The new round of price increases for photovoltaic modules has been implemented! Hard technology broad-based—Huabao Fund's Double Innovation Leading ETF (588330) attracted 7.41 million yuan in a single day.

Under the influence of multiple factors, since the end of last year and the beginning of this year, the prices of photovoltaic modules have experienced a significant rise, with some manufacturers claiming that the price increase has reached up to 50%. Behind the price hike, on one hand, the rising costs of raw materials mainly involving silver have substantially driven up module costs; on the other hand, since “anti-inflation” measures have not effectively addressed the module sector, the profit margins of module companies have widened, leading to a stronger demand for profits.

It is worth noting that on the evening of March 21 (Eastern Time), SpaceX and Tesla jointly announced the “Terafab” project (Elon Musk’s initiative to build a super chip factory), aiming to produce over 1 terawatt of computing power annually, with an annual output target of about 10 to 20 billion chips. Just last Friday, news broke that Tesla plans to purchase $2.9 billion worth of Chinese photovoltaic equipment, igniting the photovoltaic concept. That is, after a “buying spree” of Chinese PV equipment, the world’s largest chip factory project is on the horizon.

Everbright Securities pointed out that, coupled with recent geopolitical events significantly impacting the global oil supply chain, new energy sources like photovoltaics will play a key role in energy supply, and the photovoltaic industry is expected to usher in development opportunities. Dongguan Securities stated that, driven by chips and space photovoltaics, they firmly believe in the three core themes: “PV equipment order fulfillment, domestic substitution of semiconductor equipment, and space computing power PV”.

Kaiyuan Securities believes that under the “14th Five-Year Plan,” technological security remains the most important theme, promoting a significant increase in technological independence and self-reliance, with key industries forming a “8466” development pattern. New productive forces are expected to take over the “pillar industry” status of real estate, forming a fast-growing trend characterized by energy as the foundation (new energy + controlled nuclear fusion) and core industries advancing side by side (AI + electronics and semiconductors, aerospace + low-altitude economy, embodied intelligence, biomedicine, etc.).

On Tuesday (March 24), the A-share market experienced a rally followed by a pullback. The Chuangye Board + STAR Market leading high-growth stocks’ broad-based tech ETF — the Innovation and Entrepreneurship Leading ETF (588330) saw an intraday high increase of 0.87%, now down 1.09%. Notably, during the overall consolidation and decline in the A-share market over recent days, this ETF’s daily performance remained relatively resilient, demonstrating strong resilience! According to SSE data, this ETF attracted 7.41 million yuan in net inflows yesterday, reflecting investor confidence in the future prospects of the hard tech sector and early positioning!

Sub-sector rotations are rapid, with pharmaceutical and biotech leaders and semiconductor equipment leaders performing well today. Baile Tiangeng led gains of over 5%, Shengyi Technology rose more than 3%, while stocks like New Industry, Tuojing Technology, and Shengmei Shanghai also followed suit. Conversely, recently active PV leaders declined sharply, with Sungrow Power Supply dropping over 5%, Jingsheng Electric and Atres falling more than 4%, dragging down the index.

【Fearless rotation, one-click package of China’s core tech】

The broad-based tech ETF — Innovation and Entrepreneurship Leading ETF (588330) and its off-market connection funds (Class A: 013317 / Class C: 013318) — select the top 50 large-cap strategic emerging industry listed companies from the STAR Market and ChiNext as index components, covering hot themes like optical modules, semiconductors, and PV equipment. Additionally, this ETF is a securities margin and interconnectivity target, serving as an efficient tool for one-click deployment of new productive forces.

It is worth noting that the Innovation and Entrepreneurship Leading ETF (588330)’s underlying index was awarded the title of “2025 Broad-based Growth Leader”, with a cumulative increase of 60.86% in 2025, outperforming major broad indices such as the ChiNext 50 (57.45%), ChiNext Index (49.57%), STAR Market Innovation Index (46.30%), and STAR 50 (35.92%).

Institutional reference sources: ①Tianfeng Securities’ March 19 report “‘Computing and Power Coordination’ included in government work report, new infrastructure projects attract attention”; ②CITIC Construction Investment’s December 23, 2025 report “High-speed optical module demand continues to grow, scale-up may open new market space”; ③Kaiyuan Securities’ March 2 macro outlook “Spring 2026: Improving quality and efficiency, technological breakthroughs.”

ETF fee-related notes: The Innovation and Entrepreneurship Leading ETF (588330) does not charge sales service fees. Subscription and redemption agents may charge commissions up to 0.5%, including related fees from stock exchanges and registrars. Intraday trading costs are based on actual charges by securities firms.

Connection fund fee notes: Huabao CSI Sci-Tech Innovation 50 ETF Initiated Connection Fund (Class A) subscription fee is 1,000 yuan per transaction for subscriptions of 2 million yuan or more, 0.6% for 1-2 million yuan, and 1% below 1 million yuan; redemption fee is 1.5% if held within 7 days, 0.1% for 7-30 days, and 0% after 30 days, with no sales service fee. Huabao CSI Sci-Tech Innovation 50 ETF Initiated Connection Fund (Class C) has no subscription fee, with redemption fee of 1.5% within 7 days and 0% thereafter; sales service fee is 0.3%.

Risk warning: The Innovation and Entrepreneurship Leading ETF passively tracks the CSI Sci-Tech Innovation 50 Index, which was launched on December 31, 2019, and published on June 1, 2021. The index’s annual gains/losses from 2020 to 2024 are 86.90%, 0.37%, -28.32%, -18.83%, and 13.63%, respectively. The index’s component stocks are adjusted periodically according to the index rules. Past performance does not predict future results. The stocks mentioned are for illustration only; their descriptions are not investment advice and do not reflect the holdings or trading activities of any fund managed by the manager. The risk level of the ETF is assessed as R4 — medium-high risk, suitable for active investors (C4 and above). Please consult sales institutions for suitability advice. All information in this article (including stocks, comments, forecasts, charts, indicators, theories, etc.) is for reference only. Investors are responsible for their own investment decisions. The views, analysis, and forecasts in this article do not constitute investment advice, and the manager is not responsible for any direct or indirect losses resulting from the use of this content. Fund investments carry risks; past performance does not guarantee future results. The performance of other funds managed by the manager does not guarantee the performance of any specific fund. Invest cautiously.