多晶硅产能整合平台成立，光伏ETF华夏（515370）回调1.84%

Core Viewpoint - The A-share market experienced a collective decline on December 10, with the photovoltaic ETF Huaxia (515370) retreating by 1.84%. However, there has been a significant inflow of over 290 million yuan into the ETF over the past four trading days, indicating strong investor interest in the photovoltaic sector [1]. Group 1: Market Performance - The A-share market's three major indices weakened collectively, with the photovoltaic ETF Huaxia (515370) showing a decline of 1.84% [1]. - Despite the decline, the Huaxia photovoltaic ETF saw a substantial inflow of over 290 million yuan over four consecutive trading days [1]. Group 2: Company Holdings - According to the equity penetration chart of Beijing Guanghe Qiancheng Technology Co., Ltd., Tongwei Co., Ltd.'s subsidiary, Tongwei Photovoltaic Technology (Emei Mountain) Co., Ltd., holds a 30.35% stake with a subscribed registered capital of 91.05 million yuan [1]. - Other significant shareholders include GCL-Poly Energy Holdings' subsidiary, which holds 16.79%, and other companies such as Dongfang Hope, Daqo New Energy, New Special Energy, and Asia Silicon with holdings of 11.3%, 11.13%, 10.12%, and 7.79% respectively [1]. Group 3: Industry Insights - Wanlian Securities views the establishment of the platform as an effective measure against "involution" in the photovoltaic industry. They believe that the high asset and energy-intensive nature of polysilicon production should avoid low-price competition [1]. - The platform aims to reduce supply-demand mismatches by enabling leading companies to jointly store resources, which is expected to stabilize polysilicon market prices and support the overall healthy operation of the global photovoltaic industry [1]. Group 4: ETF Overview - 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, battery cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and power stations [1].