反内卷仍是板块核心主线，光伏50ETF（159864）盘中流入近2000万份

Group 1 - The core viewpoint of the article highlights that the photovoltaic industry is experiencing significant capital inflow, with the photovoltaic 50 ETF (159864) seeing a flow of 17 million shares and an additional 1 million shares during trading, indicating active market positioning [1] - Three key factors are identified as supporting the industry's return to healthy operations: policy support, market clearing, and technological iteration. The focus remains on reducing internal competition, with the end of the year being a critical observation point for the implementation of anti-internal competition policies [1] - The photovoltaic 50 ETF tracks the photovoltaic industry index (931151), which selects listed companies across the entire solar photovoltaic power generation supply chain, including upstream materials, midstream component manufacturing, and downstream power station operations. The index constituents are noted for their technological leadership and growth potential [1] Group 2 - The article emphasizes that the index aims to comprehensively reflect the overall performance and long-term development trends of China's photovoltaic industry [1] - Upcoming policies related to silicon material mergers and acquisitions, as well as production and sales restrictions, are expected to gradually materialize, further influencing the market dynamics [1]