从收益能力看，截至2025年7月18日，新能源ETF自成立以来，最高单月回报为25.07%，最长连涨月数为2个月，最长连涨涨幅为38.44%，上涨月份平均收益 率为7.76%。截至2025年7月18日，新能源ETF近3个月超越基准年化收益为6.57%。 截至2025年7月21日 13:04，中证新能源指数上涨0.95%，成分股雅化集团10cm涨停，中材科技上涨7.35%，特变电工上涨4.63%，孚能科技上涨3.30%，福莱 特上涨2.86%。新能源ETF(159875)上涨0.85%， 冲击3连涨。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 300750 | 宁德时代 | 2.56% | 9.72% | | 300274 | 阳光电源 | 0.01% | 5.57% | | 601012 | 降基绿能 | 1.18% | 5.18% | | 601982 | 中国核电 | 0.11% | 4.36% | | 600905 | 三峡能源 | 1.40% | 3.46% | | 600089 | 特变电工 | 4.63% | 3.43% | | ...

光伏ETF基金紧密跟踪中证光伏产业指数，中证光伏产业指数从主营业务涉及光伏产业链上、中、下游 的上市公司证券中，选取不超过50只最具代表性的上市公司证券作为指数样本，以反映光伏产业上市公 司证券的整体表现。 数据显示，截至2025年6月30日，中证光伏产业指数(931151)前十大权重股分别为阳光电源(300274)、隆 基绿能(601012)、TCL科技(000100)、特变电工(600089)、通威股份(600438)、TCL中环(002129)、正泰 电器(601877)、晶科能源(688223)、晶澳科技(002459)、德业股份(605117)，前十大权重股合计占比 55.39%。 中信建投研报称，去年下半年以来，中央层面多次强调整治"内卷式"竞争，治理企业低价无序竞争，推 动落后产能有序退出。而目前光伏、锂电均处于盈利底部，其中光伏亏损更为明显，"反内卷"有望成为 推动新能源行业中长期盈利修复的关键推动力。 截至2025年7月21日 09:37，中证光伏产业指数(931151)上涨0.91%，成分股特变电工(600089)上涨 4.72%，双良节能(600481)上涨2.30%，福莱特(60186 ...

金融界7月15日消息，A股三大指数收盘涨跌不一，中证内地低碳经济主题指数 (内地低碳，000977)下 跌0.9%，报1583.71点，成交额369.79亿元。 跟踪内地低碳的公募基金包括：华夏中证内地低碳经济主题ETF联接C、鹏华中证内地低碳经济主题 ETF联接C、银华中证内地低碳经济主题ETF、易方达中证内地低碳经济主题联接C、泰康中证内地低碳 经济主题ETF、鹏华中证内地低碳经济主题ETF联接A、华夏中证内地低碳经济主题ETF、易方达中证 内地低碳经济主题联接A、华夏中证内地低碳经济主题ETF联接A、易方达中证内地低碳经济ETF等。 数据统计显示，中证内地低碳经济主题指数近一个月上涨7.35%，近三个月上涨10.32%，年至今下跌 1.71%。 从中证内地低碳经济主题指数持仓的市场板块来看，上海证券交易所占比51.54%、深圳证券交易所占 比48.04%、北京证券交易所占比0.43%。 从中证内地低碳经济主题指数持仓样本的行业来看，工业占比69.10%、公用事业占比30.90%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整 ...

天眼查资料显示，特变电工股份有限公司，成立于1993年，位于昌吉回族自治州，是一家以从事电气机 械和器材制造业为主的企业。企业注册资本505271.0023万人民币。通过天眼查大数据分析，特变电工 股份有限公司共对外投资了55家企业，参与招投标项目5000次，财产线索方面有商标信息361条，专利 信息657条，此外企业还拥有行政许可20个。 西藏开投金上光伏能源有限公司，成立于2022年，位于昌都市，是一家以从事电力、热力生产和供应业 为主的企业。企业注册资本76200万人民币。通过天眼查大数据分析，西藏开投金上光伏能源有限公司 参与招投标项目17次，专利信息6条。 7月15日国家知识产权局信息显示，特变电工股份有限公司;西藏开投金上光伏能源有限公司申请一项名 为"一种光伏电厂升压站的继电保护装置"的专利，公开号CN120320179A，申请日期为2025年05月。 专利摘要显示，本发明公开了一种光伏电厂升压站的继电保护装置，涉及继电保护装置技术领域，包括 外箱，外箱内部安装有继电保护仪，还包括：风机，风机连通在外箱的侧部；过滤机构，过滤机构包括 固定连接在外箱侧部的侧箱，侧箱与风机的输入端连通，侧箱的内部滑 ...

