The recent successful listing of SpaceX has once again thrust the new energy industry, represented by space-based photovoltaics, into the spotlight. At the Hong Kong Exchange's Future Tech Summit on June 11, Pan Jian, Co-Chairman of Contemporary Amperex Technology Co.,Ltd. (CATL), stated that the world is currently undergoing a third energy revolution. Leveraging technological and manufacturing innovation capabilities, China's new energy sector is developing more favorably than that of the United States. The global shift in energy structure towards clean power is accelerating, with surging demand for new energy generation and computing power creating a fundamental necessity for energy storage. The growth potential of related industries such as lithium batteries, photovoltaics, and wind power has become a focal point for market attention.
A heavyweight new ETF product from the major ETF provider, Huabao Fund, with assets under management exceeding one hundred billion – the ChiNext New Energy ETF (159076) – commenced its initial offering today (June 15). This fund tracks the ChiNext New Energy Index, whose portfolio of constituent stocks focuses on 50 A-shares in the "lithium battery + photovoltaic + wind power" sectors, providing investors with another significant ETF tool to capture investment opportunities in the core assets of the "new energy transformation."
Concentration of Industry Leaders
A media report on June 11 indicated that the world's largest power battery manufacturer, Contemporary Amperex Technology Co.,Ltd. (CATL), led a seed round financing of several hundred million yuan for Beta Fusion. This marks CATL's first investment in the nuclear fusion sector. Information shows that Beta Fusion, founded in 2025, focuses on the commercialization of controllable nuclear fusion, specifically the pulsed field-reversed configuration (FRC) magneto-inertial confinement approach. Its core team originates from leading domestic fusion research institutes. This news, combined with SpaceX's successful listing, has significantly expanded the future development horizon for the new energy industry.
Tianfeng Securities forecasts that global demand for power batteries and energy storage batteries is expected to grow by 25% in 2026, with key material prices already rebounding strongly from their lows. Signals for profit recovery in the battery industry chain are clear, and market sentiment has notably improved. While traditional photovoltaic demand is at a cyclical low, space-based photovoltaics opens up a new blue-ocean market, with global computing power extending into space, catalyzing a trillion-dollar market. Domestic wind power installations during the "15th Five-Year Plan" period are expected to double, European offshore wind demand is growing rapidly, and new applications like wind-to-hydrogen may initiate a second growth curve.
The ChiNext New Energy ETF (159076) tracks the underlying ChiNext New Energy Index (399266). This index uses the ChiNext Index as its sample universe, selecting stocks of companies whose business belongs to the new energy or new energy vehicle industries. The new energy industry includes solar, wind, biomass, nuclear energy, etc. The new energy vehicle industry includes power batteries, battery materials, charging facilities, vehicle manufacturing, motors, and electronic controls. The index calculation involves ranking stocks based on the average R&D expenditure as a percentage of operating revenue over the past three years and the average year-on-year growth rate of operating revenue over the past three years, in descending order. The rankings from these two indicators are summed to obtain a comprehensive ranking for each stock. Stocks with a comprehensive ranking in the bottom 10% are excluded. The remaining stocks in the selection universe are then ranked by their average daily trading value over the last six months, with the bottom 10% excluded. Finally, the remaining stocks are ranked by their average daily total market capitalization over the last six months, and the top 50 stocks are selected as index constituents. The index imposes a maximum single constituent weight of 15%, and the combined weight of the top five constituents does not exceed 60%.
As of April 30, 2026, the ChiNext New Energy Index consists of 50 constituent stocks, with the lithium battery, photovoltaic, and wind power sectors accounting for 57.25%, 20.88%, and 2.72% respectively. The index's top ten holdings by weight include industry leaders such as Contemporary Amperex Technology Co.,Ltd. (CATL), Sungrow Power Supply Co., Ltd., Inovance Technology Co., Ltd., EVE Energy Co., Ltd., and Tianhua New Energy, with a combined weight of 61.31%.
Performance and Risk Metrics
The ChiNext New Energy Index reflects the operational characteristics of new energy industry listed companies on the ChiNext market. Among four mainstream new energy indices – the CSI New Energy Index, the STAR Market New Energy Index, the CSI Battery Index, and the ChiNext New Energy Index – the ChiNext New Energy Index has achieved the highest annualized return since 2023. From the beginning of 2023 to April 30, 2026, the ChiNext New Energy Index recorded an annualized return of 8.96%, outperforming the CSI New Energy, STAR Market New Energy, and CSI Battery indices over the same period. Its maximum drawdown during this period was -50.96%, which was also smaller than the maximum drawdowns of the CSI New Energy (-57.54%), STAR Market New Energy (-72.40%), and CSI Battery (-55.27%) indices, demonstrating relatively stronger resilience during market downturns.
