Geopolitical conflicts bring opportunities for photovoltaic-storage new energy, Shenzhen's largest photovoltaic ETF (159857) closes seven consecutive days higher, with net subscriptions of nearly 30 million shares yesterday

Yesterday (March 12), China’s three major stock indices all declined, while new energy sectors such as wind power and photovoltaic equipment, as well as traditional energy sectors like thermal power and hydropower, advanced together.

The CSI Photovoltaic Industry Index closed up 0.33% yesterday. Among its constituents, Jinkai New Energy hit the daily limit, Shouhang New Energy rose over 15%, China Southern Power Grid Energy increased over 5%, and Tongwei Co. gained nearly 5%.

In related ETFs, the Shenzhen-scale largest photovoltaic ETF (159857) has experienced seven consecutive days of gains as of yesterday’s close, with a turnover rate exceeding 12%, indicating active trading throughout the day.

Notably, according to Wind data, this ETF received a net subscription of 28 million units yesterday. As of the close on March 11, the ETF’s latest size was 2.418 billion yuan, ranking first among similar photovoltaic products in the Shenzhen market.

Photovoltaic ETF (159857) closely tracks the photovoltaic industry index, with industry allocations mainly including photovoltaic equipment, power grid equipment, and electricity. The top five constituents are TBEA Co., Longi Green Energy, TCL Technology, Sunshine Power, and Tongwei Co.

On the news front, according to the Daily Economic News, oil prices have been on a roller coaster, exposing the weaknesses of fossil fuels. Two major alternative tracks—solar energy storage and coal chemical industry—are gaining momentum. By 2026, geopolitical conflicts are expected to cause significant fluctuations in crude oil prices, highlighting the value of solar storage, new energy, and coal chemical energy substitution. High oil prices are accelerating the development of the photovoltaic industry, emphasizing its economic and strategic importance. Global installed capacity demand continues to grow, driven by policies and corporate investments. Meanwhile, cost advantages in coal chemical industry are becoming apparent, with strong profit resilience, capturing overseas demand, and industry prosperity rising. The logic of energy independence and controllability will continue to drive demand for photovoltaic installations and coal chemical industries.

Century Securities pointed out that looking ahead, the photovoltaic industry is entering a stage of “internal competition and淘汰,” with market-driven consolidation becoming a consensus. The industry is gradually moving into a structural adjustment phase characterized by capacity clearance and price recovery. Focus areas will include the implementation of supply-side structural reforms, the window period for export tax rebates, increased penetration of high-efficiency modules, and the explosive growth of energy storage demand.