Institution: Space-based solar power, a core segment of the commercial aerospace sector, Huatai-PB CSI Photovoltaic Industry ETF (515790) more than 5% in early trading

NewTimeSpace News, as of 09:46 a.m. on 23 January 2026, the Photovoltaic ETF (515790) is up 5.29% at 1.11 yuan. Over a longer horizon, the ETF has gained 1.24% over the past week ended 22 January 2026. (The stocks mentioned are index constituents only and do not constitute any recommendation.)

Liquidity: intraday turnover is 2.82% with 297 million yuan traded. Over the past year the ETF has averaged 610 million yuan in daily turnover, ranking first among comparable funds. (Source: Wind)

Size: the ETF’s asset base has grown by 1.78 billion yuan over the past year, the largest increase among 12 peer funds. (Source: Wind)

Leverage: the latest margin purchase amount is 17.77 million yuan, bringing the outstanding margin balance to 366 million yuan. (Source: Wind)

Performance: as of 22 January 2026 the ETF’s net value has risen 24.84% over the past two years. Since inception its best monthly return is 24.61%, the longest winning streak is five consecutive months with a cumulative 79.02% gain, and the average return in up months is 9.52%. Annualised out-performance versus the benchmark over the past two years is 1.06%.

Risk metrics: one-year Sharpe ratio is 1.65 as of 16 January 2026; year-to-date maximum draw-down is 3.05% versus 0.10% for the benchmark.

Fees: management fee 0.50%, custody fee 0.10%, both among the lowest in the peer group.

Tracking: six-month tracking error is 0.019%, the smallest among comparable funds. The ETF replicates the CSI Photovoltaic Industry Index, which selects up to 50 representative listed companies across the entire photovoltaic chain.

GJ Securities notes that space-based solar power, a core segment of commercial aerospace, is gaining market recognition for its“large addressable market, inflation-linked pricing and high entry barriers”. This week’s rally has spread from leading names to equipment and materials suppliers. The removal of the photovoltaic export rebate, effective 1 April, provides a“rush-to-ship”window that offsets the seasonally weak domestic first-quarter demand and accelerates the exit of uncompetitive capacity, sharpening the anti-over-capacity policy focus.

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