【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 估值方面，中证光伏产业指数最新PB为2.46倍，处在历史48.53%分位，仍具备一定的估值安全边 际，当前处在历史中枢附近，位置不高。交易拥挤度方面，截至2025年三季度末，主动权益基金在电力 设备行业的重仓持股比例为12.3%，环比有所提升，但相比此前最高21%，仍然属于偏低位置。 每日经济新闻 （责任编辑：张晓波 ） 2025年12月12日，A股三大指数涨跌不一，光伏ETF华夏（515370）上涨0.22%。资金面上，光伏 ETF华夏（515370）近期持续获资金布局，近10个交易日净流入超2.9亿元。 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。 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 2025年12月9日，A股三大指数涨跌不一，光伏ETF华夏（515370）上涨0.44%，持仓股德业股份、 聚合材料涨超3%，阳光电源涨超2%。资金面上，光伏ETF华夏（515370）连个三个交易日大幅流入超2 亿元。 消息面上，当前光伏行业反内卷已取得一定积极成效，Q3主链上游环节预计显著减亏。在供需两 端反内卷的推进下，产业链供需关系有望迎来快速修复，并推动组件价格抬升。 中信建投认为，7月以来"控价"举措已带动主产业链价格上涨，硅料环节三季度实现扭亏为盈，而 枯水期到来也助力"控量"推进。不过其提示风险，当前硅料全行业库存约46万吨压力较大，若2026年需 求持平或微降，硅料排产需再降30%左右，库存才有望回归正常水平，整体预计"反内卷"政策将推动各 环节盈利回归合理区间。 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 ...

消息面上，为深入贯彻落实我国"双碳"战略目标，积极响应国家新型能源体系建设部署，破解摆脱光伏 行业"内卷"困境，推动光伏产业高水平高质量协同与可持续发展，中国光伏行业协会将于2025年12月17 日~12月18日在陕西省西安市举办2025光伏行业年度大会。本次大会特别邀请行业主管部门、行业专 家、行业组织、光伏企业等代表"围炉煮茶"，共同探讨分析行业发展热点焦点问题。 12月8日，A股三大指数集体上扬，光伏ETF华夏（515370）上涨0.77%，持仓股迈为股份涨超11%，捷 佳伟创涨超5%，聚合材料涨超1%。资金面上，近两个交易日，光伏ETF华夏（515370）大幅流入超1.1 亿元。 （文章来源：每日经济新闻） 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年光伏行业将进入持续产能出清周期，"反内卷"政策（法律规制+行政监管+行业 自律）、企业并购整合及准入门槛提升将推动竞争格局优化，存量企业业绩有望逐步改善。 ...

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 photovoltaic ETF Huaxia (515370) has seen a decline of 1.36%, with the latest price at 0.94 yuan [1] - The ETF has a turnover rate of 3.67% during the trading session, with a transaction volume of 10.1985 million yuan [1] - Over the past year, the average daily transaction volume for the ETF was 16.2291 million yuan [1] - The management fee for the ETF is 0.40%, and the custody fee is 0.10%, indicating a relatively low fee structure [1] - The ETF closely tracks the CSI Photovoltaic Industry Index, which selects up to 50 representative listed companies involved in the photovoltaic industry chain [1] Index Performance - As of October 31, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include: - Sunshine Power (300274) with a weight of 6.28% and a price increase of 0.49% [3] - Longi Green Energy (601012) with a weight of 3.12% and a price decrease of 4.29% [3] - TBEA (600089) with a weight of 3.10% and a price increase of 0.78% [3] - TCL Technology (000100) with a weight of 2.22% and a price decrease of 0.48% [3] - Tongwei Co., Ltd. (600438) with a weight of 1.75% and a price decrease of 4.25% [3] - Chint Electric (601877) with a weight of 0.87% and a price decrease of 2.48% [3] - Canadian Solar (688472) with a weight of 0.86% and a price decrease of 2.52% [3] - TCL Zhonghuan (002129) with a weight of 0.84% and a price decrease of 3.93% [3] - JA Solar (002459) with a weight of 0.73% and a price decrease of 3.90% [3] - Deye (605117) with a weight of 0.73% and a price decrease of 1.82% [3] - The top ten stocks collectively account for 60.74% of the index [1]

