Why do they all call it "battery," yet the prices move differently? An article breaking down the three major battery indices.

In recent years, with the explosive demand downstream in energy storage and the accelerated iteration of battery technology, the battery sector has attracted increasing attention from investors.

However, during this process, many investors have become confused: why do indices with “battery” in their names perform differently despite all being called “battery” indices? What are the differences among these battery indices? Which one is more suitable for me?

Currently, the main three mainstream battery indices in the market are: Guozheng New Energy Vehicle Battery Index (hereinafter referred to as “New Energy Vehicle Battery Index”), Guozheng New Energy Battery Index (hereinafter referred to as “New Energy Battery Index”), and CSI Battery Theme Index (hereinafter referred to as “CSI Battery Index”).

To understand the differences among these three, we need to start by discussing the differences in their coverage of business areas.

01 Core Differences:: Coverage of Business Fields and Upstream/Downstream Segments

New Energy Vehicle Battery Index is self-explanatory; it serves the “vehicle” sector, mainly focusing on power batteries, which are batteries that provide power to new energy vehicles and other electric transportation tools.

New Energy Battery Index mainly focuses on energy storage batteries, whose primary function is to store electrical energy and release it when needed.

CSI Battery Theme Index has the broadest coverage among the three, including not only power batteries and energy storage batteries but also consumer batteries, which supply power to portable consumer electronic products like mobile phones and laptops.

Source: The compilation schemes of the three battery indices

Furthermore, from the perspective of the industry chain segment, compared to the other two indices, the New Energy Battery Index is more focused on the midstream of batteries and basically does not cover upstream raw materials.

02 Weight Perspective: Similarities and Differences in the Top Ten Constituents

Although the application scenarios of power, energy storage, and consumer batteries differ, because they share common core materials and manufacturing processes, many large battery manufacturers operate multiple business lines simultaneously, leading to some overlap among the top ten constituents of the three indices (e.g., CATL, EVE Energy, etc.).

However, due to their focus on different sub-sectors, their constituent stocks also differ:

New Energy Vehicle Battery Index heavily weights companies like BYD (13.3%) and other power battery enterprises, as well as upstream lithium and cobalt leaders like Huayou Cobalt (7.9%). Its performance is significantly influenced by the leading power battery companies and resource cycles.

New Energy Battery Index includes CATL (8.2%) and other comprehensive battery leaders, as well as energy storage inverter and thermal management companies like Sungrow (7.4%), capturing the development of the energy storage sub-sector.

CSI Battery Index has the broadest coverage and the most diverse constituents; its performance more accurately reflects the overall industry chain’s average prosperity.

Data source: iFind, as of March 18, 2026

03 Quantity Differences: Number of Constituents and Concentration

Among the three indices, the New Energy Vehicle Battery Index has the fewest constituents, only 30; the other two indices each have 50 constituents.

This also explains why, in the above table, the top ten concentration of the New Energy Vehicle Battery Index is the highest at 66.7%, while the CSI Battery Index, due to its broader industry coverage, has a top ten concentration of only 49.5%.

04 Market Cap Differences: Different Focus on Companies of Varying Market Values

Influenced by the number of constituents and selection rules, the New Energy Vehicle Battery Index tends to focus more on large-cap leading companies, with companies valued at over 100 billion yuan accounting for as much as 51.4%, while small-cap companies below 20 billion yuan account for only 0.7.

New Energy Battery Index includes leading companies but also incorporates more small- and mid-cap companies (such as small and medium thermal management and fire protection firms). Companies with a market value over 100 billion yuan account for 35.6%, which is lower than the New Energy Vehicle Battery Index, while those below 20 billion yuan account for 22.1%, resulting in relatively higher elasticity in its performance.

CSI Battery Index, due to its coverage of the entire industry chain, involves both large and mid-cap stocks, with a more balanced and dispersed market value distribution among its constituents.

Data source: iFind, as of March 18, 2026

Therefore, regarding index selection:

• If you are optimistic about energy storage and want a “one-click” layout of the energy storage industry, reducing upstream raw material interference, and prefer higher growth prospects and higher elasticity from more small- and medium-cap companies, you can prioritize the Guozheng New Energy Battery Index. Related products include the Energy Storage Battery ETF E Fund (159566).

• If you want to focus on allocating to leading power battery companies, you should consider the Guozheng New Energy Vehicle Battery Index.

• If you prefer a comprehensive coverage of power, energy storage, and consumer batteries, aiming to grasp investment opportunities across all sub-sectors, the CSI Battery Theme Index is more suitable. Related products include the Battery ETF E Fund (159175).

Energy Storage Battery ETF E Fund (159566) is currently the largest ETF focused on the energy storage battery sub-sector, selecting constituents that include stable leaders like CATL and Sungrow, as well as high-growth potential small- and mid-cap companies in thermal management and fire protection. It offers a balance of safety margins and aggressiveness, making it an ideal tool to efficiently capture the growth dividends of the energy storage industry.

Battery ETF E Fund (159175) comprehensively covers the three core areas of power, energy storage, and consumer batteries.

Risk reminder: Funds are risky; investments should be cautious.