以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年11月18日，聚焦光伏全产业链的光伏ETF华夏（515370），重磅上市！ 光伏行业近两年来出现明显供过于求，一方面是行业面临电网的消纳瓶颈，限制了需求进一步快速增 长，另一方面是行业过热引起的产能扩张。 长期"内卷式"竞争不利于光伏行业持续健康发展。价格下降导致企业承担较为严重的减值损失，"内卷 式"竞争导致行业难于持续健康的发展。 今年3月政府工作报告写入综合整治内卷式竞争、6月出台修订《反不正当竞争法》，国家层面"反内 卷"政策信号持续释放。 本轮反内卷政策与上轮供给侧改革在各方面还是有明显差异的，光伏盈利压力最大，政策推进最快，大 概率是本轮政策的风向标行业。 ...

历经两年多的深度调整，在2025下半年，光伏行业终于迎来了期盼已久的周期拐点。 随着国家层面自上而下重拳整治行业"内卷化"竞争，一系列旨在推动产能出清、引导有序发展的政策组 合拳持续发力，为陷入低价恶性循环的光伏市场注入了强大的修复动能。 当前，行业正展现出清晰的困境反转态势：产业链价格触底反弹，企业盈利水平显著改善，二级市场板 块指数自底部强势回升，一场由"政策引导"与"市场自律"共同驱动的供给侧改革已进入实质性阶段。 而从投资视角审视，当前光伏板块也正罕见地处于"盈利、持仓、估值"三重底部叠加的历史性机遇期， 为其后续的成长回归奠定了坚实投资基础。 眼下，一些基金公司正顺势把握光伏新周期机遇。例如11月18日上市的光伏ETF华夏（515370），便为 投资者提供了一个聚焦光伏全产业链龙头、一键布局行业复苏红利的便捷工具。 光伏"反内卷"成效初显 不过面对这一行业困境，自去年以来，国家已开始积极施为，以密集的整治信号推动光伏行业从无序竞 争迈向规范发展。 2024年下半年起，国家政策多次释放了对光伏市场的整治信号。从去年7月中共中央政治局会议首次提 及"防止内卷式竞争"，到同年12月的中央经济工作会议提出综 ...

Group 1 - The core viewpoint of the articles highlights the significant milestone of 2025 in China's energy transition, marking the end of the "14th Five-Year Plan" and the beginning of the "15th Five-Year Plan" with a focus on the photovoltaic industry as a key component of the green transformation [1] - The policy direction is shifting from expanding installed capacity to enhancing system value and quality control, driven by the "dual carbon" goals [1] - The current core contradiction in the industry has shifted from demand growth to capacity clearance driven by "anti-involution," making the enforcement of policies in 2025, such as the regulation of sales below cost and the implementation of energy consumption standards, a critical variable for transitioning from overcapacity management to value competition [1] Group 2 - The China Securities Photovoltaic Industry Index rose by 1.54% on October 27, 2025, with notable increases in component stocks such as Kstar (up over 9%), Canadian Solar (up over 6%), Tongwei Co., and Sungrow Power (both up over 3%) [1] - The launch of the Huaxia Photovoltaic ETF (515370) on October 27, 2025, is a significant development in the market [2]

Core Insights - The "anti-involution" trend is driving resources towards high-potential sectors, with the photovoltaic (PV) industry entering a high-quality development phase supported by policy, technology, and market structure optimization [1] - The China Securities PV Industry Index (931151) has seen a cumulative increase of 41.80% since June, outperforming the CSI 300 Index, which rose by 18.33% in the same period [1] Group 1: Photovoltaic Industry Performance - The newly launched Huaxia Photovoltaic ETF (515370) aims to provide investors with an efficient tool to capitalize on opportunities in the PV sector [1][5] - The index tracks 50 representative listed companies across the entire PV industry chain, including upstream, midstream, and downstream sectors, covering materials, equipment, and operations [2] - As of October 17, the average market capitalization of the index's constituent stocks is 38.44 billion, with 9 stocks exceeding 50 billion and 3 in the "100 billion market cap club," indicating a significant concentration of industry leaders [2] Group 2: Long-term Growth and Valuation - The China Securities PV Industry Index has shown a cumulative increase of 170.35% since its base date (December 31, 2012), significantly outperforming the CSI 300 Index and the Shanghai Composite Index [3] - As of October 17, the index's price-to-book ratio is 2.37, which is below the 62% threshold of the past five years, indicating a favorable investment window with a high margin of safety [3] Group 3: Huaxia Fund's Positioning - Huaxia Fund has established a strong presence in the PV sector, launching the Huaxia China Securities PV Industry Index Fund in August 2021, which has delivered excess returns aligned with index performance [5] - The fund management company has a leading position in the ETF market, with a total equity index scale of 747.92 billion, ranking first in the industry [4]