1. Report Industry Investment Rating - The report does not mention the industry investment rating [8] 2. Core Viewpoints of the Report - During the recent market adjustment, many major broad - based index ETFs showed the characteristics of increasing trading volume day by day and during the session, especially on March 23, when many products had a significant increase in volume at the end of the session [7][10] - After the market closed on March 23, the quantitative signals quickly strengthened, but there was differentiation among sectors. The technology sector had relatively weak signals [7] - In terms of style, the mid - cap blue - chip market is still favored, and the agriculture and manufacturing industries are optimistic, with a focus on the photovoltaic sector [7] 3. Summaries According to the Directory 3.1 3月23日主要宽基指数ETF成交量明显放大 - During the recent market adjustment, many major broad - based index ETFs showed the characteristics of increasing trading volume day by day and during the session. On March 23, when the market had a significant adjustment, many ETFs showed significant volume increases after 14:45. For example, the trading volume of Huatai - Berries CSI 300ETF, Huaxia SSE 50ETF, Southern CSI 500ETF, and Southern CSI 1000ETF in the last 15 minutes accounted for 10.5%, 17.8%, 8.8%, and 15.9% of the whole - day trading volume respectively [10] 3.2 盘后量化模型信号迅速转强，市场有望迎来反弹 3.2.1 下跌后估值安全边际提升 - As of March 23, 2026, with the change in market sentiment, the price - to - earnings ratios of major A - share broad - based indexes have fallen back to a reasonable range. Compared with March 2, the valuation quantiles of major broad - based indexes have significantly decreased, and the market has become more rational. Currently, they are mostly in the 70 - 80 quantiles, providing a higher safety margin for equity assets [24] 3.2.2 3月23日盘后量化信号迅速转强 - **Broad - based index short - term signal strengthening**: The short - term signal of broad - based indexes has a good historical performance. On March 23, the quantitative signals of major broad - based indexes quickly strengthened after the market closed. Since 2026, the quantitative signals were strong in January, neutral in February, and weakened at the end of March. With the rapid decline of the market on March 23, the quantitative signals returned to the previous high level [30][35] - **Industry medium - term signal strengthening but sector differentiation**: The monthly medium - term signal of industry indexes also has an indicative effect. Similar to the performance of broad - based index signals, the quantitative signals indicating the industry strength in the next month also strengthened, but there was differentiation among sectors. The signals of value - based sectors were strong, while the expectations of the technology sector were still relatively weak, and the mid - cap blue - chip style is expected to continue to strengthen [38][40] 3.3 继续看好农业与制造，重点关注光伏板块 - Despite the high uncertainty in the external situation, the investment opportunities still focus on stocks with medium - risk characteristics, and the characteristics of mid - cap blue - chips will be further strengthened, with a focus on the cyclical and manufacturing sectors. In the context of the prominent global energy security requirements, the new energy industry (photovoltaic, wind power, power transmission) with global competitive advantages in China is the core main line of the manufacturing sector. The report lists relevant ETFs in the photovoltaic, power, and agricultural sectors for reference [46]

Group 1 - Tesla is evaluating multiple sites in the U.S. to expand its solar cell manufacturing business, aiming for an annual production capacity of 100 gigawatts (GW) within the next three years [1] - Tesla's executives are actively recruiting manufacturing engineers and materials scientists to address scaling manufacturing challenges and support U.S. renewable energy advancements [1] - The company plans to achieve integrated solar manufacturing from raw materials to 100 GW by the end of 2028, with an initial phase targeting 10 GW [1] Group 2 - The Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index (000692) surged by 4.71%, with significant gains in constituent stocks such as JinkoSolar and Longi Green Energy [2] - The New Energy ETF (588830) closely tracks the performance of the New Energy Index, which includes 50 major listed companies in the solar, wind, and new energy vehicle sectors [2] - As of January 30, 2026, the top ten weighted stocks in the New Energy Index accounted for 46.03% of the index, including companies like Trina Solar and Canadian Solar [2]

Group 1 - The price of multi-crystalline silicon N-type raw materials is quoted at 48-59 yuan/kg, while granular silicon is priced at 49-51 yuan/kg, with a multi-crystalline silicon price index at 52.45 yuan/kg, indicating an upward trend in prices [1] - A recent meeting among multi-crystalline silicon companies and a significant drop in silver prices have boosted confidence for price increases, with the highest company quotes reaching 63 yuan/kg [1] - Elon Musk has been actively researching domestic photovoltaic equipment manufacturers, particularly focusing on HJT and perovskite technology routes, which has positively influenced market sentiment [1] Group 2 - According to CITIC Securities, the development of space photovoltaics can be divided into three phases: short-term (2025-2030) focusing on gallium arsenide batteries, mid-term (2030-2035) where crystalline silicon and perovskite will gain market share, and long-term (2035-2040) where perovskite is expected to dominate the market [1] - As of February 4, 2026, the CSI Photovoltaic Industry Index (931151) has surged by 3.03%, with notable increases in stocks such as JinkoSolar (up 20.00%), Jinglong Technology (up 13.33%), and TCL Zhonghuan (up 9.99%) [1] - The CSI Photovoltaic Industry Index tracks up to 50 representative listed companies in the photovoltaic industry chain, with the top ten weighted stocks accounting for 53.49% of the index [2]

