Hua Fu Fund's Shen Cheng: The long-term development logic of the new energy industry has not changed

This newspaper report (Reporter Chang Xiaoyu) states that since the beginning of this year, the new energy sector has experienced multiple structural opportunities, and market discussions about the development pace and investment value of various sub-sectors within new energy have become increasingly active.沈成, manager of the Huafu New Energy Stock-Initiated Fund, is one of the early industry researchers deeply involved in the new energy sector. In his view, new energy is undoubtedly a high-growth industry, but it also has cyclical characteristics. Understanding industry cycles, supply and demand structures, and competitive landscapes is key to investing in this sector.

沈成 further analyzed that, regarding energy storage and lithium batteries, on the overseas demand side, large-scale energy storage will enter an economically driven explosive phase starting in 2024. Meanwhile, the development of AI has driven a surge in data center electricity demand. Due to its short construction cycle and flexible deployment, energy storage has become one of the important solutions for data center power supply, opening new growth opportunities for the industry. Domestically, the reform of the electricity market continues to deepen, with widening peak-valley price differences across provinces. The profitability of energy storage stations has significantly improved, and with the gradual improvement of capacity compensation mechanisms, the investment economics of large-scale energy storage stations are increasingly evident. Driven by strong global demand for energy storage, the lithium battery industry chain has undergone three years of capacity clearing, with supply and demand structures continuously improving. The industry is entering a new cycle of profit expansion.

From a long-term perspective,沈成 stated that, as a core track of high-end manufacturing, the long-term development logic of new energy has not changed; only the development stage is shifting from rapid expansion to high-quality growth. Correspondingly, investment strategies should shift from solely tracking prosperity to a comprehensive assessment combining valuation levels and competitive landscape.

It is reported that Huafu Fund’s Huafu New Energy Stock-Initiated Fund focuses on high-growth tracks such as energy storage and lithium batteries. In 2025, its net value growth rate reached 69.31% (compared to a benchmark increase of 34.14%), ranking first among similar products (1/15). The fund adopts a “core + satellite” allocation strategy, with the core position focusing on mainstream growth opportunities in the new energy sector, and the satellite position deeply exploring potential high-growth targets with expected differences, closely following industry development trends, and striving to continuously discover long-term investment value in the new energy sector amid structural opportunities.

(Editor: Zhang Xin)