政策护航光伏产业破内卷，光伏ETF嘉实(159123)布局光伏产业链投资机遇

Group 1 - The core viewpoint of the news is the positive impact of government policies aimed at enhancing intellectual property protection in the photovoltaic industry, which is expected to promote healthy development and mitigate "involution" competition [1] - The China Securities Index for the photovoltaic industry rose by 2.42%, with significant gains from key stocks such as GoodWe (up 12.10%), Sungrow (up 11.89%), and Aotaiwei (up 9.07%) [1] - The National Intellectual Property Administration and the Ministry of Industry and Information Technology have issued opinions focusing on strengthening intellectual property protection in key areas of the photovoltaic industry chain [1] Group 2 - By 2027, significant results are anticipated from the intellectual property initiatives aimed at fostering healthy development in the photovoltaic sector [1] - Zheshang Securities indicates that the photovoltaic equipment industry will benefit from the gradual implementation of "anti-involution" policies and the trend towards second-price parity in solar storage, leading to a return to reasonable profit levels [1] - The demand for upstream materials such as silicon carbide substrates and monocrystalline silicon for etching is expected to rise due to increased needs in the electric equipment sector, driven by the growth of new energy vehicles and AI servers [1] Group 3 - As of December 31, 2025, the top ten weighted stocks in the China Securities Index for the photovoltaic industry include TBEA, LONGi Green Energy, and Sungrow, collectively accounting for 55.11% of the index [2] - The photovoltaic ETF managed by Harvest (159123) serves as a convenient tool for investing across the entire photovoltaic industry chain [3] - Investors can also access the photovoltaic ETF through an off-market connection (014605) to capitalize on investment opportunities within the photovoltaic sector [4]