拉长时间看，截至11月20日，光伏ETF(159857)近1月规模增长1.77亿元，本月以来份额增长2.92亿份，实 现显著增长。 资金流入方面，光伏ETF(159857)近10个交易日内有7日资金净流入，合计"吸金"2.96亿元。 值得一提的是，光伏ETF(159857)盘中获资金逆市布局，净申购份额已达1300万份。 | | 光伏ETF 159857 | द्रेन | | --- | --- | --- | | | | 通 融 △ ○ + | | 实时申购赎回信息 | 申购 | 岐回 | | 筆数 | 45 | 28 | | 金额 | 0 | 0 | | 份额 | 4500万 | 3200万 | 【产品亮点】 光伏ETF(159857)相关机会备受市场关注，一键布局【硅料硅片+组件+设备+电站】光伏全产业链。 【相关产品】 光伏ETF(159857)，对应场外指数基金（A：011102；C：011103）。 【热点事件】 截至2025年11月21日 11:17，光伏ETF(159857)盘中换手6.96%，成交1.73亿元。跟踪的中证光伏产业指数 (931151)下跌5.11%。成分股方面，微导纳米(6 ...

截至2025年11月19日 13:54，光伏ETF(159857)回调蓄势，盘中换手6.55%，位居深市同标的产品第一，成 交1.71亿元。跟踪的中证光伏产业指数(931151)下跌1.18%。成分股方面涨跌互现，中信博(688408)领涨 1.17%，阳光电源(300274)上涨0.64%，特变电工(600089)上涨0.48%。 拉长时间看，截至11月18日，光伏ETF(159857)近2周规模增长1.19亿元，近2周份额增长2.57亿份，实现显 著增长。 资金流入方面，光伏ETF(159857)最新资金净流入171.35万元。拉长时间看，近10个交易日合计"吸金"2.41 亿元，位居深市同标的产品第一。 光伏ETF(159857)，对应场外指数基金（A：011102；C：011103）。 【热点事件】 11月17日-20日，2025第八届中国国际光伏与储能产业大会在成都举行。大会期间，通威集团董事局主席给 出自己最新的行业判断： 今年1-9月，中国新型储能的装机容量较"十三五"末上升了约30倍。据其测算，以中国制造在可靠性、质量 和成本上的优势，新型储能成本已经可以降到0.2元/千瓦时以下，领先的企业甚 ...

截至2025年11月13日 10:24，光伏ETF(159857)盘中换手5.99%，成交1.71亿元。跟踪指数成分股上能电 气(300827)上涨18.41%，联泓新科(003022)上涨10.00%，微导纳米(688147)上涨8.72%，锦浪科技 (300763)，固德威(688390)等个股跟涨。 截至11月12日，光伏ETF(159857)最新规模达28.13亿元，最新份额达32.09亿份，均创成立以来新高。 从资金净流入方面来看，光伏ETF(159857)近4天获得连续资金净流入，最高单日获得1.66亿元净流入， 合计"吸金"3.93亿元。 11月12日，光伏板块受网络不实传闻影响出现大幅回调，行业及相关企业迅速回应澄清。当日晚间，晶 澳科技发布澄清公告称：近日，网络上流传关于公司的不实言论，引发部分关注。对此，公司澄清并郑 重声明如下：公司董事会秘书未在任何内部或外部会议上发表过网传言论。相关内容系网络谣传，严重 误导公众认知，损害公司及行业声誉。针对不实言论的传播行为，公司保留通过法律途径追究相关责任 的权利。 当日稍早之前，中国光伏行业协会官方发布声明，明确指出网络流传的相关小道消息均为不实 ...

Group 1 - The core viewpoint of the news highlights the significant performance of the photovoltaic ETF (159857), which has seen a 0.87% increase, marking its fifth consecutive rise, with a trading volume of 1.53 billion yuan and a turnover rate of 5.55% [3] - The photovoltaic ETF (159857) has achieved a 17.54% increase over the past 20 days, leading among similar products, and its latest scale reached a record high of 2.712 billion yuan [3] - In the past week, the ETF's shares increased by 14.2 million, indicating substantial growth, with a net inflow of 22.984 million yuan recently [3] Group 2 - The State Council's new policies aim to stimulate private investment, particularly in high-end manufacturing and renewable energy funds, with 13 targeted policy measures to enhance private sector participation [4] - The recent guidance from the National Development and Reform Commission and the National Energy Administration emphasizes the need for increased renewable energy consumption capacity, targeting an annual addition of over 200 million kilowatts of renewable energy by 2030 [5] - Citic Securities believes that the electric equipment and renewable energy sector is at the beginning of a new cycle, with expected growth in global renewable energy installations during the 14th Five-Year Plan period, driven by high proportions of wind and solar energy integration [6]

