Recently, the international geopolitical situation has remained tense, and the Middle East conflict has pushed up energy price expectations, further highlighting the strategic value of core links in the new energy industry chain such as lithium batteries and rare metals. At the same time, the gold market has rebounded in a volatile long short game, with a technical rebound at the end of the month after a significant pullback in March. According to Wind data, on March 31st, the global spot gold price was reported at $4880.365 per ounce, while silver prices dropped significantly by 18.20% that month. On March 31st, the highest SHFE silver price was 18599.0 yuan per kilogram (approximately $69.35 per ounce). In the context of the interweaving of macro uncertainty and industrial certainty, the value of diversified asset allocation is increasingly evident.

The 2026 government work report proposes to focus on building a new type of power system, accelerating the construction of smart grids, developing new types of energy storage, and expanding the application of green electricity. The report emphasizes for the first time that "new energy storage" is listed alongside the national energy strategy, and during the 15th Five Year Plan period, it is expected to leap from "optional auxiliary technologies" to the core components of stable energy system operation. Prior to the arrival of this policy, ICBC Credit Suisse had already completed forward-looking product layouts in key areas such as rare metals, gold, and lithium batteries, clearly demonstrating a profound grasp of the industry and systematic investment research capabilities.

Dual wheel drive of policy and market

During this year's Two Sessions, "new energy storage" has once again become a hot topic of discussion, and its strategic position in building a new power system has been further clarified, injecting strong development momentum into the lithium battery industry. Looking at the market, the global energy transition is accelerating, and the application scope of lithium batteries is continuously expanding from new energy vehicles to emerging fields such as new energy storage and low altitude economy. According to data from the National Energy Administration, as of the end of 2025, the cumulative installed capacity of new energy storage in China has reached 144.7 GW, a year-on-year increase of 85%. From a global perspective, the penetration rate of new energy vehicles in major markets such as Europe and America continues to increase. According to data released by the European Environment Agency (EEA) in November 2025, there will be approximately 2.2 million new registrations of electric vehicles (including pure electric and plug-in hybrid) in the European Union in 2024, with a market penetration rate of about 21% (including 13.6% for pure electric vehicles and 7.3% for plug-in hybrid vehicles). However, regional differences are significant, and there is still room for growth in some markets. The recent geopolitical situation has intensified the volatility of traditional energy prices, significantly deepening the emphasis on new energy in various countries. Therefore, the growth logic of lithium batteries is shifting from being driven by domestic power batteries to a dual wheel drive of "global power+new energy storage", and the industry chain still has broad development space. If lithium batteries are the "heart" of the new energy era, then rare metals are the "blood" that delivers energy to this heart. At the beginning of 2026, the hot topics in the A-share market are concentrated in the cyclical and resource sectors, with the CSI Rare Metals Theme Index performing outstandingly.Some institutions have stated that the vigorous development of cutting-edge industries such as new energy, low altitude economy, and quantum technology relies on the basic support of key metals such as copper, aluminum, and rare earths.

The optimization of supply and demand patterns is also driving the revaluation of sector values. According to the monitoring of market prices for 50 important production materials in 9 major categories in the national circulation field by the National Bureau of Statistics, the overall performance of the commodity market was active in early March 2026 compared to late February (the previous period), and the number of monitored product price increases significantly increased. Price increases in non-ferrous metals, chemical products, and other fields have become mainstream.

Against the backdrop of rising global macro uncertainty, the price of gold has experienced severe fluctuations. In March 2026, international gold prices rebounded from historical highs, but have continued to rebound since late March. The ongoing global geopolitical tensions and fluctuations in the US dollar system are jointly driving the re pricing of gold allocation demand in the market. The situation in Russia-Ukraine conflict, the Middle East and other regions has heated up repeatedly, and the superimposed trade tariff friction has become an important support for the gold price. At the same time, the trust foundation of the global credit currency system centered on the US dollar continues to weaken, accelerating the process of global de dollarization. Global central banks' enthusiasm for purchasing gold remains undiminished - According to data from the World Gold Council, the annual net gold purchases have exceeded 1000 tons for three consecutive years from 2022 to 2024. In 2025, against the backdrop of high gold prices, global central banks will still net buy 863 tons of gold. As of the end of March 2026, the People's Bank of China's gold reserves were reported at 74.38 million ounces, marking the 17th consecutive month of increased gold holdings. The combination of improved liquidity and inflation expectations has led many international institutions to remain optimistic about the medium to long term trend of gold. In the long run, gold remains an important asset allocation choice.

