数据显示，建信基金旗下1只基金重仓阿特斯。建信上证智选科创板创新价值ETF（588910）二季度持 有股数312.02万股，占基金净值比例为3.58%，位居第五大重仓股。根据测算，今日浮盈赚取约205.94 万元。连续5天上涨期间浮盈赚取505.48万元。 建信上证智选科创板创新价值ETF（588910）成立日期2025年3月20日，最新规模7.97亿。成立以来收 益30.66%。 建信上证智选科创板创新价值ETF（588910）基金经理为张溢麟。 资料显示，阿特斯阳光电力集团股份有限公司位于江苏省苏州高新区鹿山路199号，成立日期2009年7月 7日，上市日期2023年6月9日，公司主营业务涉及公司是全球主要的光伏组件制造商之一,核心业务为晶 硅光伏组件的研发、生产和销售,致力于为客户提供品质可靠、技术领先、性价比高的组件产品。以光 伏组件为基础,公司业务亦向光伏应用解决方案领域延伸。光伏应用解决方案包括光伏系统业务、大型 储能系统和光伏电站工程EPC业务,其中光伏系统业务主要是分布式光伏系统产品及其设备和部件的生 产和销售,包括分布式储能系统;大型储能系统业务是应用于电网侧和电源侧(主要为地面光伏电站)的 ...

光伏ETF（515790）基金经理为李茜、李沐阳。 截至发稿，李茜累计任职时间5年328天，现任基金资产总规模393.51亿元，任职期间最佳基金回报 99.14%， 任职期间最差基金回报-18.35%。 李沐阳累计任职时间4年265天，现任基金资产总规模212.73亿元，任职期间最佳基金回报130.93%， 任 职期间最差基金回报-42.91%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月26日，上能电气跌5.36%，截至发稿，报32.11元/股，成交12.37亿元，换手率9.62%，总市值161.30 亿元。 资料显示，上能电气股份有限公司位于江苏省无锡市惠山区和惠路6号，成立日期2012年3月30日，上市 日期2020年4月10日，公司主营业务涉及电力电子设备的研发、生产、销售。主营业务收入构成为：光 伏逆变器72.20%，储能双向变流器及系统集成产品25.64%，电能质量治理产品1.19%，备件及技术服务 0.85%，其他0.12%。 从上能电气十大流通股 ...

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at curbing unhealthy competition, with the Ministry of Industry and Information Technology targeting the elimination of outdated production capacity to support quality enterprises [3].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.

Core Viewpoint - The industry faces weak demand but limited downside risk for stock prices, with potential for a 30%-50% recovery in beta if industry expectations improve [1][27]. Group 1: Industry Demand and Supply Dynamics - The SNEC exhibition showcased leading companies launching high-power modules around 680W, with efficiency reaching approximately 24.8%, indicating a significant technological advancement [3][7]. - Companies with strong financial backing and technological leadership are gaining market share, while second and third-tier companies are accelerating their exit from the market due to low operational capacity and inability to upgrade [3][10]. - The copper paste industry is strengthening, driven by rising silver prices and efforts from leading companies to enhance efficiency and reduce costs, with plans for multiple low-metalization solutions to be mass-produced by 2025 [3][12]. Group 2: Financial Health and Debt Pressure - The financial risk for photovoltaic companies is significant, with cash flow from operations being less than accounts receivable and debt renewal challenges looming [4][20]. - As of Q1 2025, second-tier companies had a total of 30 billion yuan in cash and equivalents against 60 billion yuan in short-term loans and long-term liabilities due within a year, indicating potential debt repayment pressure [4][20]. - Banks are cautious about withdrawing loans, especially for companies that can cover interest payments, suggesting a relatively stable lending environment despite the financial pressures [4][21]. Group 3: Demand Outlook - Short-term production is expected to decline by about 10%, with mid-term stability anticipated, while long-term demand is projected to benefit from the 14th Five-Year Plan and ongoing energy transition efforts [4][25]. - The overall photovoltaic industry is expected to see a gradual recovery in demand as market conditions stabilize, particularly in the second half of the year [4][26]. Group 4: Investment Opportunities - The industry is currently at a low point in terms of attention and investment, but there are positive signals such as leading companies actively launching high-power products and pushing for supply-side reforms [6][27]. - The potential for significant recovery in beta and alpha opportunities exists, particularly for companies involved in new technologies and those with flexible supply-side policies [1][27].