光伏50ETF（159864）涨超5.6%，行业调整或迎供需拐点

Group 1 - The National Energy Administration announced on July 6, 2025, that the scale of newly registered renewable energy power generation projects in May continued to expand, and the southern regional electricity market has initiated a trial run for continuous settlement, covering five provinces and achieving the world's largest unified clearing spot electricity market, marking significant progress in the construction of a national unified electricity market [1] - According to Industrial Securities, the photovoltaic industry is currently facing a deep adjustment, with the price of polysilicon materials approaching the cash cost line of leading enterprises, leading to widespread losses in the industry. It is necessary to break the internal competition dilemma through supply-side collaboration optimization and constraints on irrational competition [1] - The photovoltaic glass sector is expected to actively reduce supply starting from July 2025 to alleviate inventory pressure and restore the pricing system due to rigid capacity and self-discipline in production cuts [1] - The battery component sector is experiencing accelerated technological iteration, with fierce competition between BC technology and TOPCon3.0 conversion efficiency, while perovskite tandem components are emerging. Outdated capacities that lack renovation capabilities will gradually be eliminated [1] - The current industry PB valuation is at the 11.5% percentile since 2017, and with supply-demand rebalancing and policy guidance, the industry is expected to welcome a cyclical turning point [1] - The inverter and energy storage sectors are benefiting from overseas destocking, demand recovery, and increased industrial storage, with an upward trend expected in Q2 [1] Group 2 - The photovoltaic 50 ETF tracks the photovoltaic industry index, which is compiled by China Securities Index Co., Ltd. It selects listed companies involved in the photovoltaic industry chain from the Shanghai and Shenzhen markets as index samples, covering upstream materials, midstream manufacturing, and downstream applications, effectively reflecting the overall performance of listed companies in the photovoltaic industry [2]