Accurately layout the three major tracks

In the product layout of the three major tracks, top fund companies provide investors with an effective path to accurately grasp opportunities in segmented fields through refined index tools.

Taking ICBC Credit Suisse as an example, its ICBC Guozheng New Energy Vehicle Battery ETF Initiated Connect C is a representative product among them. According to the four season report data of the fund, the net asset value growth rate of this fund has reached 18.23% in the past three years, outperforming the performance benchmark of 16.88% during the same period. It is not difficult to find through its list of top ten weighted stocks that this is a complete new energy vehicle battery industry chain - upstream resources, midstream materials and manufacturing, and downstream vehicles are all available, basically including the most competitive top enterprises in the industry chain.It is worth noting that this fund has shown strong resistance to market downturns, smoothing out fluctuations through moderate position management and stock selection strategies. While obtaining excess returns, it has not amplified risks, demonstrating a robust level of risk control.

In the rare metal track, ICBC Credit Suisse has also made a deep layout. According to the Four Seasons Report, in 2025, the net asset value growth rate of the ICBC CSI Rare Metal Theme ETF Initiated Connect C reached 85.54%, outperforming the benchmark performance of 83.88% during the same period. A noteworthy detail is that the longer the time dimension is stretched, the more obvious the extent to which this fund outperforms the benchmark, with a net asset growth rate of 71.77% since its establishment, surpassing the benchmark by 3.33 percentage points. From the perspective of holdings, the top ten heavyweight stocks are all concentrated in the materials industry, with a high focus on strategic metals such as rare earths, lithium, and cobalt. This pure thematic positioning enables them to accurately capture the returns brought by the rare metal boom cycle, while also demonstrating more robust volatility control than benchmarks.

On the gold track, the positioning of ICBC Gold ETF connected to E is also clear. The quarterly report shows that in 2025, the net asset value growth rate of this fund is 56.34%, outperforming the performance benchmark of 55.10%. What is even more commendable is its tracking efficiency - the difference between the standard deviation of net asset growth rate in each stage and the benchmark is between 0.01% and 0.02%, almost completely synchronized. This means that during the gold uptrend cycle, investors can obtain returns highly consistent with the gold index through this product, without amplifying fluctuations or lagging behind the market, truly fulfilling the promise of "closely tracking".

Professional strength safeguards long-term value

Behind the impressive performance is the long-term deep cultivation and systematic layout of fund managers in the field of index investment. ICBC Credit Suisse has currently developed five major family index products, including broad-based, industry themed, Hong Kong stock, diversified allocation, and index enhancement, achieving a comprehensive layout from A-shares to Hong Kong stocks, and from domestic to overseas markets, providing investors with diversified asset allocation tools. At the same time, a rich product line requires a solid investment research team as a backing - ICBC Credit Suisse Fund has built a sound ETF investment management process and liquidity service provider system, and has created an index investment team with outstanding professional background, leading investment research business, and deep operational experience. Members have an average investment management experience of over ten years and complement each other's ability circles, providing professional support for every investment.

In terms of fees, multiple ETF products under ICBC Credit Suisse continue to benefit investors at low fees. Taking the ICBC Gold ETF and related linked funds as an example, the management fee and custody fee are only 0.20%, which is the lowest level of fee for similar products. The management and custody fees of ETF products for rare metals and new energy vehicles also reflect a certain degree of concession to investors. In the context of the reform of public offering fees, the company optimizes the investor experience by reducing fees, while relying on a "platform based, team based" investment research system to ensure the long-term stable operation of products and provide investors with cost-effective allocation tools.

From the preservation property of gold to the strategic value of rare metals, and then to the industrial wave of new energy batteries, ICBC Credit Suisse has always been supported by a platform based investment and research system, actively and passively working together. In the veins of the times, planting seeds in advance is necessary to harvest fruits when the wind comes. This asset management institution, which has been established for more than 20 years, is committed to helping investors more accurately grasp structural opportunities in the long-term opportunities of the resource product track with its steady determination and forward-looking vision, and share the growth dividends brought by industrial innovation and high-quality development.

Data Description:

The data comes from the regular reports of the fund, as of December 31, 2025.

