数据显示，华泰柏瑞基金旗下1只基金位居协鑫集成十大流通股东。光伏ETF（515790）三季度减持 126.35万股，持有股数5325.78万股，占流通股的比例为0.91%。根据测算，今日浮盈赚取约852.12万 元。连续4天上涨期间浮盈赚取2769.4万元。 光伏ETF（515790）成立日期2020年12月7日，最新规模139.76亿。今年以来收益36.54%，同类排名 1241/4216；近一年收益14.6%，同类排名2732/3951；成立以来收益3.51%。 11月13日，协鑫集成涨5.11%，截至发稿，报3.29元/股，成交11.28亿元，换手率6.17%，总市值192.48 亿元。协鑫集成股价已经连续4天上涨，区间累计涨幅19.92%。 资料显示，协鑫集成科技股份有限公司位于江苏省苏州市工业园区新庆路28号(协鑫能源中心)，成立日 期2003年6月26日，上市日期2010年11月18日，公司主营业务涉及研发、生产及销售晶体硅太阳能电 池。主营业务收入构成为：组件92.38%，系统集成包4.61%，电池片2.27%，其他0.45%，发电收入 0.29%。 从协鑫集成十大流通股东角度 光伏ETF（51 ...

Core Viewpoint - The stock price of Canadian Solar Inc. (阿特斯) has increased by 5.45% on November 6, reaching 22.44 CNY per share, with a total market capitalization of 82.764 billion CNY, marking a cumulative increase of 37.29% over the past three days [1] Company Overview - Canadian Solar Inc. is a major global manufacturer of photovoltaic (PV) modules, established on July 7, 2009, and listed on June 9, 2023. The company focuses on the research, production, and sales of crystalline silicon PV modules, aiming to provide reliable, technologically advanced, and cost-effective products [2] - The company's revenue composition includes 68.22% from PV module products, 21.04% from energy storage systems, 6.05% from PV system products, 2.57% from construction contracts, and 2.12% from other sources [2] Fund Holdings - The Hongtu Innovation Fund holds a significant position in Canadian Solar Inc., with 22.24 thousand shares, representing 3.21% of the fund's net value, making it the tenth largest holding. The fund has realized a floating profit of approximately 258 thousand CNY today, accumulating 1.2856 million CNY during the three-day price increase [3] Fund Manager Information - The fund manager of Hongtu Innovation Technology Innovation Stock (LOF) is Gai Junlong, who has been in the position for 11 years and 178 days. The fund's total asset size is 477 million CNY, with the best return during his tenure being 256.01% and the worst being -50.45% [4]

Group 1 - Longi Green Energy (601012.SH) reported its Q3 2025 results, with 126 institutional investors holding a total of 1.468 billion shares, representing 19.37% of the company's total equity [1] - The top ten institutional investors collectively hold 16.44% of Longi Green Energy, with a decrease of 2.64 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 34 funds increased their holdings, with a total increase rate of 0.34%, while 56 funds decreased their holdings, with a total decrease rate of 0.41% [2] - A total of 29 new public funds were disclosed this period, while 485 funds were not disclosed compared to the previous quarter [2] Group 3 - One new social security fund disclosed its holdings in Longi Green Energy, specifically the National Social Security Fund 118 Portfolio [3] - One foreign fund, HHLR Management Co., Ltd. - China Value Fund, reduced its holdings by 0.43% compared to the previous quarter [3]

Group 1 - JinkoSolar's stock price has declined for three consecutive days, with a total drop of 7.16% during this period, currently trading at 5.45 CNY per share and a market capitalization of 54.528 billion CNY [1] - The company specializes in the research, production, and sales of solar photovoltaic modules, cells, and wafers, providing high-quality solar products to global customers [1] - JinkoSolar's main business revenue is entirely derived from product sales, accounting for 100% of its income [1] Group 2 - Silver Hua Fund has a significant holding in JinkoSolar, with its "Photovoltaic 50" fund increasing its stake by 662,500 shares, now holding 3.9851 million shares, representing 2.4% of the fund's net value [2] - The "Photovoltaic 50" fund has experienced a year-to-date return of 20.75% and a one-year return of 24.35%, ranking 2205 out of 4219 and 2180 out of 3866 respectively in its category [2] - The fund manager, Wang Shuai, has been in position for over 6 years, with the fund's total assets amounting to 20.936 billion CNY and a best return of 76.27% during his tenure [2]