Core Insights - The Aerospace ETF Tianhong (159241) has shown strong trading activity, with a turnover of 13.54% and a transaction volume of 65.06 million yuan as of November 5, 2025, indicating a vibrant market engagement [2] - The fund has seen a net inflow of 5.72 million yuan recently, with a total of 37.27 million yuan in net inflows over the past five trading days, reflecting investor confidence [2] - The Aerospace ETF tracks the National Aerospace Index, which covers over 68% of the aerospace and aviation equipment sectors, making it the highest "aerospace content" military index in the market [2] Product Highlights - The top ten holdings of the Aerospace ETF include major state-owned enterprises such as Aero Engine Corporation of China and AVIC, providing both stability from core assets and growth potential from smaller market cap companies [2] - The ETF's latest share count reached 425 million, marking a one-month high [2] Industry Events - China plans to conduct four space missions in 2026, including the Tianzhou-10 cargo spacecraft and the Shenzhou-22 and Shenzhou-23 crewed spacecraft, with the Dream Boat-1 crewed spacecraft and Long March-10A rocket set for their inaugural flights [2][3] - The aerospace equipment sector demonstrated resilience in the first three quarters of 2025, with a year-on-year revenue growth of 9.3%, indicating sustained demand for orders [3] - The industry is expected to benefit from improving profitability due to recovering downstream demand and the emphasis on advanced combat capabilities in the 14th Five-Year Plan [3]

Core Insights - The photovoltaic (PV) industry is experiencing a fundamental recovery, with signs of a turning point in market sentiment, particularly benefiting the photovoltaic ETF (159857) [2] - As of September 2025, China's installed photovoltaic capacity reached 1,125 million kilowatts, a year-on-year increase of 45.7%, with cumulative power generation of 9,163 billion kilowatt-hours, up 44.1% [2] - Hongyuan Green Energy reported a significant profit surge in Q3 2025, achieving a net profit of 532 million yuan, driven by rising product prices and increased shipment volumes, leading to an 85.5% revenue growth [3] - The "14th Five-Year Plan" emphasizes green transformation, with policies aimed at optimizing competition in the photovoltaic sector, transitioning from chaotic low-price competition to sustainable development [3] - The photovoltaic industry is undergoing profound changes, with N-type monocrystalline technology expected to dominate the market, surpassing 96.9% market share by 2025 [3][4] Industry Developments - The national photovoltaic installed capacity has seen exponential growth, with a projected 45% increase in new installations in 2024 compared to the previous year, marking a nearly 20-fold increase since 2015 [4] - The "anti-involution" policies are expected to enhance the competitive landscape, aiding in profit recovery within the industry [4] - The photovoltaic sector is transitioning from being a supplementary energy source to a primary incremental energy source, indicating a significant shift in its role in the energy market [4]

Core Viewpoint - The photovoltaic ETF (159857) has shown significant growth, with a 1.17% increase on October 30, 2025, and a weekly increase of 11.57%, indicating strong investor interest and market recovery in the solar energy sector [2][3]. Product Highlights - The photovoltaic ETF (159857) is characterized by a large scale and superior liquidity, with over 70,000 investors holding shares, making it an efficient tool for investors to capitalize on the global renewable energy revolution and the photovoltaic industry's core assets [2]. - The ETF has seen a significant increase in scale, growing by 94.04 million yuan in the past week [2]. Related Events - A coalition of 17 leading photovoltaic companies, including Longi Green Energy and Tongwei Co., has been formed to establish a storage platform aimed at reducing excessive competition in the industry through joint storage and production cuts, promoting high-quality development [2][3]. - The coalition may include downstream companies like TCL, which could help balance silicon material price fluctuations and component cost issues, ensuring supply chain stability [3]. Institutional Perspectives - According to Industrial Securities, Q3 performance for some photovoltaic companies has shown significant improvement, with GCL-Poly Energy reporting a substantial turnaround in profits for Q3 2025, and Tongwei Co. showing a notable reduction in losses [3]. - The photovoltaic industry is expected to benefit from both performance improvements and the positive impacts of the anti-involution measures, suggesting a favorable environment for investment in the sector [3].

