万得通讯社报道，1月22日，光伏玻璃指数加速上涨，成分股中东方日升上涨7.88%，拓日新能上 涨3.20%，金晶科技上涨2.43%，凯盛新能上涨1.80%，亚玛顿上涨1.58%。资金面上，机构资金净流入 25.06亿元，大户资金净流入14.92亿元。 国金证券?认为2026年国内光伏装机或现负增长，但行业"反内卷"将加速落后产能出清，利好具备 成本与技术优势的头部企业。?? 每日经济新闻 （责任编辑：张晓波 ） 【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 2026年1月22日，光伏板块快速拉升，光伏ETF华夏（515370）上涨1.01%，持仓股固德威涨超 13%，钧达股份涨停，迈为股份涨超8%。 光伏ETF华夏（515370）及其联接基金（012885/012886）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 ...

Core Insights - The photovoltaic ETF Huaxia (515370) experienced a rapid increase of 0.66%, with significant gains in its holdings, including Maiwei Co. rising over 5%, JinkoSolar up over 4%, and Dongfang Risheng increasing over 3% [1] - The fund saw an inflow of 100 million yuan yesterday, with a net inflow exceeding 1.1 billion yuan over the past twenty days, bringing its latest scale to 1.41 billion yuan, a record high [1] - Galaxy Securities predicts that the photovoltaic industry has faced losses for eight consecutive quarters but is expected to turn profitable in 2026, with the second quarter of 2026 potentially marking the beginning of profitability [1] - Leading companies in the sector are expected to have greater elasticity in gross margin recovery due to their cash flow and scale advantages [1] - The Huaxia photovoltaic ETF tracks the CSI Photovoltaic Industry Index, encompassing upstream, midstream, and downstream companies in the photovoltaic industry, including silicon wafers, polysilicon, solar cells, cables, photovoltaic glass, battery components, inverters, photovoltaic brackets, and solar power stations, providing a comprehensive reflection of the industry's overall performance [1]

Group 1 - The A-share market showed mixed performance on December 12, 2025, with the photovoltaic ETF Huaxia (515370) rising by 0.22% [1] - The Huaxia photovoltaic ETF has seen a net inflow of over 290 million yuan in the last 10 trading days, indicating strong investor interest [1] - The current price-to-book (PB) ratio of the CSI Photovoltaic Industry Index is 2.46, which is at the 48.53% historical percentile, suggesting a certain level of valuation safety margin [1] Group 2 - As of the end of Q3 2025, the proportion of active equity funds heavily invested in the power equipment sector is 12.3%, which is an increase from previous quarters but still below the peak of 21% [1] - The Huaxia photovoltaic ETF tracks the CSI Photovoltaic Industry Index, encompassing upstream, midstream, and downstream companies in the photovoltaic industry, including silicon wafers, polysilicon, battery cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and power plants [1]

Group 1 - The A-share market showed mixed performance on December 9, 2025, with the photovoltaic ETF Huaxia (515370) rising by 0.44%, and key holdings such as Deye Co., Ltd. and Aggregated Materials increasing over 3%, while Sungrow Power Supply Co., Ltd. rose over 2% [1] - The photovoltaic industry has seen positive effects from anti-involution measures, with upstream segments expected to significantly reduce losses in Q3. The supply-demand relationship in the industry is anticipated to recover rapidly, leading to an increase in component prices [1] - According to CITIC Securities, price control measures since July have led to price increases in the main industry chain, with the silicon material segment turning profitable in Q3. The dry season has also aided in controlling production volume [1] Group 2 - The current inventory pressure in the silicon material sector is approximately 460,000 tons. If demand remains flat or slightly declines in 2026, production needs to be reduced by about 30% for inventory levels to normalize. Overall, the anti-involution policy is expected to help return profitability across various segments to reasonable levels [1] - The photovoltaic ETF Huaxia (515370) tracks the CSI Photovoltaic Industry Index, which includes companies across the entire photovoltaic industry chain, such as silicon wafers, polysilicon, battery cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and power stations, providing a comprehensive reflection of the industry's overall performance [1]

Core Viewpoint - The A-share market saw a collective rise in its three major indices, with the photovoltaic ETF Huaxia (515370) increasing by 0.77%, driven by significant inflows and positive industry developments [1] Group 1: Market Performance - The photovoltaic ETF Huaxia (515370) experienced a substantial inflow of over 110 million yuan in the past two trading days [1] - Key holdings such as Maiwei Co. surged over 11%, while Jiejiawei and Juhua Materials rose by more than 5% and 1% respectively [1] Group 2: Industry Developments - The China Photovoltaic Industry Association will hold the 2025 Photovoltaic Industry Annual Conference in Xi'an, Shaanxi Province, from December 17 to 18, 2025, to discuss key industry issues [1] - The conference aims to address the challenges of the photovoltaic industry, including the "involution" dilemma, and promote high-quality and sustainable development [1] Group 3: Future Outlook - Zhongyuan Securities predicts that the photovoltaic industry will enter a sustained capacity clearance cycle by 2026, driven by "anti-involution" policies, mergers and acquisitions, and increased entry barriers [1] - The performance of existing enterprises is expected to gradually improve as the competitive landscape optimizes [1] Group 4: ETF Composition - The photovoltaic ETF Huaxia (515370) tracks the CSI Photovoltaic Industry Index, encompassing upstream, midstream, and downstream companies in the photovoltaic supply chain, including silicon wafers, polysilicon, battery cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and power stations [1]

Core Viewpoint - The photovoltaic (PV) sector is experiencing fluctuations, with the China Securities PV Industry Index down by 0.47% as of December 3, 2025, despite some stocks showing gains and others declining [1] Group 1: Industry Developments - A recent conference in Beijing highlighted the theme "Photovoltaics Empowering Global Green and Low-Carbon Transition," where the "2025 China Photovoltaic Construction Progress Report" was released, summarizing significant achievements in China's PV construction and its contributions to global climate action [1] - The report anticipates that China's PV sector will start from a "one billion kilowatt" base and move towards a higher quality and more sustainable future [1] Group 2: Market Trends - According to Industrial Securities, the PV industry chain is expected to undergo a value reconstruction, with Q3 showing a trend of reduced losses in the main PV chain due to rising silicon material prices driven by "anti-involution" [1] - The industry is projected to see improvements in performance and benefits from both the "anti-involution" trend and the current position at the bottom of the cycle, suggesting a favorable environment for investment [1] Group 3: Key Stocks - As of November 28, 2025, the top ten weighted stocks in the China Securities PV Industry Index include Yangguang Electric, TBEA, LONGi Green Energy, TCL Technology, Tongwei Co., TCL Zhonghuan, Chint Electric, Deye, Canadian Solar, and JA Solar, collectively accounting for 61.01% of the index [1] Group 4: Investment Tools - The Harvest Photovoltaic ETF (159123) tracks the China Securities PV Industry Index, providing a convenient tool for investors to access the entire PV industry chain [2] - Investors can also explore opportunities through the off-market connection of the photovoltaic ETF (014605) [2]

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 ...