华泰柏瑞基金李沐阳：“反内卷”将推动光伏行业出清

Core Viewpoint - The photovoltaic sector has reached a bottom, and while it faces intense competition and policy challenges, the "anti-involution" top-level design will drive industry clearing [1] Group 1: Industry Insights - The photovoltaic ETF can quickly reflect the beta characteristics of the industry when the market starts to rise, providing investors with a direct allocation tool [1] - Despite high volatility and strong cyclicality in the photovoltaic industry, participating at low points can often yield excess returns for investors [1]