（文章来源：每日经济新闻） 光伏50ETF（159864）跟踪的是光伏产业指数（931151），该指数从市场中选取涉及光伏产业链上游原 材料、中游电池片与组件制造以及下游光伏发电系统等环节的上市公司证券作为指数样本，以反映中国 光伏行业相关上市公司证券的整体表现。光伏产业指数成分股具有较高的成长性和技术领先性，是新能 源领域的重要组成部分。 华鑫证券指出，北美缺电主要利好已在海外供应链内的电力设备行业，从发输配送用环节拆分，看好发 电侧、储能及输配电领域。光伏行业方面，近期政策与企业动态频现积极信号：国内多省份推进新能源 电价市场化改革，竞价规模可观；国际市场如意大利调整光伏税收激励，阿联酋启动2GW光伏+储能招 标，中国企业深度参与全球项目建设。产业链层面，硅片价格受需求疲弱与库存压力持续松动，电池片 环节因硅片跌价及银价上涨面临亏损风险，组件价格亦酝酿跌势，但210N高功率组件因集采需求显现 涨价迹象。特高压输电数据亮眼，2024年可再生能源电量占比达56.8%。储能领域，2025年GWh级项目 在建规模达35.18GW/148.19GWh，新疆等地投运规模显著，行业维持高景气。 ...

Market Overview - A-shares experienced fluctuations with the Shanghai Composite Index slightly up by 0.18% at 3946.74 points, while the Shenzhen Component remained flat and the ChiNext Index rose by 0.25% [1] - The trading volume in the Shanghai and Shenzhen markets was 1.73 trillion, a decrease of 200.2 billion from the previous trading day [1] - The overall market sentiment was weak, with over 4100 stocks declining, indicating a risk-averse environment [1] Investment Strategy - The current market pullback does not signify the end of the bull market, as excess liquidity continues to increase and optimistic sentiments remain, particularly in technology and export sectors [1][2] - Two key strategies are suggested: balancing between mainline and defensive stocks, and waiting for an uplift in income expectations [1][2] Sector Focus - The technology sector, particularly AI, and industries related to de-involution such as photovoltaic and lithium battery resources, remain key areas of focus [2] - Investors are encouraged to consider ETFs related to communication, chips, photovoltaic, and coal [2] Bond Market Insights - The bond market continues to show a consolidation trend, with the ten-year government bond ETF slightly down by 0.04% [3] - The central bank's cautious approach to monetary policy is leading to uncertainty in interest rates, with a focus on avoiding excessive liquidity [3] Lithium Market Dynamics - The lithium sector is experiencing a resurgence, with lithium carbonate futures rising by 5% to over 100,000 yuan per ton, driven by strong demand in downstream applications [4] - Investors are advised to monitor ETFs related to lithium mining and non-ferrous metals, as the sector is expected to benefit from ongoing demand [4] Gold Market Trends - Gold stocks ETF surged by 4.55%, with spot gold prices returning to 4100 USD per ounce, indicating a potential upward trend in the gold market [5][6] - The demand for gold as a safe-haven asset is increasing due to global uncertainties and the challenges facing the US dollar credit system [6] Future Outlook - The potential for gold prices to exceed 5000 USD per ounce next year is highlighted, contingent on ongoing macroeconomic conditions and central bank policies [6] - Investors are encouraged to explore gold ETFs that directly invest in physical gold and those that focus on gold mining stocks for greater volatility and potential returns [7]

（文章来源：每日经济新闻） 光伏50ETF（159864）跟踪的是光伏产业指数（931151），该指数从市场中选取涉及硅材料、电池片、 组件及光伏发电系统等业务的上市公司证券作为指数样本，以反映光伏产业链相关上市公司证券的整体 表现。光伏产业指数具有高成长性和受政策影响较大的特征，能够较好地体现光伏行业的整体发展趋 势。 中邮证券指出，2025年1-9月光伏行业累计新增装机规模240.3GW，同比+49.3%，消纳率达95%。受政 策抢装潮影响，4-5月装机显著增长，但9月装机同比下滑53.8%至9.7GW。随着电价机制优化，预计全 年光伏装机有望达300GW，风光发电量占比或突破20%。行业存在供需预期差，供给端"反内卷"政策持 续推进，叠加中国提交2035年国家自主贡献（NDC3.0），能源转型加速将带动需求改善。 ...