Core Insights - The photovoltaic industry is experiencing significant catalysts, with Tesla and SpaceX planning to establish approximately 100 gigawatts of photovoltaic manufacturing capacity within three years [1] - Chinese photovoltaic manufacturers are actively developing efficient silicon and perovskite technologies, with companies capable of on-orbit verification and production line implementation expected to gain a first-mover advantage [1] Market Performance - As of February 4, 2026, the ChiNext New Energy Index (399266) shows mixed performance among its constituent stocks, with Zhonglai Co. leading with a 20.00% increase, followed by Jing Sheng Mechanical and Electrical at 13.26%, and Shouhang New Energy at 6.29% [1] - The ChiNext New Energy ETF (159261) is currently priced at 1.6 yuan [1] Index Composition - As of January 30, 2026, the top ten weighted stocks in the ChiNext New Energy Index (399266) include CATL, Sungrow Power, Huichuan Technology, Yiwei Lithium Energy, Xian Dao Intelligent, Maiwei Co., Robotech, Jiejiawei Chuang, Xinwangda, and Jing Sheng Mechanical and Electrical, collectively accounting for 62.49% of the index [1] - The ChiNext New Energy ETF (159261), Kexin New Energy ETF (588830), and Photovoltaic ETF (159863) closely track the performance of the ChiNext New Energy Index [1]

Group 1 - SpaceX has submitted a request to the Federal Communications Commission to deploy 1 million data satellites, aiming to launch 100 tons of satellites annually and provide 100 GW of AI computing power each year [1] - Elon Musk plans to build a total of 200 GW of solar capacity in the U.S. over the next three years, primarily to power ground data centers and space AI satellites [1] - The demand for space-based solar energy is expected to grow significantly, driven by global space energy needs and the restructuring of the China-U.S. supply chain, presenting a new growth opportunity for Chinese photovoltaic companies [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the SSE Sci-Tech Innovation Board New Energy Index (000692) include Trina Solar, JinkoSolar, Canadian Solar, and others, accounting for 46.03% of the index [2] - The SSE Sci-Tech Innovation Board New Energy Index reflects the performance of 50 major listed companies in the photovoltaic, wind power, and new energy vehicle sectors [2]

Group 1 - The National Development and Reform Commission has issued a notice to establish an independent new energy storage capacity pricing mechanism based on coal power capacity pricing standards, which is a significant strategic move [1] - The capacity pricing calculation will be based on local coal power capacity pricing standards (RMB 165-330 per kW per year), adjusted by peak capacity and other factors, with project lists to be determined by provincial energy authorities [1] - The introduction of this mechanism is expected to accelerate the construction progress of some previously paused energy storage projects [1] Group 2 - Multiple provinces are expected to introduce corresponding energy storage capacity pricing policies, leading to a surge in demand [2] - The subsidy standard for energy storage is projected to be RMB 193 per kW for a 4-hour storage duration, with an internal rate of return (IRR) of 8-9%, meeting the return requirements of funding parties [2] - The new energy storage capacity is expected to grow from 183 GWh in 2025 to 275 GWh in 2026, driven by a potential stabilization of lithium carbonate prices [2] Group 3 - As of January 30, 2026, the top ten weighted stocks in the Sci-Tech Innovation Board New Energy Index account for 46.03% of the index, including major companies like Trina Solar and JinkoSolar [3] - The Sci-Tech Innovation New Energy ETF closely tracks the performance of the Sci-Tech Innovation Board New Energy Index, which includes 50 large-cap stocks in solar, wind, and electric vehicle sectors [2][4]

