"反内卷"聚焦新兴制造业 随着政策持续发力，"反内卷"已成为市场新的投资主线，钢铁、光伏等板块强势反弹。截至7月11日，6 月23日以来国泰钢铁ETF上涨12.18%，汇添富光伏龙头ETF、银华光伏50ETF、华泰柏瑞光伏ETF等涨 幅超过13%。 资金面则呈现显著分化。对于相关传统行业如钢铁板块，资金选择获利了结；而新兴领域如光伏行业， 则吸引资金持续加仓。Choice数据显示，截至7月10日，6月23日以来国泰钢铁ETF被净赎回7.29亿元。 同期，光伏主题ETF净申购额合计20.82亿元。其中，华泰柏瑞光伏ETF份额增至169.61亿份，创上市以 来新高。 这种分歧的背后，与"反内卷"的聚焦方向密切相关。富国基金认为，"反内卷"聚焦行业并非黑色板块相 关的传统行业，而是光伏、锂电池、新能源汽车、电商平台等新兴领域。 富国基金分析称，传统上游资源品的资本开支扩张情况并不严重，因此短期对于传统上游资源品影响不 大。"反内卷"聚焦中下游制造，对于初期的上游商品来说，或带来需求小幅下行。下游竞争格局优化、 终端需求改善后，有望再度拉动上游需求。 投资锚定"质"与"势" ◎记者 赵明超 近期，"反内卷"相关投资机 ...

截至2025年7月11日收盘，中证光伏产业指数(931151)下跌0.48%。成分股方面涨跌互现，罗博特科 (300757)领涨6.38%，横店东磁(002056)上涨2.88%，协鑫集成(002506)上涨2.80%；双良节能(600481)领 跌4.82%，大全能源(688303)下跌4.04%，聚和材料(688503)下跌3.22%。光伏龙头ETF(159609)下跌 0.24%，最新报价0.42元。拉长时间看，截至2025年7月11日，光伏龙头ETF周线三连阳，累计涨幅达 13.75%。 光伏龙头ETF紧密跟踪中证光伏产业指数，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。 值得注意的是，该基金跟踪的中证光伏产业指数估值处于历史低位，最新市净率PB为1.78倍，低于指数 近3年82.54%以上的时间，估值性价比突出。 数据显示，截至2025年6月30日，中证光伏产业指数(931151)前十大权重股分别为阳光电源(300274)、隆 基绿能(601012)、TCL科技(000100)、 ...

值得注意的是，该基金跟踪的中证光伏产业指数估值处于历史低位，最新市净率PB为1.78倍，低于指数 近3年82.54%以上的时间，估值性价比突出。 数据显示，截至2025年6月30日，中证光伏产业指数(931151)前十大权重股分别为阳光电源(300274)、隆 基绿能(601012)、TCL科技(000100)、特变电工(600089)、通威股份(600438)、TCL中环(002129)、正泰 电器(601877)、晶科能源(688223)、晶澳科技(002459)、德业股份(605117)，前十大权重股合计占比 55.39%。 相关产品：光伏龙头ETF(159609) 截至2025年7月10日午间收盘，中证光伏产业指数(931151)强势上涨2.06%，成分股协鑫集成(002506)上 涨10.00%，晶澳科技(002459)上涨8.47%，弘元绿能(603185)上涨7.35%，双良节能(600481)，阳光电源 (300274)等个股跟涨。光伏龙头ETF(159609)早盘一度张超3%，半日收涨2.17%，最新价报0.42元。拉长 时间看，截至2025年7月9日，光伏龙头ETF近1周累计上涨3.75% ...

Market Overview - The three major indices in China experienced collective gains, with the Shanghai Composite Index rising by 0.7%, the Shenzhen Component Index increasing by 1.47%, and the ChiNext Index up by 2.39% [1][3]. - The photovoltaic sector saw significant ETF performance, with multiple ETFs such as the Photovoltaic 50 ETF rising by 5.90% and the E Fund Photovoltaic ETF increasing by 5.57% [1][10]. Sector Performance - In the A-share market, the telecommunications, power equipment, and electronics sectors led the day with gains of 2.89%, 2.3%, and 2.27% respectively, while utilities, banking, and household appliances lagged behind with declines [6]. - Over the past five trading days, the construction materials, steel, and comprehensive sectors showed strong performance with increases of 5.71%, 5.43%, and 3.67% respectively [6]. ETF Market Activity - The overall performance of ETFs indicated that thematic stock ETFs had the best average gain of 1.46%, while bond ETFs showed no change [8]. - The top-performing ETFs included the Photovoltaic 50 ETF, Photovoltaic Leader ETF, and E Fund Photovoltaic ETF, with returns of 5.90%, 5.57%, and 5.57% respectively [10]. - The top three ETFs by trading volume were the A500 ETF Fund, A500 ETF Huatai Baichuan, and A500 ETF Jiashi, with trading volumes of 3.73 billion, 3.37 billion, and 3.09 billion respectively [12][13]. Investment Trends - There is a notable influx of capital into the technology innovation sector, highlighted by the rapid issuance of the first batch of 10 technology innovation bond ETFs, which collectively raised 30 billion yuan [2]. - The introduction of technology innovation bond ETFs is seen as strategically significant, filling a gap in public funds within the "technology finance" bond fund sector and promoting targeted investment in hard technology [2].

