20cm速递｜新能源板块走强，创业板新能源ETF华夏（159368）上涨1.12%，同类规模第一

Core Insights - The A-share market opened lower on September 24, 2025, with the new energy sector showing strength, particularly the ChiNext New Energy ETF Huaxia (159368), which rose by 1.12% [1] - The multi-crystalline silicon N-type raw material price ranged from 50.3 to 55 yuan per kilogram, with a price index of 52.44 yuan per kilogram, indicating a slight upward shift in transaction prices [1] - The multi-crystalline silicon industry is entering a capacity reduction cycle, with expectations of improved supply-demand dynamics due to consolidation among leading firms [1] Group 1: Market Performance - The ChiNext New Energy ETF Huaxia (159368) is the largest ETF tracking the ChiNext New Energy Index, with a maximum scale of 824 million yuan as of September 22, 2025 [2] - The ETF has the lowest fee rate, with a combined management and custody fee of only 0.2% [2] - The ETF's daily average trading volume over the past month reached 60.31 million yuan, indicating strong market interest [2] Group 2: Industry Trends - The multi-crystalline silicon price index indicates a preference for resources priced at 52 yuan or below, while larger manufacturers generally quote prices above 53 yuan [1] - There is an expectation of slight production declines in October due to the seasonal water scarcity affecting production in Sichuan [1] - The top six manufacturers in the domestic multi-crystalline silicon industry account for nearly 85% of total capacity, facilitating potential mergers and acquisitions [1]