Energy transition is imminent, photovoltaic sector defies market weakness with strong gains, Mairui shares up over 6%, photovoltaic ETF Hui Tian Fu(516290)surges over 1%, overseas giants' "bulk buying" ignites recovery in photovoltaic equipment!

As of March 23, 2026, 10:16 AM, the CSI Photovoltaic Industry Index (931151) rose 0.87%. The component stocks GCL System Integration increased 8.94%, Zhejiang New Energy rose 6.85%, Tongwei Solar gained 5.86%, China Southern Power Grid Energy up 5.20%, and Maiwei Co., Ltd. surged over 6% at one point, now up 4.18%. The Huaxin Wealth Photovoltaic ETF (516290) initially rose over 1%, now up 0.99%, with the latest price at 0.71 yuan. Looking at a longer timeframe, as of March 20, 2026, the Huaxin Wealth Photovoltaic ETF has gained a total of 1.14% over the past two weeks. (The stocks listed above are only index components and do not constitute specific recommendations.)

In terms of liquidity, the Huaxin Wealth Photovoltaic ETF had a turnover rate of 4.10% during the trading session, with a transaction volume of 27.99 million yuan. Over the longer term, as of March 20, the average daily trading volume over the past year was 34.65 million yuan.

Regarding scale, the Huaxin Wealth Photovoltaic ETF increased by 174 million yuan in the past six months, achieving significant growth, with the new scale ranking 1/15 among comparable funds. (Data source: Wind)

In terms of shares, the ETF’s outstanding shares increased by 446 million over the past year, also showing significant growth, ranking 2/15 among comparable funds. (Data source: Wind)

Data shows that leveraged funds continue to deploy. The latest financing purchase amount for the Huaxin Wealth Photovoltaic ETF reached 4.78 million yuan, with a latest financing balance of 6.67 million yuan. (Data source: Wind)

On the news front, on March 20, a key development occurred regarding rumors of Tesla’s large-scale procurement of Chinese photovoltaic equipment. Market reports indicate that Tesla plans to purchase domestic PV equipment on a large scale, involving multiple listed companies. On the morning of that day, domestic PV companies confirmed the news and revealed that the contract scale has reached gigawatt levels. Additionally, reports suggest that SpaceX, under Elon Musk, previously ordered equipment from leading domestic heterojunction device manufacturers, which is expected to be shipped in the first week of May. The ongoing orders from overseas giants continue to land, boosting the enthusiasm in the photovoltaic equipment sector.

Xiangcai Securities believes that Musk is accelerating the construction of PV capacity, with SpaceX’s space PV and Tesla’s ground PV equipment orders expected to be confirmed and executed successively. Coupled with the ongoing domestic “anti-involution” policies, the performance of PV processing equipment is expected to stabilize and recover.

Component stock news: On March 18, Maiwei Co., Ltd. signed agreements for perovskite tandem battery equipment projects and semiconductor equipment R&D manufacturing projects. These two projects are key parts of Maiwei’s strategic layout for the next 10 years, with a total investment of 5 billion yuan. The perovskite tandem battery equipment project plans to invest 3.5 billion yuan to build an advanced R&D platform, gather top industry talent, continue key technological breakthroughs, and scale up the production and industrial application of perovskite tandem battery equipment.

According to institutional data, in January–February 2026, China’s export inverter value reached $1.66 billion, a year-on-year increase of 56%. During the same period, lithium batteries for energy storage saw an 84% year-on-year increase in production, reflecting a significant growth in demand driven by new energy. Atresolar received a 2.5 GWh overseas energy storage order, and JinkoStorage signed an additional 1.1 GWh strategic agreement, indicating that downstream applications in the PV industry chain are expanding from single power generation to “light-storage synergy.” System integration capabilities and overseas channel deployment are becoming new competitive advantages for companies.

Huaxi Securities points out that the localization trend of PV manufacturing in North America is clear, with equipment and auxiliary materials benefiting first. The current trend of local PV manufacturing in North America is evident, and the demand for production equipment, as the leading step in capacity expansion, is releasing procurement needs, directly benefiting from this wave of overseas expansion. Subsequently, supporting auxiliary materials such as encapsulants, frames, and silver paste are expected to follow suit, continuing to share the industry’s capacity expansion dividends.

Under the background of government-enterprise cooperation to “counter involution” and rapid technological iteration, the PV industry is expected to see a recovery in fundamentals. Coupled with hot topics like space PV, the sector sentiment may turn positive. We are optimistic about signs of a turnaround in the PV sector, and recommend the Huaxin Wealth PV ETF (516290) with the lowest fee rate. Those without a securities account can consider the linked funds (A: 024059, C: 024060), which support 24/7 subscription!

Risk reminder: Funds carry risks; investments should be cautious. Past performance does not predict future results, and the performance of other funds managed by the fund manager does not guarantee the performance of this fund. The fund manager manages and uses the fund assets in good faith, with diligence and prudence, but does not guarantee profits or minimum returns. Investors should carefully read the “Fund Contract,” “Prospectus,” and other legal documents to understand product details. The Huaxin Wealth Photovoltaic ETF (516290) is a high-risk product (R4), suitable for investors whose risk assessment results are aggressive (C4) or above. For detailed risk matching rules, please refer to Huaxin Wealth’s official website. The underlying index does not fully represent the entire stock market. The average return of the index components may deviate from the overall market. Investors should be aware of risks related to index investing, concentrated holdings in index components, ETF operation risks, and specific risks associated with certain investment targets. When purchasing through distribution agencies, follow their risk rating rules. This product is issued and managed by Huaxin Fund Management Co., Ltd. The distributors do not assume responsibility for investment, payment, or risk management. When investors subscribe or redeem ETF units, the authorized brokers may charge a commission of up to 0.50%, including related fees from stock exchanges and registries. For other funds, please refer to the respective prospectus and product summaries for sales fee details.