光伏50ETF（159864）涨超2.6%，供需改善预期推动估值修复

Core Viewpoint - The North American electricity shortage is positively impacting the power equipment industry within the overseas supply chain, with a focus on power generation, energy storage, and transmission and distribution sectors [1] Industry Summary - The photovoltaic (PV) industry is experiencing positive signals from recent policies and corporate developments, including market-oriented reforms in electricity pricing across multiple provinces in China and significant international market activities such as Italy's adjustment of solar tax incentives and the UAE's initiation of a 2GW solar + storage tender [1] - The silicon wafer prices are under pressure due to weak demand and inventory issues, while the battery cell segment faces loss risks from falling silicon prices and rising silver prices. However, high-power 210N modules are showing signs of price increases due to concentrated procurement demand [1] - The data for ultra-high voltage transmission is promising, with renewable energy accounting for 56.8% of electricity generation by 2024 [1] - In the energy storage sector, the scale of GWh-level projects under construction is projected to reach 35.18GW/148.19GWh by 2025, with significant operational capacity in regions like Xinjiang, indicating sustained high industry prosperity [1] Company Summary - The Photovoltaic 50 ETF (159864) tracks the photovoltaic industry index (931151), which selects listed companies involved in the upstream raw materials, midstream battery and module manufacturing, and downstream solar power generation systems to reflect the overall performance of related listed companies in China's photovoltaic industry [1] - The components of the photovoltaic industry index exhibit high growth potential and technological leadership, making it a crucial part of the renewable energy sector [1]