The overall fund holding proportion in the New Electric sector showed a quarter-on-quarter recovery. Due to differing fund disclosure rules—where Q1 and Q3 reports disclose the top ten holdings, while semi-annual and annual reports reveal all holdings—total holding market values vary. Therefore, trend analysis primarily uses the consistent data metric of the top ten holdings. According to CITIC's primary industry classification, the fund holding ratio for the CITIC New Electric industry reached 10.56% by the end of Q1 2026, increasing by 0.15 percentage points quarter-on-quarter but decreasing by 0.12 percentage points year-on-year. The market value of the CITIC New Electric industry accounted for 6.38% of the total market value, up 0.46 percentage points quarter-on-quarter and 1.07 percentage points year-on-year. To account for classification discrepancies, a separate analysis of 306 selected stocks within the New Electric sector was conducted. Results indicated that fund holdings for these 306 stocks represented 13.03% of the total by the end of Q1 2026, rising by 0.32 percentage points quarter-on-quarter but falling by 0.72 percentage points year-on-year. The market value of these selected stocks constituted 8.38% of the total A-share market value, increasing by 0.40 percentage points quarter-on-quarter and 0.81 percentage points year-on-year.
During the week of April 20-24, 2026, the power equipment and new energy sector rose by 0.29%, ranking 11th in performance and underperforming the Shanghai Composite Index. The wind power index saw the largest gain, rising by 3.41%, while the nuclear power index experienced the largest decline, falling by 2.55%. Other sector performances included the lithium battery index up 1.80%, the solar index down 0.34%, industrial automation down 0.36%, energy storage down 0.51%, and new energy vehicles down 0.93%.
In the new energy vehicle segment, CATL held its 2026 Super Technology Day on April 21, officially launching its "Full Material System New Products + Full-Scenario Replenishment Ecosystem" strategic layout. The event showcased significant breakthroughs in ultra-fast charging, high energy density, and diverse chemical systems. Key product launches included the Shenxing III supporting a 6-minute 27-second ultra-fast recharge, the Qilin III high-end ternary battery with a range exceeding 1,000 kilometers, the Qilin condensed matter battery achieving 350 Wh/kg energy density, the Xiaoyao II for hybrid markets, and a sodium-ion battery overcoming extreme cold production challenges.
In new energy power generation, the Middle East emerged as a new growth engine for photovoltaic exports. According to InfoLink customs data, module exports totaled approximately 35.06 GW from January to February 2026, down about 9% year-on-year, while cell exports surged 44% to 18.16 GW. Domestically, China's first photovoltaic patent pool was launched, led by Trina Solar, JA Technology, and Jinko Solar, covering TOPCon cell and module-related patents.
For power equipment and industrial automation, China's total electricity consumption in March reached 859.5 billion kWh, a year-on-year increase of 3.5%. Consumption growth was observed across primary industries (up 6.7%), secondary industries (up 2.0%), tertiary industries (up 7.7%), and residential use (up 5.2%).
In commercial aerospace, China's "15th Five-Year Plan" major projects commenced, accompanied by the release of the "Commercial Aerospace Standard System (Version 1.0)," marking an era of standardization for the industry. The plan focuses on manned spaceflight, lunar and planetary exploration, and national satellite internet projects.
Key companies to watch this week include CATL, Kedali, Dajin Heavy Industry, SF Auto, Deye, Sieyuan Electric, Faratronic, Xiamen Tungsten, Enjie, and Hunan Yuneng.
Risks include potential underperformance of policy support and intensified industry competition leading to unexpected price declines.