In recent years, with the explosive growth of downstream demand for energy storage and the accelerated iteration of battery technology, the battery sector has attracted increasing attention from investors.

However, during this process, many investors have expressed confusion: why do the indices they buy, all of which have "battery" in their names, perform differently? What are the differences among these battery indices? Which one is more suitable for them?

Currently, there are three main battery indices in the market: CSI New Energy Vehicle Battery Index (hereinafter referred to as "New Energy Vehicle Battery Index"), CSI New Energy Battery Index (hereinafter referred to as "New Energy Battery Index"), and CSI Battery Theme Index (hereinafter referred to as "CSI Battery Index").

To understand the differences among these three, we must first discuss the differences in the business areas they cover.

01 Core Difference: Different Coverage of Business Areas and Upstream/Downstream

As the name suggests, the New Energy Vehicle Battery Index is designed for "vehicles," primarily focusing on power batteries, which provide power for new energy vehicles and other electric transportation tools.

The New Energy Battery Index, on the other hand, mainly focuses on the energy storage battery sector, where the primary function of energy storage batteries is to store electrical energy and release it when needed.

The CSI Battery Theme Index has the broadest coverage among the three, including not only the aforementioned power batteries and energy storage batteries but also consumer batteries, which power portable consumer electronic products such as mobile phones and laptops.

Source: Compilation Plan for the Three Battery Indices

Moreover, from the perspective of the industrial chain, compared to the other two indices, the New Energy Battery Index focuses more on the midstream of the battery industry and does not cover upstream raw materials.

02 Weight Perspective: Similarities and Differences Among the Top Ten Constituents

Although the application scenarios for power, energy storage, and consumer batteries differ, many large battery manufacturers often operate multiple business lines due to commonalities in core materials and manufacturing processes, leading to some overlap in the top ten constituents of the three indices (e.g., CATL, EVE Energy, etc.).

However, due to their focus on different sub-themes, their constituents also differ:

The New Energy Vehicle Battery Index heavily invests in BYD (13.3%) and other power battery companies, as well as leading upstream lithium and cobalt companies like Huayou Cobalt (7.9%), making its performance significantly influenced by leading power battery companies and resource cycles.

The New Energy Battery Index, in addition to covering comprehensive battery leaders like CATL (8.2%), also heavily invests in energy storage inverter and temperature control companies like Sungrow (7.4%), allowing it to capture the development of the energy storage sub-industry.

The CSI Battery Index has the broadest coverage and the most diverse constituents, with its performance reflecting the average prosperity of the entire battery industry chain

Data source: iFind, data as of March 18, 2026

03 Quantity Differences: Different Number and Concentration of Constituent Stocks

Among the three indices, the New Energy Vehicle Battery Index has the fewest constituent stocks, with only 30; while the other two indices each have 50 constituent stocks.

This also explains why, in the table above, the top ten concentration of the New Energy Vehicle Battery Index is the highest at 66.7%, while the concentration of the top ten in the CSI Battery Index is only 49.5% due to its broader industry coverage.

04 Market Capitalization Differences: Different Focus on Companies of Varying Market Capitalizations

Affected by the number of constituent stocks and selection rules, the New Energy Vehicle Battery Index focuses more on large-cap leading companies, with companies valued over 100 billion accounting for as much as 51.4%, while small-cap companies valued below 20 billion account for only 0.7%;

The New Energy Battery Index, while including leading companies, also incorporates more mid and small-cap companies (such as small and medium-sized temperature control and fire protection companies), with large-cap companies over 100 billion accounting for 35.6%, lower than the New Energy Vehicle Battery Index, while companies valued below 20 billion account for 22.1%, thus exhibiting relatively greater volatility;

The CSI Battery Index, due to its coverage of the entire industry chain, involves both large and mid-cap stocks, resulting in a more balanced and diversified distribution of constituent stock market capitalizations.

Data source: iFind, data as of March 18, 2026

Therefore, in terms of index selection:

If you are optimistic about energy storage and want a "one-click" layout for the energy storage industry, reducing interference from upstream raw materials, and prefer a higher growth expectation with more mid and small-cap companies for greater volatility, you can prioritize the CSI New Energy Battery Index, and related products to consider include the Energy Storage Battery ETF E Fund (159566);

If you wish to focus on allocating to leading power battery companies, you can prioritize the CSI New Energy Vehicle Battery Index;

If you do not want to make a choice and prefer comprehensive coverage of power, energy storage, and consumer batteries, aiming to grasp investment opportunities across various segments, then the CSI Battery Theme Index would be a more suitable choice, and related products to consider include the Battery ETF E Fund (159175).

The Energy Storage Battery ETF E Fund (159566) is currently the largest ETF focusing on the energy storage battery segment, with constituent stock selection that includes stable leaders like CATL and Sungrow, as well as mid-cap companies with high explosive potential in temperature control and fire protection, combining safety margins with aggressiveness, making it an ideal tool for efficiently capturing the growth dividends of the energy storage industry Battery ETF E Fund (159175) comprehensively covers the three core areas of power, energy storage, and consumer batteries.

Risk warning: Funds have risks, and investment should be cautious