Photovoltaic equipment stocks surge, photovoltaic leading ETF and photovoltaic ETF rise over 5%

A-shares photovoltaic equipment stocks further expanded their gains in the afternoon, with Jinneng Technology rising over 18%, Haiyou New Materials up over 14%, Autowei up over 11%, Sunshine Power and East Sunrise up over 9%, Jing Sheng Electric up over 8%, Foster, Jincheng Shares, Trina Solar, and CITIC Bo up over 7%, Longi Green Energy, TCL Zhonghuan, and JA Solar up over 5%.

Photovoltaic leading ETFs, GF and Guotai, rose over 5%; Bosera, E Fund, China Merchants, Fund, Yinhua, Huaxia, Huatai Bairui, GF, Harvest, China Asset Management, Huaxia, Penghua, Huitianfu, Pudong Development Bank ETFs all increased over 4%.

GF Photovoltaic ETF tracks the CSI Photovoltaic Leaders 30 Index, while the Photovoltaic ETF tracks the CSI Photovoltaic Industry Index.

Both indices belong to the photovoltaic sector, but their stock selection logic and holding styles differ.

The CSI Photovoltaic Leaders 30 Index selects 30 large-cap, profitable targets, scoring based on revenue, gross margin, and ROE, with a single stock weight cap of 15%. It focuses more on top leaders, with higher weights in photovoltaic equipment segments, emphasizing concentrated holdings and stronger market resilience.

The CSI Photovoltaic Industry Index covers up to 50 representative full-industry chain targets, sorted by market cap, with a single stock weight cap of 10%. It includes upstream and downstream segments like silicon materials, modules, and inverters, with more diversified holdings and broader coverage.

The CSI Photovoltaic Leaders 30 Index emphasizes a leader-focused strategy, while the CSI Photovoltaic Industry Index emphasizes full industry chain deployment.

On the news front, rumors of Tesla “buying up” Chinese photovoltaic assets have resurfaced. A market rumor suggests Tesla plans to purchase large-scale Chinese photovoltaic equipment involving several listed companies. This morning, a photovoltaic company confirmed the news, revealing contract sizes in gigawatts.

Sources indicate that previously, Musk’s SpaceX team ordered equipment from a leading domestic heterojunction device manufacturer, with delivery expected in the first week of May. Exporting semiconductor-like products requires approval from relevant authorities, which is still underway. It is reported that Musk’s photovoltaic orders are mainly divided into SpaceX (S chain) and Tesla (T chain), with applications in space and ground scenarios respectively. Additionally, sources say T chain cooperation orders are still under negotiation, involving multiple TOPCon device manufacturers.

According to InfoLink, overall module production is expected to significantly rebound to 44-45 GW by March 2026, a month-on-month increase of about 28-29%. Domestic production rises to 32-33 GW; overseas production increases to 11-12 GW, with market performance diverging: India’s output remains stable at about 5-6 GW; Southeast Asia faces tariff risks leading to factory shutdowns and reduced operating rates. U.S. output remains steady, with monthly production around 2-3 GW.

Aijian Securities points out that the international environment in the energy sector is complex and severe, with ongoing geopolitical conflicts. Photovoltaics and other new energy sources may become new breakthroughs to ensure national energy security. Some value-added tax export rebates for products including photovoltaics will be canceled starting April 2026, which may temporarily boost domestic photovoltaic product shipments and long-term promote the elimination of outdated capacity and optimize capacity structure. Production in all photovoltaic segments is expected to rise by March 2026, suggesting a focus on photovoltaic energy storage-related targets.

Industrial Securities believes that energy storage is entering a key industry phase, with high-quality development expected under the future energy system. “The inclusion of future energy in the government work report for the first time demonstrates a strategic outlook on energy development. In the photovoltaic sector, capacity integration of silicon materials combined with silver price fluctuations accelerates the clearance of inefficient capacity; strong computational-electrical synergy supports demand, and future space computing scenarios will further unlock long-term industry growth. In energy storage, as a core component of future energy systems, it is crucial for stable operation under large-scale AI data center development; Germany’s EEG 2027 draft reshapes the residential photovoltaic ecosystem, with household storage penetration and stock renovation expected to see dual explosive growth. Under the resonance of policies, demand, and economic factors, the energy storage industry is likely to remain highly prosperous through 2026. It is recommended to actively invest in space photovoltaics, metal reduction, and energy storage sectors, seizing opportunities from technological innovation and demand growth.