新能源延续反弹持续回暖，光伏ETF龙头(560980)盘中涨超3%！“反内卷”或将成为2026年光伏行业核心投资主线

Core Insights - The photovoltaic industry has shown signs of recovery in Q3 2025, with leading companies like Longi Green Energy and Trina Solar reducing losses due to ongoing "anti-involution" measures [1] - The silicon material segment has notably rebounded, with companies such as GCL-Poly Energy and Daqo New Energy turning losses into profits, while Tongwei's losses have significantly narrowed [1] - The industry is shifting from low-price competition to high-quality development, supported by supply-side reforms and agreements among leading firms to stabilize market prices and improve product quality [1] Industry Performance - In September, China's inverter exports reached 5.067 billion yuan, a year-on-year increase of 4.6%, with exports to Australia surging by 306% due to the government's "Cheaper Home Batteries" initiative [1] - The Central Committee of the Communist Party of China has emphasized the development of new energy storage, aiming for a new storage capacity of over 180 million kilowatts by 2027, which is expected to sustain high industry growth [1] Investment Outlook - Everbright Securities predicts that "anti-involution" will be the core investment theme for the photovoltaic industry in 2026, with the silicon material segment likely to see early capacity clearing and profit recovery [2] - Zhongyuan Securities notes that Q3 performance indicates a bottoming out and marginal improvement in the photovoltaic sector, driven by rising polysilicon prices and improved supply-demand dynamics [2] - The photovoltaic industry remains undervalued historically, with potential for valuation recovery as product pricing measures, mergers, and quality standards are implemented [2] Market Activity - As of November 3, 2025, the CSI Photovoltaic Leaders 30 Index rose by 3.46%, with the leading photovoltaic ETF (560980) increasing by 3.55% [2] - The top ten weighted stocks account for 74.41% of the index, with notable gains from companies like Canadian Solar (up 10.65%) and TBEA (hitting the daily limit) [2] - The photovoltaic ETF closely tracks the CSI Photovoltaic Leaders 30 Index, reflecting the performance of major companies in the photovoltaic sector [2]