Group 1 - The Zhongzheng Photovoltaic Industry Index (931151) has seen a strong increase of 3.31% as of September 24, 2025, with constituent stocks such as Micro导纳米 (688147) rising by 17.95%, 聚和材料 (688503) by 10.84%, and 奥特维 (688516) by 8.48% [1] - The Photovoltaic ETF Fund (516180) also rose by 3.31%, with the latest price reported at 0.75 yuan, and has accumulated a 9.17% increase over the past month as of September 23, 2025 [1] - The industry is experiencing a steady advancement in anti-involution, with strong policy determination expected in the photovoltaic sector, leading to a strong willingness among companies to change under pressure of profitability and cash flow [1] Group 2 - The top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index (931151) as of August 29, 2025, include 阳光电源 (300274), 隆基绿能 (601012), and TCL科技 (000100), collectively accounting for 56.14% of the index [2]

科创新能源ETF（588830），联接基金（A类 023075，C类 023076，I类 024157），光伏ETF基金 （159863）,创业板新能源ETF（159261） 券商研究方面，东吴证券指出动力电池行业呈现龙头恒强格局，宁德时代海外产能扩张积极，2030年规 划达130GWh，覆盖德国、匈牙利等区域，建设进度领先同业；二线厂商如亿纬锂能聚焦匈牙利与马来 西亚，中创新航布局葡萄牙，产能规划分别为50GWh和20GWh。盈利方面，25H1宁德时代归母净利率 同比提升3pct至17%，瑞浦兰钧减亏显著，毛利率同比+5pct，而亿纬锂能净利率同比下滑4pct。技术趋 势上，储能电芯大电芯化加速，龙头凭借稳定性优势可提升IRR 6-8pct，固态电池技术预计27年进入小 批量量产阶段。 关联产品： 消息面上，1)光伏行业自律月会决定将弘元全环节踢出自律名单，并设定Q4硅棒配额为21%，超配额企 业需整改，节前将讨论2026年需求及配额规则；2)海博思创计划25年海外出货3-5GWh，国内独立储能 13-15GWh，锁定明年70%电池供应，聚焦软件开发及海外市场拓展；3)双登股份数据中心储能收入同 比增113 ...

Market Overview - The A-share market experienced a collective increase, with the Shanghai Composite Index rising by 0.13%, the Shenzhen Component Index by 0.38%, and the ChiNext Index by 1.27%, while the North Stock 50 fell by 0.16% [1] - The total trading volume in the Shanghai and Shenzhen markets was 20,040 billion yuan, a decrease of 1,481 billion yuan compared to the previous day, marking the first time in 20 trading days that the volume fell below 20,000 billion yuan [1] - Over 2,400 stocks in the market saw an increase [1] Sector Performance - AI hardware showed strong performance, with key sectors such as copper-clad laminates, CPO, and fiberglass leading the gains, while major infrastructure, short dramas, 6G, and tourism sectors were active during the day [1] - The new energy industry chain experienced a collective decline, with gold, PEEK materials, and chemical sectors also retreating [1] ETF Performance - AI computing ETFs saw significant gains, with the Bosera 5G50 ETF, Guotai 50 ETF, and Southern AI ETF rising by 4.58%, 4.52%, and 4.14% respectively [1] - The gaming sector saw a midday surge, with the Puyin Ansheng Gaming Media ETF increasing by 4.05%, currently at a premium/discount rate of 1.92% [1] - The telecommunications sector performed well, with Penghua Telecom ETF, Huatai-PineBridge Telecom 50 ETF, and E Fund Telecom ETF all rising over 3% [1] Declines in Specific Sectors - The new energy sector faced a broad decline, with leading ETFs in photovoltaic and lithium battery sectors falling by 1.97%, 1.92%, and 1.86% respectively [1] - Gold stocks weakened, with the gold stock ETF declining by 1.94% [1]