In the field of index investing, Huabao Fund adheres to the principle of financial services supporting the real economy. Guided by the concepts of professional, value, and long-term investing, it is committed to consistently launching ETF products with medium to long-term viability for the market, providing high-efficiency technology financial services to support industrial upgrading and the development of new quality productive forces. Currently, Huabao Fund has successfully established a diverse ETF matrix covering sectors such as "AI Industry Chain," "Cyclicals," "Consumer," "Healthcare," "High Dividend," and "Mainstream Broad-based Indices." According to statistics from the Shanghai and Shenzhen Stock Exchanges, as of June 11, 2026, the asset management scale of Huabao Fund's equity ETFs has reached 121.964 billion yuan, steadily ranking within the industry's top ten. Huabao Fund's energy-themed ETF matrix, comprising products like the Green Energy ETF (562010), the Power ETF (159146), the New Energy Battery ETF (159071), and the Oil ETF (159019), is also distinctive. The launch of the ChiNext New Energy ETF (159076) will add a crucial component to the ecological development of Huabao Fund's energy-themed ETF matrix.
Important Investor Notices
Please note that recent market volatility may be significant, and short-term price movements are not indicative of future performance. Investors must make rational investment decisions based on their own financial situation and risk tolerance, paying close attention to position sizing and risk management.
Regarding ETF fee structure: For the ChiNext New Energy ETF, the subscription fee is 0.3% for amounts below 1 million yuan; for amounts of 1 million yuan or above, a flat fee of 1,000 yuan applies per transaction. On-exchange trading fees are subject to the actual charges by securities firms. When subscribing for or redeeming fund units, subscription/redemption agents may charge a commission not exceeding 0.3%. Please refer to the fund's legal documents for the complete fee schedule.
Data sources: Shanghai Stock Exchange, Shenzhen Stock Exchange, Hong Kong Exchanges, etc.
Risk Disclosure: The ChiNext New Energy ETF passively tracks the ChiNext New Energy Index. The index base date is December 29, 2017, and its release date is September 29, 2022. The index's annual performance from 2021 to 2025 was as follows: +52.22%, -24.43%, -28.06%, +5.81%, +52.06%. The index's constituent stocks are adjusted according to its compilation rules, and its back-tested historical performance does not predict future index performance.
The fund manager has assigned a risk rating of R4 (Medium-High Risk) to the ChiNext New Energy ETF, suitable for Aggressive (C4) and above investors. The fund manager has assigned risk ratings of R3 (Medium Risk) to the Green Energy ETF, Power ETF, Oil ETF, and New Energy Battery ETF, suitable for Balanced (C3) and above investors.
The above-mentioned funds are issued and managed by Huabao Fund. Distributors do not assume responsibility for the investment performance or payment obligations of these products. Investors should carefully read the Fund Contract, Prospectus, Fund Product Summary, and other legal documents to understand the risk-return characteristics of the funds and select products appropriate for their own risk tolerance. Sales agencies (including the fund manager's direct sales channels and other distributors) conduct risk assessments of the above funds based on relevant laws and regulations. Investors should promptly pay attention to the suitability opinions provided by sales agencies and base their decisions on the matching results. Suitability opinions from different sales agencies may not necessarily be consistent, and the fund product risk rating results issued by fund sales agencies shall not be lower than the risk rating results determined by the fund manager. The description of fund risk-return characteristics in the Fund Contract and the fund's risk rating may differ due to different considerations. Investors should understand the risk-return profile of the funds and make prudent choices based on their investment objectives, horizon, experience, and risk tolerance, bearing the investment risks themselves. The China Securities Regulatory Commission's registration of the above funds does not indicate its substantive judgment or guarantee of their investment value, market prospects, or returns. Any information appearing herein (including but not limited to individual stocks, commentary, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only. Investors are solely responsible for any independent investment decisions. Furthermore, any views, analysis, or forecasts herein do not constitute investment advice of any form to readers, and no liability is assumed for any direct or indirect losses arising from the use of this content. The past performance and net asset value levels of the above funds do not predict their future performance. The performance of other funds managed by the fund manager does not guarantee the performance of the above funds. Funds carry risks; investment requires caution.