NewTimeSpace News:As of 13:41 on February 12, 2026, the CSI Photovoltaic Industry Index (931151) surged 1.41%. Among its constituent stocks, Quartz Corp rose 10.01%, KSTAR Co., Ltd. climbed 9.99%, Tianjin Jinkai Xinneng Technology Co., Ltd. advanced 9.97%, with ROBOTEC Co., Ltd., Suzhou Weidao Nano Technology Co., Ltd. and other stocks following the upward trend.Tianhong CSI Photovoltaic Industry ETF (159857) rose 1.27%, with the latest price at RMB 0.96. In the longer term, as of February 11, 2026, the ETF had a cumulative increase of 0.75% in the past two weeks. (The stocks listed above are merely constituent stocks of the index and do not constitute specific investment recommendations.)

In terms of liquidity,Tianhong CSI Photovoltaic Industry ETF recorded an intraday turnover rate of 4.99% with a trading volume of RMB 121 million. As of February 11, the ETF's average daily trading volume in the past month reached RMB 314 million, ranking among the top 2 of comparable funds.

In terms of scale, the latest scale ofTianhong CSI Photovoltaic Industry ETF hit a one-month high of RMB 2.418 billion, ranking 2nd out of 14 comparable funds. (Data source: Wind)

In terms of share count, the latest shares ofTianhong CSI Photovoltaic Industry ETF hit a one-month high of 2.557 billion units, ranking 2nd out of 14 comparable funds. (Data source: Wind)

In terms of capital inflows,Tianhong CSI Photovoltaic Industry ETF has seen continuous net capital inflows for three consecutive days, with a maximum single-day net inflow of RMB 38.1462 million, a total capital inflow of RMB 78.5942 million and an average daily net inflow of RMB 26.1981 million. (Data source: Wind)

Data shows that leveraged capital has been continuously building positions in the ETF.Tianhong CSI Photovoltaic Industry ETF had a net margin purchase of RMB 1.6789 million in the previous trading day, with the latest margin trading balance standing at RMB 83.9897 million. (Data source: Wind)

As of February 11, the net asset value ofTianhong CSI Photovoltaic Industry ETF had surged 52.31% over the past year, ranking among the top 3 of comparable funds and 544th out of 3503 index equity funds (top 15.53%). In terms of profitability, as of February 11, 2026, since its inception, the ETF has achieved a maximum monthly return of 24.71%, a streak of five consecutive months of gains with a cumulative increase of 83.59%, and an average monthly return of 9.82% in rising months. As of February 11, 2026, the ETF had an annualized excess return of 1.72% over the benchmark in the past two years, ranking among the top 3 out of 9 comparable funds.

As of February 6, 2026,Tianhong CSI Photovoltaic Industry ETF had a Sharpe ratio of 1.75 over the past year, ranking among the top 3 out of 10 comparable funds and delivering higher returns at the same risk level.

In terms of drawdown, as of February 11, 2026, the ETF had a maximum drawdown of 6.28% since the start of the year and a relative benchmark drawdown of 0.12%. It only took 2 days to recover from the drawdown, the fastest recovery among comparable funds.

Regarding fees,Tianhong CSI Photovoltaic Industry ETF has a management fee rate of 0.50% and a custodian fee rate of 0.10%.

In terms of tracking accuracy, as of February 11, 2026, the ETF had a tracking error of 0.012% since the beginning of the year, boasting the highest tracking accuracy among comparable funds.

Tianhong CSI Photovoltaic Industry ETF closely tracks the CSI Photovoltaic Industry Index, which selects no more than 50 representative listed securities of companies whose core businesses cover the upstream, midstream and downstream of the photovoltaic industry chain as index samples, reflecting the overall performance of listed securities in the photovoltaic industry.

Data shows that as of January 30, 2026, the top 10 weighted stocks of the CSI Photovoltaic Industry Index (931151) are Xinjiang TBEA Co., Ltd., LONGi Green Energy Technology Co., Ltd., TCL Technology Group Corporation, Sungrow Power Supply Co., Ltd., Maxwave Precision Co., Ltd., Tongwei Co., Ltd., Jiejia Weichuang Technology Co., Ltd., ROBOTEC Co., Ltd., Chint Electric Co., Ltd. and Deye Co., Ltd., accounting for a total of 53.49% of the index's weight. (The stocks listed above are merely constituent stocks of the index and do not constitute specific investment recommendations.)

Dagong Global Credit Rating Co., Ltd. stated that the photovoltaic manufacturing industry is expected to enter a critical period of anti-involution in 2026, with the industry focus shifting from "output expansion" to "quality improvement" and industrial integration accelerating. The accelerated iteration of cutting-edge technologies such as BC and perovskite will drive structural adjustments, and emerging scenarios and markets will provide new growth space. In the short term, prices are expected to show a game pattern of "cost-driven increases and terminal demand curbing price rises", with obvious price differentiation across technical routes. Corporate profits in the industry are expected to recover, and the differentiation of credit quality will persist.

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