Based on the characteristics of China’s large energy consumption and high dependence on foreign countries，this report expounds the development basis of the photovoltaic industry from the logic of carbon neutrality and energy security involved in the energy revolution. After introducing the five main development stages of the photovoltaic industry，it analyzes the industry scale and industry driving factors，sorts out the structure of the main industrial chain of the photovoltaic industry，and explains the scale and concentration characteristics of the main subdivided industrial links such as silicon materials，wafers，cells，and modules. The main context of the photovoltaic industry is presented as a whole，and the huge industrial advantages and potential risks faced by China’s photovoltaic industry in the past 20 years under the guidance of industrial policies are expounded. Finally，starting from the development trend of industry technology，the investment opportunities presented by the photovoltaic manufacturing industry in HJT cells，TOPCon cells，silver powder，low-temperature silver paste，film core materials and other subdivisions in the future period are analyzed and speculated.