直接受益反内卷的光伏ETF(159857)跟踪指数冲高涨近2%，“多晶硅产能整合收购平台”正式落地，光伏行业拐点显现

Core Viewpoint - The photovoltaic ETF (159857) has shown strong performance with a turnover of 6.2% and a transaction volume of 144 million yuan, reflecting a robust market interest in the photovoltaic sector [1]. Group 1: Product Highlights - The photovoltaic ETF (159857) tracks the photovoltaic industry index, which includes companies involved in the manufacturing of silicon materials, silicon wafers, battery cells, modules, and the operation of photovoltaic power stations, providing a comprehensive reflection of the overall performance of China's photovoltaic industry [2]. - The photovoltaic industry index is characterized by significant growth potential and volatility, effectively capturing the development dynamics of the photovoltaic supply chain [2]. Group 2: Recent Events - A new "polysilicon capacity integration acquisition platform" has been officially established, marking a significant step in addressing the "involution" issue within the photovoltaic industry. This initiative is supported by major companies such as Tongwei Co., GCL-Poly Energy, and Daqo New Energy, and is guided by six national ministries [2]. - This industry governance innovation is viewed as a critical measure to combat the detrimental competition within the photovoltaic sector [2]. Group 3: Institutional Perspectives - According to Open Source Securities, a turning point in the photovoltaic industry is emerging, with ongoing efforts to combat "involution" presenting opportunities for bottom reversal. The upstream sector is expected to significantly reduce losses in Q3, indicating positive changes in supply and demand dynamics [2]. - Key focus areas include the establishment of silicon material storage platforms and the implementation of production limit measures on the supply side, while the demand side will be influenced by the support of the "14th Five-Year Plan" for photovoltaic installations and the enforcement of regulations against selling below cost [2].