On April 16, the three major A-share indices opened higher collectively. As of the time of publication, the New Energy Vehicle ETF China Merchants (159183) rose by 2.67%, briefly leading the market. In terms of constituent stocks, Keda Li and Shengxin Lithium Energy hit the 10% daily limit, Tianhua New Energy rose over 11%, Zhenyu Technology and Tibet Mining rose over 7%. Among the weighted stocks, CATL rose over 4%, while Ganfeng Lithium, Yiwei Lithium Energy, and BYD had notable gains.
In terms of news, according to the latest data from the China Passenger Car Association, from April 1 to 12, the national retail sales of passenger cars reached 377,000 units, with a cumulative retail of 4.598 million units this year. During the same period, the national retail sales of new energy vehicles reached 224,000 units, with a cumulative wholesale of 6.241 million units this year. In early April, overall demand in the car market weakened, while new energy vehicles showed a slight month-on-month recovery, reflecting a phase of resilient repair. The car market still faces dual pressures of destocking and boosting demand in the short term.
Additionally, CATL, a weighted stock, released its first-quarter report yesterday, reporting an operating income of 129.131 billion yuan for the first quarter, a year-on-year increase of 52.45%; and a net profit attributable to shareholders of 20.738 billion yuan, a year-on-year increase of 48.52%. In early trading, CATL rose over 6%.
Guosen Securities pointed out that geopolitical factors have driven up overseas energy prices, increasing the oil-electricity price gap, which has spurred strong demand for overseas new energy vehicles and accelerated the trend of domestic brands going abroad. Domestic car companies represented by BYD, Geely, Chery, and Great Wall all saw significant month-on-month increases in overseas sales in March, with BYD's overseas sales growing over 60% year-on-year.
The institution noted that the correlation between the valuation of the automotive sector and sales growth has significantly weakened, showing a trend where valuation leads sales. In January-February 2026, the ratio of passenger cars going abroad to domestic sales is expected to reach 1:2, with the proportion of exports rapidly increasing. The profitability per vehicle overseas is significantly higher than that in the domestic market, expected to be 3-4 times higher, indicating that the sector may be entering a narrative turning point dominated by overseas profits.
Guosen Securities believes that the recent rise in global oil prices due to geopolitical factors is expected to become an important historical opportunity for China's new energy vehicles to go abroad. The trend of electric vehicles going abroad is expected to continue in the long term, with medium to long-term investment opportunities in overseas expansion and industrial upgrading being viewed positively.
Data shows that the New Energy Vehicle ETF China Merchants (159183) tracks the CSI New Energy Vehicle Index, covering leading companies in industries such as lithium batteries, charging piles, and new energy vehicles. The index focuses on key areas of the new energy vehicle core industrial chain, including battery chemicals (25%), lithium batteries (20%), electric passenger vehicles (11%), and lithium (10%).
Since the base period (2011.12.31-2026.04.15), the index has seen a cumulative increase of 369.92%, an annualized return of 11.80%, and an annualized Sharpe ratio of 0.52, all outperforming the CSI New Energy Vehicle Index and the CSI All Share Automobile Index during the same period. It is positioned to seize the global electrification and intelligentization dividend window period from a new starting point of high-quality industrial development.
<img src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OOqsbLAs-v__mVM1NXV7UoOAhCAgrrvenpXA4rzxE2kCoAA/641?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://inews.gtimg.com/om_bt/OOqsbLAs-v__mVM1NXV7UoOAhCAgrrvenpXA4rzxE2kCoAA/641"/>
Risk Warning: Funds have risks, and investment should be cautious

03750

300750

159183

On April 16th, the New Energy Vehicle ETF (159183) rose by 2.67%, showing strong market performance. CATL's operating revenue in the first quarter was 129.131 billion yuan, a year-on-year increase of 52.45%. Guosen Securities pointed out that geopolitical factors are driving overseas demand for new energy vehicles, and it is expected that the trend of domestic brand car companies going abroad will accelerate, with future overseas profit levels significantly higher than those domestically. The overall automotive sector may be entering a narrative turning point dominated by overseas profits, with long-term investment opportunities in going abroad and industrial upgrading being optimistic

腾讯新闻 - 财经

CATL

China Merchants CSI New Energy Vehicles ETF

Chengxin Lithium

Canmax Technologies

Zhenyu TECH

Xizang Mineral

Ganfeng Lithium

GANFENGLITHIUM

BYD COMPANY

GUOSEN SECURITIES

GEELY AUTO

CHERY AUTO

Great Wall Motor

GWMOTOR

消费服务

CATL HK SDR 30to1

BYD HK SDR 10to1

BYD Company

BYD Company Limited

BYD COMPANY-R

GEELY AUTO-R

GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

Geely Auto

GWMOTOR-R

After the performance of Ning Wang, the new energy vehicle ETF (159183) saw a significant increase! Institutions: The sector is entering a narrative turning point dominated by overseas profits