Group 1 - The core point of the article highlights the recent performance of Hengdian East Magnetic, which saw a 5.1% increase in stock price, reaching 21.42 CNY per share, with a trading volume of 1.722 billion CNY and a turnover rate of 5.16%, resulting in a total market capitalization of 34.844 billion CNY [1] - Hengdian Group East Magnetic Co., Ltd. specializes in the production and sales of permanent ferrite, soft ferrite, and other magnetic materials, as well as batteries and solar photovoltaic products. The revenue composition is as follows: photovoltaic products 67.47%, magnetic materials 16.24%, lithium batteries 10.77%, devices 3.62%, and others 1.89% [1] Group 2 - From the perspective of the top ten circulating shareholders, Huatai-PB Fund has a fund that ranks among the top shareholders of Hengdian East Magnetic. The Guangfu ETF (515790) reduced its holdings by 39,800 shares in the second quarter, now holding 9.4812 million shares, which accounts for 0.58% of the circulating shares. The estimated floating profit today is approximately 9.8605 million CNY [2] - The Guangfu ETF (515790) was established on December 7, 2020, with a current scale of 9.984 billion CNY. Year-to-date returns are 23.88%, ranking 2368 out of 4220 in its category; the one-year return is 15.57%, ranking 2773 out of 3855; and since inception, it has a loss of 6.09% [2] Group 3 - The fund managers of Guangfu ETF (515790) are Li Qian and Li Mu Yang. As of the report, Li Qian has a cumulative tenure of 5 years and 345 days, with a total fund asset size of 39.351 billion CNY, achieving a best fund return of 89.32% and a worst return of -18.35% during her tenure. Li Mu Yang has a cumulative tenure of 4 years and 282 days, managing a total fund asset size of 21.273 billion CNY, with a best fund return of 137.86% and a worst return of -42.62% during his tenure [3]

Core Viewpoint - The stock price of Arctech has increased by 5.12% on September 30, reaching 13.55 CNY per share, with a total market capitalization of 49.975 billion CNY, reflecting a cumulative increase of 14.37% over the past five days [1] Company Overview - Arctech, established on July 7, 2009, and listed on June 9, 2023, is a leading global manufacturer of photovoltaic modules, focusing on the research, production, and sales of crystalline silicon photovoltaic modules [2] - The company's main business segments include photovoltaic systems, large-scale energy storage systems, and photovoltaic power station engineering (EPC) services, with revenue composition as follows: photovoltaic module products (68.22%), energy storage systems (21.04%), photovoltaic systems (6.05%), construction contracts (2.57%), and other income (2.12%) [2] Fund Holdings - According to data, one fund under China Construction Bank holds a significant position in Arctech, with the CCB SSE Sci-Tech Innovation Board Innovation Value ETF (588910) owning 3.58% of its net asset value, ranking as the fifth-largest holding [3] - The fund has realized a floating profit of approximately 205.94 thousand CNY today and a total of 505.48 thousand CNY during the five-day increase [3] Fund Manager Performance - The fund manager of the CCB SSE Sci-Tech Innovation Board Innovation Value ETF is Zhang Yilin, who has been in the position for 2 years and 271 days, with the fund's total asset size at 919 million CNY [4] - During Zhang's tenure, the best fund return was 28.75%, while the worst return was 5.09% [4]

Core Insights - On September 26, Shangneng Electric experienced a decline of 5.36%, with a stock price of 32.11 CNY per share, a trading volume of 1.237 billion CNY, a turnover rate of 9.62%, and a total market capitalization of 16.13 billion CNY [1] Company Overview - Shangneng Electric Co., Ltd. is located at No. 6, Hui Road, Huishan District, Wuxi City, Jiangsu Province, established on March 30, 2012, and listed on April 10, 2020 [1] - The company's main business involves the research, development, production, and sales of power electronic equipment, with revenue composition as follows: photovoltaic inverters 72.20%, energy storage bidirectional converters and system integration products 25.64%, power quality governance products 1.19%, spare parts and technical services 0.85%, and others 0.12% [1] Shareholder Insights - Among the top ten circulating shareholders of Shangneng Electric, a fund under Huatai-PB Fund ranks first. The Photovoltaic ETF (515790) reduced its holdings by 25,900 shares in the second quarter, now holding 2.4948 million shares, which accounts for 0.91% of circulating shares. The estimated floating loss today is approximately 4.5405 million CNY [2] - The Photovoltaic ETF (515790) was established on December 7, 2020, with a latest scale of 9.984 billion CNY. Year-to-date returns are 23.22%, ranking 2407 out of 4220 in its category; the one-year return is 41.66%, ranking 2160 out of 3824; and since inception, it has a loss of 6.59% [2] Fund Manager Performance - The fund managers of the Photovoltaic ETF (515790) are Li Qian and Li Mu Yang. As of the latest update, Li Qian has a cumulative tenure of 5 years and 328 days, with total fund assets of 39.351 billion CNY, achieving a best fund return of 99.14% and a worst return of -18.35% during her tenure [3] - Li Mu Yang has a cumulative tenure of 4 years and 265 days, managing total fund assets of 21.273 billion CNY, with a best fund return of 130.93% and a worst return of -42.91% during his tenure [3]

