光伏行业自律显效！光伏ETF(159857)实时净申购已超1000万份，本月以来份额增长近3亿份，助力把握光伏板块配置窗口期

Core Viewpoint - The photovoltaic industry is experiencing a mixed performance, with significant fluctuations in stock prices and a notable decline in revenue, but there are signs of recovery in profitability and market interest in photovoltaic ETFs. Group 1: Market Performance - As of November 21, 2025, the photovoltaic ETF (159857) saw a turnover of 6.96% with a transaction volume of 173 million yuan, while the tracked CSI Photovoltaic Industry Index (931151) fell by 5.11% [1] - Key component stocks such as Weidao Nano (688147) and Aters (688472) experienced declines of 9.88% and 7.87% respectively, indicating a bearish trend in the sector [1] - Despite the downturn, the photovoltaic ETF (159857) attracted net subscriptions of 13 million shares, showing investor interest [1] Group 2: Fund Flows and Growth - The photovoltaic ETF (159857) has seen a significant increase in scale, with a growth of 177 million yuan over the past month and an increase of 292 million shares this month [2] - In the last 10 trading days, there were net inflows on 7 days, totaling 296 million yuan, indicating strong market interest [2] Group 3: Industry Insights - According to the China Photovoltaic Association, the industry is showing signs of self-regulation, with a reduction in overall losses and improved performance in Q3, where losses narrowed to 6.422 billion yuan, a decrease of 5.618 billion yuan from Q2 [3] - The overall revenue for 31 major companies in the photovoltaic supply chain fell by 16.9% year-on-year, but the gross profit margin improved to 3.64% for the first three quarters of 2025, with Q3 gross margin at 5.61% [3] - The domestic photovoltaic installation maintained a high growth rate, with a cumulative addition of 240.27 GW from January to September 2025, representing a year-on-year increase of 49.3% [5] - Exports of photovoltaic components showed strong performance, with a 140% year-on-year increase in volume and a 39% increase in export value in September, highlighting robust demand in overseas markets [5]