碳中和50ETF（159861）涨超2.9%，光伏行业供需再平衡预期升温

Group 1 - The National Energy Administration announced the situation of newly added renewable energy power generation projects in May 2025, marking significant progress in the construction of a unified national electricity market [1] - The solar photovoltaic industry is currently facing challenges of overcapacity and declining prices, with polysilicon prices nearing the cash cost line of leading companies, leading to widespread industry losses [1] - Supply-side collaboration and policy constraints on irrational competition are necessary to break the current cycle of internal competition in the solar industry [1] Group 2 - The photovoltaic glass segment is expected to rebalance supply and demand by actively reducing supply starting from July 2025, which will help restore the pricing system [1] - Technological advancements in the battery component segment are redefining advanced production capacity standards through efficiency competition, with a gradual formation of generational differences in conversion efficiency [1] - The current industry price-to-book (PB) valuation is at the 11.5% percentile since 2017, indicating a potential turning point in the cycle with supply-demand adjustments and policy guidance [1] Group 3 - The inverter and energy storage segments are expected to benefit from overseas destocking, demand recovery, and increased industrial storage volume, with an upward trend anticipated in Q2 [1]