Author：AliceDate：2024-10-23
In the afternoon of October 23, the new energy sector, which is at a low valuation, attracted the attention of funds and set off a surge in daily limit. Shanghai Electric, JA Solar, Folangte, Tongwei Co., Ltd., TCL Zhonghuan, and Sun Moon Co., Ltd. all hit the daily limit. Trina Solar rose by more than 15%, and Sungrow Power Supply rose by more than 10%. The new energy theme ETF rose strongly. As of 13:17, the new energy ETF fund (516850) rose by 5.05%, the new energy vehicle ETF (515030) rose by 2.35%, and the green power ETF (562550) rose by 1.28%.
From the overall performance of the sector, the new energy sector has been fluctuating and adjusting for nearly 3 years, with a range of decline of more than 66%. The adjustment range is large and the time is long. Although the market has rebounded recently, the valuation is still at a low level. The latest valuation (PE-TTM) of the CSI New Energy Vehicle Index is 28.26 times, which is at the neutral and low percentile of 26.88% in the past 10 years. Overall, the sector has a large room for valuation improvement in the future.
Guotai Junan believes that in China, under the stimulus of economic recovery and the old-for-new policy in 2024, new energy vehicles are expected to become a recovery tool. The current new energy vehicle industry chain is at the bottom of the cycle. With the arrival of the new energy vehicle peak season and the stronger-than-expected energy storage, the overall demand is expected to gradually improve.
New Energy Vehicle ETF (515030) is the largest new energy vehicle theme ETF on the market. It tracks the CSI New Energy Vehicle Index (399976) with its linked fund (013013/013014), and selects listed companies involved in lithium batteries, charging piles, new energy vehicles and other businesses as constituent stocks to reflect the overall performance of listed companies related to the new energy vehicle industry. The constituent stocks of the CSI New Energy Vehicle Index are "few but fine", focusing on the development opportunities of the upstream, midstream and downstream industries.
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