行业反内卷决心明确，关注光伏50ETF（159864）

Core Viewpoint - The photovoltaic (PV) sector is currently facing significant supply surplus, primarily involving private enterprises, and requires a gradual policy approach to resolve the issue, focusing on self-discipline, capacity integration, and technological iteration [1] Group 1: Industry Performance - On December 9, the photovoltaic sector showed relatively good performance, with the PV 50 ETF (159864) rising by 0.32% [1] - Since Q3 2025, the prices in the silicon material segment have stabilized and begun to rise, leading to improved profitability across the entire PV industry chain [2] - The overall price of the photovoltaic industry chain has shown a recovery trend, with multi-crystalline silicon dense material increasing from 35 yuan/kg to 52 yuan/kg, and 182N silicon wafers rising from 0.88 yuan/piece to 1.18 yuan/piece [2] Group 2: Policy and Market Dynamics - The National Development and Reform Commission (NDRC) has held discussions to address disorderly price competition among enterprises, aiming to maintain a good market price order and support high-quality development [1] - The determination to combat "involution" in the industry is clear, and as capacity reduction measures are implemented, a trend of profitability recovery is expected to emerge [2] Group 3: Technological Advancements - The perovskite photovoltaic industry in China has seen significant breakthroughs this year, with stability in lifespan being achieved, indicating rapid progress from laboratory to industrialization [3] - Perovskite technology is expected to become a core solution for space energy due to its high efficiency, low cost, flexibility, and radiation resistance, presenting investment opportunities as its industrialization accelerates [2]