光伏ETF（515790）基金经理为李茜、李沐阳。 9月4日，双良节能涨5.69%，截至发稿，报6.13元/股，成交5.32亿元，换手率4.71%，总市值114.86亿 元。 资料显示，双良节能系统股份有限公司位于江苏省江阴市利港镇西利路88号，成立日期1995年10月5 日，上市日期2003年4月22日，公司主营业务涉及公司目前主要业务分为1、节能节水系统,包括:溴化锂 冷热机组、换热器、空冷系统等;2、光伏新能源系统,包括多晶硅还原炉及其模块,以及大尺寸单晶硅 棒、硅片。主营业务收入构成为：光伏产品67.97%，节能节水装备23.03%，新能源装备7.26%，其他 (补充)1.74%。 从双良节能十大流通股东角度 数据显示，华泰柏瑞基金旗下1只基金位居双良节能十大流通股东。光伏ETF（515790）二季度减持 3.61万股，持有股数1310.51万股，占流通股的比例为0.7%。根据测算，今日浮盈赚取约432.47万元。 光伏ETF（515790）成立日期2020年12月7日，最新规模99.84亿。今年以来收益10.99%，同类排名 3433/4222；近一年收益27.52%，同类排名3151/3789；成 ...

9月4日，林洋能源涨5.04%，截至发稿，报6.25元/股，成交9696.16万元，换手率0.77%，总市值128.76 亿元。 资料显示，江苏林洋能源股份有限公司位于江苏省启东经济技术开发区林洋路666号，成立日期1995年 11月6日，上市日期2011年8月8日，公司主营业务涉及从事智能电网、新能源、储能。 从林洋能源十大流通股东角度 数据显示，华泰柏瑞基金旗下1只基金位居林洋能源十大流通股东。光伏ETF（515790）二季度减持 7.53万股，持有股数1680.58万股，占流通股的比例为0.82%。根据测算，今日浮盈赚取约504.17万元。 李沐阳累计任职时间4年243天，现任基金资产总规模212.73亿元，任职期间最佳基金回报91.74%， 任 职期间最差基金回报-48.35%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 光伏ETF（515790）成立日期2020年12月7日，最新规模99.84亿。今年以来收益10.99%，同类排名 3433/4222；近一 ...

Core Insights - The National Development and Reform Commission and the State Administration for Market Regulation released a draft amendment to the Price Law, establishing a legal basis for "anti-involution" in pricing, particularly against practices like selling below cost [1] - The solar industry is experiencing a price increase, with multi-crystalline silicon dense material averaging 42,000 yuan/ton, a 13.5% increase, and granular silicon averaging 44,000 yuan/ton, a 10% increase, indicating a critical window for substantial development under the "anti-involution" policy [1] - The solar ETF (515790) has seen a net inflow of 3.39 billion yuan since June 23, with a significant increase in fund shares and scale, making it the only solar-themed ETF in the A-share market with a scale exceeding 10 billion yuan [1] - The ETF closely tracks a solar industry index that includes up to 50 representative companies, with top five constituents being leading firms in the solar sector, poised to benefit from the current industry transformation [1] - CITIC Construction Investment Securities noted that the solar industry has become a representative sector for "anti-involution," with cost support for current prices and a gradual exit of outdated production capacity expected [1] Industry Summary - The "anti-involution" strategy and the "no less than full cost" pricing standard are expected to lead to the gradual clearing of outdated production capacity in the solar industry, marking a new phase in price chain recovery [1] - The solar ETF (515790) is highlighted as a key tool for capitalizing on the price recovery in the solar sector, with over 220,000 investors holding the fund [1] - The management of the solar ETF, Huatai-PB Fund, is recognized for its long-standing track record in ETF management, providing diversified and high-quality index investment tools [2]

Group 1 - The core viewpoint of the articles highlights the increasing confidence in the photovoltaic industry driven by the "anti-involution" policy, which has led to a surge in investment enthusiasm for photovoltaic ETFs [1][2] - The photovoltaic ETF (515790) has seen significant trading activity, with a cumulative net inflow of 2.992 billion yuan since July, and an average daily trading volume of 828 million yuan [1] - The latest share count for the photovoltaic ETF has reached 19.047 billion shares, with a total scale exceeding 14.049 billion yuan, marking a historical peak for the fund [1] Group 2 - The price of silicon materials has shown a notable increase, with a maximum rise of 13.47% recently, indicating a positive impact on the cost structure across the entire photovoltaic industry chain [1] - The photovoltaic industry is undergoing supply-side reforms, with expectations of price adjustments across the supply chain, particularly in polysilicon futures and silicon wafer costs [1] - The release of the international standard for distributed photovoltaic power generation systems enhances China's leading position in the global photovoltaic industry [1][2] Group 3 - The photovoltaic ETF tracks an index that covers the entire photovoltaic industry, selecting up to 50 representative companies, with the top five holdings being leading firms in the sector [2] - The ETF has a large scale and favorable liquidity, with over 220,000 investors holding shares, making it a significant player in the market [2] - The ETF was established on December 7, 2020, and was the first in the photovoltaic sector to be included in margin trading [2]

