光伏50ETF（159864）涨超1.1%，行业景气与供需格局引关注

Core Viewpoint - The photovoltaic industry is experiencing significant growth due to policy support, with domestic installed capacity continuing to rise, indicating a robust market outlook for solar energy [1] Group 1: Photovoltaic Industry - The domestic photovoltaic installed capacity increased by 216 GW in 2023, representing a year-on-year growth of 147% [1] - The growth trend is expected to continue, with a projected 49% increase in the first three quarters of 2025 [1] - The photovoltaic 50ETF (159864) tracks the photovoltaic industry index (931151), which includes listed companies involved in the entire solar energy supply chain [1] Group 2: Aluminum Industry - Domestic electrolytic aluminum production capacity is nearing its limit, with a long-term cap set at 45.5 million tons due to regulatory impacts [1] - The demand for aluminum is expected to grow due to the lightweight requirements of photovoltaic and new energy vehicles, with a year-on-year increase of 5.72% in domestic electrolytic aluminum demand from January to October 2025 [1] - The decline in alumina prices is beneficial for the recovery of electrolytic aluminum profits, while new capacity releases have led to an oversupply of alumina [1] Group 3: Tungsten Industry - China is tightening regulations on tungsten ore mining, with the first batch of mining quotas for 2025 set at 58,000 tons, leading to a persistent supply tightness [1] - There is strong demand in global new energy and advanced technology sectors for tungsten [1]