Market Performance - On November 3, the market rebounded with all three major indices closing in the green, with the Shanghai Composite Index up by 0.55%, the Shenzhen Component Index up by 0.19%, and the ChiNext Index up by 0.29% [2] - Sectors such as Hainan, gaming, and film exhibition saw significant gains, while sectors like batteries, non-ferrous metals, and rare earth permanent magnets experienced declines [2] ETF Performance - The Silverhua CSI Photovoltaic Industry ETF (516880) rose by 3.7%, with notable performances from component stocks such as Arctech (688472.SH) up by 12.19%, TBEA (600089.SH) hitting the daily limit, and Hongyuan Green Energy (603185.SH) up by 8.89% [2] Photovoltaic Industry Developments - A new record for the photoelectric conversion efficiency of perovskite photovoltaic devices was reported, achieving 25.19% efficiency while maintaining over 95% performance after more than 1000 hours of continuous operation [2] - As of September 2025, wind power installed capacity is projected to reach approximately 580 million kilowatts, a year-on-year increase of 21.3%, while photovoltaic installed capacity is expected to reach 1.13 billion kilowatts, a year-on-year increase of 45.7% [3] - From January to September, domestic wind power added 61.09 GW of new capacity, a 56% year-on-year increase, although September saw a decline in new installations [3] Policy and Market Trends - The Chinese government has implemented "anti-involution" policies since June 2025, aiming to regulate competition in the photovoltaic industry and promote sustainable development, which is expected to bring substantial benefits to the sector [3] - The photovoltaic industry is undergoing significant transformation, with the market share of N-type monocrystalline silicon technology expected to exceed 96.9% by 2025, alongside advancements in TOPCon, HJT, and BC technologies [3] - The industry is anticipated to see a nearly 45% year-on-year increase in new installed capacity in 2024, marking a nearly 20-fold growth since 2015, indicating that photovoltaic energy has transitioned from a supplementary source to a primary energy source [3]