Core Insights - The photovoltaic leading ETF (159609) has seen a 0.51% increase in the CSI Photovoltaic Industry Index, with significant gains from key stocks such as GCL-Poly Energy and Sungrow Power Supply [1] - The ETF has attracted over 32 million in net inflows over the past two days, indicating strong investor interest [1][4] - Recent government guidelines aim to promote the consumption and regulation of renewable energy, targeting a well-established multi-level consumption and regulation system by 2030 [2][3] Industry Overview - The CSI Photovoltaic Industry Index includes 50 representative stocks from the photovoltaic supply chain, covering upstream to downstream sectors such as silicon materials, wafers, cells, modules, inverters, and mounting systems [3] - The competitive landscape of the photovoltaic industry is expected to improve due to upcoming measures regarding product pricing, mergers and acquisitions, and higher industry entry barriers [3] - The ETF is positioned as an efficient tool for investors to capitalize on the global renewable energy revolution and to invest in core assets of the photovoltaic industry [4]

Core Insights - The Chinese photovoltaic industry is entering a phase driven by policy and technological advancements, with the launch of the Jiashi CSI Photovoltaic Industry ETF aimed at attracting investment into leading companies in the sector [1][2] Industry Overview - The photovoltaic industry focuses on silicon material applications to convert solar energy into electricity, encompassing high-purity polysilicon, solar cells, modules, and related equipment manufacturing. It is characterized by zero emissions, low noise, and reliability [1] - The industry is expected to experience rapid growth over the next five years, driven by strong internal development momentum and continuous technological innovation [1] Investment Tool Characteristics - The Jiashi CSI Photovoltaic Industry ETF tracks the CSI Photovoltaic Industry Index, which selects up to 50 representative listed companies involved in the photovoltaic industry chain [1][2] - The index covers the entire photovoltaic industry chain, with a significant focus on the manufacturing sector, where photovoltaic equipment accounts for 68% of the industry distribution [2] Company Composition - The ETF's constituent stocks include a high proportion of high-tech enterprises, with 66% of the 50 selected companies classified as high-tech [2] - The concentration of individual stocks is relatively high, with the top three stocks accounting for 34% of the index weight, and the top ten stocks making up 58% [2] Financial Outlook - The revenue of the photovoltaic industry index is projected to rebound to 1.46 trillion yuan by 2026, reflecting a year-on-year growth of 15.31% [3] - The net asset return rate is expected to gradually recover to around 10%, aligning with the average over the past five years [3] Strategic Direction - Jiashi Fund is actively pursuing green finance initiatives, launching a variety of ESG and green low-carbon themed products to meet diverse investor needs [3]

| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 300274 | 阳光电源 | 4.11% | 17.58% | | 601012 | 降其绿能 | 0.60% | 8.38% | | 600089 | 特变电工 | 8.13% | 7.31% | | 000100 | TCL科技 | -0.23% | 7.29% | | 600438 | 通威股份 | 2.83% | 4.91% | | 601877 | 正泰电器 | 10.00% | 2.68% | | 300316 | 晶盛机电 | 0.61% | 2.43% | | 605117 | 德业股份 | 9.65% | 2.42% | | 002129 | TCL中环 | 1.13% | 2.38% | | 300724 | 捷佳伟创 | 3.70% | 2.26% | 中证光伏产业指数从主营业务涉及光伏产业链上、中、下游的上市公司证券中，选取不超过50只最具代表性的上市公司证券作为指数样本，以反映光伏产业 上市公司证券的整体表现。 数据显示，截至2025年10月31日，中证光伏产业指数(931 ...

Group 1 - The A-share photovoltaic sector is experiencing significant gains, with companies like Canadian Solar hitting the 20% limit up, and Longi Green Energy and Hongyuan Green Energy rising over 9% [1] - Policy signals are increasingly positive, with China International Capital Corporation noting that meetings have clarified the acceleration of carbon peak and carbon neutrality goals, alongside local supportive measures in places like Henan, which are expected to boost domestic energy storage demand and subsequently drive photovoltaic installation demand [1] - As of October 29, 2025, the CSI Photovoltaic Industry Index (931151) has surged by 6.85%, with key stocks such as Canadian Solar up 19.97% and Sungrow Power Supply up 11.83% [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include Sungrow Power Supply, Longi Green Energy, and TBEA, collectively accounting for 58.02% of the index [2]

Group 1 - The core viewpoint of the news highlights a downturn in the new energy sector, with various indices experiencing declines, including the Guozheng New Energy Battery Index down by 2.0%, the Zhongzheng Photovoltaic Industry Index down by 1.9%, the Zhongzheng New Energy Index down by 1.7%, and the Zhongzheng Shanghai Carbon Neutrality Index down by 1.2% [1] Group 2 - The Henan Provincial Development and Reform Commission recently released a draft titled "Several Measures to Promote High-Quality Development of New Energy Storage in Henan Province," which proposes diversified revenue mechanisms for energy storage [1] - The draft includes a guarantee for "bottom-line revenue" in the spot market, providing compensation when independent energy storage experiences reduced earnings due to spot market operations [1] - Additionally, the draft suggests improvements to capacity pricing and capacity compensation mechanisms [1]