Group 1 - The photovoltaic concept stocks experienced a decline in early trading, with Longi Green Energy and Tongwei Co., Ltd. dropping over 4%, and Jinglong Technology falling over 3% [1] - Related photovoltaic ETFs also saw a decrease, with an overall drop exceeding 2% [1] Group 2 - Specific ETF performance includes: - Photovoltaic ETF Index Fund at 0.835, down 2.79% - Photovoltaic ETF Fund at 0.866, down 2.48% - E Fund Photovoltaic ETF at 1.196, down 2.45% - Other ETFs also showed declines ranging from 2.09% to 2.41% [2] Group 3 - Analysts indicate that the photovoltaic industry is still at a historically low valuation. Future measures regarding product sales price, mergers and acquisitions among companies, increased industry entry barriers, and improved product quality standards are expected to be implemented [2] - The competitive landscape and industrial chain ecology of the photovoltaic industry are anticipated to optimize, presenting opportunities for valuation recovery [2]

光伏50ETF（159864）跟踪的是光伏产业指数（931151），该指数从沪深市场中选取涉及硅材料、 电池片、组件、逆变器等光伏产业链环节的上市公司证券作为指数样本，以反映太阳能光伏发电相关业 务的整体表现。该指数聚焦新能源与环保领域，能够有效追踪光伏行业的发展趋势和市场动态。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 11月7日早盘，光伏50ETF（159864）涨超2%。 国信证券指出，中游制造业中新能源链条表现突出，电力设备行业环比改善，多晶硅与组件价格止 跌回升。光伏设备行业景气度有所提升，多晶硅和太阳能电池现货价呈现回升态势，显示行业供需关系 边际好转。电力设备行业整体处于修复阶段，光伏产业链价格企稳释放积极信号。 （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 ...

资料显示，光伏50ETF（516880）跟踪的中证光伏产业指数，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。 （文章来源：每日经济新闻） A股三大指数今日低开后震荡调整，光伏板块盘中逆势走强，科士达、通威股份涨超6%，大全能源涨 超5%，阿特斯、隆基绿能涨超4%。 受盘面影响，光伏50ETF（516880）盘中直线拉升涨超2%。 有券商表示，当前光伏行业"反内卷"已取得一定积极成效，三季度主链上游环节预计显著减亏，后续关 注底部反转；储能行业呈现供需两旺态势，国内外需求共振，新型储能"一芯难求"，头部电池企业持续 满产，电池价格延续上涨趋势，供应链整体具备价格传导能力，储能景气度有望持续。 ...

Market Overview - A-shares experienced a volatile upward trend today, with the Shanghai Composite Index rising by 0.23% to 3969.25 points, the Shenzhen Component Index increasing by 0.37%, and the ChiNext Index up by 1.03% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 1.872 trillion yuan, a decrease of about 43.42 billion yuan compared to the previous trading day [1] Sector Performance - The anti-involution theme maintained strong performance, with solar energy, carbon neutrality, and new energy vehicles leading the gains [1] - The TMT sector faced a pullback, with integrated circuits and computers showing the largest declines [1][2] Investment Sentiment - The risk appetite today was neutral, with nearly 3,400 stocks rising [1] - Growth stocks outperformed value stocks, and there was a divergence within the innovation-driven sectors [1] TMT Sector Analysis - The TMT sector's slowdown may limit the upward trend to other sectors, with focus expected to remain on AI and anti-involution sectors [2] - Public funds' allocation to the TMT sector reached a historical high of 40% in Q3, suggesting potential for a slowdown in future gains [2][4] Economic Indicators - The October PMI was reported at 49.0, slightly above the seasonal decline, with production and new orders being the main drag [10] - Domestic demand remains weak, impacting companies' pricing power and the effectiveness of anti-involution policies [10] Bond Market Outlook - The bond market may perform well in Q4, with limited upward space for government bond yields following the resumption of government bond trading [7][12] - Investors are advised to focus on ten-year government bond ETFs as the macroeconomic environment shows signs of pressure [7][13]

