Power Equipment Sector Leads Market Gains on Anti-Overcapacity Signals and Tesla Catalyst

The power equipment sector led the market's gains today (April 10). As of the time of writing, the sector attracted over 22.3 billion yuan in net inflows from main funds, ranking first among the 31 primary Shenwan industries. Contemporary Amperex Technology Co.,Ltd. and Eve Energy surged more than 6%, while Sungrow Power rose over 5%. Among popular ETFs, the Star Market and ChiNext Hard Tech Broad-Based ETF—双创龙头ETF (588330)—which covers high-growth leaders from the STAR Market and ChiNext, saw its intraday price surge by 3.55% and is currently up 3.45%. Its price reached 0.993 during the session, just a step away from its all-time high of 0.997 since listing.

On the policy front, a joint symposium by four government departments emphasized standardizing competition and providing early warnings on production capacity, boosting expectations of an "anti-overcapacity" stance in the battery supply chain. On April 9, the Ministry of Industry and Information Technology, the National Development and Reform Commission, the State Administration for Market Regulation, and the National Energy Administration jointly held a symposium with companies in the power and energy storage battery industries. The meeting highlighted the importance and urgency of curbing "cutthroat competition" and firmly opposing unreasonable and unfair competitive practices. This further signals a top-down determination to combat overcapacity, which is expected to help restore reasonable pricing and profitability in the industry.

In terms of market news, Sunwoda's entry into Tesla's global supply chain validates overseas expansion channels for second-tier battery manufacturers. Sunwoda Power, a subsidiary of Sunwoda, has officially become Tesla's fifth global power battery supplier. For a long time, Tesla's battery supply has been dominated by Panasonic, LG Energy Solution, Contemporary Amperex Technology Co.,Ltd., and BYD. Sunwoda's inclusion demonstrates that second-tier manufacturers now possess the technical capabilities to compete with leading players. This marks not only a breakthrough for one supplier but also a turning point toward "de-monopolization" and the "capillarization" of the supply chain in the power battery industry.

Industry insiders pointed out that the peak season in the second quarter has initiated a new round of price increases, with battery manufacturers successfully passing on higher costs. Significant price increases have been observed across various material segments—including lithium carbonate, separators, copper foil, and lithium hexafluorophosphate—as price hikes continue to take effect. The lithium battery industry chain is transitioning from "volume growth" to "both volume and price increases," with strong certainty in earnings realization.

Kaiyuan Securities believes that under the requirements of the "15th Five-Year Plan," technological security remains the most critical theme, driving substantial improvements in self-reliance and self-strengthening in technology. Key industries are expected to form an "8466" development pattern. New quality productive forces are likely to take over the role of real estate as a "pillar industry," forming a rapid development trend centered on energy as the foundation (new energy + controlled nuclear fusion) and with core industries advancing in parallel (AI + electronics/semiconductors, aerospace + low-altitude economy, embodied intelligence, biopharmaceuticals, etc.).

[Unfazed by Market Rotation, One-Click Access to China’s Core Hard Tech] The hard tech broad-based ETF—双创龙头ETF (588330) and its off-exchange feeder funds (Class A: 013317 / Class C: 013318)—selects 50 listed companies in strategic emerging industries with larger market capitalizations from the STAR Market and ChiNext, covering popular themes such as optical modules, semiconductors, and photovoltaic equipment. Additionally, this ETF is eligible for margin trading and stock connect programs, making it an efficient tool for one-click exposure to new quality productive forces.

It is worth noting that the underlying index of 双创龙头ETF (588330) has been crowned the "2025 Broad-Based Gain Champion," with a cumulative increase of 60.86% year-to-date in 2025, outperforming major broad-based indices such as the ChiNext 50 (57.45%), ChiNext Index (49.57%), STAR Composite Index (46.30%), and STAR 50 (35.92%).

Note: 双创龙头ETF (588330) was previously known as 双创龙头ETF in the secondary market.

Risk Warning: 双创龙头ETF passively tracks the CSI STAR Market and ChiNext 50 Index, which has a base date of December 31, 2019, and was launched on June 1, 2021. The composition of the index's constituent stocks is adjusted according to its compilation rules, and its historical backtested performance does not indicate future index performance. The index constituents mentioned are for illustrative purposes only; descriptions of individual stocks are not intended as investment advice of any form and do not represent the holdings or trading动向 of any fund managed by the fund manager. The fund manager assesses the risk level of 双创龙头ETF as R4—moderately high risk, suitable for aggressive (C4) and higher risk-tolerant investors. Suitability matching opinions are subject to the sales institution. Any information appearing in this article (including but not limited to stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only, and investors are responsible for any independent investment decisions. Furthermore, any views, analyses, or forecasts in this article do not constitute investment advice of any kind to readers, and no liability is accepted for any direct or indirect losses resulting from the use of this content. Fund investments carry risks; past performance of a fund does not indicate its future performance, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. Invest with caution.

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