光伏ETF华夏（515370）跟踪中证光伏产业指数，涉及光伏产业链上、中、下游企业，包括硅片、多晶 硅、电池片、电缆、光伏玻璃、电池组件、逆变器、光伏支架和光伏电站等，能够更好的反映光伏产业 整体表现。 中原证券认为，2026年光伏行业进入持续的产能出清周期，后续围绕"反内卷"的产品价格销售措施、企 业间并购整合、行业准入门槛的提高以及产品质量标准提高的影响将会逐步显现。光伏行业竞争格局和 产业链生态有望优化，存量光伏企业业绩将呈逐步改善趋势。公募基金对光伏板块配置处于低位，低估 值和供需格局改善有望吸引跟多资金配置。 2025年11月28日，光伏ETF华夏（515370）上涨0.33%，持仓股迈为股份涨超7%，弘元绿能涨超3%，阳 光电源、晶盛机电涨超1%。 11月28日，中共天津市委关于制定天津市国民经济和社会发展第十五个五年规划的建议发布，其中提 出，优化油气、电力、供热等骨干管网布局，加力建设风电、光伏发电、氢能等新型能源基础设施。 ...

Core Viewpoint - The photovoltaic (PV) sector is expected to enter a sustained capacity clearing cycle by 2026, with improvements in product pricing, mergers and acquisitions, and higher industry entry barriers anticipated to enhance the competitive landscape and performance of existing PV companies [1] Industry Summary - On November 28, 2025, the photovoltaic ETF Huaxia (515370) rose by 0.33%, with notable gains from stocks such as Maiwei Co., which increased over 7%, and Hongyuan Green Energy, which rose over 3% [1] - The Tianjin Municipal Committee released recommendations for the 15th Five-Year Plan, emphasizing the optimization of oil, gas, electricity, and heating networks, and the construction of new energy infrastructure including wind, solar, and hydrogen energy [1] - Central China Securities predicts that the competitive landscape of the PV industry will improve, with existing companies showing a gradual performance improvement due to low public fund allocation in the PV sector and an anticipated shift in supply-demand dynamics [1] Company Summary - The Huaxia photovoltaic ETF (515370) tracks the CSI Photovoltaic Industry Index, encompassing upstream, midstream, and downstream companies in the PV industry, including silicon wafers, polysilicon, solar cells, cables, photovoltaic glass, battery modules, inverters, solar brackets, and solar power stations, providing a comprehensive reflection of the overall performance of the PV industry [1]

Core Viewpoint - The ETF performance in the first half of 2025 shows a stark contrast, with the Hong Kong innovative drug ETFs surging over 58%, while the photovoltaic industry ETFs faced a decline of over 11% [2][3]. Group 1: Performance of Innovative Drug ETFs - The top-performing ETFs are dominated by the pharmaceutical sector, particularly focusing on Hong Kong innovative drugs and biotechnology, indicating strong investor interest in the innovative drug field [3]. - The leading ETF, Huatai-PB Hong Kong Innovative Drug ETF, achieved a remarkable increase of 58.77%, with a scale of 7.802 billion [4]. - Other notable ETFs include Yinhua and Wanji's Hong Kong Innovative Drug ETFs, both exceeding 57% growth, showcasing significant capital involvement in the sector [4][5]. Group 2: Performance of Photovoltaic and Traditional Energy ETFs - In stark contrast, the coal and photovoltaic industry ETFs experienced significant declines, with the top loser, Guotai Zhongzheng Coal ETF, dropping by 12.28% [6][7]. - The photovoltaic ETFs collectively faced severe downturns, with all listed ETFs in this category recording declines exceeding 11%, reflecting the industry's adjustment pressures [7][8]. Group 3: Underlying Market Dynamics - The extreme market divergence reflects a sensitive response to changes in industry trends, driven by supportive policies for innovative drugs and the challenges faced by traditional energy and photovoltaic sectors [9]. - Recent policies from various government departments have provided robust support for the innovative drug industry, enhancing its development prospects [9][10]. - Conversely, the photovoltaic sector is grappling with overcapacity and financial losses, with expectations for a prolonged adjustment period before recovery [10]. Group 4: Future Outlook - The innovative drug market in China is projected to have significant growth potential, driven by low per capita medical spending and an aging population [11]. - The Hong Kong innovative drug sector is expected to continue its rapid development, supported by policy initiatives and advancements in research and commercialization [11][12]. - Long-term perspectives suggest that innovative drugs represent a "long slope, thick snow" sector, emphasizing the importance of distinguishing between thematic speculation and value growth [12].

Core Viewpoint - The photovoltaic industry is facing severe challenges due to "involutionary" competition, with a focus on optimizing industrial layout and curbing backward production capacity [1][2]. Industry Overview - The National Development and Reform Commission emphasized the need for industry self-discipline and technological innovation in the photovoltaic sector [1]. - The market regulatory authority has introduced measures to address "involutionary" competition, highlighting the ongoing difficulties in the photovoltaic industry despite signs of financial recovery in some companies [2]. Financial Performance - In 2024, 110 A-share photovoltaic companies reported a total revenue of approximately 1.38 trillion yuan, a year-on-year decrease of 17.96%, and a net profit of approximately -3.63 billion yuan, a decline of 100.25% [4]. - The first quarter of 2025 saw these companies generate a total revenue of 279.14 billion yuan, with a net profit of approximately 47.44 billion yuan, both significantly lower than the previous year [4]. Cash Flow and Financial Health - Many leading photovoltaic companies are experiencing poor operating cash flow, with JinkoSolar reporting a net cash flow from operating activities of 1.17 billion yuan in Q1 2024, down from -2.62 billion yuan in the same period the previous year [5]. - As of Q1 2025, the total cash reserves of 110 A-share photovoltaic companies amounted to approximately 429.25 billion yuan, a decrease of about 20 billion yuan year-on-year [5]. Market Dynamics - The industry is witnessing a significant increase in solar installation capacity, with a reported 104.93 GW of new photovoltaic capacity added from January to April 2024, a year-on-year increase of approximately 75% [8]. - Despite the surge in installation demand, the overall production capacity utilization rates for key materials remain low, with polysilicon and module utilization rates at 40%-50% and wafer and cell rates at 50%-60% [9]. Future Outlook - Optimistic analysts predict a potential profitability turning point for companies by Q2 2025, while conservative estimates suggest that true supply-demand balance may not be achieved until 2026 or even 2027 [10][11].