Group 1 - The core achievement in solar technology is the development of perovskite micro-modules by NREL and CubicPV, which have achieved a world record efficiency of 24.0% for photovoltaic conversion [1] - The performance of the photovoltaic industry is reflected in the 中证光伏产业指数 (CSI Photovoltaic Industry Index), which has seen a decline of 0.58% as of July 15, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks include 横店东磁 (9.98% increase), 科华数据 (6.85% increase), and 罗博特科 (1.75% increase), while the worst performers include 协鑫集成 (4.83% decrease) and 双良节能 (3.98% decrease) [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index account for 55.39% of the index, with major companies including 阳光电源, 隆基绿能, and TCL科技 [2]

Investment Rating - The investment rating for the industry is "Positive" (maintained) [3] Core Views - The photovoltaic manufacturing industry is currently facing challenges due to unclear downstream demand expectations and excess upstream capacity. However, the implementation of Document No. 136 is expected to clarify demand expectations, leading to improvements in both supply and demand dynamics within the industry [4][20] - The energy storage sector is experiencing a significant increase in project bidding, with June 2025 seeing a record high of 62.8 GWh in public bidding capacity, a 228% increase compared to June 2024 [5][9] - The photovoltaic sector is anticipated to rebound due to the "anti-involution" plan aimed at reducing excess capacity and promoting sustainable development within the industry [17][18] Summary by Sections Energy Storage - The energy storage industry is in a transitional phase, with ongoing government support expected to maintain resilient demand for storage projects. Key companies to watch include Haibo Shichuang and Sungrow Power [14][17] - The regions with high renewable energy penetration, such as Inner Mongolia, Ningxia, Xinjiang, and Hebei, are showing positive attitudes towards supporting energy storage projects [14][15] Photovoltaics - The photovoltaic sector is experiencing rapid capacity growth, outpacing demand, leading to significant losses for companies. The "anti-involution" plan aims to address this by facilitating the exit of outdated capacity and stabilizing prices [17][18] - The price of polysilicon has seen a dramatic decline, dropping from 65 RMB/kg at the beginning of 2024 to 35 RMB/kg by July 2025, but there are signs of recovery [18][19] - Companies to focus on include Tongwei Co., GCL-Poly Energy, and Xinte Energy in the polysilicon segment, and new technology firms like BQ Materials and Aiko Solar in the photovoltaic technology space [4][20]

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]

Core Viewpoint - The photovoltaic industry has shown active performance since July, driven by "anti-involution" policies, attracting significant market attention and capital inflow [1][2] Group 1: Market Performance - As of July 10, 2025, the photovoltaic ETF (515790) has accumulated a capital inflow of 1.469 billion yuan since July, with an average daily trading volume of 855 million yuan, and a single-day capital inflow of 315 million yuan on July 10 [1] - The latest scale and share of the photovoltaic ETF reached 16.961 billion shares and 12.367 billion yuan, with monthly increases of 14.35% and 23.87%, respectively, marking a historical high in share size since its inception [1][2] Group 2: Price Trends - Recent reports indicate a stabilization and recovery trend in the prices across multiple segments of the photovoltaic industry chain, with expectations of price increases in polysilicon leading to fluctuations in downstream silicon wafer prices [1] - Several silicon material companies have begun adjusting their product prices, demonstrating a strong determination to maintain pricing, which may lead to a systematic rebound in prices across the industry chain [1][2] Group 3: Industry Outlook - According to CITIC Securities, the recovery of industry chain prices is a crucial step towards achieving "anti-involution" in the photovoltaic sector, with expectations for a solidification of the industry's fundamentals and the establishment of a long-term mechanism for eliminating outdated production capacity [2] - The photovoltaic ETF (515790) closely tracks an index covering the entire photovoltaic industry, selecting no more than 50 representative companies, with the top five constituent stocks being leading firms in the industry, likely to benefit from the overall price recovery [2]

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

Core Insights - The "Ningdian Ruinxiang" project is expected to significantly enhance electricity supply in Hunan province during the summer peak, with a maximum load forecasted to exceed 50 million kilowatts, representing an 8.4% year-on-year increase [1] - The project will contribute to the local economy by accelerating the release of benefits from the renewable energy industry chain, benefiting upstream, midstream, and downstream companies [1][2] - The project is set to achieve a transmission capacity of 8 million kilowatts and an annual transmission volume of 40 billion kilowatt-hours, accounting for 16% of Hunan's annual electricity consumption [1] Upstream Industry - The "Ningdian Ruinxiang" project breaks the bottleneck of renewable energy generation in western regions, allowing for increased production of renewable energy generation equipment [2] - Companies involved in renewable energy equipment manufacturing are expected to ramp up production to support projects in regions like Xinjiang, Qinghai, and Gansu [2] Midstream Industry - The project has prompted transmission and transformation equipment manufacturers to follow the bidding steps of the State Grid, aiding in the construction of power channels in central and western China [2][3] Downstream Industry - Electricity supply from the "Ningdian Ruinxiang" project allows downstream companies, such as Hunan Hualing Steel and SANY Heavy Industry, to significantly reduce energy costs and improve carbon emission performance [3][4] - SANY Heavy Industry is utilizing green electricity from the western regions to replace traditional coal power, leading to a notable decrease in carbon emissions during production [4] Equipment Supply - TBEA Co., Ltd. is a key supplier for the "Ningdian Ruinxiang" project, providing essential equipment such as high-end converter transformers and high-voltage capacitors [3] - The company has achieved a 100% first-time test pass rate for its delivered equipment, ensuring the project's operational reliability [3]