Core Viewpoint - The commencement of the "Yarlung Tsangpo River Downstream Hydropower Project" is expected to stimulate the photovoltaic (PV) sector, enhancing economic vitality and increasing the consumption ratio of solar energy [1][2]. Group 1: Market Performance - The photovoltaic sector has shown strong performance following the announcement of the hydropower project, with significant capital inflow into related stocks and products [1]. - The leading photovoltaic ETF (515790) recorded a net subscription of 670 million shares and a net inflow of 496 million yuan on July 22, 2025, setting a new single-day record for capital inflow in 2025 [1]. - The trading volume of the photovoltaic ETF reached 1.254 billion yuan on the same day, a substantial increase of 98.66% compared to the previous period, with an average daily trading volume of 817 million yuan in July [1]. Group 2: Industry Outlook - The "Yarlung Tsangpo Project" is anticipated to boost local multi-industry development, which may enhance the consumption of photovoltaic energy [2]. - The project could facilitate the sharing of transmission infrastructure between hydropower and photovoltaic energy, potentially reducing transmission costs and addressing the challenges of solar energy delivery [2]. - The photovoltaic ETF (515790) tracks an index that includes up to 50 representative companies across the solar industry, with top holdings including leading firms such as Sungrow Power, LONGi Green Energy, and TCL Technology [2]. - The ETF is the only product in the A-share market with a scale exceeding 10 billion yuan, indicating strong liquidity and investor interest, with over 220,000 investors holding shares [2].

Group 1 - The core viewpoint of the articles highlights the rebound in the photovoltaic industry chain prices, driven by the deepening of "anti-involution competition" measures, leading to renewed interest in photovoltaic ETFs [1][2] - The photovoltaic ETF (515790) has seen significant trading volume, with a 24% and 21% increase in trading value over two consecutive days, and an average daily trading value of 815 million yuan since July [1][2] - The ETF has attracted a total net inflow of 2.39 billion yuan over 10 out of 13 trading days in July, with its share surpassing 18.23 billion, marking a historical high [1][2] Group 2 - Recent data from Jibang Consulting indicates that prices for silicon materials, silicon wafers, and battery cells have all increased, with silicon wafer prices seeing the highest rise of 15% [2] - CITIC Securities suggests that the measures to curb involution competition aim to guide companies towards healthy competition and sustainable innovation, indicating a potential shift from price competition to technological competition in the photovoltaic industry [2] - The photovoltaic ETF (515790) tracks an index covering the entire photovoltaic industry, selecting up to 50 representative companies, with top holdings including leading firms such as Sungrow Power Supply, LONGi Green Energy, and TCL Technology [2][3] Group 3 - The photovoltaic ETF (515790) is the only product in the A-share market with a scale exceeding 10 billion yuan, characterized by large scale and superior liquidity, with over 220,000 investors holding it [3] - Established on December 7, 2020, the ETF was the first in the photovoltaic sector to be included in margin trading and was also among the first to be included in the Shanghai-Hong Kong Stock Connect in July 2022 [3] - The improving competitive environment in the photovoltaic industry positions the ETF and its associated funds as key tools for capitalizing on high-quality development opportunities in the sector [3]

Core Viewpoint - The photovoltaic (PV) sector has experienced significant competition and adjustment, leading to a decline in the financial performance of many companies within the industry, despite previous growth driven by policies and global energy transition demands [1][2][3]. Industry Overview - The PV industry in China has evolved from relying on foreign technology to achieving self-innovation and leading high-end manufacturing, establishing a competitive edge globally [2][3]. - China has been the world's largest PV producer since 2007, with over 80% of global production capacity and 55% of new installations in 2024 [3][4]. Supply and Demand Dynamics - The rapid expansion of production capacity has led to a significant oversupply in the PV industry, with capacities for silicon wafers, batteries, and modules reaching 753GW, 654GW, and 588GW respectively in 2024, far exceeding actual demand [4]. - Demand growth for new installations has slowed, with the EU and the US experiencing a decline in growth rates, leading to concerns about future demand [5][7][8]. Price Trends and Financial Impact - The oversupply has resulted in a drastic drop in prices for key materials, such as polysilicon, which saw a nearly 90% decrease from its peak [10]. - The financial performance of PV companies has deteriorated, with a projected revenue decline of 18.34% and a shift from a profit of 122.1 billion yuan in 2023 to a loss of 20.59 billion yuan in 2024 [14]. Policy Response and Future Outlook - Recent "anti-involution" policies aim to address the chaotic competition in the PV sector, promoting quality improvement and the orderly exit of outdated capacities [15][16]. - The introduction of these policies has already shown positive effects, with polysilicon prices increasing by 39% in a short period, indicating potential recovery in the industry [15]. - The PV sector is expected to undergo consolidation and enter a stable development phase, with long-term growth prospects supported by ongoing global clean energy demand and technological advancements [16][17]. Investment Opportunities - The current valuation of the PV sector, with a price-to-book ratio of 1.90, suggests that potential risks have been somewhat mitigated, presenting investment opportunities as the market stabilizes [18]. - The Huatai-PineBridge fund's PV ETF is highlighted as a convenient option for investors looking to capitalize on the sector's recovery [19].

