“反内卷”政策助推产业链多环节协同涨价，光伏ETF（515790）最新份额创成立以来新高

Core Viewpoint - The photovoltaic industry is regaining market focus due to the "anti-involution" policy, leading to increased expectations for supply-side reforms and a gradual recovery in the industry [1] Group 1: Market Activity - The photovoltaic ETF (515790) has seen significant capital inflow since July, accumulating over 2.053 billion yuan by July 16, making it a leader among similar products [1] - The ETF's shares and scale have expanded, reaching a historical high of 17.767 billion shares and a scale of 12.738 billion yuan [1] - The average daily trading volume of the photovoltaic ETF has maintained a high level, averaging 807 million yuan since July [1] Group 2: Industry Fundamentals - The photovoltaic industry's fundamentals are showing signs of recovery, with price increases across multiple segments of the supply chain in response to policy guidance [1] - The price of polysilicon has risen to a range of 45,000 to 50,000 yuan per ton as of the second week of July [1] - Prices for silicon wafers and battery cells have also increased significantly, providing strong support for downstream prices [1] Group 3: ETF Characteristics - The photovoltaic ETF (515790) tracks an index covering upstream, midstream, and downstream sectors of the photovoltaic industry, selecting up to 50 representative companies [2] - The top five constituent stocks include leading companies such as Sungrow Power Supply, LONGi Green Energy, TCL Technology, TBEA, and Tongwei Co., which are expected to benefit from the overall price recovery in the industry [2] - The ETF is the only product in the A-share market with a scale exceeding 10 billion yuan, boasting over 220,000 investors [2]