估值低位，光伏ETF华夏（515370）有望困境反转

Group 1 - The A-share market experienced a decline, with the photovoltaic ETF Huaxia (515370) dropping by 4.48% as of November 21, 2025 [1] - The latest PB of the CSI Photovoltaic Industry Index is 2.55 times, which is at the historical 49th percentile, indicating a position near the historical mean and not high [1] - As of the end of Q3 2025, the proportion of active equity funds heavily invested in the power equipment sector is 12.3%, which has increased quarter-on-quarter but remains low compared to the previous peak of 21% [1] Group 2 - CITIC Construction Investment believes that both the photovoltaic and lithium battery sectors are at a profit bottom, with significant losses in the photovoltaic industry [2] - The "anti-involution" policy is expected to focus on addressing irrational competition below cost, promoting capacity consolidation, and phasing out outdated capacity in the photovoltaic sector [2] - The Huaxia Photovoltaic ETF (515370) tracks the CSI Photovoltaic Industry Index, covering upstream, midstream, and downstream companies in the photovoltaic industry, including silicon wafers, polysilicon, battery cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and power stations [2]