天津"十五五"规划建议: 加力建设光伏发电等新型能源基础设施

Core Viewpoint - The photovoltaic (PV) sector is expected to enter a sustained capacity clearing cycle by 2026, with improvements in product pricing, mergers and acquisitions, and higher industry entry barriers anticipated to enhance the competitive landscape and ecosystem of the industry [1] Group 1: Market Performance - On November 28, 2025, the Huaxia Photovoltaic ETF (515370) rose by 0.33%, with major holdings such as Maiwei Co. increasing over 7%, Hongyuan Green Energy up over 3%, and both Sunshine Power and Jing Sheng Machinery up over 1% [1] Group 2: Policy and Infrastructure Development - The Tianjin Municipal Committee released recommendations for the 15th Five-Year Plan, emphasizing the optimization of oil, gas, electricity, and heating networks, and the enhancement of new energy infrastructure including wind, solar, and hydrogen energy [1] Group 3: Industry Outlook - Zhongyuan Securities predicts that the photovoltaic industry will experience a continuous capacity clearing cycle starting in 2026, with the effects of "anti-involution" pricing measures, corporate mergers, and improved product quality standards gradually becoming evident [1] - The competitive landscape and ecosystem of the photovoltaic industry are expected to improve, leading to a gradual enhancement in the performance of existing photovoltaic companies [1] - Public funds currently have low allocations in the photovoltaic sector, but the anticipated improvements in valuation and supply-demand dynamics are likely to attract more capital [1] Group 4: ETF and Industry Representation - 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 performance of the photovoltaic industry [1]