Group 1 - The overall performance of ETFs showed mixed results, with the photovoltaic sector leading gains [1] - The Photovoltaic 50 ETF (159864) increased by 5.90%, indicating strong investor interest in this sector [1] - The E Fund Photovoltaic ETF (562970) and the Photovoltaic Leader ETF (159609) both rose by 5.57%, reflecting a positive trend in photovoltaic investments [1] Group 2 - The healthcare sector ETFs experienced declines, with the Taikang Medical Health ETF (159760) leading the losses at 1.01% [1] - The S&P Biotechnology ETF (159502) fell by 0.78%, indicating a downturn in biotechnology investments [1] - The Hang Seng Innovative Drug ETF (520500) decreased by 0.68%, suggesting challenges in the innovative drug market [1]

数据显示，截至2025年6月30日，中证光伏产业指数(931151)前十大权重股分别为阳光电源(300274)、隆 基绿能(601012)、TCL科技(000100)、特变电工(600089)、通威股份(600438)、TCL中环(002129)、正泰 电器(601877)、晶科能源(688223)、晶澳科技(002459)、德业股份(605117)，前十大权重股合计占比 55.39%。 光伏龙头ETF紧密跟踪中证光伏产业指数，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。 值得注意的是，该基金跟踪的中证光伏产业指数估值处于历史低位，最新市净率PB为1.78倍，低于指数 近3年82.54%以上的时间，估值性价比突出。 截至2025年7月8日 13:17，中证光伏产业指数(931151)强势上涨5.09%，成分股大全能源(688303)上涨 15.94%，弘元绿能(603185)上涨10.00%，通威股份(600438)上涨10.00%，钧达股份(002865)，双良节能 (600481)等个 ...

7月8日，光伏板块异军突起，呈现底部反转态势！光伏龙头ETF（516290）放量飙涨，截至11:18大涨超4%，成交额爆量，已超昨日全天！ | | 分时 多日 1分 5分 15分 30分 60分 = | | | | | | F9 盘前盘后 叠加 九转 画线 工具 ◎ 2 | | > | 光伏龙头ETF ① | | 516290 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 516290[光伏龙头ETF] 11:17 价 0.444 涨跌 0.019(4.47%) 均价 0.435 成交量 3842 IOPV ( | | | | | | 0 Ann | | | | 0.446 | | | | | | | | V ONO | | | | +0.019 +4.47% | | | | | | | | | | | | | SSE CNY 11:17:47 交易中 | ノロ甲 | | | | | | | | | | 4.24% | 净值走势 | | | 汇添富中证光伏产业ETF | | ...

Group 1 - The China Securities Photovoltaic Industry Index (931151) decreased by 0.70% as of July 4, 2025, with mixed performance among constituent stocks [1] - Leading stocks included Lin Yang Energy (601222) up 4.55%, Daqo New Energy (688303) up 3.58%, and Kehua Data (002335) up 2.35%, while Jinlang Technology (300763) led the decline at 3.67% [1] - The Photovoltaic Leaders ETF (159609) saw an active trading session with a turnover of 7.55% and a transaction volume of 20.52 million yuan, reflecting a vibrant market [1] Group 2 - The article emphasizes the need to break away from "involution" competition to achieve high-quality development, advocating for market-oriented reforms and the elimination of local protectionism [1] - The report highlights the importance of institutional guidance for healthy competition and acknowledges the role of industry associations and corporate self-discipline [1] - Current efforts by GCL-Poly Energy and Tongwei Co. to promote capacity consolidation in the polysilicon industry align with policy directions and are expected to receive support [1] Group 3 - The Photovoltaic Leaders ETF closely tracks the China Securities Photovoltaic Industry Index, which selects up to 50 representative listed companies in the photovoltaic industry chain [2] - The index's valuation is at a historical low, with a latest price-to-book ratio (PB) of 1.8, indicating significant value [2] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 55.39%, including companies like Sungrow Power Supply (300274) and LONGi Green Energy (601012) [2]