The Industrial and Commercial Bank of China Gold ETF Connect E was established on January 6, 2024. Zhao Xu has been managing the fund since its establishment, and the net asset value growth rates of the fund's Class E shares in 2024, the past year, and the year since its establishment have been 24.21%, 56.34%, and 94.20%, respectively. The benchmark returns for performance comparison during the same period were 26.92%, 55.10%, and 96.85%, respectively.

The ICBC CSI Rare Metals ETF was initiated and established on September 22, 2023. Since its establishment, Shi Baogui has been managing the fund. The net asset value growth rates of the fund's Class C shares in 2024, the past year, and the year since its establishment were -3.88%, 85.54%, and 71.77%, respectively. The benchmark returns for performance comparison during the same period were -6.00%, 83.88%, and 68.44%.

The Industrial and Commercial Bank of China Guozheng New Energy Vehicle Battery ETF Initiated Connection was established on July 4, 2022. Liu Weilin has been managing the fund since its establishment. The net asset value growth rates of the fund's Class C shares in 2023-2024, the past year, and the year since its establishment were -30.08%, 7.73%, 56.95%, and -10.49%, respectively. The benchmark returns for performance comparison during the same period were -30.67%, 5.89%, 59.20%, and -16.13%.

Fee Description:

ICBC Gold ETF Connect E: Subscription Rate: The subscription amount is M, and the subscription rate for the general investment group is 0%. Redemption rate: Term<7????1.50%???>=On the 7th, the rate is 0.00%. Sales service rate: 0.35%. The fund management fee is 0.15% per year, and the custody fee is 0.05% per year.

ICBC CSI Rare Metals ETF Initiating Link C: Subscription Rate: Subscription amount is M, and the subscription rate for ordinary investment groups is 0%. Redemption rate: Term<7????1.50%???>=On the 7th, the rate is 0.00%. Sales service rate: 0.10%. The fund management fee is 0.45% per year, and the fund custody fee is 0.07% per year.

ICBC Guozheng New Energy Vehicle Battery ETF Initiated Connection C: Subscription Rate: Subscription amount is M, and the subscription rate for ordinary investment groups is 0%. Redemption rate: Term<7????1.50%???>=On the 7th, the rate is 0.00%. Sales service rate: 0.30%. The fund management fee is 0.45% per year, and the fund custody fee is 0.07% per year.

Risk Statement

The fund manager manages and utilizes the fund assets in accordance with the principles of due diligence, honesty, prudence, and diligence, but does not guarantee a certain profit or minimum return for the fund. Past performance of a fund does not predict future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of fund performance. The Industrial and Commercial Bank of China Gold ETF Connect mainly invests in the Industrial and Commercial Bank of China Credit Suisse Gold Trading Open Ended Securities Investment Fund, with the investment objective of closely tracking the trend of gold spot prices. The expected risk and expected return level are similar to the gold price, and investors will face unique risks such as the risk of deviation between the fund's investment portfolio and domestic gold spot prices, and the risk of performance differences from the target ETF. The ICBC CSI Rare Metals ETF Initiating Link mainly invests in the ICBC Credit Suisse CSI Rare Metals Theme Trading Open Ended Index Securities Investment Fund, with the target ETF being an equity fund. Therefore, the long-term average risk and expected return level of this fund is higher than that of hybrid funds, bond funds, and money market funds. The ICBC Guozheng New Energy Vehicle Battery ETF initiated connection mainly invests in the ICBC Credit Suisse Guozheng New Energy Vehicle Battery Trading Open Ended Index Securities Investment Fund, which is a stock fund with higher long-term average risk and expected return levels than hybrid funds, bond funds, and money market funds. ETF linked funds track the performance of the underlying index by investing in the target ETF, and have risk return characteristics similar to the underlying index and the securities market represented by the underlying index. Investing in ETF linked funds will face unique risks such as fluctuations in the underlying index, deviation between the fund's investment portfolio returns and the underlying index returns, and differences in performance from the target ETF. There is a significant risk of return volatility when investing in equity assets. Funds carry risks, and investors should carefully read legal documents such as the Fund Contract, Prospectus, and Summary of Fund Product Information before investing in the fund. Based on a comprehensive understanding of the product situation, fee structure, charging standards of various sales channels, and listening to the opinions of sales institutions, they should choose investment products that are suitable for their own risk tolerance for investment. Fund investment must be cautious.

Article source: The Paper News

Author: Sun Wen