Core Viewpoint - The photovoltaic equipment industry is primarily focused on downstream capacity expansion and technological iteration, with limited short-term domestic expansion demand [1] Group 1: Industry Trends - The overseas market is advancing integrated photovoltaic capacity construction, with a greater emphasis on equipment automation and intelligence, benefiting leading enterprises [1] - High-efficiency capacity remains a development priority, with the penetration rate of high-power BC and HJT components expected to gradually increase [1] - Structural expansion demand is anticipated to be released progressively, favoring equipment manufacturers that are early adopters of new technologies [1] Group 2: Investment Products - 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 cells and components, and downstream power station operations [1] - This index reflects the overall performance and development trends of listed companies in the Chinese photovoltaic industry, characterized by significant growth and volatility [1]

Lithium Battery - SW Battery (801737.SI) achieved revenue of 901.9 billion yuan in the first three quarters of 2025, a year-on-year increase of 13%, and a net profit of 70.2 billion yuan, up 34% year-on-year [1] - In Q3 2025, revenue reached 333.1 billion yuan, a 19% year-on-year increase and a 10% quarter-on-quarter increase, with a net profit of 28.1 billion yuan, up 58% year-on-year and 23% quarter-on-quarter [1] - The improvement in performance is driven by strong domestic passenger car sales, heavy truck replacements, and the resumption of electric vehicle subsidies in Europe [1] - Resource prices for lithium, nickel, cobalt, and manganese have been rising due to demand expectations and supply policies, with significant price increases expected in Q4 2025 and 2026 [1] Solar Energy - SW Photovoltaic Equipment (801735.SI) reported revenue of 625.2 billion yuan in the first three quarters of 2025, a decline of 11%, and a net loss of 6.9 billion yuan, which has widened [3] - In Q3 2025, revenue was 216.6 billion yuan, down 8% year-on-year and 4% quarter-on-quarter, but net profit turned positive at 1.1 billion yuan [3] - The improvement in profitability is attributed to rising prices of silicon materials and the positive impact of inverter companies benefiting from strong downstream storage demand [3] - Prices for photovoltaic materials showed mixed trends, with silicon materials and wafers increasing, while battery and module prices are stabilizing [3] Wind Power - SW Wind Power Equipment (801736.SI) achieved revenue of 171.0 billion yuan in the first three quarters of 2025, a year-on-year increase of 38%, and a net profit of 5.7 billion yuan, up 13% [5] - In Q3 2025, revenue was 66.2 billion yuan, a 27% year-on-year increase, with net profit of 1.4 billion yuan, reflecting stable performance [5] - The growth is driven by accelerated project construction and a recovery in bidding prices, leading to increased orders and revenue [5] Market Outlook - The lithium battery industry is expected to maintain high prosperity in Q4 2025 and 2026, driven by strong demand in energy storage and commercial vehicles, as well as a new car cycle in Europe [2] - The solar energy sector is anticipated to recover due to policy support, market clearing, and technological iterations, with a focus on the ongoing "anti-involution" efforts [4] - The wind power sector is poised for a new upward cycle, with significant growth potential in offshore wind projects and positive market sentiment for onshore wind installations [5] Investment Opportunities - Key investment themes include strong demand in energy storage, the ongoing "anti-involution" in the solar sector, and breakthroughs in new technologies such as solid-state batteries and advanced photovoltaic materials [6] - Investors interested in lithium battery demand and solid-state battery advancements may consider the New Energy Vehicle ETF (159806), which covers the entire lithium battery supply chain [7] - For a comprehensive exposure to lithium, energy storage, solar, and wind power, investors can look at the 20cm ChiNext New Energy ETF (159387) and the Carbon Neutrality 50 ETF (159861) [7]

Group 1 - The core viewpoint of the article highlights that the photovoltaic industry is experiencing significant capital inflow, with the photovoltaic 50 ETF (159864) seeing a flow of 17 million shares and an additional 1 million shares during trading, indicating active market positioning [1] - Three key factors are identified as supporting the industry's return to healthy operations: policy support, market clearing, and technological iteration. The focus remains on reducing internal competition, with the end of the year being a critical observation point for the implementation of anti-internal competition policies [1] - The photovoltaic 50 ETF tracks the photovoltaic industry index (931151), which selects listed companies across the entire solar photovoltaic power generation supply chain, including upstream materials, midstream component manufacturing, and downstream power station operations. The index constituents are noted for their technological leadership and growth potential [1] Group 2 - The article emphasizes that the index aims to comprehensively reflect the overall performance and long-term development trends of China's photovoltaic industry [1] - Upcoming policies related to silicon material mergers and acquisitions, as well as production and sales restrictions, are expected to gradually materialize, further influencing the market dynamics [1]