Core Insights - The Securities ETF (159841) has seen a significant increase of 2.18% as of October 29, 2025, with a turnover rate of 7.12% and a transaction volume of 759 million yuan, indicating strong market interest [3] - Notable individual stocks such as Huazhong Securities (600909) and Northeast Securities (000686) have experienced substantial gains, with increases of 8.16% and 6.86% respectively [3] - The Securities ETF has grown by 4.59 billion yuan in size over the past three months, reflecting a robust inflow of capital, with a total of 77.69 million yuan attracted over the last ten trading days [3] Product Highlights - The securities sector is characterized by strong beta attributes, closely tied to the performance of the capital market, and is often referred to as the "flag bearer of bull markets" [3] - Historical data shows that during market bull runs, the securities sector significantly outperforms the broader market, with the Securities ETF (159841) leading in liquidity among similar products [3] Key Events 1. Northeast Securities reported a net profit of 1.067 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 125.21%, driven by substantial growth in proprietary trading and wealth management revenues [3] 2. Caitong Securities announced a third-quarter revenue of 2.103 billion yuan, up 48.58% year-on-year, with a net profit of 954 million yuan, reflecting a 75.10% increase. For the first three quarters, revenue reached 5.063 billion yuan, a 13.99% increase, and net profit was 2.038 billion yuan, up 38.42% [4] Institutional Perspectives - Huatai Securities emphasizes the enhanced strategic position of the capital market, with various regulatory bodies collaborating to attract long-term funds, activate the market, and prioritize investor protection [4] - The shift in asset allocation logic in a low-interest-rate environment is leading to increased returns and reduced volatility in equity markets, prompting a migration of institutional and retail funds, which presents strategic opportunities for the brokerage sector [4]

Core Viewpoint - The photovoltaic sector is experiencing significant gains, with major companies like Aters, Trina Solar, and LONGi Green Energy seeing substantial stock price increases, driven by strong Q3 performance and favorable policy support for renewable energy [1] Group 1: Company Performance - Sungrow Power's Q3 net profit increased by 57.04% year-on-year, with a notable rise in the share of its energy storage business [1] - Ganfeng Lithium turned a profit in the first three quarters, while TCL Zhonghuan reported a significant reduction in losses compared to previous quarters [1] - CATL's Q3 profit growth rate significantly outpaced its revenue growth, indicating a recovery in profitability within the new energy sector [1] Group 2: Market Trends - The 14th Five-Year Plan emphasizes increasing the proportion of renewable energy supply and developing new energy storage solutions, aiming to enhance market and pricing mechanisms for the new energy system [1] - The photovoltaic ETF (159857) is the largest and most liquid ETF tracking the photovoltaic industry index in the Shenzhen market, with a recent scale of 2.393 billion yuan and 3.026 billion shares outstanding, leading its category [1] Group 3: Industry Outlook - CITIC Securities recently expressed optimism about the global trend towards energy storage, highlighting a significant economic turning point for domestic energy storage driven by marketization and capacity pricing [1] - The demand for energy storage is expected to surge due to data center requirements, with leading companies already securing substantial orders [1] - Energy storage is projected to drive lithium battery demand growth exceeding 30% next year [1]

Core Insights - The photovoltaic ETF (159857) has seen a significant increase of 4.56% as of October 29, 2025, with a trading volume of 253 million yuan, indicating active market participation [2] - The ETF has experienced a weekly growth of 25.5 million yuan, reflecting strong investor interest [2] - Major stocks within the ETF, such as LONGi Green Energy and Sungrow Power Supply, have also shown substantial gains, with increases of 12.45% and 7.90% respectively [2] Product Highlights - The photovoltaic ETF (159857) is the largest in the Shenzhen market, providing a comprehensive investment option across the entire photovoltaic industry chain, including silicon materials, wafers, components, equipment, and power stations [2] - Related products include the corresponding off-market index funds (A: 011102; C: 011103) [2] Company Performance - Sungrow Power Supply, a leading player in the energy storage sector, reported a revenue of 66.402 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 32.95% [3] - The net profit attributable to shareholders for the same period was 11.881 billion yuan, reflecting a growth of 56.34% [3] - In Q3 2025 alone, the company achieved a revenue of 22.869 billion yuan, up 20.83% year-on-year, with a net profit of 4.147 billion yuan, increasing by 57.04% [3] Industry Trends - According to CITIC Construction Investment Securities, the photovoltaic industry is currently facing a supply-demand imbalance, with ongoing efforts to address "involution" in the sector [3] - Key measures include the regulation of sales below cost, capacity consolidation, and the elimination of outdated production capacity, which have shown positive results in increasing prices for silicon materials, wafers, and cells [3] - The tightening of energy consumption standards for polysilicon is expected to be a significant factor in future capacity reductions [3]