“反内卷”政策推动，光伏价格修复，关注光伏50ETF

Core Viewpoint - The photovoltaic industry is experiencing a price recovery driven by the "anti-involution" policy, with potential consolidation through mergers and acquisitions in the polysilicon sector [1][5]. Group 1: Market Performance - The photovoltaic 50 ETF (159864) rose by 2.26% on September 3, leading the market [1]. - The core listed companies in the photovoltaic sector are expected to see a revenue decline of 9.7% year-on-year in the first half of 2025, but there is an improvement in operating rates and revenue in the second quarter due to domestic demand [3]. Group 2: Industry Dynamics - The photovoltaic industry is gradually bottoming out, with a reduction in losses in the second quarter compared to the first half of the year [3]. - The main pressure on the sector is the pricing within the supply chain, with the gross margin for silicon wafers being negative in the second quarter [3]. Group 3: Policy and Strategic Developments - The "anti-involution" policy aims to stabilize and increase prices along the supply chain by controlling upstream silicon material capacity and setting minimum procurement prices for downstream power stations [5]. - Major companies in the industry are planning to form an organization similar to OPEC to promote capacity consolidation and manage excess capacity and debt through mergers and acquisitions [5].