连续三个交易日资金流入，光伏ETF华夏（515370）上涨0.44%

Group 1 - The A-share market showed mixed performance on December 9, 2025, with the photovoltaic ETF Huaxia (515370) rising by 0.44%, and key holdings such as Deye Co., Ltd. and Aggregated Materials increasing over 3%, while Sungrow Power Supply Co., Ltd. rose over 2% [1] - The photovoltaic industry has seen positive effects from anti-involution measures, with upstream segments expected to significantly reduce losses in Q3. The supply-demand relationship in the industry is anticipated to recover rapidly, leading to an increase in component prices [1] - According to CITIC Securities, price control measures since July have led to price increases in the main industry chain, with the silicon material segment turning profitable in Q3. The dry season has also aided in controlling production volume [1] Group 2 - The current inventory pressure in the silicon material sector is approximately 460,000 tons. If demand remains flat or slightly declines in 2026, production needs to be reduced by about 30% for inventory levels to normalize. Overall, the anti-involution policy is expected to help return profitability across various segments to reasonable levels [1] - The photovoltaic ETF Huaxia (515370) tracks the CSI Photovoltaic Industry Index, which includes companies across the entire photovoltaic industry chain, such as silicon wafers, polysilicon, battery cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and power stations, providing a comprehensive reflection of the industry's overall performance [1]