Anti-involution Superimposed with Space Photovoltaic Boost: Is Photovoltaic Poised for a Value Revaluation Window?

Recently, under the influence of multiple factors such as the continued promotion of the “Anti-Inner Competition” policy in the photovoltaic industry, the broad prospects of space photovoltaics, and the strengthening of energy security due to geopolitical tensions, market attention has once again increased. From supply-side clearing to new demand catalysis, is the photovoltaic industry transitioning from “cyclical recovery” to “logical upgrading”?

The Effectiveness of the “Anti-Inner Competition” Policy in Photovoltaics Is Becoming Evident

The Ministry of Industry and Information Technology has clarified that 2026 will be a critical year for governance in the photovoltaic industry, emphasizing that “governing internal competition” is the top priority this year. The focus will be on strengthening innovation-driven development, shaping the next-generation technological competitive advantage, and breaking the industry’s internal competition dilemma.

Industry insiders say that multiple ministries and commissions have jointly established a “counter-inner competition” working mechanism, and currently, some initial results have been seen.

Firstly, from within the industry, consensus has begun to form. Most companies are abandoning pure price wars and shifting toward technological innovation and value creation.

Secondly, industry capacity expansion has been somewhat restrained. Over-investment and excessive招商引资 are being gradually regulated, low-level outdated capacity is being phased out, and prices across the supply chain are becoming more rational.

Additionally, industry self-discipline has begun to take shape, excessive competition has improved, market-based integration is underway, and upstream and downstream enterprises are increasingly willing to collaborate, especially in technological R&D and supply chain layout.

Space Photovoltaics Open Market Demand Space

Space photovoltaics originally refer to deploying photovoltaic power generation systems in space environments, such as satellites and space stations, primarily used to power spacecraft. In the future, they could be expanded for other uses. In recent years, under the International Telecommunication Union (ITU) “first-come, first-served” rule, countries are required to complete mass deployment by 2030. The number of satellites is increasing exponentially, with low Earth orbit constellations reaching “thousand to ten-thousand” levels.

Institutions say that on one hand, major AI giants are competing fiercely, and “computing power to the sky” has become a consensus. As a primary energy supply method, space photovoltaics are expected to benefit deeply, potentially creating a market space worth hundreds of billions of yuan for photovoltaic equipment in the future. On the other hand, leading Chinese photovoltaic equipment manufacturers possess strong high-efficiency iteration and rapid response capabilities, and are expected to enter the supply chains of companies like SpaceX, securing large orders and opening new growth opportunities. Moreover, space photovoltaic equipment may have obvious inflationary effects, with the value potentially experiencing a leap.

Geopolitical Disruptions Strengthen Energy Security, and the “Substitution Logic” of Photovoltaics Reignites

Additionally, recent turmoil in the Middle East has heightened global focus on energy security. Against the backdrop of high dependence on regional energy supplies, rising prices and supply uncertainties for oil and natural gas are accelerating countries’ search for more reliable energy solutions. In this process, the strategic value of photovoltaics is being re-evaluated.

Under the gradually improving industry fundamentals and the continuous reinforcement of long-term logic, the allocation value of the photovoltaic sector may become increasingly apparent. For investors optimistic about the industry’s prospects, the Yinhua Fund’s photovoltaic ETF Yinhua (516880) and its linked funds (A: 012928; C: 012929) offer a convenient way to focus on industry leaders and potentially share in the benefits of the new energy revolution.

Risk Reminder:

Yinhua CSI Photovoltaic Industry ETF Fee Details

1. Subscription Fee

Investors paying for fund shares may be charged a commission by the subscription and redemption agent broker at a rate not exceeding 0.5%, including related fees charged by stock exchanges and registrars.

2. Redemption Fee

When redeeming fund shares, investors may be charged a commission by the agent broker at a rate not exceeding 0.5%, including related fees.

3. Management Fee

The management fee is calculated at an annual rate of 0.50% of the previous day’s net asset value. The calculation method is: H = E × 0.50% ÷ days in the year, where H is the daily management fee, and E is the previous day’s net asset value. The fee is accrued daily and paid monthly after verification by the fund manager and custodian.

4. Custodian Fee

The custodian fee is calculated at an annual rate of 0.10% of the previous day’s net asset value. The calculation method is similar to the management fee.

5. Total Operating Expenses

For investors subscribing or purchasing this fund, the annualized total operating expense ratio is 0.62%.

Note: The management fee, custodian fee, and sales service fee (if any) are based on the current rates. Other operational expenses are estimated based on the latest annual report.

See the fund prospectus for details on other fees and taxes.

Fee sources: “Yinhua CSI Photovoltaic Industry ETF Product Summary Update,” as of February 13, 2026.

