估值低位，光伏ETF华夏（515370）配置性价比凸显

Core Viewpoint - The photovoltaic sector is experiencing a rally, with the Huaxia Photovoltaic ETF (515370) rising by 1.11%, and key holdings such as Maiwei Co., Canadian Solar, and Sungrow Power increasing by over 3% [1] Valuation - The latest PB of the CSI Photovoltaic Industry Index is 2.46 times, positioned at the historical 48.82% percentile, indicating it is near the historical mean and not at a high level [1] - As of the end of Q3, 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] Industry Dynamics - The photovoltaic industry is progressing with a "de-involution" strategy, as multiple silicon wafer companies collaborate to support pricing, leading to a continuous improvement in supply-demand dynamics [1] - Current valuations do not fully reflect the potential for industrial value reconstruction, and as the industry's bottoming out improves, the photovoltaic sector has significant upward potential [1] ETF Overview - The Huaxia Photovoltaic ETF (515370) tracks the CSI Photovoltaic Industry Index, encompassing upstream, midstream, and downstream companies in the photovoltaic supply chain, including silicon wafers, polysilicon, solar cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and solar power stations, providing a comprehensive reflection of the overall photovoltaic industry performance [1]