Group 1 - The photovoltaic sector has seen a significant increase in interest, with over 20 related stocks hitting the daily limit up, leading to a collective rise in photovoltaic-themed ETFs [3] - The largest photovoltaic ETF (515790) has experienced only four single-day increases of over 5% in the past year, indicating a previously subdued market [2] - The average increase for 13 selected photovoltaic ETFs today was nearly 9%, with an average premium rate of 2.2%, reflecting renewed investor interest [2][3] Group 2 - The premium rates for the leading photovoltaic ETFs, such as Guangfa Photovoltaic Leading ETF (560980) and E Fund Photovoltaic ETF (562970), have risen above 3%, marking them as the highest premium ETFs today [2][3] - Recent data shows that the largest photovoltaic ETF (515790) has seen a nearly 16.95% decrease in shares over the past two weeks, indicating a trend of declining fund shares despite the recent price surge [5] - Other sectors, including satellite and gold ETFs, are also experiencing high premium rates, suggesting a broader trend of increased investor activity across various sectors [6][8]

Group 1: Solid-State Battery Development in Space - Solid-state batteries have significant potential in the space sector, with global agencies accelerating their development and validation, aiming for practical application by 2028 [1] - NASA initiated its solid-state battery project, SABERS, in 2021, utilizing a sulfide-based all-solid-state system with an energy density of 500-550 Wh/kg and a discharge rate of 10C, capable of operating in temperatures ranging from -80℃ to +80℃ [1] - The solid-state battery sent to the ISS in 2022 completed over 500 cycles with only a 5% capacity degradation, exceeding expectations [1] - The natural adaptability of solid-state batteries to extreme conditions in space, such as vacuum, temperature variations, and high radiation, makes them a safer and more efficient option compared to liquid batteries [1] - The potential market for solid-state batteries in space applications is substantial, with estimates suggesting a market size exceeding 500 billion for 1 million satellites, alongside applications in computing power storage, deep space exploration, and lunar bases [1] Group 2: Performance of New Energy Indices and ETFs - As of January 23, 2026, the Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index (000692) surged by 7.66%, with significant gains from constituent stocks such as Laplace (+20.01%), JinkoSolar (+20.00%), and Aotwei (+20.00%) [2] - The New Energy ETF (588830) closely tracks the performance of the New Energy Index and reported an increase of 8.27%, marking its third consecutive rise [2] - The top ten weighted stocks in the New Energy Index as of December 31, 2025, include JinkoSolar, Atlass, and Trina Solar, collectively accounting for 46.84% of the index [2] - The primary sectors represented in the index are photovoltaic equipment (45.83%), batteries (42.46%), and wind power equipment (5.73%) [2]

Group 1 - The core viewpoint of the news is that the Chinese government is pushing for a shift in the photovoltaic industry from "price competition" to "innovation-driven" competition to combat "involution" [1][2] - The National Energy Administration highlighted that the root cause of "involution" in the photovoltaic industry is the shift from competing on technology and innovation to competing on price and scale [1] - A recent procurement by Huadian for 8GW of high-efficiency modules showed that 75% of the components met the high-efficiency standard (conversion efficiency ≥ 23.8%), indicating that only leading companies can meet these requirements [1] Group 2 - Changjiang Electric Power New Energy noted that the recent statements from the State Administration for Market Regulation and Huadian's large-scale procurement of high-efficiency components suggest that self-discipline in the photovoltaic industry will continue to advance [2] - The basic expectations for traditional photovoltaic have weakened previously, but recent developments have restored these expectations, solidifying the bottom of both the fundamental and financial aspects [2] - The trend in the photovoltaic market will need to be monitored closely, especially around mid-year, as demand expectations shift [2] Group 3 - The Science and Innovation New Energy ETF closely tracks the Shanghai Stock Exchange Science and Technology Innovation Board New Energy Index, which includes 50 large-cap stocks in the photovoltaic, wind power, and new energy vehicle sectors [3] - As of December 31, 2025, the top ten weighted stocks in the index include JinkoSolar, First Solar, Trina Solar, and others, accounting for 46.84% of the total index weight [3] Group 4 - The Science and Innovation New Energy ETF (588830), the ChiNext New Energy ETF (159261), and the Photovoltaic ETF (159863) are mentioned as key investment vehicles in the sector [4]

Group 1 - The core viewpoint of the articles highlights the significant growth potential of space photovoltaics, driven by the commercial space sector and its unique advantages in energy generation efficiency [1] - Analysts note that the demand for space photovoltaics is increasing due to the scaling of satellite networks and upgrades in onboard equipment, which are enhancing both quantity and quality [1] - The long-term development trajectory of space photovoltaics is becoming clearer, with expectations of it emerging as a new growth area within the photovoltaic industry [1] Group 2 - The Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index (000692) has shown a positive performance, with a 0.68% increase, and notable gains in constituent stocks such as GoodWe and Haiyou New Materials [1] - The top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index, which include JinkoSolar and Trina Solar, account for 46.84% of the index [2] - The Sci-Tech Innovation New Energy ETF (588830) closely tracks the performance of the Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index, reflecting the overall performance of representative new energy companies [2][3]