Last Friday, the A-share market suddenly fell sharply under the impact of many news that were difficult to distinguish between true and false, and market sentiment was hit hard. The market was relatively calm over the weekend, and investors expected the market to rebound on Monday, but the result was not satisfactory.

On Monday, the three major A-share indexes opened slightly higher, but then fell sharply. Although mysterious funds entered the market to lift the index at the end of the day, it still failed to turn red. The total transaction volume for the whole day was 1.52 trillion yuan, a decrease of 310.8 billion yuan from last Friday.

At present, the A-share market is in a window period of policy stimulus. At the same time, it is affected by the public opinion pressure brought by Trump's return and the internal macroeconomic data to be verified, and the market's upward momentum is obviously insufficient. In this case, investors have flocked to hot topics, among which the solid-state battery industry chain has become the focus.

The solid-state battery industry chain has become one of the few core sectors that can maintain strength in the market on Monday. In the vehicle sector, SAIC Group and BAIC Blue Valley performed particularly well, among which SAIC Group closed up 8.45%, and accumulated a 51% increase in November, becoming the largest increase among vehicle companies.

SAIC recently disclosed information about a new generation of solid-state batteries on an interactive platform, and plans to achieve mass production in 2026. This news has triggered the market's positive expectations for SAIC's future cost savings and profit increases. Battery concept stocks performed well overall. According to Tonghuashun data, the battery sector rose by nearly 4%, and the net inflow of funds reached hundreds of billions of yuan.

In addition to SAIC, individual stocks such as Yuegui Shares, Yintu Network, and Lingge Technology also rose dramatically. However, it should be noted that there is no lack of speculation behind the rise of these stocks. After-hours Dragon and Tiger List data shows that a large number of "Dongcai Lhasa Group" business departments have appeared in the buyer's seats of Yuegui Shares, and these business departments are often regarded by investors as agents for institutions and hot money.

Despite the overall poor performance of the market, the new energy vehicle industry chain has risen against the trend. This change mainly benefited from the heavy good news from the European market. Previously, European tariff policies have always been the biggest risk point for domestic automobile exports, but now the two sides are ready to use the minimum price commitment agreement to replace tariffs. This change is expected to become a turning point for China's new energy vehicles to move towards high-end.

According to the agreement, Chinese automakers need to promise that the price of all electric vehicles exported to Europe will be higher than the negotiated minimum price. At the same time, the EU will provide Chinese automakers with opportunities to build factories and subsidies, and require Chinese automakers to transfer battery technology. If this package agreement is implemented, it will be beneficial to China's new energy vehicle industry.

The European market has the ability to pay per capita and is more suitable for promoting electric vehicles with mid-to-high-end configurations. Chinese companies are ahead of European automakers in batteries and intelligence, and are expected to increase prices by improving configurations. The penetration rate of electric vehicles in the European market is low, but the EU's move is actually hurting others and not benefiting itself, because the number of electric vehicle registrations by Chinese automakers in Europe has dropped significantly.

The removal of tariff barriers will promote the export of midstream batteries and components and accelerate the internationalization of the electric vehicle industry. Since the beginning of this year, the growth rate of battery exports has slowed down significantly, but with the gradual liberalization of the European electric vehicle market, battery exports are expected to usher in new growth points.

In addition to the new energy vehicle industry chain, high-end manufacturing sectors such as photovoltaics, lithium batteries, and wind power have also received attention. On the supply side, policies continue to guide price increases. For example, the "Standardized Conditions for Photovoltaic Manufacturing Industry (2024 Edition)" issued by the Ministry of Industry and Information Technology has tightened the power consumption requirements for new and expanded production capacity in the silicon material link. In terms of wind power, the State Power Investment Group has revised the benchmark price system for bid evaluation and increased the average price of wind turbines.

On the demand side, the EU's loosening in the field of automobile tariffs means that trade protectionism is not an effective measure, and the two sides can negotiate a win-win solution. China's high-end manufacturing has the strength to fill the insufficient production capacity in other regions and invest in areas with lagging construction progress, such as offshore wind and power grids. The attention to these areas will be beneficial to China's high-end manufacturing going overseas.

Overall, although the A-share market has performed poorly overall, the new energy vehicle industry chain and high-end manufacturing sectors have been affected by favorable policies and increased market demand, showing strong resistance to declines and rising potential.