Core Viewpoint - The photovoltaic industry is experiencing short-term price declines and increased equipment demand, with long-term growth expected due to continuous cost reductions and installation demand increases [1] Industry Summary - The industry is currently at a bottom phase, with expectations for a turning point in 2026, where accelerated supply-side clearing may promote a "de-involution" process [1] - Technological themes such as "cost reduction and efficiency enhancement, technological innovation" remain eternal, with advancements in TOPCon, HJT, and XBC technologies driving both volume and price increases in battery and component equipment [1] - New directions like perovskite technology are anticipated to open up long-term growth opportunities [1] Company Summary - Photovoltaic equipment companies are extending into the semiconductor sector to further expand their development potential [1] - The Photovoltaic 50 ETF (159864) tracks the photovoltaic industry index (931151), which selects listed companies involved in the entire photovoltaic industry chain, including upstream silicon materials, midstream battery and component production, and downstream power station operations [1] - This index exhibits significant growth and volatility characteristics, effectively reflecting the development dynamics of the photovoltaic industry [1]