Core Viewpoint - The photovoltaic industry is experiencing a significant upward trend, driven by government initiatives aimed at stabilizing growth and addressing low-price competition, which is expected to lead to price recovery and a shift towards a more concentrated market dominated by technological and cost advantages [1][2]. Industry Summary - The China Photovoltaic Industry Index (931151) has seen strong gains, with key stocks such as Jinlang Technology (300763) up by 14.41%, Meichang Co. (300861) up by 13.52%, and Sunshine Power (300274) up by 12.50% [1]. - The Ministry of Industry and Information Technology (MIIT) and the State Administration for Market Regulation (SAMR) have launched a joint action plan to combat low-price competition in the photovoltaic sector, setting revenue growth targets that necessitate price increases for components [1][2]. - The market has shown positive signals, particularly in the polysilicon segment, where prices have been rising since July, with rod silicon reaching 55 yuan/kg and granular silicon at 49 yuan/kg as of September 1 [2]. Company Summary - The top ten weighted stocks in the China Photovoltaic Industry Index account for 56.14% of the index, with leading companies including Sunshine Power (300274), Longi Green Energy (601012), and TCL Technology (000100) [3]. - The photovoltaic ETF fund (159863) closely tracks the China Photovoltaic Industry Index, which includes up to 50 representative listed companies from the photovoltaic industry chain [2].

Group 1 - Longi Green Energy's BC battery production capacity is rapidly increasing, with a sales target exceeding 10GW in Q4, and an expected rise in market share in Europe, benefiting solar technology upgrades [1] - In regions like Shandong, energy storage yields have significantly improved, with expanded peak-valley price differences stimulating demand, benefiting battery manufacturers such as Sungrow Power and EVE Energy [1] - The acceleration of new energy subsidies has led to increased receivables for companies like Jinkai New Energy, enhancing expectations for cash flow improvement in the industry [1] Group 2 - The energy storage industry has entered a rapid development phase since 2020, with electrochemical storage experiencing high growth driven by factors such as declining lithium battery costs, increased renewable energy share, home storage market expansion, and policy support [2] - Under the backdrop of intensified AI application policies, Nvidia's raised capital expenditure expectations may drive AI energy demand, creating opportunities in the power equipment and new energy sectors [2] - Both institutions analyze the development momentum in the new energy sector from the perspectives of technological evolution and market drivers [2] Group 3 - Related products include the ChiNext New Energy ETF Penghua (159261) and the Photovoltaic ETF Fund (159863) [3] - Related stocks include CATL (300750), Sungrow Power (300274), Huichuan Technology (300124), EVE Energy (300014), Lead Intelligent (300450), Xinwanda (300207), Jiejia Weichuang (300724), Robotech (300757), Jinli Permanent Magnet (300748), and New Zobang (300037) [3]

Group 1 - The Zhongzheng Photovoltaic Industry Index (931151) increased by 0.53% as of September 1, 2025, with notable gains from companies such as Maiwei Co., Ltd. (300751) up 13.09%, Jiejia Weichuang (300724) up 9.79%, and JinkoSolar (601778) up 6.92% [1] - The Photovoltaic ETF Fund (516180) rose by 0.29%, marking its third consecutive increase, with the latest price reported at 0.69 yuan [1] - Over the week leading up to August 29, 2025, the Photovoltaic ETF Fund accumulated a rise of 2.86%, ranking 2nd out of 10 comparable funds [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index accounted for 56.14% of the index, including companies like Sunshine Power (300274) and Longi Green Energy (601012) [2] - The top ten stocks are selected from listed companies involved in the photovoltaic industry chain, reflecting the overall performance of these securities [2]

