光伏50ETF（159864）涨超5.5%，行业前景获机构关注

Core Viewpoint - The photovoltaic (PV) sector is experiencing robust growth in both domestic and international demand, leading to increased attention from institutions [1] Domestic Demand - From January to October 2025, China's newly installed photovoltaic capacity is expected to reach approximately 252.87 GW, representing a year-on-year increase of 39.5%, with rapid growth observed in the first five months [1] International Demand - During the same period, exports of silicon wafers, battery cells, and modules have increased by 8.3%, 91.4%, and 6% year-on-year, respectively [1] Supply Side Adjustments - Production adjustments have been noted on the supply side, with a year-on-year decline in the output of polysilicon and silicon wafers, while battery cell and module production has increased year-on-year [1] Price Recovery and Profitability - The price recovery in the industry has led to improved profitability, with year-on-year increases in polysilicon and module prices, and a significant reduction in losses for major industry players in the third quarter compared to the second quarter [1] Policy Support - The government is promoting the integrated development of new energy, encouraging innovative applications such as building-integrated photovoltaics and "light-storage-direct-flexible" solutions [1] Future Outlook - Starting from April 1, 2026, the export tax rebate for photovoltaic products will be canceled, which may impact the market dynamics [1] - Under the "West-to-East Electricity Transmission" initiative, the application fields for photovoltaic products are expected to expand, with potential innovations in technologies like HJT and perovskite in commercial aerospace scenarios [1] ETF Overview - The photovoltaic 50 ETF (159864) tracks the photovoltaic industry index (931151), which includes listed companies across the entire industry chain, from upstream silicon materials to downstream photovoltaic power station construction and operation [1]