光伏50ETF（159864）午后上扬，涨超2.7%，机构：预计三季度光伏盈利修复

Core Viewpoint - The photovoltaic industry is experiencing upward pressure on costs due to rising prices of upstream materials, particularly silicon, while demand remains stable overseas [1] Industry Summary - Upstream prices in the photovoltaic industry continue to rise, with recent increases in silicon material prices significantly elevating cost pressures [1] - Silicon wafer prices are on an upward trend, while prices for battery cells and modules remain stable, supported by robust overseas demand [1] - Domestic market expectations indicate a potential decline in terminal module demand in the second half of the year due to the impact of market-oriented pricing policies for new energy grid connections [1] - However, a quarter-on-quarter recovery in overseas demand is anticipated by the end of Q3 [1] - The domestic industry is undergoing self-regulatory actions, with the effectiveness of these measures still to be observed [1] Company Performance - In Q2, major companies in the photovoltaic supply chain may still be operating at negative gross margins, with most segments not yet escaping cash cost losses [1] - A recovery in profitability is expected to begin in Q3 [1] Investment Products - The photovoltaic 50 ETF (159864) tracks the photovoltaic industry index (931151), which includes listed companies involved in solar photovoltaic power generation across the entire industry chain [1] - The index comprises companies with high growth potential and technological leadership, reflecting the overall performance and development trends of China's photovoltaic industry [1] - Investors without stock accounts may consider the Guotai CSI Photovoltaic Industry ETF Initiated Link A (013601) and Guotai CSI Photovoltaic Industry ETF Initiated Link C (013602) [1]