Group 1 - The Zhongzheng Photovoltaic Industry Index (931151) has shown a strong increase of 1.54% as of August 28, 2025, with notable gains in constituent stocks such as Zhengtai Electric (601877) rising by 9.99% and Meichang Co., Ltd. (300861) increasing by 5.87% [1] - The Photovoltaic ETF Fund (516180) has also risen by 1.82%, with the latest price reported at 0.67 yuan, and has accumulated a weekly increase of 1.39% as of August 27, 2025 [1] - The Zhongzheng Photovoltaic Industry Index selects up to 50 representative listed companies involved in the photovoltaic industry chain to reflect the overall performance of the sector [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index include Yangguang Electric (300274), Longi Green Energy (601012), and TCL Technology (000100), with these stocks collectively accounting for 56.16% of the index [2]

Core Insights - The Zhongzheng Photovoltaic Industry Index (931151) has shown a strong increase of 2.15% as of August 22, 2025, with significant gains in constituent stocks such as Maiwei Co., Ltd. (300751) up 8.82%, Juhe Materials (688503) up 7.88%, and Aishuo Co., Ltd. (600732) up 6.39% [1] - The Photovoltaic ETF Fund (516180) has risen by 1.84%, marking its third consecutive increase, with a latest price of 0.66 yuan [1] - Over the past week, the Photovoltaic ETF Fund has accumulated a rise of 6.03%, ranking 2nd out of 10 comparable funds [1] - The Zhongzheng Photovoltaic Industry Index is composed of no more than 50 representative listed companies involved in the photovoltaic industry chain, reflecting the overall performance of these securities [1] Company Weightings - As of July 31, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index include Yangguang Electric (300274), Longi Green Energy (601012), TCL Technology (000100), Tebian Electric Apparatus (600089), Tongwei Co., Ltd. (600438), TCL Zhonghuan (002129), Zhengtai Electric (601877), JA Solar Technology (002459), JinkoSolar (688223), and Trina Solar (688599) [2] - The combined weight of the top ten stocks accounts for 56.16% of the index [2]

Group 1 - Market sentiment remains high, with a joint meeting held by multiple departments regarding the photovoltaic industry, attended by relevant manufacturing and power generation companies, the China Photovoltaic Industry Association, and local industrial and information technology authorities [1] - As of August 22, 2025, the CSI Photovoltaic Industry Index (931151) rose by 1.63%, with notable increases in constituent stocks such as Maiwei Co., Ltd. (300751) up 8.40%, Juhe Materials (688503) up 6.74%, and Aisxu Co., Ltd. (600732) up 5.51% [1] - The Photovoltaic ETF Fund (516180) increased by 1.23%, marking its third consecutive rise, with a latest price of 0.66 yuan; over the past week, the fund has accumulated a rise of 6.03%, ranking 2nd out of 10 comparable funds [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include Sungrow Power Supply Co., Ltd. (300274), Longi Green Energy Technology Co., Ltd. (601012), TCL Technology Group Corporation (000100), and others, collectively accounting for 56.16% of the index [2]

Group 1 - Recently, Sunshine Power and Cairi Energy signed energy storage orders in the European market, with a total scale exceeding 1.4 GWh [1] - Sunshine Power secured a 1 GWh energy storage order in collaboration with Bulgarian renewable energy developer Sunterra RE, to deploy battery storage systems at the three largest photovoltaic power plants in Bulgaria [1] - The expansion of the photovoltaic energy storage industry overseas is a significant avenue for demand growth, catalyzing a more than 1.0% increase in photovoltaic ETF funds [1] Group 2 - The photovoltaic ETF fund closely tracks the CSI Photovoltaic Industry Index, which selects no more than 50 representative listed companies from the upstream, midstream, and downstream sectors of the photovoltaic industry chain [1] - As of July 31, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include Sunshine Power (300274), Longi Green Energy (601012), TCL Technology (000100), Tebian Electric (600089), Tongwei Co., Ltd. (600438), TCL Zhonghuan (002129), Chint Electric (601877), JA Solar Technology (002459), JinkoSolar (688223), and Trina Solar (688599), with the top ten stocks accounting for 56.16% of the total weight [1]