落实“反内卷”，光伏产业12月减产！光伏ETF华夏（515370）资金流入加速

Core Viewpoint - The A-share market experienced fluctuations with the photovoltaic ETF Huaxia (515370) declining by 0.56% after a significant inflow of over 100 million yuan on December 4. The production of various components in the photovoltaic industry has decreased in December, indicating potential challenges ahead for the sector [1]. Industry Summary - In December, domestic production of polysilicon decreased by 0.96% month-on-month, while silicon wafer production fell by 15.95%, battery cell production by 12.61%, and module production by 13.58%. This decline is attributed to factors such as industry self-discipline [1]. - CITIC Construction Investment anticipates that the "price control" measures have led to price increases in the main industry chain since July, with polysilicon turning profitable in Q3. The "volume control" measures are also progressing smoothly due to the dry season [1]. - Current inventory levels for polysilicon across the industry are approximately 460,000 tons, indicating significant pressure. If demand remains flat or slightly decreases next year, a further reduction of about 30% in polysilicon production will be necessary to normalize inventory levels by 2026 [1]. - Overall, the "anti-involution" policy is expected to help restore profitability across various segments of the photovoltaic industry [1]. Company Summary - The photovoltaic ETF Huaxia (515370) tracks the CSI Photovoltaic Industry Index, which includes companies across the upstream, midstream, and downstream segments of the photovoltaic industry, such as silicon wafers, polysilicon, battery cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and power stations. This ETF provides a comprehensive reflection of the overall performance of the photovoltaic industry [1].