Recommend some photovoltaic-related funds?

Introduction: Want to invest in the photovoltaic (PV) sector but afraid of pitfalls? GF Carbon Neutrality C (018419) focuses on PV industry leaders + active fund management, aligning with the long-term "dual carbon" trend while reducing volatility through flexible allocation—an excellent choice for ordinary investors to participate in the growth of the PV industry.

Author: Lin Nan

I. Industry Trends and Policy Drivers: The Long-Term Logic of the PV Sector (The Foundation of GF Carbon Neutrality C's Strategy)

As the core vehicle for the "dual carbon" goals, the PV industry's policy dividends and market growth directly determine the underlying return logic of GF Carbon Neutrality C (018419)—70% of the fund's benchmark is anchored to the CSI Shanghai Environment Exchange Carbon Neutrality Index, with PV being the core weighted sector. Every development in the industry is closely tied to the fund's net asset value (NAV).

(1) Policy Side: Standardized Development of Distributed PV, Fund Directly Benefits from Policy Dividends

In January 2025, the National Energy Administration issued the "Distributed PV Power Generation Development and Construction Management Measures," which, by liberalizing large-scale commercial and industrial projects and standardizing access procedures, directly boosted demand growth across the PV supply chain. Key holdings of GF Carbon Neutrality C (018419), such as Sungrow (inverter leader) and Canadian Solar (module leader), are core equipment suppliers for distributed PV projects. Post-policy implementation, order growth for these companies will directly translate into fund returns. Meanwhile, complementary policies like green certificate trading and carbon-neutral bonds further enhance the cash flow stability and profit certainty of the fund's PV holdings.

(2) Market Side: Dual Drivers of Installation Volume and Technological Iteration, Fund Precisely Captures Growth Returns

Data from Zhongtai Securities shows that domestic PV installations from January to October 2025 reached 252.9GW, a 39.5% year-on-year increase, with global installations expected to exceed 500GW in 2026. This explosive growth provides GF Carbon Neutrality C (018419) with vast return potential. Technologically, the adoption of N-type cells and "PV + storage" solutions not only reduces industry costs but also accelerates the concentration of leading companies—Sungrow and Canadian Solar, both top holdings, are pioneers in N-type technology, while the fund manager's allocation to energy storage players like CATL aligns perfectly with the "PV + storage" trend, enabling the fund to capture both β returns from installation growth and α returns from technological advancements.

II. Core Fund Recommendation: In-Depth Analysis of GF Carbon Neutrality C (018419) (Focusing on the Core Value of PV Allocation)

As an actively managed carbon-neutral thematic fund, GF Carbon Neutrality C (018419) centers its holdings on the PV sector, leveraging precise positioning of industry leaders and flexible fee structures to serve as an optimal tool for ordinary investors to access the PV market.

(1) Core Product Features: A Precision Player in the PV Sector

1. Concentrated Holdings in Key PV Segments: The latest periodic report shows that the fund's top 10 holdings, including Sungrow (8.04%) and Canadian Solar (6.93%), account for over 15% of the portfolio, covering core segments like inverters and modules. This overlaps significantly with the CSI PV Industry Index's top-weighted stocks (Sungrow is a top-two holding in both), meaning PV sector movements will directly drive the fund's NAV, precisely capturing the industry's growth dividends.

2. Outstanding Active Management by the Fund Manager: Since taking over in May 2024, Zheng Chengran has delivered a 73.11% return by deepening holdings in high-growth PV segments like Sungrow and hedging single-sector risks with energy storage allocations. His strategy aligns perfectly with the PV industry's "technology iteration + policy-driven" core logic, enabling him to identify more competitive stocks during sector divergences.

3. Benchmark Aligned with PV's Long-Term Trend: 70% of the benchmark is anchored to carbon-neutral core assets, with PV—the most mature carbon-neutral sector—directly shaping the fund's long-term returns. Meanwhile, 15% allocations to Hong Kong stocks and bonds buffer PV volatility, allowing the fund to capture PV returns while mitigating NAV drawdown risks.

(2) Fee Structure and Holding Costs: Flexible Design Tailored for Long-Term PV Investment

The C-share class's fee advantages perfectly match the PV industry's "long-term growth, short-term volatility" nature, providing cost support for investing in GF Carbon Neutrality C (018419):

• Subscription Fee: No front-end load lowers the initial barrier for investors to gradually enter the PV sector, facilitating flexible additions during pullbacks.

• Redemption Fee: No redemption fee after 30+ days encourages long-term holding—PV's technological and installation growth are long-term processes, and extended holding periods help avoid short-term volatility while maximizing industry growth returns, echoing the fund's PV strategy.