Core Viewpoint - The photovoltaic industry is regaining market focus due to the "anti-involution" policy, leading to increased expectations for supply-side reforms and a gradual recovery in the industry [1] Group 1: Market Activity - The photovoltaic ETF (515790) has seen significant capital inflow since July, accumulating over 2.053 billion yuan by July 16, making it a leader among similar products [1] - The ETF's shares and scale have expanded, reaching a historical high of 17.767 billion shares and a scale of 12.738 billion yuan [1] - The average daily trading volume of the photovoltaic ETF has maintained a high level, averaging 807 million yuan since July [1] Group 2: Industry Fundamentals - The photovoltaic industry's fundamentals are showing signs of recovery, with price increases across multiple segments of the supply chain in response to policy guidance [1] - The price of polysilicon has risen to a range of 45,000 to 50,000 yuan per ton as of the second week of July [1] - Prices for silicon wafers and battery cells have also increased significantly, providing strong support for downstream prices [1] Group 3: ETF Characteristics - The photovoltaic ETF (515790) tracks an index covering upstream, midstream, and downstream sectors of the photovoltaic industry, selecting up to 50 representative companies [2] - The top five constituent stocks include leading companies such as Sungrow Power Supply, LONGi Green Energy, TCL Technology, TBEA, and Tongwei Co., which are expected to benefit from the overall price recovery in the industry [2] - The ETF is the only product in the A-share market with a scale exceeding 10 billion yuan, boasting over 220,000 investors [2]

Core Viewpoint - The photovoltaic industry has shown active performance since July, driven by "anti-involution" policies, attracting significant market attention and capital inflow [1][2] Group 1: Market Performance - As of July 10, 2025, the photovoltaic ETF (515790) has accumulated a capital inflow of 1.469 billion yuan since July, with an average daily trading volume of 855 million yuan, and a single-day capital inflow of 315 million yuan on July 10 [1] - The latest scale and share of the photovoltaic ETF reached 16.961 billion shares and 12.367 billion yuan, with monthly increases of 14.35% and 23.87%, respectively, marking a historical high in share size since its inception [1][2] Group 2: Price Trends - Recent reports indicate a stabilization and recovery trend in the prices across multiple segments of the photovoltaic industry chain, with expectations of price increases in polysilicon leading to fluctuations in downstream silicon wafer prices [1] - Several silicon material companies have begun adjusting their product prices, demonstrating a strong determination to maintain pricing, which may lead to a systematic rebound in prices across the industry chain [1][2] Group 3: Industry Outlook - According to CITIC Securities, the recovery of industry chain prices is a crucial step towards achieving "anti-involution" in the photovoltaic sector, with expectations for a solidification of the industry's fundamentals and the establishment of a long-term mechanism for eliminating outdated production capacity [2] - The photovoltaic ETF (515790) closely tracks an index covering the entire photovoltaic industry, selecting no more than 50 representative companies, with the top five constituent stocks being leading firms in the industry, likely to benefit from the overall price recovery [2]

Core Viewpoint - The A-share market shows a significant increase in trading sentiment, particularly in the photovoltaic sector, with strong performance in photovoltaic glass, inverters, and rooftop solutions, leading to heightened trading activity in the photovoltaic-themed ETF [1] Group 1: Market Performance - The photovoltaic ETF (515790) recorded a trading volume of 1.455 billion yuan, a substantial increase of 342% compared to the previous trading day's volume of 329 million yuan [1] - Over the past seven trading days, the photovoltaic ETF has attracted a total of 1.68 billion yuan in capital, increasing its latest share count to 16.491 billion and total scale to 11.292 billion yuan, representing year-to-date growth of 38% and 25% respectively [1] Group 2: Industry Developments - The Central Financial Committee's sixth meeting on June 1, 2025, addressed long-standing issues in the photovoltaic industry, such as "involution" and "disorderly competition" [1] - Leading photovoltaic glass companies have proactively announced a 30% production cut starting in July to promote supply-side reform in the industry [1] - The Ministry of Industry and Information Technology emphasized these issues during a photovoltaic industry seminar on July 3 [1] - Recent high temperatures in multiple regions of China have led to a rapid increase in electricity load, which is expected to drive expansion in photovoltaic demand [1] Group 3: ETF Characteristics - The photovoltaic ETF (515790) closely tracks an index that covers the entire photovoltaic industry, selecting up to 50 representative companies, with the top five constituents being leading firms in the sector [2] - It is the only photovoltaic-themed ETF with a scale exceeding 10 billion yuan, with an average daily trading volume of 863 million yuan over the past week, indicating significant liquidity [2] - The latest fund report shows that over 220,000 investors hold the ETF, making it a key tool for capitalizing on the high-quality development opportunities in the photovoltaic industry [2]