Anti-involution + energy security as dual main lines support, the Huaxia Photovoltaic ETF (515370) fluctuates and consolidates.

On March 31, affected by the cancellation of export tax rebates and a warming of risk-avoidance sentiment overseas, the Huaxia CSI Photovoltaics ETF (515370) moved in a volatile range all the way and adjusted, dipping slightly by 0.29%. Among the constituent stocks, Junda Co., Ltd., Deye Co., Ltd., and Godewei delivered strong performance, rising by more than 4%, 3%, and 3%, respectively. Meanwhile, holdings Zhejiang Xinneng, Shouhang Xinneng, and JinkoSolar pulled back for their adjustment.

On the news front, on March 30, the State Administration for Market Regulation released a notice on implementing the Anti-Unfair Competition Law of the People’s Republic of China, focusing on preventing and addressing “inwardly competitive” price competition in industries such as photovoltaics. Policy tailwinds may directly boost profit expectations for the photovoltaic industry, helping to restore the industry’s overall profitability level and the quality of those profits. In the same period, constituent stock TCL Zhonghuan planned to integrate 66.34% of Tongdao New Energy’s shares. As consolidation in the photovoltaic industry accelerates, resources are concentrating toward leading companies, strengthening the photovoltaic sector’s ability to withstand risks and improving the stability of earnings. On the international news front, geopolitical conflicts caused Brent crude oil futures prices to break through $112 per barrel. Geopolitical conflicts also push up the prices of traditional energy, reinforcing the logic of energy security; in the long run, demand for photovoltaic substitution is expected to benefit.

Bank of China Securities believes that in the photovoltaic space, “anti-involution” and “space photovoltaics” are the two main investment themes for photovoltaics in 2026. In the 2026 government work report, it is stated that China will accelerate the development of satellite internet, and the space photovoltaics industrial chain is expected to benefit in parallel from improvements in the number of satellite launches both at home and abroad. Tianfeng Securities believes that this transformation advantage—shaped jointly by policy guidance, technology-driven momentum, and market response—allows China to take a global leading position in high-end manufacturing sectors such as photovoltaics and wind power. It not only safeguards energy security, but also establishes for China’s related industrial chain assets competitive advantages that are relatively difficult to replace on a global scale.

The Huaxia CSI Photovoltaics ETF (515370) and its feeder fund (012885/012886) track the CSI Photovoltaics Industry Index, covering companies across the upstream, midstream, and downstream segments of the photovoltaic industry chain, including polysilicon, polycrystalline silicon, cell modules, cables, photovoltaic glass, battery modules, inverters, photovoltaic mounting structures, and photovoltaic power stations, among others, enabling it to better reflect the overall performance of the photovoltaic industry.

Daily Economic News