltaic equipment being active locally, and the core index of energy storage batteries remaining volatile and consolidating. At the close, the Guozheng New Energy Battery Index slightly declined by 0.01%, with the energy storage and battery industry chain targets within the sector showing mixed performance. Despite short-term fluctuations in the sector, capital continues to increase its holdings in core energy storage battery assets. According to Wind data, the energy storage battery ETF E Fund (159566, Connect Fund A/C: 021033/021034) saw net inflows of over 3 billion yuan in March.

From the perspective of index characteristics and components (Data source: Wind, as of March 31, 2026):

Guozheng New Energy Battery Index: Since the beginning of the year, it has increased by 2.7%, with an annualized return of 11.8% since the index was launched, and an annualized volatility of 34.7%. The index focuses on the energy storage-related industry chain, excluding upstream resource products and midstream components. Its weights are concentrated in energy storage cell manufacturing, system integration, liquid cooling, and other areas. The top 5 constituent stocks account for 38.0%, with leading energy storage companies like CATL, EVE Energy, and Sunshine Power holding prominent weights. Industry distribution shows lithium batteries accounting for 37.0%, inverters for 19.7%, with the top three industries making up 66.4%, reflecting a pure energy storage sector attribute.

Comparison with similar indices: The CSI Battery Theme Index covers the entire battery industry chain upstream and downstream, while the Guozheng New Energy Vehicle Battery Index excludes energy storage system weights, focusing more on the upstream and midstream segments of new energy vehicle batteries.

CITIC Securities analysts pointed out that the global energy supply chain continues to face shocks, highlighting the necessity of energy independence and control. China’s energy consumption structure is diverse, with overall manageable external dependence risks, and significant progress in clean energy transformation. Under the demand to ensure energy security and promote energy transition, it is expected that electricity price policies will be gradually introduced to push electricity prices to bottom out early and rebound, boosting investment enthusiasm in the power industry. The power sector is likely to see a dual opportunity for fundamental and valuation recovery. As a core support of new power systems, energy storage industry’s long-term growth potential is clear.

According to WIND data, the energy storage battery ETF tracking the Guozheng New Energy Battery Index, E Fund (159566), was listed on February 8, 2024, with a latest scale of 7.29 billion yuan. Since listing, the index has gained 112.56%, with tracking error of only 0.09%, and a management plus custody fee totaling 0.6% per year, as detailed in the chart below.

Risk warning: Funds are subject to risks; investment should be cautious.