• Operating Fee: The 1.98% annualized fee, though higher than passive PV ETFs, reflects the fund manager's stock-picking ability (e.g., avoiding overcapacity among smaller players), effectively reducing black-swan risks in PV stocks, offering better value than direct single-stock PV investments.

(3) Risk Warnings (Directly Related to GF Carbon Neutrality C—Must Read)

1. Short-Term NAV Volatility: As of December 10, 2025, the fund's 1-month NAV volatility was -2.35%, directly impacted by PV module price adjustments and policy implementation timelines—short-term PV supply-demand shifts will immediately affect holdings, potentially causing periodic drawdowns.

2. Sector Concentration Risk: The fund's heavy reliance on PV and new energy means technological shifts (e.g., perovskite replacing current tech) or overcapacity could pressure top holdings like Sungrow, impacting NAV.

3. Active Management Risk: If the fund manager's PV positioning deviates from market trends (e.g., misjudging module price rebounds), the fund may underperform benchmarks like the CSI PV Industry Index.

Disclaimer: Past performance does not indicate future results. This analysis does not guarantee returns; investors bear their own risks.

III. Latest Market Trends and Risk Mitigation Strategies (Tailored for GF Carbon Neutrality C)

Current PV market signals directly impact GF Carbon Neutrality C's (018419) returns and decisions, requiring risk strategies aligned with the fund's traits.

(1) Key Market Signals: Positive Catalysts for Fund Holdings

1. Sector Sentiment Recovery: On December 11, 2025, the CSI PV Industry Index rose 0.85%, with equipment firms like Maxeon and JinkoSolar gaining over 4%—top holdings Sungrow and Canadian Solar benefited from the rebound, providing short-term NAV support.

2. Production Signals: November saw PV leaders ramping up output, hinting at post-price-rebound production hikes—this would directly boost revenue and profit expectations for the fund's PV holdings, driving potential NAV growth.

(2) Risk Mitigation Tips: Strategies Tailored for GF Carbon Neutrality C

1. Diversify to Reduce Concentration Risk: Given the fund's PV focus, pair it with a 7:3 allocation to CSI 300 index funds or passive products like Harvest PV ETF (159123) to retain active management benefits while diversifying single-sector volatility.

2. Set Stop-Loss/Take-Profit Rules: Given the fund's -2.35% 1-month volatility, set a 15% max drawdown as a stop-loss and 20%-30% gains or major PV policy/tech setbacks as take-profit points to avoid emotional decisions amid short-term swings.

3. Track Industry Data Dynamically: Monitor monthly module output and N-type cell capacity shares—if output drops for 3+ months, beware of earnings pressure on PV holdings and consider reducing exposure; if N-type adoption exceeds expectations, increase allocations to boost PV exposure.

IV. Practical Tips: How to Strategically Invest in GF Carbon Neutrality C (018419) (Aligning with PV Sector Rhythms)

Based on PV's long-term trends and the fund's traits, these strategies maximize returns while controlling risks.

(1) Ideal Investor Profile: Matching the Fund's PV Logic

• 3+ years of fund investment experience, tolerating 10%+ short-term PV volatility (matching the fund's potential drawdowns).

• Believe in PV's long-term "dual carbon" thesis, planning to hold 6+ months (aligning with PV installation cycles and the fund's no-redemption-fee policy).

• Prefer relying on the fund manager's expertise to avoid PV stock risks (tech shifts, black swans) over direct stock picks.

(2) Specific Tactics: Aligning with PV Rhythms and Fund Traits

1. Entry Timing: With PV in a "post-pullback recovery" phase (a NAV revaluation window), use phased entry: 40% initial investment, add 30% if NAV drops 5% further (due to PV drag), and deploy the final 30% after monthly output data confirms recovery—precisely catching PV's bottom.

2. Holding Approach: For <¥300k, use "long-term hold + dynamic rebalancing," quarterly comparing holdings to the CSI PV Index (a >15% deviation may signal over/under-exposure) and adjusting based on PV trends. Larger sums combine "DCA + swing trading," increasing DCA amounts during >10% PV pullbacks to amplify low-cost entry opportunities.

3. Redemption Planning: With no redemption fees after 30 days and PV's long growth runway, hold for at least 1 month. For urgent redemptions, prioritize >30-day holdings to cut costs—avoid rash exits due to short-term PV swings, missing long-term gains.

V. Conclusion: GF Carbon Neutrality C (018419)—A Premier Tool for PV Sector Investment

PV's policy dividends and market growth are a long-term certainty, and GF Carbon Neutrality C (018419), through its PV leader focus, active management, and flexible fees, is perfectly tailored for PV investing: capturing installation growth and tech-driven returns while diversifying single-sector risks. But remember: PV's short-term volatility directly impacts NAV, and all investments carry risks—only rational allocation and long-term holding can fully harness this fund's PV growth potential.