光伏“十亿千瓦”前景广阔，光伏ETF嘉实(159123)一键布局光伏全产业链机遇

Core Viewpoint - The photovoltaic (PV) sector is experiencing fluctuations, with the China Securities PV Industry Index down by 0.47% as of December 3, 2025, despite some stocks showing gains and others declining [1] Group 1: Industry Developments - A recent conference in Beijing highlighted the theme "Photovoltaics Empowering Global Green and Low-Carbon Transition," where the "2025 China Photovoltaic Construction Progress Report" was released, summarizing significant achievements in China's PV construction and its contributions to global climate action [1] - The report anticipates that China's PV sector will start from a "one billion kilowatt" base and move towards a higher quality and more sustainable future [1] Group 2: Market Trends - According to Industrial Securities, the PV industry chain is expected to undergo a value reconstruction, with Q3 showing a trend of reduced losses in the main PV chain due to rising silicon material prices driven by "anti-involution" [1] - The industry is projected to see improvements in performance and benefits from both the "anti-involution" trend and the current position at the bottom of the cycle, suggesting a favorable environment for investment [1] Group 3: Key Stocks - As of November 28, 2025, the top ten weighted stocks in the China Securities PV Industry Index include Yangguang Electric, TBEA, LONGi Green Energy, TCL Technology, Tongwei Co., TCL Zhonghuan, Chint Electric, Deye, Canadian Solar, and JA Solar, collectively accounting for 61.01% of the index [1] Group 4: Investment Tools - The Harvest Photovoltaic ETF (159123) tracks the China Securities PV Industry Index, providing a convenient tool for investors to access the entire PV industry chain [2] - Investors can also explore opportunities through the off-market connection of the photovoltaic ETF (014605) [2]