深市最大的光伏ETF(159857)再获资金逆市加仓，盘中已获3600万份申购居深市同类第一，光伏行业“反内卷”持续发酵，静待行情再起？

Core Insights - The photovoltaic ETF (159857) has experienced a pullback, declining over 1% while seeing a trading volume of 116 million yuan and a turnover rate of 4.92% [3] - The fund has seen significant inflows, with a net inflow of 9.114 million yuan over the last 20 trading days, ranking first among similar products in the Shenzhen market [4][5] - The photovoltaic industry is undergoing a "de-involution" phase, with notable increases in silicon material prices, driven by regulatory requirements to sell above cost [4] Fund Performance - As of July 14, the photovoltaic ETF (159857) reached a new high in scale at 2.382 billion yuan, marking a significant increase of 76 million shares over the past week [4] - The fund recorded 36 purchase transactions and 13 redemption transactions, with a total of 36 million shares purchased and 14 million shares redeemed [4] Industry Trends - The prices of multi-crystalline silicon materials have risen significantly, with N-type re-investment material, N-type dense material, and N-type granular silicon prices increasing by 6.92%, 6.54%, and 6.27% respectively [4] - The industry is expected to see continued supply-side reforms, with a focus on eliminating low-price competition and improving profitability and valuation levels for companies [5] - The index tracked by the ETF, the CSI Photovoltaic Industry Index, is currently at a historical low valuation, with a price-to-book ratio of 1.89, indicating strong value for investors [5]