Foreign media report that 'the EU is considering all possible interventions in the energy market, including imposing a windfall tax on energy companies.' What impacts might this have?

There is a fundamental principle in taxation: taxes levied on the turnover or volume of goods during production and circulation—or on the turnover of non-commodity transactions—are known as turnover taxes (the definition above). Such taxes are generally passable on to others, and the ease of passing them on often hinges on how essential the product is. Now consider this: energy is undoubtedly a necessity; a windfall tax is clearly imposed on corporate profits—and qualifies as a turnover tax. For essential goods, such a tax inevitably ends up being borne by consumers, thereby driving up prices (and fueling inflation). Thus, the EU’s proposed 'windfall tax' amounts to little more than wishing for even higher inflation.

Fund outlook as of November 25: Has there been a style rotation? How do you view it?

Market volume remains low; resistance and support levels are both close, leaving little room for profitable intraday trading (‘T+0’). The market exhibits a seesaw pattern. Sector Notes: Photovoltaics (PV): After forming a bullish divergence at the bottom on Wednesday, the sector rebounded strongly—but slumped again today, suggesting lack of sustainability? Technically, the trend was poised to continue upward—yet last night brought adverse news: the German government has drafted a plan to impose a windfall tax of up to 90% on certain clean-energy power generators to fund consumer relief programs. This bill is scheduled for parliamentary approval on December 16 and will take effect on January 1 of next year. Germany also aims to extend this windfall tax to the broader EU level. The tax will be tiered according to the type of fuel used by power generators—with lower thresholds applied to traditional fossil fuels. Such taxation will hinder the development of renewable energy. In Qingyou’s view, this ‘robbing Peter to pay Paul’ approach fails to address the root causes of the energy crisis—and worse, impedes further growth of clean energy, producing counterproductive effects. There’s even a risk that, in the end, it exacerbates the energy crisis itself... As previously noted, a turning point in PV raw material prices has emerged. According to the latest PV InfoLink pricing data, polysilicon prices declined this week—from an average of ¥303/kg to ¥302/kg, a 0.3% drop. This marks the first price decline for polysilicon this year; further declines are likely before year-end and into early next year. Qingyou continues holding PV-related positions. Healthcare: This sector has retraced to its 60-day moving average and is now consolidating with shrinking volume—potentially stabilizing here. Given current valuations and fundamentals, Qingyou believes the sector remains poised for upside. This round of correction has created valuation gaps across sub-sectors; Qingyou plans to increase allocation to select sub-sectors. Traditional Chinese Medicine (TCM): This round of bottom-fishing yielded a total realized gain of 18 percentage points; Qingyou has exited the position for now. Medical Devices: Still held; Qingyou remains optimistic about medical devices, TCM, and innovative pharmaceuticals going forward.

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Polish President Signs Windfall Tax Bill on Energy Companies

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