Photovoltaic equipment faces a trillion-yuan retirement wave, and the low-cost photovoltaic ETF Huaxia (515370) highlights its allocation value

As of April 2, 2026, 10:25 AM, the Huaxia Photovoltaic ETF (515370) declined by 2.12%.
In terms of constituent stocks, gains and losses were mixed: Autowei rose by 3.78%, Laplace increased by 2.34%, and Robotech gained 1.26%; Jin Kai New Energy fell by 7.41%, Shouhang New Energy dropped by 6.45%, and GCL System Integration decreased by 5.8%.

Regarding liquidity, the Huaxia Photovoltaic ETF (515370) had an intraday turnover rate of 1.85%, with a transaction volume of 24.89 million yuan.
Looking at a longer timeframe, as of April 1, the Huaxia Photovoltaic ETF (515370) had an average daily trading volume of approximately 44 million yuan over the past week.

In the news, on April 1, Laplace, a constituent stock, temporarily hit the daily limit-up before issuing a clarification that the company has not secured the second-phase order related to Tesla’s photovoltaic project, leading to a decline in related positive expectations;
Jinko Solar, another constituent, recently disclosed that after the cancellation of photovoltaic export tax rebates in Q2, the company’s production schedule remained relatively stable.
Meanwhile, data from Wind shows that the weekly average price of photovoltaic-grade polysilicon decreased by 2.96%, and the weekly average price of solar cells fell by 6.52%.
Additionally, early domestic photovoltaic modules are gradually reaching their service life, and after 2026, a large-scale decommissioning wave of photovoltaic equipment is expected.
In the long term, this decommissioning wave will create a trillion-yuan market for the recycling and reuse of photovoltaic modules.
Furthermore, policies issued by the Ministry of Industry and Information Technology and five other departments support the photovoltaic industry, suggesting long-term support for the ETF and a potential gradual recovery and strengthening.

CICC believes that the photovoltaic industry is still in a deep adjustment period, with multiple industry stakeholders actively promoting “anti-involution.”
Guotai Haitong Securities notes that fluctuations in oil prices highlight the urgency of energy independence and security, which accelerates the global transition to photovoltaics, wind power, energy storage, and new energy vehicles, directly boosting strategic demand and growth expectations for related sectors.

The Huaxia Photovoltaic ETF (515370) and its linked funds (012885/012886) track the CSI Photovoltaic Industry Index, which includes upstream, midstream, and downstream companies in the photovoltaic industry chain, such as silicon wafers, polysilicon, solar cells, cables, photovoltaic glass, modules, inverters, photovoltaic supports, and solar power stations, providing a comprehensive reflection of the overall photovoltaic industry performance.

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