ETF Industry News - The three major indices experienced fluctuations and declines, with the Shanghai Composite Index down 0.09%, the Shenzhen Component Index down 0.61%, and the ChiNext Index down 1.13%. However, several photovoltaic ETFs saw increases, including the Photovoltaic Leader ETF (516290.SH) up 3.37%, the Photovoltaic 50 ETF (516880.SH) up 3.19%, and another Photovoltaic Leader ETF (159609.SZ) up 3.09% [1] - According to Open Source Securities, the supply-side reform in the photovoltaic sector is expected to deepen, as product prices have fallen below cash cost lines, prompting leading photovoltaic glass companies to collectively reduce production starting in July. This aligns with policy directions and aims to improve the supply-demand structure in the industry [1] Public Fund Performance - In the first half of 2025, nearly 90% of public funds reported positive returns, with the best-performing fund achieving a net value growth of 86.48%. The most notable funds were those focused on innovative pharmaceuticals and the Beijing Stock Exchange theme [2] - Analysts suggest that opportunities are expected to increase in the second half of the year, particularly in sectors such as innovative pharmaceuticals and specialized enterprises on the Beijing Stock Exchange. Additionally, technology sectors like humanoid robots may regain momentum, while the previously underperforming liquor sector could see a rebound [2] ETF Scale and Growth - As of the end of the first half of 2025, the total number of ETFs reached 1,209, with a total scale exceeding 4.31 trillion yuan, marking a 15.57% increase from the end of the previous year. The largest growth was seen in bond ETFs and commodity ETFs, which grew by 120.71% and 107.96%, respectively [3] - Eighteen ETFs saw their scale increase by over 10 billion yuan in the first half of the year, with 16 fund companies reporting new total scales exceeding 10 billion yuan [3] Public Fund Dividends - Public funds distributed nearly 1,300 billion yuan in dividends in the first half of the year, with a total of 3,533 distributions, representing a 37.53% increase year-on-year. Bond funds accounted for over 70% of the total dividend amount, with 949.76 billion yuan distributed [4] - ETFs emerged as a new star in dividend distributions, with several ETF products ranking among the top ten in terms of dividend amounts [4] Market Overview - On July 2, 2025, the three major indices collectively declined, with the Shanghai Composite Index closing at 3,454.79 points, the Shenzhen Component Index at 10,412.63 points, and the ChiNext Index at 2,123.72 points. The Hang Seng Index and other major indices showed varied performance [5] - In terms of sector performance, steel, coal, and building materials ranked among the top gainers, while electronics, communications, and defense industries lagged behind [7] ETF Market Performance - The average performance of different categories of ETFs was calculated based on their scale and price changes, with strategy index ETFs showing the best average performance at 0.69%, while theme index ETFs had the worst at -0.68% [9][10] - The top-performing ETFs included the Steel ETF (515210.SH), Photovoltaic Leader ETF (516290.SH), and Photovoltaic 50 ETF (516880.SH), with daily returns of 3.69%, 3.37%, and 3.19%, respectively [12][13] ETF Trading Volume - The top three ETFs by trading volume were the A500 ETF from Huatai-PB (563360.SH) with 3.09 billion yuan, the A500 ETF Fund (512050.SH) with 2.997 billion yuan, and the CSI A500 ETF from Southern (159352.SZ) with 2.820 billion yuan [15][16][17]

2025年7月2日，Wind数据显示，A股三大指数今日集体回调，截止收盘，沪指跌0.09%；深证成指跌0.61%；创业板指跌1.13%。沪深两市成交额达到13770 亿。 涨幅方面，钢铁、光伏ETF领涨 具体来看，钢铁ETF(515210)涨幅达3.69%，光伏龙头ETF(516290)、光伏50ETF(516880)涨超3%，光伏龙头ETF(159609)、光伏ETF基金(516180)、光伏 ETF(515790)、光伏50ETF(159864)、光伏ETF基金(159863)、光伏ETF指数基金(159618)涨超2%。 中央财经委员会第六次会议强调推动落后产能有序退出，钢铁供给侧改革预期再起。另外，消息面上，唐山减排要求趋严，受此影响炉料走弱，钢材走强。 受光伏玻璃厂商集体减产消息影响，光伏概念持续走高，此外，官媒发文强调，在破除"内卷式"竞争中实现高质量发展，要深化要素市场化配置改革，主动 破除地方保护、市场分割和'内卷式'竞争。政府有引导、行业有自律、企业有行动，综合整治"内卷式"竞争就能稳步推进、见到成效。 开源证券认为，光伏内卷根源在于供需错配、市场失灵和政府干预。破局光伏内卷需三方协同。政府 ...