Tianhong CSI Photovoltaic Industry ETF (159857) Falls 4.68% in Early Trading; Export Tax Rebates for Photovoltaic and Certain Products to Be Officially Cancelled Starting April 1

NewTimeSpace News - As of 10:28 on March 30, 2026, the Photovoltaic ETF (159857) fell 4.68%, with its latest price at 0.9 yuan. Looking at a longer timeframe, as of March 27, 2026, the ETF has accumulated a gain of 12.83% over the past three months, ranking 3rd among 15 comparable funds. (The stocks listed above are solely index constituents and do not constitute specific investment recommendations.)

In terms of liquidity, the Photovoltaic ETF recorded an intraday turnover rate of 7.02% and a trading volume of 168 million yuan. Looking at a longer timeframe, as of March 27, the ETF's average daily trading volume reached 284 million yuan over the past week, ranking among the top 2 comparable funds.

Regarding fund size, the Photovoltaic ETF has grown by 93.164 million yuan over the past 2 weeks, representing a significant increase and ranking 1st among 15 comparable funds in terms of new asset inflows. (Data source: Wind)

In terms of fund shares, the Photovoltaic ETF's latest share count reached 2.624 billion shares, hitting a new high for the past month and ranking 2nd among 15 comparable funds. (Data source: Wind)

For capital flows, the Photovoltaic ETF has recorded continuous net inflows over the past 3 days, with a maximum single-day net inflow of 12.1759 million yuan, totaling 17.912 million yuan attracted, representing an average daily net inflow of 5.9707 million yuan. (Data source: Wind)

Data indicates continued positioning by leveraged funds. The Photovoltaic ETF recorded a margin purchase of 12.9703 million yuan in the latest session, with its latest margin balance reaching 67.728 million yuan. (Data source: Wind)

As of March 27, the Photovoltaic ETF has gained 12.49% over the past 5 years, ranking among the top 2 comparable funds. In terms of return capability, as of March 27, 2026, since its inception, the ETF has achieved a maximum monthly return of 24.71%, a maximum consecutive rising period of 5 months, a maximum consecutive gain of 83.59%, and an average monthly return of 9.68% during rising months. As of March 27, 2026, the Photovoltaic ETF has outperformed its benchmark by 1.68% in annualized returns over the past 2 years, ranking among the top 3 of 9 comparable funds.

As of March 27, 2026, the Photovoltaic ETF's Sharpe ratio over the past year was 1.64, ranking among the top 3 of 10 comparable funds, indicating higher returns for equivalent risk levels.

Regarding drawdown, as of March 27, 2026, the Photovoltaic ETF's maximum drawdown this year was 6.47%, with a relative benchmark drawdown of 0.17%.

In terms of fee structure, the Photovoltaic ETF charges a management fee of 0.50% and a custody fee of 0.10%.

For tracking accuracy, as of March 27, 2026, the Photovoltaic ETF's tracking error this year was 0.011%, achieving the highest tracking precision among comparable funds.

The Photovoltaic ETF closely tracks the CSI Photovoltaic Industry Index, which selects up to 50 most representative listed companies from among those whose main business involves upstream, midstream, and downstream segments of the photovoltaic industry chain as index constituents to reflect the overall performance of photovoltaic industry listed companies.

On the news front, starting from April 1, 2026, value-added tax export tax rebates for photovoltaic and certain other high-energy-consumption or low-value-added products will be completely cancelled.

China Merchants Securities believes that geopolitical conflicts have elevated global considerations for national energy security, and the photovoltaic energy storage industry's overseas expansion is expected to benefit. With increased export orders combined with the concentration of advantageous capacity brought about by industry self-discipline, the photovoltaic industry's Q1 earnings performance is expected to continue improving.

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