Group 1 - Longi Green Energy (601012.SH) reported its 2025 semi-annual results, with 110 institutional investors holding a total of 1.576 billion shares, representing 20.80% of the total share capital [1] - The top ten institutional investors collectively hold 18.11% of the shares, with a slight increase of 0.15 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 41 funds increased their holdings, with a holding increase ratio of 0.54%, including notable funds like Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF [2] - Conversely, 43 funds decreased their holdings, with a reduction ratio of 0.11%, including funds such as E Fund Innovation-Driven Mixed and Solar ETF [2] - There were 12 new public funds disclosed this period, while 32 funds from the previous quarter were not disclosed again [2] - One foreign fund, HHLR Management Co. - China Value Fund, reduced its holdings slightly [2]

Core Viewpoint - The photovoltaic sector is experiencing a significant rebound driven by policy reforms and industry self-regulation, creating potential investment opportunities. Group 1: Market Drivers - The first driver is a strong policy initiative aimed at curbing unhealthy competition, with the Ministry of Industry and Information Technology targeting the elimination of outdated production capacity to support quality enterprises [3]. - The second driver is a collective production cut by leading polysilicon manufacturers, forming a "photovoltaic OPEC" that tightens supply and boosts silicon material prices by over 20% [3]. Group 2: Investment Strategies - Investors are advised to focus on leading companies that possess both technological and cost advantages, such as Tongwei and Longi, as they are likely to benefit from the policy reshuffle [3]. - Another strategy involves betting on innovative technologies like HJT and perovskite tandem cells, which have achieved laboratory efficiencies exceeding 32%, although mass production is still pending [3]. Group 3: Risks - There is a risk that production capacity clearance may not yield significant results, as some struggling companies continue to operate [4]. - The competition among different technological routes is fierce, and misplacing bets could lead to substantial losses [4]. - High trade barriers, particularly from the U.S., pose a risk with potential tariffs impacting the sector [4].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **polysilicon industry** and its current investment opportunities in the **photovoltaic (PV) sector** [1][2]. Core Insights and Arguments - The polysilicon industry is implementing a **production quota control** system through the CPI annual conference and monthly meetings, aiming to restore pricing and reduce operating rates, similar to an **OPEC model** [1][2]. - **GCL-Poly Energy** has proposed a **capacity merger and integration plan** supported by financial institutions, where leading companies will acquire inefficient capacities to achieve capacity clearance and control, which has been confirmed and is being promoted by the government [1][2]. - Recent **polysilicon prices** have significantly increased, with n-type raw material prices rising from **33.5 CNY/kg to 40 CNY/kg**, and expected to reach **45 CNY/kg** within the week [1][3][4]. - The overall **demand for photovoltaics** remains stable, with ground-mounted project demand supported by centralized projects, and commercial distributed projects unaffected by policy changes. Overseas demand is expected to recover month-on-month starting from July, aided by the cancellation of export tax rebates [1][5]. - By **July 2025**, the total polysilicon production is projected to be **104,000 tons**, showing a slight increase due to the resumption of capacity in the Yunnan region during the flood season [1][6]. Additional Important Content - The **supply-side reform** in the photovoltaic industry is divided into two phases: - The first phase (Q4 2024 to Q2 2025) involves industry self-discipline with strict requirements for new capacity, including a maximum reduction electricity consumption of **40 kWh/kg** for polysilicon and **53 kWh/kg** for comprehensive electricity consumption [2]. - The second phase involves the promotion of the capacity merger and integration plan initiated after the SNEC exhibition [2]. - Current industry inventory stands at approximately **400,000 tons**, with a potential slight accumulation in July under balanced supply-demand conditions. However, due to policy constraints and rising price expectations, silicon wafer companies are inclined to stockpile, indicating that polysilicon prices are likely to rebound and recover [7]. - Recommended investment targets include **Tongwei Co., Ltd.** and **GCL-Poly Energy**, with projected stable profits of **7 billion CNY** and **3 billion CNY**, respectively, assuming the industry returns to supply-demand equilibrium and prices recover to **50 CNY/kg** (excluding tax) [2][8]. This comprehensive analysis highlights the current dynamics and future outlook of the polysilicon industry, emphasizing the potential for investment in leading companies within the sector.