光伏ETF嘉实(159123)跟踪中证光伏产业指数，是布局光伏全产业链的便捷工具。 场外投资者还可以通过光伏ETF场外联接(014605)布局光伏产业链投资机遇。 兴业证券表示，光伏产业链有望迎来价值重构。Q3"反内卷"推动硅料价格上涨，光伏主链Q3减亏已成 行业趋势，光伏行业有望迎来业绩环比改善和"反内卷"实质性推动的双重利好，当前行业仍然处在周期 底部，建议积极布局"反内卷"行情。建议关注供给侧结构性改革预期及新技术变革带来的结构性机会。 数据显示，截至2025年11月28日，中证光伏产业指数前十大权重股分别为阳光电源、特变电工、隆基绿 能、TCL科技、通威股份、TCL中环、正泰电器、德业股份、阿特斯、晶澳科技，前十大权重股合计占 比61.01%。 2025年12月3日，光伏板块盘中震荡，截至11:08，中证光伏产业指数下跌0.47%。成分股微导纳米领 涨，TCL科技、科士达跟涨；爱旭股份领跌，聚和材料、上能电气跟跌。 消息面上，"光伏赋能全球绿色低碳转型"主题交流会日前在京举行，会上发布的《2025中国光伏建设进 展报告》总结了中国光伏建设的重大成就，展示了从戈壁沙漠到城乡屋顶的光伏建设实践，梳理了技术 ...

Core Insights - The Ministry of Industry and Information Technology, along with multiple departments, held a meeting on August 19 to regulate the photovoltaic industry, aiming to eliminate outdated capacity and establish a pricing monitoring mechanism, reflecting a strong commitment to reforming the competitive landscape [1][3] - The photovoltaic industry is transitioning from "price wars" to "value reconstruction," driven by new policies and the implementation of the revised Anti-Unfair Competition Law, which prohibits selling products below cash costs [1][3][4] - Tongwei Co., holding a 30% global market share in high-purity silicon and leading in solar cell shipments for eight consecutive years, is positioned as a core player in navigating the industry cycle through cost control and technological innovation [1][4][9] Company Performance - Tongwei Co. reported a revenue of 40.509 billion yuan for the first half of 2025, with a significant reduction in losses in the second quarter, maintaining a strong market share in its core business [2] - The company achieved a sales volume of 161,300 tons of polysilicon, retaining a 30% global market share, and sold 49.89 GW of solar cells, continuing to lead globally [2] - As of the end of the first half, Tongwei had 33.229 billion yuan in cash and financial assets, ensuring robust liquidity and a variety of financing tools [2][4] Industry Dynamics - The photovoltaic industry is experiencing a "breaking point" due to a shift from quantity expansion to quality improvement, as the cumulative global installed capacity approaches 2000 GW [3][4] - Recent policies targeting "disorderly low-price competition" have established a price floor for products like silicon materials and modules, aiming to stabilize the market and improve profitability for mid and downstream companies [3][4] - The industry has seen a recovery in prices since the second quarter of 2025, with polysilicon prices rising by up to 3.37% and module prices rebounding by 10.45% from their June lows, indicating a positive shift in supply-demand dynamics [6][7] Market Response - The capital market has reacted positively to the changes in the photovoltaic sector, with significant stock price increases for leading companies like Tongwei, reflecting strong market expectations for recovery [8] - The concentration of market share among the top five silicon material companies has reached nearly 80%, which is expected to reduce volatility and enhance profitability stability for leading firms [8][9] - Tongwei's dual business model, combining "green agriculture and green energy," allows it to benefit from the long-term growth of the photovoltaic industry while providing a stable cash flow to mitigate cyclical fluctuations [8][9]