政策发布支持光伏发展，光伏ETF嘉实(159123)今日上市备受关注

Core Viewpoint - The photovoltaic industry is experiencing a strong upward trend, driven by supportive government policies and a focus on renewable energy development, particularly in Beijing's economic planning [1][2]. Group 1: Industry Developments - The China Photovoltaic Industry Index rose by 2.14%, with significant gains in constituent stocks such as Maiwei Co. (+5.49%), Sungrow Power (+4.64%), and Canadian Solar (+4.51%) [1]. - The Beijing Municipal Committee has proposed initiatives to enhance the construction of smart grids and microgrids, facilitating the integration of photovoltaic and other renewable energy sources into the power system [1]. - The focus on optimizing energy structure and controlling fossil fuel usage is expected to boost the development and utilization of local renewable energy sources, aiding in the achievement of carbon neutrality goals [1]. Group 2: Market Insights - Zhongyou Securities highlights a disparity in supply and demand expectations within the photovoltaic industry, with ongoing "anti-involution" actions in supply [1]. - China's submission of its 2035 Nationally Determined Contributions (NDC) on November 3, 2025, positions the country as a proactive player in energy transition, with anticipated improvements in demand [1]. - The upcoming COP30 conference is expected to further motivate global energy transition efforts as countries submit their updated NDCs [1]. Group 3: Market Composition - As of October 31, 2025, the top ten weighted stocks in the China Photovoltaic Industry Index include Sungrow Power, Longi Green Energy, and TBEA, collectively accounting for 60.74% of the index [2]. - The Jiashe Photovoltaic ETF (159123) tracks the China Photovoltaic Industry Index, providing a convenient investment tool for exposure to the entire photovoltaic supply chain [2].