“反内卷”主题回调获加仓！深市最大的光伏ETF(159857)盘中净申购已达7300万份，高居同类第一！机构研判光伏行业出清与整合势在必行

Group 1 - The core viewpoint of the news highlights the significant growth and investment interest in the photovoltaic ETF (159857), which has seen a net subscription of 73 million shares, leading the category in the Shenzhen market [3] - The photovoltaic ETF (159857) has reached a new high in scale at 2.324 billion yuan, with a notable increase of 79.7 million shares over the past six months [3] - In the last ten trading days, the photovoltaic ETF (159857) has attracted a total of 23.45 million yuan in inflows, indicating strong market interest [3] Group 2 - Guosen Securities predicts that the photovoltaic industry will undergo necessary consolidation and is expected to enter a stable development phase by 2027, with significant advantages in the silicon material segment [4] - The price of polysilicon has risen sharply to 45,000-50,000 yuan per ton, with some companies recovering profitability, suggesting a positive trend in the industry [4] - The photovoltaic industry is currently experiencing a cautious approach from power investment companies due to uncertainties in electricity prices and demand, raising questions about the sustainability of previous high growth rates [4] Group 3 - The overall trend in the photovoltaic industry post-June 1 indicates a market intervention to accelerate capacity clearance, despite weak demand [5] - Recent price increases in the capital and spot markets reflect a market response to policy interventions aimed at achieving profitability above costs [5] - The 136th document's impact on the market suggests a potential decrease in future electricity prices, indicating a need for companies to lower total investment costs [5] Group 4 - There are differing opinions on future trends, with one view suggesting that state intervention can quickly achieve supply-side reforms and capacity clearance, while another emphasizes the necessity of market-driven sales and profits [6] - The photovoltaic ETF closely tracks the CSI Photovoltaic Industry Index, which is currently at a historical low valuation with a price-to-book ratio of 1.9, presenting a compelling investment opportunity [6] - The CSI Photovoltaic Industry Index includes up to 50 representative listed companies from the photovoltaic industry chain, reflecting the overall performance of these securities [6]