Yinhua CSI Photovoltaic Industry ETF Initiated Linked Fund Fee Details

1. Subscription Fee

Class A shares are subject to a subscription fee; Class C shares are not. The fee is borne by investors subscribing to Class A shares and is used for marketing, sales, registration, and other expenses, not included in the fund’s assets. Applicable rates are:

• Less than 1 million yuan: 1.20%

• 1 million to less than 3 million yuan: 1.00%

• 3 million to less than 5 million yuan: 0.60%

• 5 million yuan or more: flat fee of 1,000 yuan per transaction.

2. Redemption Fee

Redemption fees are paid by the shareholders redeeming their shares and are deducted at the time of redemption.

(1) Class A shares:

• Less than 30 days holding: 100% of the redemption fee goes to the fund.

• 30 to less than 90 days: 75% to the fund.

• 90 to less than 180 days: 50% to the fund.

• 180 days or more: 25% to the fund.

Redemption fee rates based on holding period:

• Less than 7 days: 1.50%

• 7 to less than 30 days: 0.75%

• 30 to less than 365 days: 0.50%

• 365 to less than 730 days: 0.30%

• 730 days or more: 0%.

(2) Class C shares:

• Less than 7 days: 1.50%

• 7 days or more: 0%.

All redemption fees are fully credited to the fund.

3. Management Fee

The management fee for the portion of the fund invested in target ETFs is calculated at an annual rate of 0.50% on the net asset value after deducting the value of held target ETF shares (if negative, treated as zero).

4. Custodian Fee

Similarly, the custodian fee is calculated at an annual rate of 0.10% on the net asset value after deducting the value of held target ETF shares (if negative, treated as zero).

5. Sales Service Fee

Class A shares do not charge a sales service fee; Class C shares have an annual fee rate of 0.25%, calculated on the previous day’s net asset value of C shares.

6. Total Operating Expenses

For investors subscribing or purchasing this fund, the annualized total operating expense ratio is 0.74% for Class A and 0.99% for Class C.

Note: The management fee, custodian fee, and sales service fee are based on current rates. Other expenses are estimated from the latest annual report.

See the fund prospectus for details.

Fee sources: “Yinhua CSI Photovoltaic Industry ETF Product Summary Update,” as of March 28, 2025.

Investment involves risks. Please invest cautiously. Funds are long-term investment tools mainly used for diversification to reduce individual risks associated with investing in single securities. Unlike bank savings or other fixed-income financial products, investing in funds may result in gains or losses. Before making an investment decision, carefully read the fund contract, prospectus, and product summary to understand the risk-return profile and product features. Consider your investment objectives, time horizon, experience, and risk tolerance. Make rational and cautious decisions based on product information and sales suitability advice.

According to relevant laws and regulations, Yinhua Fund Management Co., Ltd. issues the following risk warning:

1. Based on different investment targets, funds are classified into equity funds, hybrid funds, bond funds, money market funds, fund-of-funds, commodity funds, etc. Your returns and risks vary accordingly. Generally, higher expected returns entail higher risks.

2. During investment operations, funds may face various risks, including market risk, management risk, technical risk, and compliance risk. A unique risk for open-end funds is the large redemption risk: if net redemption requests on a single open day exceed a certain proportion of the total fund (10% for open-end funds, 20% for periodic open funds, except for special products regulated by the China Securities Regulatory Commission), you may not be able to redeem all requested shares promptly, or redemption payments may be delayed.

3. Understand the differences between regular fixed investments like dollar-cost averaging and savings methods like fixed deposits. While dollar-cost averaging encourages long-term, averaged investments, it does not eliminate inherent investment risks or guarantee returns, nor does it replace savings.

4. Special product risk disclosures: Pay attention to risks related to index volatility and ETF-specific risks. For linked funds investing in target ETFs, risks include tracking deviation, performance gap with the target ETF, other risks related to investing in target ETFs, and tracking error risks.

5. The fund manager commits to managing and using fund assets honestly and diligently but does not guarantee profits or minimum returns. Past performance and net asset value do not predict future results. Performance of other funds managed by the manager does not guarantee this fund’s future performance. The principle of “buyer beware” applies; after investment, risks arising from fund operation and NAV changes are borne by investors. The fund manager, custodian, sales agencies, and related institutions do not guarantee any investment returns.

6. This fund is registered and offered by Yinhua Fund Management Co., Ltd. in accordance with laws and regulations, with approval from the China Securities Regulatory Commission (CSRC). The fund contract, prospectus, and product summary have been filed on the CSRC’s electronic disclosure platform.

【Disclaimer】【Advertisement】This article reflects only the author’s views and is not affiliated with Hexun. Hexun does not guarantee the accuracy, reliability, or completeness of the content. Readers should use it for reference and bear all risks themselves. Email: [email protected]